Fidelity helped Elon Musk with his Twitter takeover, earning a stake in X that's become increasingly less valuable.

Fidelity’s Blue Chip Growth Fund cut the value of its position in X by 5.7% in February, implying a 73% decline in the former Twitter Inc. since Elon Musk bought the social-media company.

Fidelity, which gained a stake in X by helping Musk complete his $44 billion purchase in October 2022, valued the position at $5.28 million as of Feb. 29, according to a report posted Saturday listing the fund’s holdings. A month earlier, the value was $5.6 million.

  • @[email protected]
    14•8 months ago

    my answer: stock market prices are set at what people “feel” the stock price should be at. and that’s all there is to it.

    see: gamestop