According to the most recent available numbers, which we’ll get to in a bit, Musk and his co-investors have lost more than $25 billion on their Twitter takeover. That’s right. More than $25,000,000,000.
How can I know that when X is a private company that doesn’t release financial results? It’s because Musk’s coinvestors include the Fidelity group of mutual funds. Fidelity, you see, is required to value its funds' holdings in X at their market value rather than at their cost because investors buy and sell mutual fund shares based on the shares’ net asset value.
According to Fidelity's financial filings, its funds' stake in X has fallen almost 80% in value since the Musk takeover. For example, Fidelity’s Contrafund
(FCNTX) valued its stake at $53,469,000 when Twitter morphed into X in October of 2022 but valued that stake at only $11,383,550 as of Sept. 30, the most recent available number.