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.

  • FlowVoid@lemmy.worldEnglish
    11·
    7 months ago

    “Blue chip growth fund” is just the name of a Fidelity mutual fund. It invests at least 80% into blue chip stocks like Coca Cola and American Express, and the rest into companies it hopes will grow.

    The latter category includes X, Lyft, Roblox, lululemon, Rad Power Bikes and many others. Notably, a few investments in that category (like Sonder) are now completely worthless.