Published on 31 Mar 2024 on Benzinga
Fidelity Fund Cuts Stake In Elon Musk's X As Social Media Platform Deals With Growing Challenges
Fidelity's Blue Chip Growth Fund FBGRX reduced its stake in X, formerly known as Twitter, by 5.7% in February, signaling a substantial decline since Elon Musk purchased the social media company.
According to Bloomberg, Fidelity, which obtained a stake in X as part of Musk's $44 billion acquisition in October 2022, valued its position at $5.28 million as of Feb. 29, down from $5.6 million the previous month.