Fidelity marks down value of Twitter stake again

(Reuters) – A Fidelity fund has marked down the value of its stake in Twitter for the third time since Elon Musk’s $44 billion takeover of the social media platform in October, a monthly disclosure by the investment firm showed on Sunday.

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, compared with $7.8 million as of Jan. 31 and almost $8.63 million at November-end.

Earlier this month, Musk named former NBCUniversal advertising chief Linda Yaccarino as Twitter’s new CEO as the company struggles to reverse a slump in advertising revenue and navigate an overhaul that included mass layoffs.