The firm had just upped its stake in July
FMR LLC, better known as Fidelity Investments (one of the world’s largest mutual fund firms,), reduced its stake in AOL from 10.32 percent to 3.73 percent in a filing made with the Securities and Exchange Commission on Tuesday.
As recently as July, FMR LLC upped its stake in the company, but AOL’s stock has taken a tumble since then. Its stock hit a 52-week low in August, the same month CEO Tim Armstrong lowered the company’s financial expectations for the rest of the year.
FMR had to file with the SEC because it requires companies to let it know when their stake in a company exceeds 5 percent (or when they lower it below that threshold).
Despite its low stock price, AOL has pushed ahead with its goal of becoming a major hub for online content. Having already invested heavily in the written word with its purchase of the Huffington Post in February, AOL also recently announced a slate of 15 web series buoyed by partnership with the likes of Jennifer Lopez and Heidi Klum.