"Fidelity Reports Elon Musk's X Valuation Plummets Over 70% Since Twitter Purchase"

Fidelity has significantly reduced the valuation of its investment in X holdings, the parent company of X (formerly Twitter) owned by Elon Musk, by 71.5%. Despite acquiring a stake for $19.2 million in October 2022, Fidelity has continued to mark down the valuation, with the latest cut following a 65% reduction in October 2023. X, under new CEO Linda Yaccarino, aims to be profitable by 2024 but faces challenges in retaining advertisers after controversial statements by Musk and his decision to reinstate banned accounts. The company is shifting focus to small and medium businesses for advertising revenue to counteract the loss from major advertisers' boycotts.