{"id":13399,"date":"2024-10-01T06:54:00","date_gmt":"2024-10-01T06:54:00","guid":{"rendered":"https:\/\/imsfund.com\/?p=13399"},"modified":"2024-10-01T06:54:00","modified_gmt":"2024-10-01T06:54:00","slug":"fidelity-values-x-nearly-80-less-than-when-musk-bought-it","status":"publish","type":"post","link":"https:\/\/imsfund.com\/index.php\/2024\/10\/01\/fidelity-values-x-nearly-80-less-than-when-musk-bought-it\/","title":{"rendered":"Fidelity Values X Nearly 80% Less Than When Musk Bought It"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p>X, the social media site formerly known as Twitter that Elon Musk bought in October 2022 <a href=\"https:\/\/www.entrepreneur.com\/business-news\/report-twitter-musk-deal-could-be-reached-early-this-week\/425637\" rel=\"follow noopener\" target=\"_self\">for $44 billion<\/a>, is now worth $9.4 billion, according to <a href=\"https:\/\/www.actionsxchangerepository.fidelity.com\/ShowDocument\/ComplianceEnvelope.htm?_fax=-18%2342%23-61%23-110%23114%2378%23117%2320%23-1%2396%2339%23-62%23-21%2386%23-100%2337%2316%2335%23-68%2391%23-66%2354%23103%23-16%2369%23-30%2358%23-20%2376%23-84%23-11%23-87%2348%23-52%23-21%23-96%23-58%23-33%23-107%23-46%2393%23113%23-112%23127%23-42%23-97%2330%23-58%23-24%23-27%23-119%2394%23-121%23-102%23-69%23-71%23-99%2338%2353%23-51%2361%23-106%23-18%23-43%23-106%23-20%23-31%2385%23-55%235%2388%23-74%2371%23107%23-82%23-3%23-86%23-27%23-57%23-125%2342%23119%2357%23-111%2321%2363%23-99%2317%23-28%2320%23-38%23-101%23113%2380%23-77%23-4%23\" rel=\"follow noopener\" target=\"_self\">new estimates<\/a> from Fidelity.<\/p>\n<p>Fidelity <a href=\"https:\/\/techcrunch.com\/2024\/09\/29\/fidelity-has-cut-xs-value-by-79-since-musk-purchase\/\" rel=\"follow noopener\" target=\"_self\">marked down<\/a> the value of X by nearly 80% (exactly 78.7%) in its Blue Chip Growth Fund <a href=\"https:\/\/www.actionsxchangerepository.fidelity.com\/ShowDocument\/ComplianceEnvelope.htm?_fax=-18%2342%23-61%23-110%23114%2378%23117%2320%23-1%2396%2339%23-62%23-21%2386%23-100%2337%2316%2335%23-68%2391%23-66%2354%23103%23-16%2369%23-30%2358%23-20%2376%23-84%23-11%23-87%2348%23-52%23-21%23-96%23-58%23-33%23-107%23-46%2393%23113%23-112%23127%23-42%23-97%2330%23-58%23-24%23-27%23-119%2394%23-121%23-102%23-69%23-71%23-99%2338%2353%23-51%2361%23-106%23-18%23-43%23-106%23-20%23-31%2385%23-55%235%2388%23-74%2371%23107%23-82%23-3%23-86%23-27%23-57%23-125%2342%23119%2357%23-111%2321%2363%23-99%2317%23-28%2320%23-38%23-101%23113%2380%23-77%23-4%23\" rel=\"follow noopener\" target=\"_self\">annual report<\/a>, filed Saturday. The filing showed that Fidelity&#8217;s initial investment of <a href=\"https:\/\/www.cbsnews.com\/news\/elon-musks-x-twitter-worth-drops-71-5-percent-fidelity-filing-2023\/\" rel=\"follow noopener\" target=\"_self\">$19.66 million<\/a> in X just before Musk took over was worth $5.5 million as of July 31. The <a href=\"https:\/\/money.usnews.com\/funds\/mutual-funds\/large-growth\/fidelity-blue-chip-growth-fund\/fbgrx\" rel=\"follow noopener\" target=\"_self\">Blue Chip fund<\/a> invests in established companies and aims for long-term growth.<\/p>\n<p><img decoding=\"async\" alt=\"\" class=\"lazyload\" loading=\"lazy\" role=\"presentation\" src=\"https:\/\/assets.entrepreneur.com\/images\/misc\/1727724147_Elon-MuskGettyImages-2171379394.jpg?width=1000\" style=\"height:667px; width:1000px\" width=\"1000\" height=\"667\"\/><i><sup>Elon Musk. Photo Credit: Jon Shapley\/Houston Chronicle via Getty Images<\/sup><\/i><\/p>\n<p>This isn&#8217;t the first valuation cut X has received from Fidelity.<\/p>\n<p><b>Related:<\/b> <a href=\"https:\/\/www.entrepreneur.com\/business-news\/elon-musk-is-shuttering-xs-longtime-san-francisco-hq\/478109\" rel=\"follow noopener\" target=\"_self\">Elon Musk Is Officially Moving X Out of San Francisco: &#8216;No Choice&#8217;<\/a><\/p>\n<p>In December, Fidelity disclosed that X was worth <a href=\"https:\/\/www.axios.com\/2023\/12\/31\/elon-musks-x-fidelity-valuation-cut\" rel=\"follow noopener\" target=\"_self\">71.5% less than<\/a> when Musk acquired it, at a valuation of $12.5 billion. In <a href=\"https:\/\/qz.com\/elon-musk-x-twitter-value-drops-2023-18511364014\" rel=\"follow noopener\" target=\"_self\">October 2023<\/a>, Fidelity valued X at $19 billion.<\/p>\n<p>A September 2024 <a href=\"https:\/\/www.kantar.com\/company-news\/more-marketers-to-pull-back-on-x-ad-spend-than-ever-before\" rel=\"follow noopener\" target=\"_self\">media reactions report<\/a> from analytics company Kantar showed that over one in four (26%) marketing firms plan to cut down ad spending on X next year, the biggest withdrawal from any major social media platform. X also had the lowest overall percentages of marketers who thought ads on the platform were trustworthy and innovative compared to Instagram, YouTube, and TikTok.<\/p>\n<p>In <a href=\"https:\/\/sensortower.com\/blog\/top-advertisers-flee-x-twitter-amidst-continued-controversy\" rel=\"follow noopener\" target=\"_self\">October 2023<\/a>, Apple, IBM, and Disney pulled ads from X <a href=\"https:\/\/www.theguardian.com\/technology\/2023\/nov\/17\/elon-musk-antisemitic-tweet-apple-pausing-ads\" rel=\"follow noopener\" target=\"_self\">after an antisemitic post from Musk<\/a>. They were the eleventh, fifth, and eighth-largest advertisers on X.<\/p>\n<p><b>Related:<\/b> <a href=\"https:\/\/www.entrepreneur.com\/business-news\/x-is-losing-users-facing-creator-challenges-with-less-money\/471638\" rel=\"follow noopener\" target=\"_self\">X Is Losing Users and Struggling to Attract Creators, According to New Data<\/a><\/p>\n<\/p><\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.entrepreneur.com\/business-news\/fidelity-values-x-nearly-80-less-than-when-musk-bought-it\/480585\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>X, the social media site formerly known as Twitter that Elon Musk bought in October 2022 for $44 billion, is now worth $9.4 billion, according to new estimates from Fidelity. Fidelity marked down the value of X by nearly 80% (exactly 78.7%) in its Blue Chip Growth Fund annual report, filed Saturday. The filing showed [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":13400,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"fifu_image_url":"https:\/\/assets.entrepreneur.com\/content\/3x2\/2000\/1727724076-Elon-MuskGettyImages-2171379394.jpg?format=pjeg&auto=webp","fifu_image_alt":"","footnotes":""},"categories":[9],"tags":[],"class_list":["post-13399","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"_links":{"self":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/13399","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/comments?post=13399"}],"version-history":[{"count":1,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/13399\/revisions"}],"predecessor-version":[{"id":13401,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/13399\/revisions\/13401"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/media\/13400"}],"wp:attachment":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/media?parent=13399"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/categories?post=13399"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/tags?post=13399"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}