Fidelity has cut its estimate of X's value by 79% since Musk's purchase | TechCrunch
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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, Elon Musk's X is now valued at less than a quarter of its $44 billion purchase price, according to Fidelity.

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.

    • HootinNHollerin@lemmy.world
      1·
      3 months ago

      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

  • restingboredface@sh.itjust.worksEnglish
    35·
    3 months ago

    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.

    • seaQueue@lemmy.world
      19·
      3 months ago

      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.

    • beebarfbadger@lemmy.world
      4·
      3 months ago

      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 :)

    • ProgrammingSocks@pawb.social
      3·
      3 months ago

      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.

  • Myxomatosis@lemmy.world
    23·
    3 months ago

    The fact that it hasn’t lost 100% of its value is news to me. Hopefully his government contracts get cancelled as well.

  • zabadoh@ani.social
    16·
    3 months ago

    This is why you shouldn’t put your money into human-managed mutual funds.

    Humans make idiotic decisions like helping Musk buy Twitter.

  • LucidNightmare@lemm.ee
    14·
    3 months ago

    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

  • ATDA@lemmy.world
    12·
    3 months ago

    He told advertisers to fuck off. It appears many took him up on the offer.

    Loses revenue, shocked Pikachu.

  • HubertManne@moist.catsweat.com
    10·
    3 months ago

    At that rate of wealth incineration he may be the Xer trump which makes me worried about future republican presidential canidates more.

      • HubertManne@moist.catsweat.com
        11·
        3 months ago

        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

        • skulblaka@sh.itjust.works
          1·
          3 months ago

          This, but no /s. He’s evaporated $35 billion from Twitter and is convincing conservatives to buy electric vehicles. I might like him about as much as I’d like a tick on my nutsack, but he is accomplishing things that align with my goals.

    • seaQueue@lemmy.world
      1·
      3 months ago

      I don’t think anything tops Trump bankrupting a casino. Twatter has always run at a loss Muskrat just accelerated that burn rate exponentially.

      • skulblaka@sh.itjust.works
        2·
        3 months ago

        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.

  • HottieAutie@lemmy.dbzer0.com
    1·
    3 months ago

    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.