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.

  • Potatos_are_not_friends@lemmy.world
    12·
    9 months ago

    I argued with people on Hacker News at the time, and those idiots I was arguing with think that if someone is foolish enough to overpay for something, it’s worth the amount they paid.

    I remember when hackernews was pro-NFTs.

    I swear real engineers don’t use hackernews, and it’s full of wannabe startup dudes and rise-and-grind folks.