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 Elon Musk's X is now valued at less than a quarter of its $44 billion purchase price, according to Fidelity.

“Fidelity is currently valuing X at about $9.4 billion”

I found this funny.

  • eestileib@sh.itjust.worksEnglish
    1·
    16 days ago

    Musk did not buy this as an investment. He bought it to flip elections and manipulate public opinion.

    Tesla is writing him a check that will cover the entire purchase price, and Saudi Arabia and Russia will pay the operating costs.

    Active users are what matters; if they lost 75% of their users then I’m paying attention.

  • Uriel238 [all pronouns]@lemmy.blahaj.zoneEnglish
    0·
    16 days ago

    We knew this was going to happen before he made the purchase.

    Everyone said, the best way for Elon to keep his money was to change very little, or even take a hands-off approach.

    Masnick suggested this would happen

    It was that and so much worse. Moral of the story: Running a huge social media service is hard. Maybe don’t assume that because you’re a billionaire you’re the best at doing stuff.

    • mynameisigglepiggle@lemmy.worldEnglish
      1·
      16 days ago

      Meanwhile he is on track to become the world’s first trillionaire

      I think the purchase was more about welding power than any financial gain