In more bad news for X (Twitter), Fidelity has marked down its investment in the company by 65%.
Fidelity was one of the investors that backed Elon Musk’s $44 billion purchase of the social media giant, accounting for $300 million. According to Axios, however, the mutual fund has marked down its investment by 65%.
The revelation spells further trouble for X at a time when Musk and CEO Linda Yaccarino are trying to reassure investors that the company is healthy. The platform saw a well-publicized drop in advertisers after Musk’s takeover and usage numbers have plummeted.