Mar 1, 2024 - Business

Fidelity again marks down the value of Elon Musk's X

Elon Musk and a glowing X  logo

Photo by Jonathan Raa/NurPhoto via Getty Images

Fidelity marked down the value of its shares in Elon Musk's X Holdings by 10.2% in January, per a new disclosure.

The big picture: This resumes a trend that took a brief respite in December, when Fidelity had actually increased X's carrying value.

By the numbers: Fidelity now says X is worth 71.5% less than when it first helped Musk buy what was then still known as Twitter.

  • This new figure is as of Jan. 31, 2024, as Fidelity reports private company valuations on a one-month lag.
  • It does not track with publicly traded comps, as Snap shares fell around 4% during January and Meta shares climbed 11%.

Behind the scenes: Fidelity is an X Holdings shareholder, but doesn't necessarily receive inside information on the social media company's performance. Other shareholders may value their stock differently.

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