According to a monthly declaration by the investment company posted on Friday, Fidelity funds reduced the value of their holding in Twitter by 56% in November as the social media behemoth navigates a period of instability following Elon Musk’s $44 billion takeover.
As of Nov. 30, the value of Fidelity Blue Chip Growth Fund’s Twitter holding was close to $8.63 million, down from $19.66 million at the end of October; just days after Musk completed the acquisition.
Fidelity Contrafund, another fund managed by asset management, also disclosed a comparable markdown.
Axios was the first to break the story.
As a result of a large number of layoffs and an exodus of advertisers, Musk’s time at Twitter has been chaotic so far. Fidelity contributed more than $316 million and was one of more than a dozen investors who supported the billionaire’s acquisition of Twitter.
This year, technology stocks have also experienced significant losses as a result of the Federal Reserve’s aggressive interest rate increases to combat inflation and increase the likelihood of a recession.
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