Fidelity Fund Marks Down Value of its Twitter Stake Again

A Fidelity fund has marked down the worth of its stake in Twitter for the third time since Elon Musk’s $44 billion takeover of the social media platform in October, a month-to-month disclosure by the funding agency confirmed on Sunday.

Fidelity Blue Chip Growth Fund’s stake in Twitter, which now exists beneath Musk’s X Holdings Corp, was valued at practically $6.55 million as of April 28, in contrast with $7.8 million as of Jan. 31 and virtually $8.63 million at November-end.

Earlier this month, Musk named former NBCUniversal promoting chief Linda Yaccarino as Twitter’s new CEO as the corporate struggles to reverse a stoop in promoting income and navigate an overhaul that included mass layoffs.

(This story has not been edited by News18 employees and is printed from a syndicated news company feed – Reuters)