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.

The social media platform X has retained less than a quarter of its worth in the two years since Elon Musk bought it for $44 billion, new Fidelity reporting suggests. The investment company that helped Musk buy Twitter in October 2022 slashed the value of its holding by 78.

Elon Musk’s X is worth a little more than one-fifth of the $44 billion he paid to acquire the social media platform formerly known as Twitter, according to Fidelity, the latest in a series of valuation cuts by Fidelity since Musk’s takeover in 2022.

Tesla and CEO Elon Musk got a big win in court when the automaker won the dismissal of a shareholder lawsuit that alleged misleading statements about the capabilities of self-driving were said to prop up its stock price.

It’s a big month for Tesla and the stock is starting it positively. The EV maker’s shares were up 0.1% at $261.99 each in premarket trading while S&P 500 and Dow Jones Industrial Average futures were down 0.