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.
He told advertisers to fuck off. It appears many took him up on the offer.
Loses revenue, shocked Pikachu.
How to make a small fortune in social media:
Step 1: invest a large fortune into social media
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
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 :)
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
(╯°□°）╯︵ ┻━┻)
The fact that it hasn’t lost 100% of its value is news to me. Hopefully his government contracts get cancelled as well.
Sounds overpriced.
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
You’ll never guess how indices are created
Mathematics.
They really outdid themselves with that cover art :D
At that rate of wealth incineration he may be the Xer trump which makes me worried about future republican presidential canidates more.
Just be glad musk can’t run, seems enough people are oblivious to his idiocy
You know I might be turned around on him. Yeah hes a piece of shit intent wise but we we need to actually look what someone has accomplished. Wealth disparity is one of of the biggest problems of modern time and here he has gone and evaporated over 35 billion from the high end. He might be the greatest hero of the common man in our time. /s
Somehow I’m not as confident they wouldn’t figure out a way to ignore just one more law
Pretty sure the states could refuse to have him on the ballot, which would fuck over his ability to do jack shit. Also never underestimate American xenophobia, the fact he is South African would probably be enough to get him deported if it went to say a jury.
Pretty sure the states could refuse to have him on the ballot
Like Colorado tried to when Trump was convicted of massive fraud?
If the cult latches onto Musk after Trump croaks, the corrupt SCOTUS majority isn’t going to let pesky details like the constitution get in his way either.
the fact he is South African would probably be enough to get him deported
He’s got triple citizenship, one of which being American making him much harder to deport.
Personally I’d love for him to fulfill his dream of dying on Mars, except without his “but not on impact” caveat, as soon as possible.
On impact would be one of the best ways to go on Mars.
Womp womp
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.
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