Texas is now home to a company that isn't valued anywhere close to what it was during its California heyday. Elon Musk's X has seen its value drop dramatically from when he purchased it for $44 billion in 2022.

X, the social media site formerly known as Twitter that Elon Musk bought in October 2022 for $44 billion, is now worth $9.4 billion, according to new estimates from Fidelity. Fidelity marked down the value of X by nearly 80% (exactly 78.