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.

Chinese EV makers Zeekr, Xpeng, and Li Auto announced record deliveries for September, intensifying competition for Tesla in the crucial China market.

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.

Tesla and its CEO Elon Musk have been cleared by a US judge of making allegedly false or misleading claims related to Autopilot and Full Self-Driving.