Elon Musk’s X worth falls 73% since purchase, Fidelity valuation cut reveals

In February, Fidelity’s Blue Chip Growth Fund reduced the value of its holdings in X by 5.7 per cent, taking it to a significant 73 per cent decline in the former Twitter since Elon Musk’s acquisition of the social media company.
Fidelity, having acquired a stake in X through assisting Musk in his $44 billion purchase in October 2022, reported the position’s value at $5.28 million as of February 29, according to a report detailing the fund’s holdings posted on Saturday. This marks a decrease from the previous month when the value stood at $5.6 million.
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Since Elon Musk’s purchase, the overall value of the Blue Chip Growth Fund’s stake in X has plummeted by 73 per cent. This decline implies a corresponding decrease in the value of the company, as the fund has not disclosed any alterations in its position in X.
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In related news, Elon Musk announced that xAI’s latest Grok-1.5 chatbot will debut on his social media platform X next week, with plans for Grok 2 already in motion.
“Grok 2 should exceed current AI on all metrics. In training now,” Musk added.
The enhanced Grok-1.5 will be accessible to early testers and existing Grok users on X in the upcoming days, said xAI in a recent announcement.
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Musk’s decision to open-source Grok comes after his legal action against Microsoft-backed OpenAI, accusing them of deviating from their original mission.
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Musk’s xAI, launched last year, aims to rival OpenAI and Google’s Alphabet in the field of artificial intelligence.