Fidelity cuts value of X stake, implying 73% decline

Fidelity is Blue Chip Growth Fund cut the value of his land X and 5.7% in February, representing a decrease of 73% in the past Results Twitter Inc. since Elon Musk bought a social media company.

Fidelity, which acquired a stake in X by helping Musk complete his $44 billion purchase in October 2022, took the property for $5.28 million as of Feb. 29. A month earlier, a price it was $5.6 million.

Read more: Banks Stuck With X Debt Negotiated With Elon Musk

The overall value of the X Blue Chip Growth Fund has fallen 73% since Musk’s purchase, reflecting a similar decline in the company’s value as the fund has not disclosed any changes to its position in X.

X has been trying to attract investors since Musk took the reins. Last year, commercial ad is expected to be around $2.5 billion, falling short of the company’s target of $3 billion, Bloomberg reported.

Fidelity and X did not return emails seeking comment sent outside business hours.

Subscribe to Eye on AI newsletter to learn how AI is shaping the future of business. Log in for free.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *