Fidelity has cut its estimate of X's value by 79% since Musk's purchase | TechCrunch
techcrunch.com
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.

  • restingboredface@sh.itjust.worksEnglish
    21·
    7 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
      13·
      7 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
      3·
      7 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 :)

  • Myxomatosis@lemmy.world
    15·
    7 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.

  • ATDA@lemmy.world
    8·
    7 months ago

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

    Loses revenue, shocked Pikachu.

    • seaQueue@lemmy.world
      1·
      7 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·
        7 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.