LAHORE MIRROR (Monitoring Desk)– Fidelity funds slashed the value of their Twitter stake by 56% in November, according to a monthly disclosure by the investment firm released on Friday, as the social media giant navigates a period of turmoil following Elon Musk’s $44 billion buyout.
Fidelity Blue Chip Growth Fund’s stake in Twitter was valued at nearly $8.63 million as of Nov. 30, compared to $19.66 million at October-end, days after Musk closed the acquisition.
Another of the asset manager’s funds, Fidelity Contrafund, also reported a similar markdown.
Musk’s tenure at Twitter so far has been chaotic amid an exodus of advertisers and heavy layoffs. Fidelity was among more than a dozen investors who backed the billionaire’s deal to acquire Twitter, committing over $316 million.
Technology stocks have also suffered heavy losses this year as the Federal Reserve raised interest rates aggressively to douse inflation, raising odds of a recession.