In February, Fidelity's Blue Chip Growth Fund reduced the value of its holdings in X by 5.7 per cent, taking it to a significant 73 per cent decline in the former Twitter since Elon Musk's acquisition of the social media company.
Fidelity's Blue Chip Growth Fund reduces X holdings value by 5.7%, 73% decline since Elon Musk's acquisition. (AFP)
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Fidelity, having acquired a stake in X through assisting Musk in his $44 billion purchase in October 2022, reported the position's value at $5.28 million as of February 29, according to a report detailing the fund's holdings posted on Saturday. This marks a decrease from the previous month when the value stood at $5.6 million.
'X value plummeted by 73 per cent since the takeover by Musk'
Since Elon Musk's purchase, the overall value of the Blue Chip Growth Fund's stake in X has plummeted by 73 per cent. This decline implies a corresponding decrease in the value of the company, as the fund has not disclosed any alterations in its position in X.
In related news, Elon Musk announced that xAI's latest Grok-1.5 chatbot will debut on his social media platform X next week, with plans for Grok 2 already in motion.
"Grok 2 should exceed current AI on all metrics. In training now," Musk added.
The enhanced Grok-1.5 will be accessible to early testers and existing Grok users on X in the upcoming days, said xAI in a recent announcement.
Musk's decision to open-source Grok comes after his legal action against Microsoft-backed OpenAI, accusing them of deviating from their original mission.
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Home/Technology/Elon Musk's X worth falls 73% since purchase, Fidelity valuation cut reveals
