"Fidelity Reports Elon Musk's X, Once Twitter, Plummets 71% in Value Since Purchase"

Fidelity Investments, a mutual fund that contributed over $300 million to Elon Musk's acquisition of a social media platform (referred to as "X" in the article), has significantly reduced the valuation of its investment, now estimating the platform to be worth 71.5% less than the purchase price of $44 billion. The devaluation follows a series of controversial actions by Musk, including offensive remarks and a loss of major advertisers. Despite introducing a new AI chatbot feature named Grok to boost subscriptions, Fidelity remains unconvinced of its impact on the platform's value. Meanwhile, competitors like Meta and Snap have seen their stocks rise as they become more attractive to advertisers.