Musk's X platform worth less than a third of what he paid for it

Elon Musk purchased Twitter in October 2022 for $44bn. 

Elon Musk’s social media site X, formerly known as Twitter, is now worth less than a third of the price the billionaire paid for the company in October 2022 , Axios reported, citing disclosures by investment firm Fidelity.

The firm, which helped Musk complete the $44bn purchase, cut by a further 11% the value of its holding in X as of the end of November, Axios said, citing the latest portfolio update for Fidelity’s Blue Chip Growth Fund. It’s the latest in a series of markdowns by Fidelity after closely held X struggled to win back advertisers in 2023.