The share price of a Fidelity fund that took a stake in X in 2022 fell 5.7% in February. In total, Fidelity has lost 73% of its stock value since 2022, mirroring the social network's decline. Bloomberg reports this.
► Subscribe to the Telegram channel “Ministry of Finance”: main financial news
Fidelity, which took a stake in X (formerly Twitter) by helping Musk complete its $44 billion acquisition in October 2022, valued the position at $5.28 million as of Feb. 29, according to a published report listing the fund's assets . A month earlier, the value was $5.6 million.
The total value of X's Blue Chip Growth Fund stake has fallen 73% since Musk's purchase, indicating a similar drop in the company's value, since the fund did not disclose any changes in its positions in X.
Immediately after the chaotic takeover of the platform by Elon Musk, advertising revenues fell by more than 50%. Last year, advertising sales were estimated at about $2.5 billion, falling short of the company's target of $3 billion, Bloomberg reports.
