The Blue Chip Growth Fund managed by Fidelity reduced the value of its holding in X by 5.7% in February, indicating a 73% decrease in the value of Twitter Inc. since Elon Musk acquired the social-media company.
Fidelity, which obtained a stake in X by assisting Musk in his $44 billion acquisition in October 2022, valued the position at $5.28 million as of Feb. 29, as stated in a report released on Saturday detailing the fund’s holdings. In the previous month, the value was $5.6 million.
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The total value of the Blue Chip Growth Fund’s X holding has dropped by 73% since Musk’s purchase, indicating a similar decrease in the company’s value since the fund has not reported any change in its position in X.
X has been working to regain advertisers following Musk’s tumultuous takeover. Last year, ad sales were estimated to be around $2.5 billion, falling short of the company’s $3 billion goal, as reported by Bloomberg.
Fidelity and X did not respond immediately to emails sent outside of regular business hours.
