(NewsNation) — The social media platform X has retained less than a quarter of its worth in the two years since Elon Musk bought it for $44 billion, new Fidelity reporting suggests.
The investment company that helped Musk buy Twitter in October 2022 slashed the value of its holding by 78.7% as of late August.
Fidelity, which originally invested $19.66 million, now values its stake in the company at $4.19 million. The reduction implies Fidelity now values X at just under $10 billion, according to estimates in a Monday Tech Crunch report.
The latest numbers are based on new Fidelity Blue Chip Growth Fund disclosures.
Musk agreed to buy the platform formerly known as Twitter in April 2022 but later backed out, saying at the time the social media company wasn’t honest about the number of bot accounts on its website. Twitter sued Musk, but the parties ultimately struck a deal that October.
Last week, X released its first transparency report since Musk purchased the company. The platform suspended nearly 5.3 million accounts in the first half of the year, compared with the 1.6 million accounts the company reported suspending in the first half of 2022.
The social media company also “removed or labeled” more than 10.6 million posts for violating platform rules, The Associated Press reported. Of those, about 5 million posts allegedly violated the site’s “hateful conduct” policy.
The Associated Press contributed to this report.