Fidelity Investment slashed the value of its stake in X, the social media platform formerly known as Twitter, revealing a sharp decline since billionaire tech mogul Elon Musk’s acquisition in October 2022.

Recent disclosures from the investment firm (flagged by TechCrunch) show that Fidelity’s stake in X is now worth about $4.19 million, which prices the overall company at around $9.4 billion. The figure marks a drastic drop from the $19.6 million holding Fidelity initially invested before Musk’s takeover and nearly a 79% reduction in value.

The news comes after Fidelity has repeatedly sought to downgrade its investment stake throughout the year. In January, the firm reduced the value of its shares by 10.2%, followed by another 5.7% decline in February. These markdowns came despite an 11% bump in valuation estimates in December 2022.