{"id":43513,"date":"2023-01-06T16:45:06","date_gmt":"2023-01-06T20:45:06","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=43513"},"modified":"2023-01-07T15:31:27","modified_gmt":"2023-01-07T19:31:27","slug":"fidelity-downsizes-value-of-its-twitter-holdings","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/fidelity-downsizes-value-of-its-twitter-holdings\/","title":{"rendered":"Fidelity downsizes value of its Twitter holdings"},"content":{"rendered":"\n
Fidelity has downsized the value of its investment in Twitter by more than its initial stake in Elon Musk's takeover of the platform<\/a>.<\/h5>\n\n\n\n
\"Fidelity
Fidelity downsizes value of its Twitter holdings<\/figcaption><\/figure>\n\n\n\n

Following its support of Elon Musk's takeover of the social media site, investment firm Fidelity has written down the value of its initial holding in Twitter.<\/p>\n\n\n\n

The company has written down the carrying value of its Twitter investment by more than 50%<\/a>, according to a filing from the Fidelity Blue Chip Growth Fund in November 2022. <\/p>\n\n\n\n

Axios was the first to report on the filing.A write-down is a decrease in the asset's value on the balance sheet of a business. This often happens when the asset's book value, or the value at which the asset is recorded on the balance sheet\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, declines below its market value.<\/p>\n\n\n\n

In October 2022, Fidelity valued its initial ownership in Twitter at $19.66 million; now, that value has been written down to to $8.63 million. Market Insider reports that Fidelity contributed $316 million to support Musk's attempt to seize control of Twitter in October 2022.<\/p>\n\n\n\n

Through its mutual funds in X Holdings I Inc., a holding company that Musk formed as part of his bid to acquire Twitter, Fidelity owns its Twitter assets.<\/p>\n\n\n\n

Staff layoffs and a slew of operational adjustments at the social media giant have made Musk's takeover a contentious issue. According to several sources, additional investment firms may adopt a similar strategy and reduce the value of their Twitter holdings.<\/p>\n\n\n\n

The cryptocurrency exchange Binance<\/a> was one of many businesses to contribute money to Musk's purchase of Twitter. Along with 18 additional businesses, including Sequoia Capital Fund and Fidelity, the corporation made a $500 million commitment to co-invest in Twitter.<\/p>\n","protected":false},"excerpt":{"rendered":"

Fidelity has downsized the value of its investment in Twitter by more than its initial stake in Elon Musk’s takeover of the platform. Following its support of Elon Musk’s takeover of the social media site, investment firm Fidelity has written down the value of its initial holding in Twitter. The company has written down the […]<\/p>\n","protected":false},"author":43,"featured_media":43515,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[223,1960,482],"class_list":["post-43513","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-elon-musk","tag-fidelity","tag-twitter"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/01\/croc_1673033301228.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/43513","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=43513"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/43513\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/43515"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=43513"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=43513"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=43513"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}