Value of X has fallen 71% since purchase by Musk and name change from Twitter

Elon Musk, the world’s richest man, acquired Twitter for $44bn in October 2022. Photograph: Nathan Laine/Bloomberg via Getty Images

The social media platform X has lost 71% of its value since it was bought by Elon Musk, according to the mutual fund Fidelity.

Fidelity, which owns a stake in X Holdings, said in a disclosure obtained by Axios that it had marked down the value of its shares by 71.5% since Musk’s purchase.