Fidelity has again marked down the value of its shares in X Holdings, which the mutual fund giant helped Elon Musk buy for $44 billion when the company was known as Twitter.
By the numbers: Fidelity believes that X is worth 71.5% less than at the time of purchase, according to a new disclosure that runs through the end of November 2023 (Fidelity revalues private shares on a one-month lag).
Perhaps never before in American history has one person held as much power and influence over as many critical industries as Elon Musk.
Why it matters: Musk is shaping the future of transportation, communication, artificial intelligence and space — an enormous, maybe even unprecedented concentration of power and influence. How he wields it — and whether he can get out of his own way — affects the whole world.
