{"id":580394,"date":"2023-01-06T15:27:57","date_gmt":"2023-01-06T15:27:57","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=580394"},"modified":"2023-01-06T15:28:08","modified_gmt":"2023-01-06T15:28:08","slug":"fidelity-writes-down-value-of-twitter-investment-by-more-than-50-following-elon-musk-takeover","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/fidelity-writes-down-value-of-twitter-investment-by-more-than-50-following-elon-musk-takeover\/","title":{"rendered":"Fidelity Writes Down Value of Twitter Investment By More Than 50% Following Elon Musk Takeover"},"content":{"rendered":"\n
Fidelity, an investment firm, has recorded a significant reduction in the value of its initial investment in Twitter after supporting Elon Musk’s acquisition of the social media platform. The Fidelity Blue Chip Growth Fund reported in November 2022 that the carrying value of the Twitter investment had been decreased by more than 50%. <\/p>\n\n\n\n
This is known as a write-down, which occurs when an asset’s market value falls below its recorded book value on a company’s balance sheet. Fidelity’s initial stake in Twitter, valued at $19.66 million in October 2022, has now been reduced to $8.63 million. It is reported that Fidelity provided $316 million to assist Elon Musk’s bid to acquire Twitter in October 2022.<\/p>\n\n\n\n
Fidelity has held its Twitter investments through X Holdings I Inc., a holding company utilized by Musk in his bid to acquire Twitter. The controversial takeover, which has been marked by layoffs and significant changes at the social media company, has prompted speculation that other investment firms may also reduce the value of their Twitter holdings.<\/p>\n\n\n\n