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Elon Musk's X gets another valuation cut from Fidelity

Fidelity has again marked down the value of its shares in X Holdings, which the mutual fund giant helped Elon Musk buy for $44 billion when the company was known as Twitter.

By the numbers: Fidelity believes that X is worth 71.5% less than at the time of purchase, according to a new disclosure that runs through the end of November 2023 (Fidelity revalues private shares on a one-month lag).

some_guy ,

I delighted in being able to show this headline to guests last night after we’d riffed on what an idiot Lonnie was a couple hours earlier. Lonnie-boy just keeps delivering. When he fucks up his fortune and lives in shame and disgrace I’ll be happy. Until then, I don’t want to hear about his every dumb post. But news of his company’s failure can continue. Please proceed.

RizzRustbolt ,

I will give him a 2 dollar bill and half a chicken wing for it.

FlyingSquid ,
@FlyingSquid@lemmy.world avatar

Don’t give up your valuable half a chicken wing for something stupid and pointless like Twitter.

LetterboxPancake ,

There’s still plenty meat on that bone.You take this home, throw it in a pot, add some broth, a potato… baby you got a stew going!

yesman ,

Xtwitter is obviously a dumpster fire, but it’s Tesla that’s going to disintegrate the most wealth. Does anybody really think that company is worth more than the GDP of Taiwan?

Sanity_in_Moderation ,

The cyber truck is an ugly joke. But the stock will hold up until there is another stylish and popular alternative.

Earthwormjim91 ,

Uh, the Rivian and F-150 Lightning started deliveries years before the cyber truck. Both sell like crazy.

LemmyFreak ,

Yes but neither company has a competitor to the Model S, Y, or 3, which I believe are far and away the most popular models. Until there is legit competition in that space, Tesla will probably remain stable. More companies are getting there but it’s been very slow going.

dragontamer ,

Mach-e much?

TenderfootGungi ,

Have you seen the cheaper cars BYD is building?

motowheeler.com/us/electric-cars/byd/

ozmot ,

Quick Mr.Musk, before they realize your an imbecile, find some new piece of vaporware to hype up to your stans.

pigup ,

“we dug our own grave with Twitter”

dragontamer ,

I’m pretty sure he said “We dug our own grave with Cybertruck”, not Twitter.

I think he said that “Earth will know Advertisers are to blame for Twitter’s downfall”, or something to that effect. You know, the more ridiculous quote.

pigup ,

That’s correct, I was harkening esteemed musk critic Thunderf00t, who purposely changes the quote depending on the specific subject of his videos.

Branch_Ranch ,

deleted_by_moderator

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    Somewhereunknown7351 , (edited )
    @Somewhereunknown7351@kbin.social avatar

    when the company was known as Twitter

    It’s still known as twitter

    Fun fact: 𝕏 is actually a Unicode symbol, so musk can’t trademark it

    lordmauve ,

    𝕏 is actually a Unicode symbol, so musk can’t trademark it

    That’s not true, it absolutely can be a trademark. You might be thinking of copyright - he can’t copyright the current 𝕏 logo.

    The rights you’d get from each protection are different and a sensible business probably would want both. Trademark protection would prevent another tech company trading as 𝕏; copyright protection for the logo would let you set terms on how it is used.

    Cheers ,

    So in this case, I cannot open a company called 𝕏 that uses social media to share elons flights, but I could open a company called Elon Tracker and use the logo 𝕏?

    foggy ,

    Yes, but if Elon opened a fledgling company to track himself with 𝕏 money, he’d have a great arguement to take the name from you and do nothing with it.

    Somewhereunknown7351 ,
    @Somewhereunknown7351@kbin.social avatar

    You might be thinking of copyright

    Yea I probably am

    atzanteol ,

    “Microsoft” is just a bunch of unicode symbols so it can’t be trademarked!

    🙄

    Somewhereunknown7351 ,
    @Somewhereunknown7351@kbin.social avatar

    r/angryupvote

    Potatos_are_not_friends ,

    I always made a joke where I said Elon would immediately call the CEO or whatever a pedo.

    But the last Elon Meltdown, he did call them a pedo in under 9 hours.

    Let’s see how long it takes!

    queermunist ,
    @queermunist@lemmy.ml avatar

    Elon Musk is going to crash the entire economy by himself and it’s going to be hilarious.

    theodewere ,
    @theodewere@kbin.social avatar

    i think his brain interface already works, and he already had them installed in the heads of everyone who backed that deal

    roguetrick ,

    I mean, I don't even understand why Fidelity felt the need to join the buyout. I guess they own a lot of meta stock so figure they'll make up the stupidity induced losses?

    CustodialTeapot ,

    Are you aware Meta stock is one of the best big tech performing stocks this year with 200% growth after the COVID bubble crash, and is just under 5% off it’s ATH?

    It’s almost like professional businesses know what they’re doing (most the time) and random Lemming/redditors know actual jack shit.

    roguetrick , (edited )

    I don't think you understood my comment. I was implying that they owned enough meta stock that sinking Twitter would be a net zero situation for them if meta picked up the slack by taking twitters market share. They actually own so much they might even make a profit.

    Illuminostro ,

    dragontamer ,

    IIRC, Fidelity already owned a bunch of shares and managed to just hold onto them through the buyout.

    beckerist ,

    Fidelity has been marking down Twitter/X for years now.

    Forget the new years, when will this end?

    https://lemmy.world/pictrs/image/5364781d-651e-40c7-8f2e-4ed6f7df7359.jpeg

    skydivekingair ,

    Well there’s a finite amount, unless they give it a big jump, then they could slash it repeatedly.

    I know you said years but the oldest link there looks like it’s late ‘22. Did you mean that one or longer than 13 months ago?

    AbidanYre ,

    Zeno of Eleanor would like a word with you.

    skydivekingair ,

    😁 I thought about this when posting, but unlike numbers a company only has to devalue so much before it collapses. Like a stilt house and every day you remove 50% of each support beam, you’ll find the house crashes down before you have to worry about never hitting zero support beams.

    ook_the_librarian ,
    @ook_the_librarian@lemmy.world avatar

    I can spare half of a second.

    xkforce ,

    A whole 2 times eh?

    Earthwormjim91 ,

    Can you uh, read?

    The very first result in that photo, from May, says that it was marked down three times already. This is number 4 at a minimum.

    dugmeup ,

    Super genius Musk

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