Fidelitywas one of several companies that helpedElon Muskacquire social media platformX, formerly known asTwitter, back in 2022. The financial company may have lost money on their investment in the company according to recent valuation metrics, which show the $44 billion paid by Musk may have been too high.

What Happened:Fidelity owns a stake in X in theFidelity Blue Chip Growth Fund(FBGRX) and changes the valuation of the social media company periodically to reflect valuations based on financials and peer companies.

With X facing concerns over advertising revenue, the stake valuation has often been lowered...