X - X Marks The Spot: Elon Musk's Ownership Triggers Dramatic Valuation Plunge | Benzinga
The downward spiral continues for X, formerly known as Twitter, with a new valuation from Fidelity’s Blue Chip Growth Fund estimating its shares at $5.3 million, down from $6.3 million in October.
This figure is a far cry from the $19.66 million valuation reported just before Elon Musk‘s takeover in October 2022.
Related: Elon Musk Takes Over Twitter: Who’s In Charge, Who’s Gone And What Happens To The Stock?
Fidelity’s consistent markdowns since Musk’s buyout raise questions about the platform’s resilience under its new ownership.
X’s Valuation: Potentially Down 72% Since Musk Took Over
Internal documents have surfaced, revealing that employees at X, the once-iconic Twitter, received equity at a valuation of $19 billion on October 30, 2023 — a sharp contrast to Elon Musk’s original purchase price of $44 billion a year earlier. The valuation, representing $45 per share, reflects a staggering 55% discount.
The latest revelation comes on the ...