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

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. 

  • TropicalDingdong@lemmy.worldEnglish
    352·
    1 year ago

    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_deficiencyEnglish
      241·
      1 year ago

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

      • kingthrillgore@lemmy.mlEnglish
        12·
        1 year ago

        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.

    • BearOfaTime@lemm.eeEnglish
      72·
      1 year ago

      Yep.

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

  • kingthrillgore@lemmy.mlEnglish
    154·
    1 year ago

    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.

    • mannycalavera@feddit.ukEnglish
      141·
      1 year 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.

    • ramblinguyEnglish
      7·
      1 year 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

    • tryagain@lemmy.mlEnglish
      5·
      1 year 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.