Fidelity, which put $300 million into Musk’s $44 billion takeover of Twitter a year ago, thinks the company is about 65 percent less valuable now, according to Axios. That implies a valuation of between $15 and $16 billion, or the incineration of over $28 billion in enterprise value.

Musk didn’t acknowledge X’s financial state during a rare all-hands meeting with employees last week, though he did brag about some other numbers: he said that X is seeing roughly half a billion posts and over 100 billion impressions per day.