- cross-posted to:
- business@lemmy.world
- technology@lemmy.world
- cross-posted to:
- business@lemmy.world
- technology@lemmy.world
Elon Musk’s X is now worth less than a quarter of its $44 billion purchase price, according to a new estimate from investor Fidelity.
The asset manager, which helped Musk acquire the social network formerly known as Twitter, now values its stake in X at approximately $4.19 million, based on newly released disclosures from Fidelity’s Blue Chip Growth Fund. The fund has reduced the value of its holding in X by a total of 78.7% as of August end.
You must log in or register to comment.
Keep going.
Wow, a loss of 79%. Space Karen should be so proud.
But you see, he was high and his opinions were being censored by those evil SF leftists
/s
I’m convinced space Karen hasn’t gone up in one of his rockets like the other billionaires because the memes calling for it to explode would be so pervasive he’d have to admit to himself that he is truly hated
A part of me thinks that some of this is deliberate- like once it was clear he was going to have to follow up with the twitter deal the places/people that funded him did so on the condition that he tank it.
I know that’s insane but I really am struggling to see how anyone could commit this many public fuckups unintentionally.
I’ve been waiting for him to find some way to turn the loss into a bailout for a year now. If there’s one thing he’s good at it’s robbing the public.
I’m not certain that it was an explicit condition negotiated with Musk, but I’m sure his investors had full confidence in his ability to do it anyway :)
Sorry, Musk is really just this incompetent, and our society allows people to fail upwards in this manner.
The people at the top didn’t do anything unique to deserve being up there. The meritocracy is a lie - Musk proves it.
I heard he’s a ketamine addicted
Sounds overpriced.
The fact that it hasn’t lost 100% of its value is news to me. Hopefully his government contracts get cancelled as well.
Well, space x at least works well
How to make a small fortune in social media:
Step 1: invest a large fortune into social media
This is why you shouldn’t put your money into human-managed mutual funds.
Humans make idiotic decisions like helping Musk buy Twitter.
What’s the alternative? AI is telling people to eat glue so that isn’t a viable option imo. I don’t think anything else exists that isn’t human managed, although I’m not entirely sure what you mean by that.
Funds managed by pure numbers. Index funds for example
Funds managed by cats I suppose.
Furds
Too many people are still tied into its stocks, so they overvalue it to prevent them from panic selling it and showing what’s its truly worth. $0
They really outdid themselves with that cover art :D
He told advertisers to fuck off. It appears many took him up on the offer.
Loses revenue, shocked Pikachu.
Competitive failure race between trump and musk.
I don’t think anything tops Trump bankrupting a casino. Twatter has always run at a loss Muskrat just accelerated that burn rate exponentially.
How about three casinos, two casino holding companies and a hotel?
I’m pretty sure if you handed me all those I would be actually incapable of fucking them over as hard as Trump did. Like, even if I actively tried. He is such poison to everything that the buildings that print money with no effort just stopped printing money under his command.
deleted by creator
I saw a video online by an “ex” CIA agent saying that the way the US spies on its citizens isn’t through shady espionage like wire tapping and private investigators. The FBI merely goes to info corporations like Google, AT&T, Facebook, etc. and buys the user’s information. I think that was an underlying goal of Musk’s. He wanted the user info on people that were using Twitter for political purposes worldwide. The value of Twitter wasn’t just it’s monetary value, but the power that came with owning that information.
(╯°□°）╯︵ ┻━┻)
