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.
The number of monthly users of X dropped by 15% in the first year since Musk’s takeover amid concerns over a rise in hate speech on the platform.
It wasn’t. Musk was blowing hot air and offered a stupid-high share price. Twitter sued to force him to honor that price.
My understanding is that he was basically trying to manipulate the stock price by publicly offering a sum, and he couldn’t back out without very clearly breaking SEC laws saying you can’t use your influence to directly manipulate the stock market.
Maybe, but I really believe he was just shitposting and got called on it.
Wasn’t the penalty for not going ahead with the purchase 1 billion dollars? That seems to have been the better deal after all?
Absolutely, he is used to his lawyers being able to get him out of such messes, like when he called a rescuer a pedophile. But this time he screwed up to badly, and the lawyers couldn’t rescue him from himself.
Elon Musk is a narcissist who thinks he can do whatever he wants without consequences. Which is mostly true, as there are very few exceptions. He just happened to hit on one of them.
