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Fidelity\u2019s\u00a0<\/strong>Blue Chip Growth Fund<\/a>\u00a0cut the value of its position in X<\/a> by 5.7% in February, implying a 73% decline in the former\u00a0Twitter Inc.<\/a>\u00a0since Elon Musk bought the social-media company.<\/p>\n Fidelity, which gained a stake in X by helping Musk complete his $44 billion purchase in October 2022, valued the position at $5.28 million as of Feb. 29, according to a report posted Saturday listing the fund\u2019s holdings. A month earlier, the\u00a0value<\/a>\u00a0was $5.6 million.<\/p>\n Read more:\u00a0Banks Stuck With X Debt Held Refinancing Talks With Elon Musk<\/a><\/p>\n The overall value of the Blue Chip Growth Fund\u2019s X stake has fallen 73% since Musk\u2019s purchase, suggesting a similar drop in the value of the company because the fund hasn\u2019t disclosed any change in its position in X.<\/p>\n X has been trying to lure back advertisers since Musk\u2019s chaotic takeover. Last year,\u00a0ad sales<\/a>\u00a0were estimated to be roughly $2.5 billion, falling short of the company\u2019s $3 billion target, Bloomberg reported.<\/p>\n Fidelity and X didn\u2019t immediately return emails seeking comment sent outside regular business hours.<\/p>\n<\/div>\n\nSubscribe to the Eye on AI newsletter to stay abreast of how AI is shaping the future of business. Sign up<\/a> for free.<\/div>\n<\/div>\n