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Fidelity Lowers Value Of Stake In Musk’s X By 5.7% In February

Fidelity’s Blue Chip Growth Fund cut the value of its position in X by 5.7% in February, implying a 73% decline in the former Twitter Inc. since Elon Musk bought the social-media company.

The Twitter logo on a smartphone arranged in Germantown, New York, US, on Monday, July 24, 2023. Elon Musk has changed Twitter's logo, replacing its signature blue bird with a stylized X as part of the billionaire's vision of transforming the 17-year-old service into an everything app.
The Twitter logo on a smartphone arranged in Germantown, New York, US, on Monday, July 24, 2023. Elon Musk has changed Twitter's logo, replacing its signature blue bird with a stylized X as part of the billionaire's vision of transforming the 17-year-old service into an everything app.

Fidelity’s Blue Chip Growth Fund cut the value of its position in X by 5.7% in February, implying a 73% decline in the former Twitter Inc. since Elon Musk bought the social-media company.

Fidelity, which gained a stake in X by helping Musk complete his $44 billion purchase in October 2022, valued the position at $5.28 million as of Feb. 29, according to a report posted Saturday listing the fund’s holdings. A month earlier, the value was $5.6 million.

Read more: Banks Stuck With X Debt Held Refinancing Talks With Elon Musk

The overall value of the Blue Chip Growth Fund’s X stake has fallen 73% since Musk’s purchase, suggesting a similar drop in the value of the company because the fund hasn’t disclosed any change in its position in X. 

X has been trying to lure back advertisers since Musk’s chaotic takeover. Last year, ad sales were estimated to be roughly $2.5 billion, falling short of the company’s $3 billion target, Bloomberg reported.

Fidelity and X didn’t immediately return emails seeking comment sent outside regular business hours. 

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