Elon Musk's X Asset Marked Down by Fidelity to 78.7% of Purchase Price
In a new estimate by investor Fidelity, Elon Musk's X asset is now valued at less than a quarter of its $44 billion purchase price. The asset manager has reduced the value of its holding in X to a total markdown of 78.7% as of August's end, based on disclosures from Fidelity's Blue Chip Growth Fund.
Fidelity now values its stake in X at approximately $4.18 million, down from an initial investment of $19.66 million through the Blue Chip Fund. This marks a significant decrease in value, with Fidelity previously valuing its shares in X at about $5.5 million in July.
This markdown implies that Fidelity is currently valuing X at about $9.4 billion overall. Fidelity and X have not yet responded to requests for comment.
In conclusion, this news highlights the significant decrease in value of Elon Musk's X asset and the impact it has on Fidelity's investment. Investors should take note of these developments and consider how they may affect their own portfolios and financial decisions.