Elon Musk’s X is now worth less than a quarter of its $44 billion purchase price, according to a new estimate from investor Fidelity.
The asset manager, which helped Musk acquire the social network formerly known as Twitter, now values its stake in X at approximately $4.19 million, based on newly released disclosures from Fidelity’s Blue Chip Growth Fund. The fund has reduced the value of its holding in X by a total of 78.7% as of August end.
It’s not like the S&P500 committee is going to make wild and crazy decisions based on a hunch. It’s still very much based on replacing older shrinking companies with newer more vigorous representatives in the same industry.
Still, it’s not just mathematics, humans are making decisions on what companies to add or remove from the indices in a majority of cases.