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JAKARTA - Investment firm Fidelity has written its initial stock value on Twitter after funding Elon Musk's takeover of the social media platform.

According to a filing from the Fidelity Blue Chip Growth Fund in November 2022, the company has reduced its recorded Twitter investment value by more than 50%. The submission was first reported by Axios.

Write-down is a reduction in asset value in the balance sheet of the company. This usually happens when the value of the asset market falls below the value of the book, which is a value where assets are recorded on the balance sheet.

The initial stock of Fidelity on Twitter was worth USD 19.66 million (IDR 305.4 billion) in October 2022 and has now been lowered to only USD 8.63 million (IDR 134 billion). According to Market Insider, Fidelity filed USD 316 million (IDR 4.9 trillion) to help Musk's offer to take over Twitter in October 2022.

Fidelity holds its Twitter investment through mutual funds at X Holdings I Inc., a holding company Musk used as part of his Twitter takeover offer.

Musk's takeover has become a controversial topic, but was undermined by layoffs and a large number of operational changes to the social media giant. Various reports have speculated that other investment companies may follow suit by writing down their Twitter holdings.

Cryptocurrency exchange, Binance is among a number of companies that put funds for the Twitter acquisition by Musk. The company is committed to 500 million US dollars (Rp 7.7 trillion) to invest together on Twitter with Fidelity, Sequoia Capital Fund, and 18 other companies.

Cointelegraph has contacted Fidelity to confirm the details of removing its Twitter holdings.


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