Originally Published: 02 JAN 24 10:56 ET

By Brian Fung, CNN

(CNN) — Investment giant Fidelity believes the shares it holds of X, the platform formerly known as Twitter, are worth 71.5% less than when Musk first purchased the social media company in October 2022, according to a new securities filing.

The latest disclosure by a Fidelity mutual fund reflects a long-running trend that has steadily reduced X’s estimated value over the past year amid successive crises at the company, many of which have been driven by owner Elon Musk.

According to the new filing by Fidelity’s Blue Chip Growth Fund dated Dec. 30 and reporting information through Nov. 30, Fidelity estimates the shares of X that it owns are worth just under $5.6 million. The filing said its shares in X represent less than .01% of the total value of the fund, which it said is more than $49 billion.

That’s a sharp drop from the $19.66 million the Fidelity fund said its stake was worth around the time that Musk was finalizing his acquisition of Twitter, and 14.5% less than the $6.55 million the fund said its shares were worth last April.

Fidelity’s latest filing was earlier reported by Axios.

Fidelity did slightly increase its estimated value of X multiple times last summer, around when Linda Yaccarino became X’s CEO. Since then, however, Fidelity has continued to cut the estimated value of its X shares.

With X being privately held, Fidelity’s estimates have emerged as a closely watched indicator of X’s health and a reflection of the attitudes of Musk’s own investors.