LogFAQs > #979661759

FidelitysBlue Chip Growth Fund cut the value of its position in X by 5.7% in February, implying a 73% decline in the former Twitter Inc. since Elon Musk bought the social-media company.

Fidelity, which gained a stake in X by helping Musk complete his $44 billion purchase in October 2022, valued the position at $5.28 million as of Feb. 29, according to a report posted Saturday listing the funds holdings. A month earlier, the value was $5.6 million.

The overall value of the Blue Chip Growth Funds X stake has fallen 73% since Musks purchase, suggesting a similar drop in the value of the company because the fund hasnt disclosed any change in its position in X.

X has been trying to lure back advertisers since Musks chaotic takeover. Last year, ad sales were estimated to be roughly $2.5 billion, falling short of the companys $3 billion target, Bloomberg reported.

Fidelity and X didnt immediately return emails seeking comment sent outside regular business hours.