Fidelity Cut the Value of Stake in Musk’s X by 10% in January

Fidelity cut the value of its position in Elon Musk’s social-media company X by about 10% in January — just a month after saying the value of its stake had risen.

The investment firm, which gained a stake in X by helping Musk complete his $44 billion purchase, dropped the value of its holding to $5.6 million, according to a report listing its Blue Chip Growth Fund holdings in January. In December, it marked the position up 11.4% to $6.2 million.

The overall value of Fidelity’s X stake has fallen 72% since the time of Musk’s takeover of the ...