X, the platform formerly known as Twitter, is now worth 71 percent less than it was when Elon Musk bought it in late 2022 for a deal valued at $44 billion, according to Fidelity.
Investment group Fidelity made the assessment Monday, marking the second time it has written down X in 2023, according to reports on Axios.
Musk bought the social media giant for $44 billion, in a deal that witnessed push and pull.
Fidelity was among the investment group that helped Musk acquire Twitter in a deal consisting of shares worth $33.5 billion, and the rest was converted into debt to transfer it to a private company after the deal was completed in October 2022.
