According to a recent filing, Fidelity has reduced its stake in X Holdings, the parent company of X (previously Twitter), controlled by Elon Musk, by 71.5% from the initial share price.
In October 2022, Fidelity paid $19.2 million for a share in X. In October 2023, the fund management reduced the value by 65%. And now, in the November 2023 statement, the corporation has reduced X’s worth even lower. Fidelity’s disclosures, in particular, are one month behind the current date.
X has gone through a number of changes in the last year, including the appointment of a new CEO, former NBCU executive Linda Yaccarino. Yaccarino said during an interview at the Code Conference in September 2023 that the firm will become profitable in 2024. 
The company’s greatest difficulty is convincing marketers to spend money on the platform. Many big sponsors, including Apple, Comcast/NBCUniversal, Disney, Warner Bros. Discovery, IBM, Paramount Global, Lionsgate, and the European Commission, left the platform after Musk referred to an anti-Semitic conspiracy theory as the “actual truth.”
He urged marketers to go screw themselves later that month at the DealBook Conference.
“What this advertising boycott is going to do is kill the company,” Musk went on to say. “And the whole world will know that those advertisers killed the company, and we will document it in great detail.”
The Financial Times reported in December that X would try to get small and medium-sized firms to spend money on advertising on the platform. X refuted The New York Times’ assertion that the platform would lose $75 million due to an advertising boycott, telling the FT that the loss would be approximately $10–12 million.
“Small and medium businesses are a very significant engine that we have definitely underplayed for a long time,” X told the newspaper. “It was always part of the plan—now we will go even further with it.”
Musk has also made contentious choices to reinstate previously banned users’ accounts, including conspiracy theorist Alex Jones, Kanye West, former US President Donald Trump, far-right influencer Andrew Tate, and right-wing scholar Jordan Peterson.
