Elon Musk’s X is now worth less than a quarter of its $44 billion purchase price, according to a new estimate from investor Fidelity. 

The asset manager, which helped Musk acquire the social network formerly known as Twitter, now values its stake in X at approximately $4.19 million, based on newly released disclosures from Fidelity’s Blue Chip Growth Fund. The fund has reduced the value of its holding in X by a total of 78.7% as of August end.

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[–] 13 points 2 years ago (9 children)

This is why you shouldn't put your money into human-managed mutual funds.

Humans make idiotic decisions like helping Musk buy Twitter.

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  • [–] 7 points 2 years ago (8 children)

    What's the alternative? AI is telling people to eat glue so that isn't a viable option imo. I don't think anything else exists that isn't human managed, although I'm not entirely sure what you mean by that.

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  • [–] 6 points 2 years ago (5 children)

    Funds managed by pure numbers. Index funds for example

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  • [–] 7 points 2 years ago (4 children)

    You'll never guess how indices are created

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  • [–] -1 points 2 years ago (3 children)
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  • [–] 1 point 2 years ago (1 child)

    It's not like the S&P500 committee is going to make wild and crazy decisions based on a hunch. It's still very much based on replacing older shrinking companies with newer more vigorous representatives in the same industry.

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