Filing: Fidelity marks down the value of its X stake, estimating the company is worth ~28% of the $44B that Elon Musk paid, down from 33% in May 2023
yourself’ outburst Kwan Wei Kevin Tan / Business Insider : X is worth 71% less now after Elon Musk took over and burned its bridges with advertisers: Fidelity Anders Hagstrom / Fox Business : X now worth 71% less than when Musk bought it, Fidelity estimates Martin Peers / The Information : Fidelity Cuts Valuation on X/Twitter Again Business Post : X now worth less than a third what Elon Musk paid for it: report Shannon Thaler / New York Post : Youtube star MrBeast rejects Elon Musk's bid for him to upload videos to X Jon Porter / The Verge : X said to be worth less than 29 percent of what Musk paid. Threads: Tony Serrata / @tonyserrata : Musk apologists keep trying to make it sound like it was all him succeeding in his prior companies. He got shtcanned at Paypal, then had financial help with SpaceX (but apparently treats people like crap, company still did fine in SPITE of him), Tesla has NUMEROUS lawsuits for discrimination and the failures of the cars themselves (tho it again succeeded not BECAUSE of him, but in spite of him. … Umit Singh Dhuga / @u.s.dhuga : Fidelity has marked down its shares of Xitter substantially. As Axios has pointed out, Fidelity's most recent markdown “includes a 10.7% cut during November, during which time Musk told boycotting X advertisers to “go f**k yourself” during an on-stage interview with the New York Times.” … Ed Carson / @edcarson1971 : I wonder if Fidelity's valuation is assuming what Twitter/X would be worth if Elon Musk didn't own it. Presumably, a new owner could regain advertisers relatively quickly. Ofc., Threads is now an established rival, so an ex-X Twitter couldn't expect status quo ante (which wasn't that great financially). Mastodon: @AdditionalQuench@c.im : I wish I was enough of a business genius to see how this is anything but a catstrophic failure of a magnitude that would end most people's careers. — From: @Techmeme — https://techhub.social/... Bluesky: Andrew Jennings / @andrewkjennings.com : A lot of people are dishonestly talking about the $31.68 billion Musk has destroyed in the Twitter deal. They ignore the $12.32 billion he hasn't destroyed yet. [embedded post] @lolgop.bsky.social : If you destroyed at least 72% of the value of an asset you bought, your creditors wouldn't note it in a report. They'd scrap it. But Elon's successfully pulling a Billionaire Bankruptcy that will probably end with him picking up the whole company for pennies. [embedded post] X: Pat Kinsel / @patk : Woof @mountainvet45 : I disagree. It was worthless before he bought it so if it's worth anything now it's worth more than it was. @elonmusk X now worth 71% less than when Musk bought it, Fidelity estimates https://www.foxbusiness.com/ ...