(Bloomberg) -- Fidelity cut the value of its position in Elon Musk’s social-media company X by about 10% in January — just a month after saying the value of its stake had risen. 

The investment firm, which gained a stake in X by helping Musk complete his $44 billion purchase, dropped the value of its holding to $5.6 million, according to a report listing its Blue Chip Growth Fund holdings in January. In December, it marked the position up 11.4% to $6.2 million.

The overall value of Fidelity’s X stake has fallen 72% since the time of Musk’s takeover of the company formerly known as Twitter. It hasn’t disclosed any change in its position in X, so the latest report implies the value of the Musk’s entire social-media company has also fallen by 72%.

X has been trying to lure back marketers since Musk’s chaotic takeover of the platform led advertising revenue to decline more than 50%. Last year, ad sales were estimated to be roughly $2.5 billion, falling short of the company’s $3 billion target, Bloomberg reported.

 

--With assistance from Bill Haubert.

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