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Scan for outdated or missing drivers - takes under a minuteDriver Scan →Clear out junk files and repair common Windows errorsFree Scan →Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Fidelity’s Blue Chip Growth Fund marked down the value of its X stake by 78.7% through August 2024, leaving the fund’s reported holding worth about $4.19 million. That was a mark on one fund’s investment—not a sale price for X or a current valuation of the company. The roughly $9.4 billion company-wide figure reported at the time was a reporter’s extrapolation, and later reporting showed Fidelity’s mark rose and X underwent major corporate changes.
What Fidelity’s 79% markdown measured
TechCrunch reported that Fidelity Blue Chip Growth Fund’s X holding was valued at approximately $4.19 million at the end of August 2024, compared with an initial position valued at $19.66 million. The decline was 78.7%, commonly rounded to 79%. TechCrunch’s October 2024 report tied the estimate to the fund’s disclosed holding.
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The percentage describes the change in the fund’s stake value, not a 79% fall in the value of every X share established by a market transaction. Fund disclosures show how Fidelity carried its own position at a particular reporting date.
Why the reported $9.4 billion figure was an estimate
TechCrunch translated the fund-level markdown into an implied whole-company value of about $9.4 billion by assuming Fidelity’s original investment was made at the $44 billion valuation associated with Elon Musk’s 2022 purchase. That is a reporter’s calculation based on the assumption—not a whole-company valuation published by Fidelity and not an observed sale price for X.
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| Figure | What it refers to | As-of date and qualification |
|---|---|---|
| About $4.19 million | Fidelity Blue Chip Growth Fund’s reported X stake value | End of August 2024, as reported by TechCrunch in October 2024 |
| $19.66 million | Initial value of that fund position, as used in TechCrunch’s comparison | TechCrunch’s October 2024 reporting |
| About $9.4 billion | Implied value for X as a whole | TechCrunch’s calculation, assuming Fidelity entered at the $44 billion purchase valuation; not a Fidelity-published company valuation |
Why a fund mark is not a sale price
A carrying mark is an accounting estimate for a fund’s holding. It does not establish what the entire company could be sold for, whether all shares could be sold at that implied price, or X’s audited fair value. Axios reported that Fidelity does not disclose how it values private-company holdings and may not have inside information about X’s financial performance; other shareholders can assign different values to private shares. Axios’s October 2024 coverage describes those limits.
What changed after August 2024
Fidelity’s mark increased in October
Axios reported that Fidelity raised its X share mark by 32.37% in October 2024. Even after that increase, Axios said the overall implied value remained nearly 72% below the $44 billion takeover price. The change illustrates that a fund mark can move in either direction; it does not convert the mark into a transaction price.
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X later raised money and merged with xAI
In April 2025, The Wall Street Journal reported that X raised about $900 million at a valuation just above the original takeover price and that X had merged with xAI. Those events provide later context, but they do not make the 2024 fund mark a current standalone valuation for X. The Wall Street Journal’s April 2025 report covers the financing and merger.
The earlier November 2023 mark
TechCrunch also reported a 71.5% markdown through November 2023, with a one-month reporting lag. That earlier figure is another dated snapshot of Fidelity’s position, not a stable measure of X’s value. TechCrunch’s January 2024 report describes it.
How to interpret the headline—and what it cannot answer
- Check the date: the 78.7% figure applies through August 2024, not automatically to a later date.
- Check the unit: approximately $4.19 million was the fund’s stake value; approximately $9.4 billion was a reporter’s implied company value.
- Check the evidence type: a fund carrying mark is different from a financing valuation or a completed sale.
The reviewed reports do not establish Fidelity’s latest published X holding value or an independently supportable standalone valuation for X as of October 8, 2026. Because X later merged with xAI, a standalone figure also requires careful definition. The 79% headline is useful as a historical description of Fidelity’s August 2024 mark, but it should not be read as an answer to “How much is X worth now?”
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