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Home Business

Fidelity marks down value of Twitter stake by 56%

by Sumbul Farid
December 31, 2022
in Business, Future Tech, News, Trending, World
Reading Time: 1 min read
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Fidelity entered the crypto market with the commission-free crypto trading platform

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According to a monthly disclosure by the investment firm released on Friday, Fidelity funds diminished the value of their Twitter stake by 56% in November, as the social media giant navigates a period of difficulty following Elon Musk’s $44 billion acquisition.

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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 other asset manager’s funds, Fidelity Contrafund, also reported a similar news. It was first reported by Axios.

So far, Musk’s tenure at Twitter has been chaotic amid an exodus of advertisers and mass 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.

 

Tags: fidelityInvestmenttechnology
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