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Twitter Stake Marked As 56% Down By Fidelity

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Fidelity, the investment firm published a November disclosure on Friday.

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This is as Twitter navigates turmoil following Elon Musk’s $44 billion purchase.

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Fidelity Blue Chip Growth Fund had a stake in Twitter at $8.63 million on Nov. 30, as compared to $ 19.66 million in October-end, just days after Musk's acquisition.

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Fidelity Contrafund was another asset manager's fund that reported a similar markdown.

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Musk's tenure as Twitter CEO has been turbulent, with a flurry of layoffs and a departure from advertisers. 

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Fidelity was one of over a dozen investors who backed Musk's deal to buy Twitter. The billionaire reportedly invested over $316 million.

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Technology stocks also suffered significant losses as the Federal Reserve increased interest rates aggressively to contain inflation and raise the chances of a recession.

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