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Fidelity Cut the Value of Stake in Musk’s X by 10% in January - BNN Bloomberg
Fidelity cut the value of its position in Elon Musk’s social-media company X by about 10% in January — just a month after saying the value of its stake had risen.
The investment firm, which gained a stake in X by helping Musk complete his $44 billion purchase, dropped the value of its holding to $5.6 million, according to a report listing its Blue Chip Growth Fund holdings in January. It hasn’t disclosed any change in its position in X, so the latest report implies the value of the Musk’s entire social-media company has also fallen by 72%. X has been trying to lure back marketers since Musk’s chaotic takeover of the platform led advertising revenue to decline more than 50%.
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