“Fidelity is currently valuing X at about $9.4 billion”
I found this funny.
%79 so far
Elon Musk’s X is now worth less than a quarter of its $44 billion purchase price
Submitted 1 year ago by GeneralInterest@lemmy.world to technology@lemmy.world
https://techcrunch.com/2024/09/29/fidelity-has-cut-xs-value-by-79-since-musk-purchase/
Comments
erenkoylu@lemmy.ml 1 year ago
bender223@lemmy.today 1 year ago
They should tweet that
But then , they’ll get banned 😛
Krakaval@jlai.lu 1 year ago
Isn’t Musk all for free speech ?
Robaque@feddit.it 1 year ago
Absolutely! He simply has a very original take on “freedom”, but we all know that’s a tricky word to pin down, so don’t think about it too much, and leave it to the big dogs to tell you when your freedom is being protected.
TheDarksteel94@sopuli.xyz 1 year ago
“Free speech for me, but not for thee” lol
Itdidnttrickledown@lemmy.world 1 year ago
Twitting little twat waffle tears down trust.
tektite@slrpnk.net 1 year ago
I used to enjoy how they always use dumb photos of Leon in these articles. Now I just hate seeing his face.
SocialMediaRefugee@lemmy.world 1 year ago
So basically it is more what twitter was really worth anyway
PanArab@lemm.ee 1 year ago
It was never worth 44 billion USD
Knock_Knock_Lemmy_In@lemmy.world 1 year ago
False, because someone paid that much for Twitter.
It was worth 44bn to it’s former owners.
YeetPics@mander.xyz 1 year ago
Twitter was useful.
X is just useful idiots at this point.
Phoenicianpirate@lemm.ee 1 year ago
My first thought is ‘I can’t wait for it to turn zero’ but then I realize that 79% decline from 44 billion still means it is worth 9.24 billion.
And that is still a shitload of money.
Benchamoneh@lemmy.dbzer0.com 1 year ago
But on the plus side, this idiot is 34.76 billion poorer
reksas@sopuli.xyz 1 year ago
its worth comes from being able to influence world politics. Does he seem like someone who cares or needs money?
erenkoylu@lemmy.ml 1 year ago
Does he seem like someone who cares or needs money?
He got a massive load to buy Twitter, so yeah, he does.
PriorityMotif@lemmy.world 1 year ago
The natural language dataset is worth a lot. That’s why they’re and Reddit made the sites harder to use/scrape.
vvvvv@lemmy.world 1 year ago
Twitter currently has $1.5 billion/year deficit which is a lot, even for Musk, to bankroll.
reksas@sopuli.xyz 1 year ago
that brightens my day a little to hear
johannesvanderwhales@lemmy.world 1 year ago
He didn’t bilk Tesla shareholders into his huge pay package because he doesn’t care about money.
Kyrgizion@lemmy.world 1 year ago
True, but that power is also diminished greatly as more and more regular users abandon the site. No eyes on the propaganda makes it worth a lot less.
kobra@lemm.ee 1 year ago
Yeah I’m sure I’m not the norm but I’m actually shocked when I see companies advertising their/their talent’s twitter accounts on tv broadcasts. I truly can’t believe that site is still mainstream after everything that’s happened.
Idk then I look over and see trump as a presidential candidate and ugh… I guess I’m just still not comfortable/accepting of how far off the rails things have gone 🙁
Sam_Bass@lemmy.world 1 year ago
he himself is worth less than that at least morally
jaemo@sh.itjust.works 1 year ago
He is a net loss for humanity is the currency is moralistic.
We be deep in the red between Trump, Bezos, this clown and many other “captains of industry”.
Michal@programming.dev 1 year ago
Idk, he popularized electric cars, it has to count for something. But yes, net loss.
kamen@lemmy.world 1 year ago
I don’t have the whole context so I might be missing some things, but the whole thing looks to me like “look at how much money I have to burn and how much I don’t care”.
enleeten@discuss.online 1 year ago
Except a lot of the investor capital wasn’t his lol
AHemlocksLie@lemmy.zip 1 year ago
He didn’t even want to buy Twitter, just manipulate the stock price by talking about buying it. Dumbass signed too much paperwork and waived too many rights, though, and found himself obligated to buy it anyway. Pretty sure he tried to fight it and lost.
So now he’s trying to not burn all his money, but he’s fucking terrible at it, so he’s just becoming a laughing stock.
Kalysta@lemm.ee 1 year ago
And may it continue to crash and burn. It’s just 4 chan at this point.
merari42@lemmy.world 1 year ago
4chan at least had a consistent brand of being the anti-social network and being full of Nazis, weirdos, pedophiles and people who are just anti-social for the lulz. You couldn’t ruin 4chan.
Twitter’s image was being the “internet town-square for serious thinkers” with politicians, scientists, journalists and a small but good measure of standard shitposters. Loosing that brand diminishes it’s value massively. Unfortunately neither Bluesky nor Mastodon was able to catch that clientele yet.
kusari@lemmy.blahaj.zone 1 year ago
It’s like 4chan but it didn’t know where the line was for the amount of right wing people to be on a social media and ran a marathon
fosho@lemmy.ca 1 year ago
same as my GameStop shares
uriel238@lemmy.blahaj.zone 1 year 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.
iAvicenna@lemmy.world 1 year ago
“Maybe don’t assume that because you’re a billionaire you’re the best at doing stuff.”
This is literally every second generation billionaire. They seem to have the tendency to believe that their success is solely due to their intelligence and not due to their parents connections and money.
Gloomy@mander.xyz 1 year ago
Masnick gives 20 levels of devolpment. Elon stopped here:
Level Two: “We’re the free speech platform! But no CSAM!”
And that’s about it. Ex-Twitter has copyright infringement, hate speech and doesn’t give a fuck about local laws unless the law actually has teeth (Brasil, anybody?).
cupcakezealot@lemmy.blahaj.zone 1 year ago
and then he fires trust and safety and it gets riddled and plagued with csam
scarabic@lemmy.world 1 year ago
I mean the people at Twitter were very happy to sell it off. Remember how they actually sued to force him to go through with the deal and succeeded in stopping him from backing out?
Even if he’d managed it as well as the prior stewards, it was always a losing business.
JackbyDev@programming.dev 1 year ago
If the price offered is actually a good price then I think they might have some obligation to shareholders to pursue it. (Many of the people making that decision likely also being shareholders.) Like if someone offered you more than what your stuff is worth but tried to changed their mind, wouldn’t you pursue that? I don’t think that’s any sort of indicator that they thought it was a sinking ship. It’s just in their best interest to take a good deal when they get one.
deathbird@mander.xyz 1 year ago
Masnick’s post is well put, but also a disturbing reminder of how much power nation-states can exert over the Internet.
postmateDumbass@lemmy.world 1 year ago
The way to make it hurt is to establish a replacement that keeps discussions away from trolls and hate propaganda.
mynameisigglepiggle@lemmy.world 1 year 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
jaemo@sh.itjust.works 1 year ago
Now, call me crazy, but if I was optimizing for maximum welding power, I’d start with oxy acetylene and at least try a few other options. How would buying a website even be a good start?
No wonder people are making fun of him!
Ilovethebomb@lemm.ee 1 year ago
Hasn’t his wealth kinda flatlined lately though? X is doing terribly, Tesla is struggling a bit, I think SpaceX is at least doing well.
I don’t think he’s going to be a trillionaire any time soon.
Another_earthling@lemmy.world 1 year ago
Would you not agree that he has a tool of influence with X? I see that as the main aspect of why you’d still buy twitter, even though he knew he wouldn’t earn money with that.
KingThrillgore@lemmy.ml 1 year ago
First step to becoming a billionaire: start with 1 trillion
dabaldeagul@feddit.nl 1 year ago
He tried to back out, I don’t think any of this was about anything. He’s just a dick with a weird sense of humor.
Ilovethebomb@lemm.ee 1 year ago
I mean, yeah we all knew he overpaid, but losing over 75%? I didn’t expect that.
dabaldeagul@feddit.nl 1 year ago
Twitter wasn’t profitable right? So most of the “value” is in the name of the product. Elon changed the name and added his signature to everything the platform was doing, completely changing the platform Twitter is. So yeah, I do get why 75% of the money is gone now.
zarkanian@sh.itjust.works 1 year ago
Didn’t he pay too much for it in the first place?
pyre@lemmy.world 1 year ago
paying too much is when you buy a ubisoft game. what he did is officially the worst deal since the financial crisis.
PanArab@lemm.ee 1 year ago
It is amazing how some people can fail upward
SynopsisTantilize@lemm.ee 1 year ago
Yea. He made a baseless offer before investigating. And the. Got called on it.
seaQueue@lemmy.world 1 year ago
That’s a good start, now keep going
index@sh.itjust.works 1 year ago
Posts about value are ads. Stop give exposure to this guy or his companies
Rhoeri@lemmy.world 1 year ago
Let’s everyone point and laugh. It humbles people like him, right?
GreenKnight23@lemmy.world 1 year ago
I don’t think many can taste the sarcasm in your comment, but you’re spot on.
Rhoeri@lemmy.world 1 year ago
Appreciated. Yeah. That douche is the absolute worst, but everyone climbing over one another to call him out is just making him more and more relevant.
9point6@lemmy.world 1 year ago
I remember thinking twitter was bad before he took over
It’s now a complete shadow of what it was even just a couple of years ago. Just a quarter of its value seems generous
finitebanjo@lemmy.world 1 year ago
I doubt anybody would buy it for a tenth, tbh.
UnderpantsWeevil@lemmy.world 1 year ago
I’m confident you could unload the property for $4B easily enough. That’s somewhere in the neighborhood of $10-100/unique user amortized out over the life of the loan, which would be a steal via any other advertising medium.
Twitter still has real value. Hundreds of millions of people still use it, even in its deplorable state. And under new management, I’m confident people would flood back in.
finitebanjo@lemmy.world 1 year ago
You would have to prove that the hundreds of millions who use it are “people”.
eestileib@sh.itjust.works 1 year 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.
scarabic@lemmy.world 1 year ago
I think it’s even pettier than that. He’s the loud guy on the forum who literally bought the site so he could be admin.
reka@lemmy.world 1 year ago
Honestly, everyone needs to listen to the episode of Search Engine about Elon. It’s such a clear narrative of what happened between the Iron Man cameo and now. It’s pure hubris - someone who is very unlikable desperately hungry for love to the point where his brain bust a fuse.
deathbird@mander.xyz 1 year ago
I think you’re giving the guy too much credit. Sometimes things are as they seen. He just didn’t like the moderation scheme on Twitter, made a gesture buying it, fumbled a little bit and overbid, then after having been forced to acquire it tried to turn it into something closer to what he wanted it to be.
frezik@midwest.social 1 year ago
If he’s trying to flip elections, he needs to at least pretend it’s being operated in good faith.
macattack@lemmy.world 1 year ago
I agree 100%. Liberals retweeting how Elon is losing money is actually making him money
cultsuperstar@lemmy.world 1 year ago
Aren’t 75% of the users Russian bots? Lol
Wirlocke@lemmy.blahaj.zone 1 year ago
Correct me if I’m wrong but I’m pretty sure he gave am outlandish bid for Twitter to manipulate it’s stock prices when he pulled put, but he was sued into following through.
I don’t think he ever wanted to buy it, or at least he wanted to crash it’s value to come back and buy it on the cheap.
celsiustimeline@lemmy.dbzer0.com 1 year ago
Given his unlimited resources, and the world’s worst people on speed dial, do you not think that the powers that be could have orchestrated that?
istoff@lemmy.world 1 year ago
If they influence the election to their desired outcome, then the value won’t matter. The damage will have been done.
ByteOnBikes@slrpnk.net 1 year ago
kent_eh@lemmy.ca 1 year ago
Keep digging, “Leon”.
ikidd@lemmy.world 1 year ago
Tesla is next. I’m not sure even he can fuck up SpaceX but I’m sure he’ll give it the ol’ college try.
phoenixz@lemmy.ca 1 year ago
Musk is and always has been an incompetent yet lucky scammer.
Twitter will be bankrupt within two years.
aluminium@lemmy.world 1 year ago
Still this much? Damn dude cooled off
babybus@sh.itjust.works 1 year ago
Something tells me its value is not monetary for Musk.
tabular@lemmy.world 1 year ago
I just checked and it’s worth nothing to anyone important.
uebquauntbez@lemmy.world 1 year ago
A real socialist! Took money from the rich to give it to the poor (minded). /s