According to a new estimate from Fidelity, Elon Musk's X is now worth less than a quarter of its original $44 billion purchase price. The asset manager, which supported Musk's acquisition of the platform (formerly Twitter), currently values its stake in X at roughly $4.19 million, based on recent disclosures from Fidelity’s Blue Chip Growth Fund. As of the end of August, the fund had reduced its valuation of X by 78.7%.

For context, Fidelity initially invested $19.66 million in X through its Blue Chip Fund, according to regulatory filings. This marks another reduction, as in July, Fidelity valued its shares in X at around $5.5 million. 

This latest markdown suggests Fidelity now values X at approximately $9.4 billion overall. Neither Fidelity nor X has responded to requests for comment made outside of business hours.