Fidelity reduces the value of the Twitter holding once more
According to a monthly declaration released by the investment company on Sunday, a Fidelity fund has reduced the value of its holding in Twitter for the third time since Elon Musk paid $44 billion to acquire the social media site in October.
As of April 28, the value of Fidelity Blue Chip Growth Fund’s interest in Twitter, which is currently managed by Musk’s X Holdings Corp, was close to $6.55 million, down from $7.8 million on January 31 and close to $8.63 million at the end of November.
As Twitter struggles to recover a decline in advertising income and navigate a reorganization that entailed large layoffs, Musk selected former NBCUniversal advertising head Linda Yaccarino as the company’s new CEO earlier this month.
