Fidelity marks up its Twitter/X shares for second straight month
Fidelity Investments increased the carrying value of its Twitter/X shares by nearly 11% during the month of June, according to new disclosures.
Why it matters: This is the second straight month of X markups by Fidelity, after it marked down the shares or kept them flat during the first six months of Elon Musk's ownership.
- Former NBCUniversal executive Linda Yaccarino began work as Twitter CEO on June 6, although she was named to the post in May.
- Fidelity's June 30 mark comes before Musk decided to rebrand the bird or before Meta launched its rival Threads app.
By the numbers: Fidelity, which helped finance Musk's $44 billion Twitter takeover, still valued its shares at a 61.28% discount as of June 30.
The bottom line: Fidelity does not disclose how it values shares of privately held companies, although it likely relies heavily on publicly traded comps.
- Many social media stocks had a strong run in June, including a 7.9% boost for Meta and a 17.7% increase for Snap.