Fidelity has marked down the value of its Twitter stock by more than 60% since Elon Musk acquired the company at the end of October, according to new disclosures.
Fidelity, which helped Musk finance his $44 billion takeover, slashed the carrying price of its shares by 9.58% between the end of November and the end of December.of Musk's tenure, but movement continues in the wrong direction.
For context, Facebook parent Meta experienced a small increase in its stock price during December, while Snap shares were down 13.19% and the Nasdaq lost 8.73%. Tesla, which Fidelity wouldn't use as a comp for its Twitter calculations, saw its stock price sink nearly 37% in December.Fidelity, while a Twitter shareholder, doesn't necessarily have proprietary information about the company's performance. It revalues all of its holdings, including stock in private companies, on a monthly basis.Musk is seeking to remake Twitter into a leaner, more tech-focused social media company.
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