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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.
The news was first reported by Axios.
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.
