Social media platform X is now worth nearly 80% less than it was two years ago when Elon Musk bought it, according to Fidelity estimates. X is no longer publicly traded after Musk spent $44 billion to take the company private in October 2022.
Fidelity has revealed new estimates for X's stock value, even though the company is no longer publicly traded following Musk's acquisition.
According to Fidelity's Blue Chip Growth Fund report, X's stock value at the end of August was only $4.2 million, down 24% from the end of July and especially down 79% from the figure of $19.66 million in October 2022.
This new estimate from Fidelity puts the overall value of X at around $9.4 billion, well below the $44 billion Elon Musk paid for the acquisition. Other investors may value X differently, but the drop reflects the company’s struggles, especially amid shrinking advertising revenue.
Analysts say that X’s lack of public quarterly financial reporting may be a major factor in investors’ negative view of the company’s financial health. Fidelity declined to comment on its estimates or on X, while X did not respond to requests for comment on the situation.
The decline marks a major setback for X under Elon Musk, as the platform, once one of the world's largest social networks, faces major financial and advertising challenges.
