Fidelity cuts value of X stake, implying 73% decline in former Twitter since Elon Musk’s takeover

Alicia Diaz

Bloomberg

Fidelity’s&nbsp;<a href="https://www.bloomberg.com/quote/FBGRX:US" target="_blank" rel="noreferrer noopener">Blue Chip Growth Fund</a>&nbsp;cut the value of its position in <a href="https://fortune.com/company/twitter/" target="_blank">X</a> by 5.7% in February, implying a 73% decline in the former&nbsp;<a href="https://www.bloomberg.com/quote/TWTR:US" target="_blank" rel="noreferrer noopener">Twitter Inc.</a>&nbsp;since Elon Musk bought the social-media company.<div class="paywall-selector"></div><div class="paywall">



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&nbsp;<a href="https://www.bloomberg.com/news/articles/2024-03-01/fidelity-cut-the-value-of-stake-in-musk-s-x-by-10-in-january" target="_blank" rel="noreferrer noopener">value</a>&nbsp;was $5.6 million.



Read more:&nbsp;<a href="https://www.bloomberg.com/news/articles/2024-03-04/banks-stuck-with-x-debt-held-refinancing-talks-with-elon-musk" target="_blank" rel="noreferrer noopener">Banks Stuck With X Debt Held Refinancing Talks With Elon Musk</a>



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,&nbsp;<a href="https://www.bloomberg.com/news/articles/2023-12-12/musk-s-x-2023-ad-sales-projected-to-slump-to-about-2-5-billion" target="_blank" rel="noreferrer noopener">ad sales</a>&nbsp;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.</div>

Fidelity helped Elon Musk with his Twitter takeover, earning a stake in X that's become increasingly less valuable.

Fidelity cuts value of X stake, implying 73% decline

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Fidelity cuts value of X stake, implying 73% decline in former Twitter since Elon Musk's takeover

Fidelity cuts value of X stake, implying 73% decline | Fortune

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