National Business Wire (Jan 3) -- Fidelity Investments, the U.S. asset manager that helped Elon Musk with his $44bn Twitter takeover deal, has once again cut the valuation of its holdings in the social media platform now known as X.

According to its November portfolio report for the Blue Chip Growth Fund, Fidelity slashed the value of its holdings in X by 19% from its September report.

Since Musk completed his acquisition of X in October 2022, Fidelity has taken several write-downs.

Fidelity said in its latest securities filing that its holdings in X were worth $5.6 million in November, down from an estimated $6.3 million in October and far from the $19.66 million valuation before Musk's takeover.

The $5.6 million valuation, is a 71.5% drop from the value of Fidelity's stake in X just prior to his acquisition.

Fidelity has yet to disclose any changes to its stake in X, so the latest report implies that the social media platform's value has also fallen by 71.5%.