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Fidelity marks down X valuation by 71.5% (techcrunch.com)

submitted 10 months ago by L4s@lemmy.world to c/technology@lemmy.world

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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.

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[–] TropicalDingdong@lemmy.world 33 points 10 months ago (2 children)

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_deficiency@sh.itjust.works 23 points 10 months ago (2 children)

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

[–] KingThrillgore@lemmy.ml 12 points 10 months ago* (last edited 10 months ago) (1 children)

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.

[–] noodlejetski@lemm.ee 8 points 10 months ago

"small"

[–] TropicalDingdong@lemmy.world 1 points 10 months ago

I know this and have repeated it elsewhere. In this particular sense, it does have the value he paid.

[–] BearOfaTime@lemm.ee 5 points 10 months ago

Yep.

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