Fidelity has cut its estimate of X's value by 79% since Musk's purchase

Elon Musk's X is now worth less than a quarter of its $44 billion purchase price, according to a new estimate from investor Fidelity.

The asset manager that helped Musk acquire former social network Twitter is valuing his stake in The fund has reduced the value of its stake in X by a total of 78.7% through the end of August.

For comparison: Fidelity initially invested $19.66 million in X through the Blue Chip Fund, according to regulatory filings. This isn't the first time Fidelity has cut the value of its stake in X. At the end of July, Fidelity valued its shares in X at about $5.5 million.

This 78.7% discount means that Fidelity currently values ​​X at around $9.4 billion in total. Fidelity and X did not immediately respond to requests for comment outside of business hours.