this post was submitted on 04 Jan 2024
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241
Fidelity marks down X valuation by 71.5% (techcrunch.com)
submitted 11 months ago by [email protected] to c/[email protected]
16 comments fedilink hide all child comments
 

Fidelity marks down X valuation by 71.5%::Asset manager Fidelity has marked down its investment in Musk-owned X by 71.5% from the original valuation of shares. 

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[–] [email protected] 33 points 11 months ago (2 children)

I mean this is just ridiculous. He bough twitter for twice what it was actually worth fmv. He's since gutted it infrastructural and culturally.

If it went public today under his leadership, there is no way it would be worth even 5% of its prior value.

[–] gravitas_deficiency 23 points 11 months ago (2 children)

He bought it with the specific intent of using it to measurably impact the election we’re having in 10 months.

[–] [email protected] 12 points 11 months ago* (last edited 11 months ago) (1 children)

And for 44 billion, so he basically got screwed out of a small fortune to ruin it for someone else. It would have been cheaper and as effective to distort the election to keep running it the way it was.

[–] [email protected] 8 points 11 months ago

"small"

[–] [email protected] 1 points 11 months ago

I know this and have repeated it elsewhere. In this particular sense, it does have the value he paid.

[–] [email protected] 5 points 11 months ago

Yep.

By design. Which is a good thing for the rest of the world. Twitter has been a cesspool from the start.