Despite Elon Musk’s recent assertion that Twitter will finally become profitability in coming months, the value of the overall company has dropped to just one-third of what the tech billionaire paid for it last October.

This is according to asset manager Fidelity, which marked down the value of its equity stake in the company for the third time in eight months.

Fidelity Blue Chip Growth Fund’s stake in Twitter was valued at A$10.1 million as of April 28, according its own monthly disclosure, a far cry from the $30.2 million it was valued at towards the end of October, as Musk took over the social media platform.

Despite massive upheaval within the company since Musk took over, the entrepreneur told investor in March that “I see a clear, but difficult, path to a >US$250B valuation,” meaning the company would be worth more than ten times its current evaluation.