Fidelity helped Elon Musk with his Twitter takeover, earning a stake in X that's become increasingly less valuable.

Fidelity’s Blue 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 fund’s holdings. A month earlier, the value was $5.6 million.

  • Num10ck@lemmy.worldEnglish
    6·
    3 months ago

    ‘the attention economy’ was based on growing the quantity of eyeballs, and assumed advertising would carry everyone.

    then advertising money fizzled.

    • hark@lemmy.world
      3·
      3 months ago

      Probably didn’t help when musk literally said “go fuck yourself” to advertisers.