The value of Fidelity’s Twitter holdings has dropped by 56 percent since the firm was one of the outside investors that helped fund Elon Musk’s $44 billion acquisition of the company. This readjustment is being made while Twitter faces a variety of difficulties, many of which are the direct result of haphazard management choices (such as the flight of advertisers from the platform).

According to a monthly disclosure and Fidelity Contrafund letter, first published by Axios today, Fidelity’s Blue Chip Growth Fund’s position in Twitter was valued at about $8.63 million as of November. This is a decrease from the previous month’s total of $19.66 million.

One possible cause is the current state of the economy. When Stripe’s value was lowered internally by 28% in July, Instacart’s was reportedly lowered by 75% this week.

However, Twitter’s vacillating practises since Musk’s departure haven’t exactly helped.

Technically, the network has been less reliable as of late, with disruptions occurring on Wednesday after Musk made “major” modifications to the server architecture in the background. The Twitter team that advised the company on content moderation and human rights problems including suicide prevention was recently disbanded as part of a round of layoffs in the company’s public policy and engineering division. As a result of temporarily suspending the accounts of some high-profile journalists and then restoring them, the firm has drawn the ire of authorities.

On the other hand, as Axios business writer Dan Primack pointed out in a tweet that was spot on, Fidelity appears to significantly rely on public market performance when it comes to valuations. It is probable that the company does not have any confidential information regarding Twitter’s financial standing.

Twitter is making a lot of cuts as interest payments on its $13 billion in debt are coming due and the company’s income falls. Media Matters for America reported in November that of the top 100 advertisers on Twitter, half no longer appear to be using the platform, despite having spent about $750 million on Twitter advertisements so far this year. Twitter is putting a lot of emphasis on its Twitter Blue service in an effort to increase its revenue from this source. Data from outside sources suggests, however, that its growth has been sluggish.

According to a recent report by The New York Times, some Twitter employees are bringing their own toilet paper to the office because the company has reduced janitorial services. Furthermore, Twitter has reportedly stopped paying rent for several of its offices, including its San Francisco headquarters.

According to the aforementioned Times article, Musk has spent the last several weeks trying to recuperate money by closing a data centre and holding a fire sale after putting office furnishings up for auction. This would amount to savings of around $500 million that are unrelated to wages.

According to The Wall Street Journal, Musk’s team has independently approached investors about a possible new investment in Twitter at the same price as the initial $44 billion acquisition.

Musk ended a poll he had posted asking if he should resign as CEO on December 19 with overwhelming support for him doing so. Several days later, Musk reacted, claiming that he would step down from his position as CEO “as soon as [he] found someone dumb enough to take the job” and that he would instead “simply lead the software and servers teams.”