Fidelity believes its stake in X, formerly known as Twitter, is now worth 71.5% less than when Musk bought it

Fidelity has again marked down its stake in Elon Musk’s social media platform, formerly known as Twitter though now called X, which the money manager helped him purchase for $44 billion. Fidelity Blue Chip Growth Fund had valued its stake at nearly $20 million in October 2022, when Musk bought what is now known as X Holdings. But according to a November filing released on Dec. 30 and first reported by Axios, the stake’s value is now listed at $5,599,168. That means Fidelity now believes its X Holdings stake is...