this post was submitted on 04 Jan 2024
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241
Fidelity marks down X valuation by 71.5% (techcrunch.com)
submitted 10 months ago by [email protected] to c/[email protected]
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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] 11 points 10 months ago* (last edited 10 months ago) (3 children)

As a Fidelity customer who uses their index funds, I would like to know which managers approved this fuckup on their part so I know who to blame when I move to Vanguard over the course of the year. Morningstar needs to take a mallet to their ratings over this.

It's not their play money they fucked with -- ITS MINE.

[–] [email protected] 13 points 10 months ago

That's not how fund managers work. They make money they charge you. They lose money they charge you. They don't make money they charge you. Oh and then there's the standing charge for the service. YOLO.

[–] ramblinguy 7 points 10 months ago

Why would this even impact you if you're using their index funds? Twitter isn't even public so it can't be in any index

[–] [email protected] 5 points 10 months ago

In their defence, it was a relatively small investment of only $19m. I guess the story is that this must be an indication of how other, larger, investors might also be looking at X.