The saga of Elon Musk’s ownership of Twitter dominated headlines in 2022. First Musk bid $54.20 for the firm, seemingly a pot joke, then shocked Wall Street by signing a binding merger agreement for that amount, then pulled another shock when he tried to back out of the deal and Twitter sued to compel him to close (when its value looked to be a lot less than his bid). Since Musk took Twitter private, and reportedly laid off half its staff, the value of the social media giant has been unclear. At one point, Musk even warned it could go bankrupt.
Now we have a clue, in the form of a regulatory filing by Fidelity Blue Chip Growth Fund, which invests most of its assets in companies with market capitalizations greater than $10 billion. This fund from the asset management giant valued its stake in Twitter at $19.66 million at the end of October, a quarterly holdings report said. By Nov. 30, that holding had dropped to $8,626,218, another filing said. That means the value of Fidelity’s investment in Twitter has plunged by 56% since October.
