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Elon Musk ’s X is now worth less than a quarter of its $ 44 billion leverage price , according to a new estimate from investor Fidelity .
The asset managing director ’s Blue Chip Growth Fund now values its stake in X , formerly known as Twitter , at approximately $ 4.19 million , based on newlyreleased disclosuresfrom Fidelity ’s Blue Chip Growth Fund . The firm ’s unit has reduced the note value of its holding in X by a sum of 78.7 % as of August end .
For linguistic context , Fidelity had initially vest $ 19.66 million in X through the Blue Chip Fund , as per regulatory filings . Thisisn’t the first time Fidelity has cut the value of its holdingin X. As of July ’s ending , Fidelity had valued its contribution in XTC at about $ 5.5 million .
This 78.7 % markdown imply that Fidelity is presently valuing XTC at about $ 9.4 billion overall . ( TechCrunch ’s appraisal assume that Fidelity ’s investment in X was made at a $ 44 billion valuation . The skill was finance through a combination of equity and debt . )
Fidelity decline to notice . X did n’t answer to a postulation for comment .
