Investment behemoth Fidelity has downsized its holdings in popular social media platform Twitter after it has been taken over by tech tycoon Elon Musk. A filing from the Fidelity Blue Chip Growth Fund in November 2022 revealed that the firm reduced its stake in Twitter by over 50%.

Fidelity’s initial stake in Twitter amounted to $19.66 million in October 2022, which now has been slashed to only $8.63 million. The group holds its Twitter investments in the form of mutual funds in X Holdings, which is a holding company utilized by Musk as part of his Twitter takeover move.

Elon Musk’s Twitter takeover has been a controversial topic, and other investment giants may follow suit of Fidelity’s move in reducing its investments in Twitter.

Sources:

https://cointelegraph.com/news/fidelity-downsizes-value-of-its-twitter-holdings

https://www.axios.com/2023/01/29/fidelity-cuts-twitter-valuation-elon-musk