Fidelity’s Blue Chip Growth Fund (MUTF: FBGRX) reduced its stake in X, formerly known as Twitter, by 5.7% in February, signaling a substantial decline since Elon Musk purchased the social media company. According to Bloomberg, Fidelity, which obtained a stake in X as part of Musk’s $44 billion acquisition in October 2022, valued its position at $5.28 million as of Feb. 29, down from $5.6 million the previous month. The outlet reportedthat Fidelity’s stake in X has plummeted by 73% since Musk’s purchase, indicating a significant decline in the company’s value. Despite this decrease, the fund ha…
