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Value of X has fallen 71% since purchase by Musk and name change from Twitter (www.theguardian.com)
submitted 2 years ago by to c/news@lemmy.world
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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.

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[–] 4 points 2 years ago (1 child)

I mean, what is your alternative definition of “worth” if it isn’t “What you can get for it”

"Worth" and "Price" are different things. A meal that costs $20 has more worth than a box of dirt with a price sticker of $1 million.

The $44 billion Muskolini paid was Twitter's agreed price, not it's worth.

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  • [–] 1 point 2 years ago*

    Not if somebody actually buys the box of dirt for $1 million. If the price sticker of $1 million doesn’t inherently assign it its value, then neither does the $20 price sticker on the meal.

    You could say what makes the meal worth $20 is the fact that somebody is willing to actually pay the $20, but then the box of dirt also has somebody willing to pay $1 million dollars for it.

    So if “worth” isn’t equal to the price tag, or what people are willing to pay for it, then what are you basing the worth on?

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