The Fidelity fund has slashed its stake in Twitter for the third time since Elon Musk acquired the social media platform for $44 billion in October, the investment firm’s monthly disclosure on Sunday.
The Fidelity Blue Chip Growth Fund’s stake in Twitter, which now exists under Musk’s X Holdings Corp, was valued at nearly $6.55 million as of April 28, up from $7.8 million as of Jan. 31 and nearly $8.63 million at the top of November.
Earlier this month, Musk named former NBCUniversal promoting head Linda Yaccarino as Twitter’s recent CEO as the corporate seeks to reverse a decline in ad revenue and perform an overhaul that included massive layoffs.