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Fidelity cut by a further 11% the value of its holding in X as of the end of November, the report said, citing the latest portfolio update for its Blue Chip Growth Fund.
International Business News: X, formerly known as Twitter, is now valued at $19 billion, less than half of what Elon Musk paid for it a year ago. Musk's takeover of the company le
In March this year, Mr Musk told the employees at the company that he believed the company was worth $20 billion and labelled it "an inverse start-up."
X was acquired by Elon Musk for $44 billion in October 2022. However, the company's value has since plummeted, and it is now worth just $19 billion.