According to the investment firm’s monthly disclosure on Friday, Fidelity funds slashed the value of its Twitter stake by 56% in November, as the social media giant experiences turmoil following Elon Musk’s $44 billion acquisition period.

Fidelity’s blue-chip growth fund’s Twitter stake was worth nearly $8.63 million as of November 30, compared with $19.66 million at the end of October, days after Musk completed the acquisition.

Another asset manager’s fund, Fidelity Contrafund, reported similar price cuts.

Musk’s tenure at Twitter has been turbulent due to the loss of advertisers and mass layoffs. Fidelity is one of a dozen investors backing the billionaire’s Twitter deal, committing more than $316 million.

Tech stocks have also suffered significant losses this year as the Federal Reserve has sharply raised interest rates to curb inflation, raising the chances of a recession.