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    • Fidelity values ​​Elon Musk’s X at billion – almost a fifth of what he paid
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    Fidelity values ​​Elon Musk’s X at $9 billion – almost a fifth of what he paid

    Idris Bevan Posted on

    Topline

    According to Fidelity, Elon is Musk’s

    Important facts

    Fidelity’s stake in

    Fidelity’s original holdings of $19.6 million before Musk’s purchase of X in October 2022 had been reduced by nearly 79% by the end of August, the company said.

    The investment firm has cut the value of its shares several times this year: Fidelity cut the value of its shares by 10.2% in January and another 5.7% in February, although it raised its estimates by 11% in December.

    X did not immediately respond to a request for comment from Forbes.

    Get text alerts on Forbes breaking news: We’re introducing SMS alerts to help you stay on top of the most important news breaking the day’s headlines. Text “Alerts” to (201) 335-0739 or log in Here.

    Forbes rating

    According to our latest estimates, Musk is the richest person in the world with a fortune of $269.8 billion.

    Big number

    24 billion dollars. According to the Washington Post, the eight largest X investors have collectively lost value since Musk bought the company on September 1st.

    Important background

    Musk bought what was then Twitter in October 2022 after a lengthy transaction process that saw the company sue Musk after he tried to back out of its $44 billion offer. According to Musk, the company’s revenue fell 50% after his acquisition due to a “massive decline” in advertising. When Twitter renamed itself, these changes led to backlash from users who claimed that parody accounts could now deceive users by paying for verification.

    tangent

    According to The Verge, Musk has reportedly previously told his employees that shares could be paid out on a regular basis, similar to his employees at SpaceX.

    Further reading

    ForbesFidelity values ​​Twitter at about $15 billion — a third of the sticker price Musk paidFrom Antonio Pequeno IV

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    Idris Bevan
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