Fidelity's Twitter holdings have written-down by 50% since Elon Musk took over the social media platform.
Investment firm Fidelity has written down the value of its initial stake in Twitter following its funding of Elon Musk’s takeover of the social media platform.
According to a filing of the Fidelity Blue Chip Growth Fund in November 2022, the firm has written down the carrying value of its Twitter investment by more than 50 percent. The filing was firstA write-down is a reduction in the value of an asset on a company’s balance sheet. This typically occurs when the asset's market value falls below its book value, which is the value at which the asset is recorded on the balance sheet.
Fidelity’s initial stake in Twitter was valued at $19.66 million in October 2022 and has now been written down to just $8.63 million. According to Market Insider, Fidelity
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