The mutual fund giant owns a stake in X but has steadily reduced the value of its stake since acquiring Musk, according to Reuters.
2023 has been a difficult year for X and its relationships with advertisers.
In July, Musk said in a Message that the company was in dire financial straits due to a huge drop in advertising.
“We are still in negative cash flow, due to an approximately 50% decline in advertising revenue and heavy debt,” Musk wrote.
“If someone tries to blackmail me with advertising? Blackmail me with money? Fuck you. Go. Fuck you. Yourself,” Musk said in an interview with The New York Times Dealbook Summit in November.
Musk later acknowledged, however, that an advertiser boycott could “kill the company.”
“What this advertising boycott is going to do is it’s going to kill the company. And the whole world will know that these advertisers killed the company,” Musk said at the same event.
Representatives for X and Fidelity did not immediately respond to Business Insider’s requests for comment sent outside of normal business hours.