Fidelity marks down value of Twitter stake by 56%

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Fidelity funds slashed the value of their Twitter stake by 56% in November, according to a monthly disclosure by the investment firm released on Friday, as the social media giant navigates a period of turmoil following Elon Musk's $44 billion buyout.

A view of the Twitter logo at its corporate headquarters in San Francisco, California, U.S. November 18, 2022. REUTERS/Carlos Barriamonthly disclosure

by the investment firm released on Friday, as the social media giant navigates a period of turmoil following Elon Musk's $44 billion buyout. Fidelity Blue Chip Growth Fund's stake in Twitter was valued at nearly $8.63 million as of Nov. 30, compared to $19.66 million at October-end, days after Musk closed the acquisition.The news was first reported by Axios.

Musk's tenure at Twitter so far has been chaotic amid an exodus of advertisers and heavy layoffs. Fidelity was among more than a dozen investors who backed the billionaire's deal to acquire Twitter, committing over $316 million. Technology stocks have also suffered heavy losses this year as the Federal Reserve raised interest rates aggressively to douse inflation, raising odds of a recession.

 

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3872N8768W Time for someone to buy .

Twitter down 56% and Tesla down 70%

Sure tech stocks took a hit in 2022.. but I don’t know any that lost 56% in one month

Excellent. It’s improved.

It’s probably still too high Fidelity

🍿

Sometimes I wonder whether you post such headlines to simply entice Elon into posting in your comments to boost clicks.

Know your audience bro

Not every company owned by elonmusk is functioning well according to his whims and fantasies.

What s that annualized?

Reuters is probably worth nothing all lies and fake news

Twitter is run by a fascist.

Not as bad as projected...🫣

BREAKING: elonmusk on pace 4 selling Twitter 4 enormous loss in 6 months ...

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Fidelity slashes Twitter's value by 56%Fidelity slashed its carrying value of Twitter by 56% during the first month of Elon Musk's ownership, according to a new disclosure. FUD Confidence! I think the market might have decided the price. Fidelity can carry at what they like but it doesn't change what the market says.
Source: axios - 🏆 302. / 63 Read more »