Fidelity has again marked down the value of its shares in X Holdings, which the mutual fund giant helped Elon Musk buy for $44 billion when the company was known as Twitter.
By the numbers: Fidelity believes that X is worth 71.5% less than at the time of purchase, according to a new disclosure that runs through the end of November 2023 (Fidelity revalues private shares on a one-month lag).
😁 I thought about this when posting, but unlike numbers a company only has to devalue so much before it collapses. Like a stilt house and every day you remove 50% of each support beam, you’ll find the house crashes down before you have to worry about never hitting zero support beams.