NEW YORK: A Fidelity fund marked down the value of its stake in Twitter for the third time since Elon Musk’s 44 billion dollars takeover of the social media platform in October last year, a monthly disclosure by the investment firm showed.
According to Reuters, Fidelity Blue Chip Growth Fund’s stake in Twitter, which exists under Musk’s X Holdings Corp, was valued at nearly 6.55 million dollars as of April 28, compared with 7.8 million dollars as of Jan. 31 and almost 8.63 million dollars at November-end.
Earlier this month, Elon named former NBCUniversal advertising chief Linda Yaccarino as Twitter’s new CEO as the company struggles to reverse the slump in advertising revenue and navigate an overhaul that included mass layoffs.
