Fidelity Ups Twitter's, Or X's, Valuation Yet Again: Here's What Musk Plans For The Future
Portfolio Pulse from Chris Katje
Fidelity Investments, a key backer of Elon Musk's acquisition of Twitter (now known as X), has been consistently raising the valuation of the social media platform. This is the third consecutive month that Fidelity has increased the valuation of its Twitter/X holdings, with an 8% increase in July. Fidelity's stake in X is held through the Fidelity Blue Chip Growth Fund (FBGRX). Musk, who funded part of the Twitter acquisition by selling some of his Tesla (TSLA) shares, has hinted that X could go public again in the future.
September 01, 2023 | 5:01 pm
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NEGATIVE IMPACT
Elon Musk funded part of the Twitter acquisition by selling some of his Tesla shares. This move was said to have negatively impacted Tesla's share price.
The sale of Tesla shares by Elon Musk to fund the Twitter acquisition was reported to have created an overhang that hurt Tesla's share price. This could potentially lead to a short-term negative impact on Tesla's stock.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Fidelity's stake in Twitter/X is held through the Fidelity Blue Chip Growth Fund (FBGRX). The fund has been consistently raising the valuation of its Twitter/X holdings.
Fidelity's consistent increase in the valuation of its Twitter/X holdings could potentially lead to a positive impact on the Fidelity Blue Chip Growth Fund (FBGRX) in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90