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X, the platform formerly known as Twitter, is now worth 71% less than when Elon Musk bought it in late 2022, according to Fidelity.
The investment group made the valuation on Monday, lowering X's value for the second time in 2023, Axios reports. Musk bought the social media giant for $44 billion.
Fidelity was part of the investment group that helped Musk acquire Twitter in a deal that included $33.5 billion in equity capital. The remainder was financed with debt to convert the company into a private company after the deal closes in October 2022.
Twitter and Fidelity did not immediately respond to FOX Business' requests for comment.
ELON MUSK MEETS WITH ISRAEL'S PRESIDENT AMID ANTISEMITISM CONTROVERSY
In this photo illustration, the “xAI” logo is displayed on a cell phone screen in front of Elon Musk's July 13, 2023 photo. (Hakan Nural/Anadolu Agency via Getty Images / Getty Images)
Before taking over and rebranding the company, Musk had been deeply critical of Twitter, arguing that it posed a threat to democracy and civilization itself. He argued that the platform had spread a left-wing “intellectual virus” due to the fundamental bias of the company’s leadership and employee base.
Musk laid off his leadership in the first few months
ELON MUSK'S
Musk told advertisers who left the platform in late November to “go f*** themselves.”
Musk laid off his leadership in the first few months (Chesnot/Getty Images/Getty Images)
“This advertising boycott will destroy the company,” Musk said. “And the whole world will know that these advertisers killed the company.”
In response to Disney CEO Bob Iger, who previously spoke about Disney pulling advertising from the platform, Musk didn't hold back.
“Don’t advertise. What if someone tries to blackmail me with advertising? Blackmail me with money? Destroy yourself,” Musk said, adding, “Destruct yourself, is that clear? Hey Bob.” if you're in the audience. That’s how I feel, don’t advertise.”
Bob Iger and Elon Musk (Getty/Getty Images)
During the interview, Musk also apologized for responding to a post on
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Musk's comments come just days after his visit to Israel, where he toured a kibbutz attacked by Hamas terrorists and held talks with political leaders.
FOX Business' Eric Revell and Bradford Betz contributed to this report