Fidelity has reduced the value of X by 79% since Musk bought it

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 who helped Musk acquire the social network formerly known as Twitter has announced the value of his stake

The fund's most recent report shows that the value of its stake in X is now approximately $4.18 million. 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 an after-hours request for comment.