Cyber Monday Sale! 50% Off All Access

Here's How Much Elon Musk's X Is Worth Now Compared to When He First Bought It for $44 Billion A new Fidelity document shows how far X shares have fallen.

By Sherin Shibu Edited by Melissa Malamut

Key Takeaways

  • Elon Musk bought Twitter, now X, in October 2022 for $44 billion.
  • In October 2023, Fidelity valued X at $19 billion.
  • The site is now valued at $9.4 billion, according to Fidelity.

X, the social media site formerly known as Twitter that Elon Musk bought in October 2022 for $44 billion, is now worth $9.4 billion, according to new estimates from Fidelity.

Fidelity marked down the value of X by nearly 80% (exactly 78.7%) in its Blue Chip Growth Fund annual report, filed Saturday. The filing showed that Fidelity's initial investment of $19.66 million in X just before Musk took over was worth $5.5 million as of July 31. The Blue Chip fund invests in established companies and aims for long-term growth.

Elon Musk. Photo Credit: Jon Shapley/Houston Chronicle via Getty Images

This isn't the first valuation cut X has received from Fidelity.

Related: Elon Musk Is Officially Moving X Out of San Francisco: 'No Choice'

In December, Fidelity disclosed that X was worth 71.5% less than when Musk acquired it, at a valuation of $12.5 billion. In October 2023, Fidelity valued X at $19 billion.

A September 2024 media reactions report from analytics company Kantar showed that over one in four (26%) marketing firms plan to cut down ad spending on X next year, the biggest withdrawal from any major social media platform. X also had the lowest overall percentages of marketers who thought ads on the platform were trustworthy and innovative compared to Instagram, YouTube, and TikTok.

In October 2023, Apple, IBM, and Disney pulled ads from X after an antisemitic post from Musk. They were the eleventh, fifth, and eighth-largest advertisers on X.

Related: X Is Losing Users and Struggling to Attract Creators, According to New Data

Sherin Shibu

Entrepreneur Staff

News Reporter

Sherin Shibu is a business news reporter at Entrepreneur.com. She previously worked for PCMag, Business Insider, The Messenger, and ZDNET as a reporter and copyeditor. Her areas of coverage encompass tech, business, strategy, finance, and even space. She is a Columbia University graduate.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Business News

'I Stand By My Decisions': A CEO Is Going Viral For Firing Almost All of the Company's Employees — Here's Why

The Musicians Club CEO Baldvin Oddsson fired 99 workers at once over Slack for missing a morning meeting. But there's a catch.

Making a Change

Get Babbel at Our Unbeatable Price This Cyber Monday

Learn up to 14 new languages with lifetime access.

Business News

'If It Seems Too Good to Be True It Probably Is': $18 Million Worth of 'Great Deals' Confiscated By Border Cops

A shipment of 3,000 fake Gibson guitars from Asia was seized at the Los Angeles-Long Beach Seaport.

Marketing

How to Beat the Post-Holiday Sales Slump and Crush Your Q1 Goals

Overcome the post-holiday sales slump and keep the momentum strong with these key tips.

Franchise

Subway's CEO Steps Down Amid a Major Transition for the Sandwich Giant

John Chidsey will step down at the end of 2024, marking the close of a transformative five-year tenure.