Loyalty Blue Chip Growth Fund reduced the value of its position in X by 5.7% in February, which means a 73% decrease in the value of its first position. Twitter Inc. since Elon Musk bought the social media company.
Fidelity, which took a stake in X while helping Musk complete the $44 billion purchase in October 2022, valued the position at $5.28 million as of Feb. 29, according to a report released Saturday listing the fund’s holdings. A month earlier, value amounted to $5.6 million.
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The total value of X’s stake in Blue Chip Growth Fund has fallen 73% since Musk’s purchase, suggesting a similar drop in the company’s value as the fund has not disclosed any changes to its position in X.
X is trying to lure back advertisers after Musk’s chaotic takeover. Last year, advertising sales were valued at about $2.5 billion, below the company’s $3 billion target, Bloomberg reported.
Fidelity and X did not immediately respond to emails seeking comment sent outside business hours.