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.
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.
Womp womp
Keep going.
Sounds overpriced.
Wow, a loss of 79%. Space Karen should be so proud.
This is why you shouldn’t put your money into human-managed mutual funds.
Humans make idiotic decisions like helping Musk buy Twitter.
What’s the alternative? AI is telling people to eat glue so that isn’t a viable option imo. I don’t think anything else exists that isn’t human managed, although I’m not entirely sure what you mean by that.
The fact that it hasn’t lost 100% of its value is news to me. Hopefully his government contracts get cancelled as well.
Competitive failure race between trump and musk.
At that rate of wealth incineration he may be the Xer trump which makes me worried about future republican presidential canidates more.
Just be glad musk can’t run, seems enough people are oblivious to his idiocy
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
Somehow I’m not as confident they wouldn’t figure out a way to ignore just one more law
Pretty sure the states could refuse to have him on the ballot, which would fuck over his ability to do jack shit. Also never underestimate American xenophobia, the fact he is South African would probably be enough to get him deported if it went to say a jury.
They really outdid themselves with that cover art :D
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