Fidelity Investments has significantly reduced the valuation of its stake in X Holdings, the parent company of X (formerly known as Twitter), now owned by Elon Musk, to approximately $11.9bn. The mutual fund company marked down its investment by 71.5%, from its original $44 billion valuation. This adjustment reflects a 73% decline in the value of the former Twitter since Musk's 2022 acquisition. The Fidelity Blue Chip Growth Fund, in particular, cut the value of its position in X by 5.7% in February. This series of write-downs highlights the financial challenges facing X under Musk's leadership.