Mutual fund Fidelity, which owns stake in social media platform, marks down value of its shares in disclosure obtained by Axios

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.

  • kameecoding@lemmy.world
    101·
    11 months ago

    well Musk is pro Trump isn’t he? didn’t trump sign a most lucrative weapons deal with the Saudis?

    a few billion is nothing to the saudis in exchange to controlling a narrative over a huge number of easy to manipulate people

    they will have splashed about 10x 22 billion just on a world cup to do a bit of sport washing of their image.

    • ChickenLadyLovesLife@lemmy.worldEnglish
      3·
      11 months ago

      a few billion is nothing to the saudis

      No amount of money is anything to the saudis. They don’t have wealth, they have a literal spigot that pours out as much money as they want whenever they want it.

    • Buffalox@lemmy.world
      1·
      11 months ago

      Haha, yes I can imagine this go wrong and they’ll say, My bad that went exactly as we expected! Ups I mean not as expected. lol