3mo ago

Elon Musk’s X is now worth less than a quarter of its $44 billion purchase price

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

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.

"Fidelity is currently valuing X at about $9.4 billion"

I found this funny.

Business @lemmy.world

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

techcrunch.com /2024/09/29/fidelity-has-cut-xs-value-by-79-since-musk-purchase/

1 0

News @lemmy.world

Fidelity has cut its estimate of X's value by 79% since Musk's purchase

techcrunch.com /2024/09/29/fidelity-has-cut-xs-value-by-79-since-musk-purchase/

408 41

Technology @lemmy.zip

Fidelity has cut X's value by 79% since Musk purchase

techcrunch.com /2024/09/29/fidelity-has-cut-xs-value-by-79-since-musk-purchase/

1 0

You're viewing a single thread.

195 comments

And yet, he's still one of the what, 5 richest people on the planet?
He doesn't give a shit, and neither should you (as nice as the schadenfreude might feel). He got something worth more to him than plain old money - an established propaganda platform, which he is using as he intended - to war monger and otherwise interfere in politics to ensure fascism progresses as fast as he can help it. The "dent" (more like a surface scratch) it put in his finances is completely invisible and irrelevant to him.
And it should be to you, too.
He is NEVER going to end up without means or power, not even fucking close, unless we take them from him, and abolish the system that encouraged and enabled him to amass them in the first place.
- What is completely wild to me is that there are only 4 main apps: Reddit, twitter, instagram, and Facebook. Almost every public conversation happens on one of those platforms. And of those four platforms, one of them was bought by one singular person. Some people just don’t get the absolute scale of how much one person can just buy of our communities.
  Like it or not, there are businesses on Twitter. Celebrities are easy to reach and talk to. Even companies use Twitter for support. News outlets post there. It’s a whole community. Was it a bit toxic? Yeah. But it wouldn’t have mattered. One guy bought it.
  Similar to what you said, if you were to run the numbers on this I’m pretty sure owning twitter to Elon is not much different than owning a cable subscription to your average family. A whole community of tens of millions of people bought by one person and its success doesn’t matter. Capitalism is broken. And if you think that’s bad, imagine how he can affect your government when a Supreme Court justice goes for a small small fraction of the price..
  Edit: I did the math and it turns out that twitter has lost so much money that this is no longer a cable subscription. It’s about a 6% yearly loss to Elons net worth, dependent on his current stock values. Which means it’s not cable, but about the cost the average person spends on food in a year ($10,000 yearly cost to a 200k net worth). Still insane.
  
  Well said, after losing access to twitter it's really hard to get information on game companies for example, since they don't have their own blog for you to RSS and get information about the newest game updates and what not, and they only post on youtube if they have a new trailer.
  
  I suppose it's too much to hope for, for RSS feeds to make a comeback. Or JSON feeds being more prevalent. I'm totally serious, I miss being able to just check the headlines without going through a bunch of bullshit.
  
  The average family's cable subscription doesn't cost 20% of their net worth.
  
  I think the average family’s net worth is a negative number, so you’re technically right.
  
  A cable subscription isn't a depreciating asset, though.
  
  To clarify, I was thinking of the depreciating asset part as a loss of value the same way that a subscription is.
  
  It's a fair argument, especially given how much... entertainment he seems to derive from owning it.
- Yeah a lot of people miss the fact that the play for Twitter was never about money, but control. Owning one of the most popular social medias makes it easy to spread propaganda and amplify your voice.
  
  Lots of people spout this conspiracy theory, but Ive yet to hear a good reason why he had to be sued into making the purchase (after making price manipulating statements) if it was some sinister plan.
  Far more likely he's just a fuck up.
  
  Fucked up then adapted musk is a welpling but like every rich WASP be it from England or its colonies he is weirdly adaptable. Which is why the most effective method of WASP removal is via flamethrower.
- Not only that, but the folks who helped bankroll him saw what social media could do to organize protests and evade censorship and wanted to reduce its power. The Saudis saw the Arab Spring and shit their collective thobe.
- PayPal and Tesla and SpaceX been pretty big successes. But Twitter is a real fuckup for him. It shows that his judgment and temperament and perfect boy genius mystique have all jumped the shark in a big way.
  
  But Twitter is a real fuckup for him
  Except it clearly fucking isn't, it's doing exactly what he bought it for, including convincing people like you to feel sympathy for him and his "loss", which is equal parts hilarious and really fucking sad. You're looking at his life from the point of view of a poor person, something he never was and never will be, yet he's still so easily manipulated you in to feeling bad for him (and the billions he's lost, leaving him... still the motherfucking richest person on the planet), and even fucking (think you) relate to him and the idea that he can "fail" just like you can, using you as a living breathing mouthpiece to make his life easier. Not yours.
  perfect boy genius mystique
  I just threw up a little in my mouth, thanks.
  
  I don’t know who you’re talking to. I have no pity for the man and don’t relate to him. I don’t have to argue with you over whether Tesla and SpaceX have been successful businesses because those are objective facts. It’s also pretty idiotic to deny that years ago, he had a boy genius aura about him - investors still throw billions at that image. Sorry it makes you throw up, especially because you already appear to be absolutely choking on Elon hate. I despise the man but I’m not slobbering all over myself with jealous disdain as you sound to be.

195 comments