A Fidelity investment fund has marked down the value of its holding in Twitter, now known as X Holdings Corp., for a third time, suggesting the social media firm is worth only a third of Elon Musk’s $44 billion purchase price.

Only 0.16% of Fidelity Blue Chip Growth Fund's assets in April were in X Holdings. Fidelity valued the stake as being worth $8.63 million in November but has since pared that back twice, most recently valuing it at $6.55 million.

Since X Holdings is a privately-owned company, the fund pegs what the investment is worth to it, though it is no🔯t clear how it arrives at its valuation.

According to Bloomberg, Fidelity's valuation makes Twitter worth about $8.8 billion. This devaluation not only implies that Musk overpaid for the social media company, it also erodes his personal net worth. Bloomberg estimates that Fidelity's assessment knocked about $850 million from Musk's $187 billon net worth.

What Does It Mean For Investors?

Not much, really. Twitter shareholders received 澳洲幸运5开奖号码历史查🦩询:$54.20 in exchange for each of their shares when Musk bought the company last year.

Investors in the Fidelity fund are not impacted because it is a small percentage of the fund’s $32 billion of assets in April. During the month, the fund's top holdings included a 10.2% exposure to Apple (AAPL). 9.5% of assets in Microsoft (MSFT), and 7.4% of its corpus in Nvidia (NVDA). For the month of April, Apple shares rose about 3%, Microsoft shares were up 6% while Nvidia shares gained🙈 about 4%.൩ Fidelity Blue Chip Growth Fund rose 0.5% over the period.