The social media platform X has lost 71% of its value since it was bought by Elon Musk, according to the mutual fund Fidelity.
Fidelity, which owns a stake in X Holdings, said in a disclosure obtained by Axios that it had marked down the value of its shares by 71.5% since Musk’s purchase.
Musk acquired Twitter for $44bn in October 2022 and renamed the platform X in July 2023. Fidelity’s estimate would place the value of X at about $12.5bn.
Giving a platform to neo-Nazis and fascists. Driving off advertisers. Space Karen has been promoting antisemtism and hate speech.
Did anyone seriously not see this coming from the start?
3 comments:
Tax write off.
Offsetting the Tesla rise.
At the end, he owns both and doesn't owe taxes. From there it's up, financial-wise
The saying used to be “If you’re so smart, why ain’t ya rich?”
In Musk’s case it should be “If you’re so rich, why ain’t ya smart?”
Coming from the start yes, but what is coming apart.
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