After Musk’s buyout, Twitter faces turmoil as Fidelity funds slash the value of shares by 56%.
Fidelity funds cut the value of their Twitter stake by 56% in November, according to a monthly disclosure by the investment corporation released on Friday, as the social media colossus steers a period of turmoil following Elon Musk’s $44 billion buyout.
Fidelity Blue Chip Growth Fund’s stake in Twitter was at nearly $8.63 million as of Nov. 30, compared to $19.66 million in October-end, days after Musk closed the acquisition.
Another asset manager’s fund, Fidelity Contrafund, also reported a similar markdown.
Axios first reported the news.
Musk’s period at Twitter has been messy amid an exodus of advertisers and sober layoffs. Fidelity was among over a dozen investors who aid the billionaire’s deal to develop Twitter, dedicating over $316 million.
Technology stocks have also mourned severe losses this year as the Federal Reserve increased interest rates aggressively to douse inflation, boosting the odds of a recession.
