May 30 (Reuters) – A Fidelity fund has cut the value of its holding in Twitter for the third time since Elon Musk’s $44 billion takeover of the social media platform in October, a monthly disclosure from the investment firm revealed on Sunday.
The Fidelity Blue Chip Growth Fund’s stake in Twitter, now under Musk’s X Holdings Corp, was valued at nearly $6.55 million as of April 28, compared to $7.8 million as of January 31 and nearly $8.63 million at the end of November .
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 ad revenue and navigate an overhaul that has included massive layoffs.
Reporting by Jaiveer Singh Shekhawat in Bengaluru; Edited by Devika Syamnath