Fidelity marks down X valuation by 71.5% | TechCrunch
techcrunch.com
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·
    9 months 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·
      9 months 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·
        9 months 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·
      9 months ago

      Yep.

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