X, formerly known as Twitter, has seen its value fall by a staggering 71% since Elon Musk's acquisition in late 2022.

Fidelity, a leading investment group, evaluated on Monday (January 1), marking the second instance of X's devaluation in 2023, as reported by Axios. Musk had initially acquired the social media giant for $44 billion.

The new valuation from Fidelity's Blue Chip Growth Fund, which reported data through Nov. 30, 2023, estimates that its shares of X are worth $5.3 million — down from an estimated $6.3 million in October and far from the $19.66 million valuation of its stake just prior to Musk's takeover.

The many controversies that have plagued the platform since the Tesla CEO's purchase scared off advertisers and resulted in more than half of them halting spending on X less than a month after Musk's acquisition was finalized. In November, major advertisers including Disney, Apple, and Coca Cola pulled paid advertising off the platform to distance themselves from Musk after his endorsement of an antisemitic post. 

Musk had praised a post that said Jews "have been pushing the exact kind of dialectical hatred against whites that they claim to want people to stop using against them." He has since apologized. "I am quite sorry," he said at The New York Times' DealBook Summit in November last year, adding, "I should, in retrospect, not have replied to that particular post." Musk said that the ad boycott could "kill the company," but he defiantly added, "I hope they stop. Don't advertise," he said at the summit.