Twitter’s value has fallen by nearly two-thirds since Elon Musk bought the company last October, one of the company’s only remaining outside investors has admitted.

Fidelity, an asset manager that held a small stake in Twitter worth about $20 million after Musk bought the business for $44 billion, said its stake is now worth just under $6.6 million. That would put the total value of the company, which is now officially called X Holdings Corp, at just $14.75 billion, according to the Guardian website.

Twitter’s valuation is of particular interest to the company’s staff, many of whom worked while it was publicly traded with compensation that included stock options. Musk offered to value those options at about $20 billion in March, according to a Wall Street Journal report, an admission that the company’s value had fallen by at least half since he took over.

Since taking over Twitter in 2022, Musk has instituted a wave of change on a scale rare for a company of the social network’s size and impact. After Musk took over the company a massive wave of layoffs and resignations ensued resulting in a reduction in staff worldwide by more than 70%. However, Musk’s cost-cutting has been overshadowed by the hit to revenue from the incoming administration.

Any savings, however, appear to be lost on Musk’s chaotic leadership. Cuts to teams responsible for content moderation and the shutdown of the site’s “verification” program have prompted major advertisers to pull back on spending. Its revenue nearly halved in the months after Musk took over.

Musk announced in May that he would step down as CEO and that Linda Giaccarino, a former NBC executive, would take over. He will remain chairman and will retain responsibility for the service.