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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[–] 56 points 2 years ago

Keep going.

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  • [–] 43 points 2 years ago (2 children)

    Wow, a loss of 79%. Space Karen should be so proud.

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  • [–] 1 point 2 years ago*

    I’m convinced space Karen hasn’t gone up in one of his rockets like the other billionaires because the memes calling for it to explode would be so pervasive he’d have to admit to himself that he is truly hated

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

    A part of me thinks that some of this is deliberate- like once it was clear he was going to have to follow up with the twitter deal the places/people that funded him did so on the condition that he tank it.

    I know that's insane but I really am struggling to see how anyone could commit this many public fuckups unintentionally.

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  • [–] 3 points 2 years ago

    Sorry, Musk is really just this incompetent, and our society allows people to fail upwards in this manner.

    The people at the top didn't do anything unique to deserve being up there. The meritocracy is a lie - Musk proves it.

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  • [–] 26 points 2 years ago

    Sounds overpriced.

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  • [–] 24 points 2 years ago* (1 child)

    The fact that it hasn’t lost 100% of its value is news to me. Hopefully his government contracts get cancelled as well.

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  • [–] 22 points 2 years ago*

    How to make a small fortune in social media:

    Step 1: invest a large fortune into social media

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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)
  • [–] 1 point 2 years ago (2 children)
  • [–] 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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  • [–] 13 points 2 years ago*

    Too many people are still tied into its stocks, so they overvalue it to prevent them from panic selling it and showing what’s its truly worth. $0

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  • [–] 12 points 2 years ago

    He told advertisers to fuck off. It appears many took him up on the offer.

    Loses revenue, shocked Pikachu.

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  • [–] 12 points 2 years ago

    They really outdid themselves with that cover art :D

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

    At that rate of wealth incineration he may be the Xer trump which makes me worried about future republican presidential canidates more.

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

    Just be glad musk can't run, seems enough people are oblivious to his idiocy

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  • [–] 10 points 2 years ago (2 children)

    You know I might be turned around on him. Yeah hes a piece of shit intent wise but we we need to actually look what someone has accomplished. Wealth disparity is one of of the biggest problems of modern time and here he has gone and evaporated over 35 billion from the high end. He might be the greatest hero of the common man in our time. /s

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  • [–] 1 point 2 years ago (1 child)

    This, but no /s. He's evaporated $35 billion from Twitter and is convincing conservatives to buy electric vehicles. I might like him about as much as I'd like a tick on my nutsack, but he is accomplishing things that align with my goals.

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  • [–] 4 points 2 years ago (3 children)

    Somehow I’m not as confident they wouldn’t figure out a way to ignore just one more law

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  • [–] 1 point 2 years ago (2 children)

    Pretty sure the states could refuse to have him on the ballot, which would fuck over his ability to do jack shit. Also never underestimate American xenophobia, the fact he is South African would probably be enough to get him deported if it went to say a jury.

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  • [–] 1 point 2 years ago* (1 child)

    Pretty sure the states could refuse to have him on the ballot

    Like Colorado tried to when Trump was convicted of massive fraud?

    If the cult latches onto Musk after Trump croaks, the corrupt SCOTUS majority isn't going to let pesky details like the constitution get in his way either.

    the fact he is South African would probably be enough to get him deported

    He's got triple citizenship, one of which being American making him much harder to deport.

    Personally I'd love for him to fulfill his dream of dying on Mars, except without his "but not on impact" caveat, as soon as possible.

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

    Competitive failure race between trump and musk.

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  • [–] 1 point 2 years ago (1 child)

    I don't think anything tops Trump bankrupting a casino. Twatter has always run at a loss Muskrat just accelerated that burn rate exponentially.

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  • [–] 2 points 2 years ago

    How about three casinos, two casino holding companies and a hotel?

    I'm pretty sure if you handed me all those I would be actually incapable of fucking them over as hard as Trump did. Like, even if I actively tried. He is such poison to everything that the buildings that print money with no effort just stopped printing money under his command.

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  • [–] 4 points 2 years ago
    [–] 1 point 2 years ago

    (╯°□°)╯︵ ┻━┻)

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  • [–] 1 point 2 years ago

    I saw a video online by an "ex" CIA agent saying that the way the US spies on its citizens isn't through shady espionage like wire tapping and private investigators. The FBI merely goes to info corporations like Google, AT&T, Facebook, etc. and buys the user's information. I think that was an underlying goal of Musk's. He wanted the user info on people that were using Twitter for political purposes worldwide. The value of Twitter wasn't just it's monetary value, but the power that came with owning that information.

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  • [+] -1 points 2 years ago