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.

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