The value of X has fallen 79% since Elon Musk purchased it

Fidelity Investments has significantly reduced the value of its stake in X, the social media platform formerly known as Twitter, slashing its value to less than a quarter of Elon Musk's $44 billion purchase price.

According to Fidelity's Blue Chip Growth Fund disclosures, the asset manager has invested in

Fidelity initially invested $19.66 million in X to help Musk acquire the platform, but the value of its holdings has since been repeatedly reduced.

The fund's most recent report shows that Fidelity increased its stake in

This decline continues a devaluation pattern as X faces challenges in its efforts to generate revenue and retain its user base amid Musk's ownership.

Fidelity's financial rating reflects growing concerns about its ability to