Fidelity was one of several companies that helped Elon Musk acquire social media platform X, formerly known as Twitter, back in 2022. The financial company may have lost money on their investment in the company according to recent valuation metrics, which show the $44 billion paid by Musk may have been too high. Fidelity owns a stake in X in the Fidelity Blue Chip Growth Fund (FBGRX) and changes the valuation of the social media company periodically to reflect valuations based on financials and peer companies. With X facing concerns over advertising revenue, the stake valuation has often been lowered, with some months showing a higher valuation from the mutual fund. With its latest valuation revision, Fidelity assigns a valuation of $9.4 billion. This marks a significant decline from Musk’s $44 billion purchase price.