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

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.

    • phoneymouse@lemmy.world
      6·
      7 months ago

      There are people out there still claiming that Elon has proven you can run Twitter and similar companies with fewer employees so all tech companies should be laying more people off.