- Fidelity cut the carrying value of its investment in Twitter by 56% in November.
- The firm now assigns a value of $8.63 million to its stake, down from $19.66 million in October.
Fidelity cut the carrying value of its stake in Twitter by 56% in November, according to a recent disclosure first highlighted by Axios.
Fidelity Blue Chip Growth Fund's previously valued its stake at $19.66 million in October, and now sees it at $8.63 million.
Elon Musk's reign as chief executive at Twitter has seen mass layoffs as well as disorder of day-to-day operations. Fidelity was one of a consortium of firms to help Musk acquire Twitter and provided $316 million for the takeover bid.
Musk swiftly took Twitter private once the bid was completed, and said his vision for the company is to make stronger efforts to foster free speech on the platform. Musk faced criticism in recent weeks for suspending the accounts of journalists that wrote unfavorable stories concerning his use of private jets.