The value of X, formerly known as Twitter, continues to dwindle.

A newly released disclosure report from Fidelity’s Blue Chip Growth Fund, which holds an equity stake in the social media company, has again adjusted the value of that stake. And by Fidelity’s calculations, the site is now worth less than 25% of the $44 billion Musk paid for it.

When Musk bought Twitter, Fidelity invested $19.66 million. At the end of July, these shares were only worth $5.5 million.

This brings X’s total valuation to $9.4 billion.

X is not a publicly traded company, so Fidelity’s disclosure report is one of the best ways for viewers to get an idea of ​​the social media site’s value.

Last year, the site generated an estimated $2.5 billion in advertising revenue, about half the amount it generated in 2022. Ad sales account for between 70% and 75% of X’s total revenue.

Given its deteriorating financial condition, the company also recently closed its headquarters in San Francisco and relocated to Texas. Employees who remain in California will be forced to relocate to a smaller office far outside the city.

Musk has tried to boost morale with the promise of stock grants (as long as workers can prove their worth in a memo). However, employees remain skeptical after other promises were broken.

Fidelity is by no means the only shareholder

In March, Fidelity cut its rating from X, following a similar cut in January. With the latest price cut, Fidelity has downgraded the value of its X holdings by a total of 78.7%.

This story was originally published on Fortune.com