X now worth 71% less than when Musk bought it, Fidelity estimates

X, formerly known as Twitter, has seen its value fall by a staggering 71% since Elon Musk’s acquisition in late 2022.

Fidelity, a leading investment group, evaluated on Monday (January 1), marking the second instance of X’s devaluation in 2023, as reported by Axios. Musk had initially acquired the social media giant for $44 billion.

Fidelity played a pivotal role in Musk’s takeover of Twitter, contributing to a $33.5 billion equity investment, with the remaining funds sourced through debt financing. The deal, finalized in October 2022,…