New York: In a significant development, Fidelity’s Blue Chip Growth Fund has slashed the value of its holdings in X by 5.7%, marking a staggering 73% decline since Elon Musk’s acquisition of the social media company.
Fidelity, which secured a stake in X as part of its assistance to Musk during his $44 billion purchase in October 2022, disclosed the position’s value at $5.28 million as of February 29, according to a report detailing the fund’s holdings released on Saturday. This represents a notable decrease from the previous month’s valuation of $5.6 million.
X Value Plummets by 73% Since Musk’s Takeover
Following Elon Musk’s takeover, the overall value of the Blue Chip Growth Fund’s stake in X has plummeted by a staggering 73%. This substantial decline suggests a corresponding erosion in the company’s value, with the fund refraining from disclosing any adjustments to its X position.
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Grok-1.5 Chatbot Set to Debut Next Week
In parallel developments, Elon Musk unveiled plans for xAI’s latest innovation, the Grok-1.5 chatbot, slated to make its debut on his social media platform X next week, with preparations for Grok 2 already underway.
“Grok 2 should exceed current AI on all metrics. In training now,” Musk revealed.
The enhanced Grok-1.5 will be accessible to early testers and existing Grok users on X in the imminent days, as confirmed by xAI in a recent announcement.
Musk’s decision to open-source Grok follows his legal dispute with Microsoft-backed OpenAI, alleging a deviation from their original mission.
Launched last year, Musk’s xAI initiative aims to rival established players like OpenAI and Google’s Alphabet in the realm of artificial intelligence.
