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Report Says Musk's X Value Cut By Another Fidelity Write-Down
Mint Mumbai
|January 03, 2024
Elon Musk's X is now worth less than a third of the price the billionaire paid for the former Twitter Inc., according to Axios citing disclosures by Fidelity, which helped him complete the $44 billion purchase.
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Fidelity cut by a further 11% the value of its holding in X as of the end of November, the report said, citing the latest portfolio update for its Blue Chip Growth Fund.
It extended a series of markdowns as the mutual fund firm gauged the value of the closely held ad-funded company that struggled to attract advertisers back in 2023.
This story is from the January 03, 2024 edition of Mint Mumbai.
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