Elon Musks X is worth nearly 80% less than when he bought it, Fidelity estimates | Money [Video]

New York (CNN) — The social media platform formerly known as Twitter is worth almost 80% less than two years ago when Elon Musk bought it, according to estimates from investment giant Fidelity.

X no longer trades publicly after Musk shelled out $44 billion to take it private in October 2022.

However, Fidelity discloses what it believes is the value of its shares of X, and those estimates serve as a closely watched barometer for the overall health of the company.

As of the end of August, those shares were worth just $4.2 million, according to a Sunday filing by Fidelity’s Blue Chip Growth Fund.

That new estimate marks a 24% drop in value from what Fidelity estimated as of the end of July. And it represents a staggering decline of 79% from the $19.66 million that Fidelity estimated the shares were worth in October 2022 when Musk acquired Twitter.

The new valuation from Fidelity implies that it believes X is now worth just …