Fidelity slashes value of its Twitter stake by 56% following Musk acquisition

Fidelity slashes value of its Twitter stake by 56% following Musk acquisition

FILE PHOTO: Twitter app is seen on a smartphone in this illustration taken, July 13, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

Fidelity funds slashed the value of their Twitter stake by 56% in November, according to a monthly disclosure by the investment firm released on Friday, as the social media giant navigates a period of turmoil following Elon Musk’s $44 billion buyout.