Fidelity Fund downgrades Elon Musk’s X rating again

CNN — (CNN) — Investment giant Fidelity has increased the value of its stock in X, the platform formerly known as Twitter, after Musk first owned the social media company in October 2022, according to a new securities filing. He believes the stock is 71.5% lower than when he acquired it in 2017.

The latest disclosure by Fidelity Mutual Funds comes amid a series of crises at the company, many of which were spearheaded by owner Elon Musk. reflects trends.

Fidelity estimates the value of its X shares at just under $5.6 million, according to a new filing by Fidelity’s Blue Chip Growth Fund dated Dec. 30 and reporting information through Nov. 30. According to the filing, Company X’s shares account for less than 0.01% of the total amount of the fund, which is valued at more than $49 billion.

That’s a sharp drop from the $19.66 million the Fidelity fund valued its stock at around the time Musk was finalizing his Twitter acquisition, and the $19.66 million the fund valued its stock in April last year. 14.5% lower than the previous $6.55 million.

Fidelity’s latest filing was previously reported by Axios.

Fidelity slightly increased its estimates for X Company several times last summer, around the time Linda Yaccarino became CEO of X Company. But since then, Fidelity has continued to reduce the estimated value of X shares.

Because X is privately held, Fidelity’s estimates have been closely watched as an indicator of X’s health and have emerged as a reflection of Musk’s own investor attitudes.

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