this post was submitted on 01 Jan 2024
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Fidelity has again marked down the value of its shares in X Holdings, which the mutual fund giant helped Elon Musk buy for $44 billion when the company was known as Twitter.

By the numbers: Fidelity believes that X is worth 71.5% less than at the time of purchase, according to a new disclosure that runs through the end of November 2023 (Fidelity revalues private shares on a one-month lag).

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[–] dugmeup@lemmy.world 68 points 10 months ago

Super genius Musk

[–] ozmot@lemmy.world 44 points 10 months ago (2 children)

Quick Mr.Musk, before they realize your an imbecile, find some new piece of vaporware to hype up to your stans.

[–] pigup@lemmy.world 8 points 10 months ago (1 children)

"we dug our own grave with Twitter"

[–] dragontamer@lemmy.world 3 points 10 months ago (1 children)

I'm pretty sure he said "We dug our own grave with Cybertruck", not Twitter.

I think he said that "Earth will know Advertisers are to blame for Twitter's downfall", or something to that effect. You know, the more ridiculous quote.

[–] pigup@lemmy.world 2 points 10 months ago

That's correct, I was harkening esteemed musk critic Thunderf00t, who purposely changes the quote depending on the specific subject of his videos.

[–] Potatos_are_not_friends@lemmy.world 31 points 10 months ago

I always made a joke where I said Elon would immediately call the CEO or whatever a pedo.

But the last Elon Meltdown, he did call them a pedo in under 9 hours.

Let's see how long it takes!

[–] yesman@lemmy.world 30 points 10 months ago (1 children)

Xtwitter is obviously a dumpster fire, but it's Tesla that's going to disintegrate the most wealth. Does anybody really think that company is worth more than the GDP of Taiwan?

[–] Sanity_in_Moderation@lemmy.world 13 points 10 months ago (2 children)

The cyber truck is an ugly joke. But the stock will hold up until there is another stylish and popular alternative.

[–] Earthwormjim91@lemmy.world 7 points 10 months ago (1 children)

Uh, the Rivian and F-150 Lightning started deliveries years before the cyber truck. Both sell like crazy.

[–] LemmyFreak@lemmynsfw.com 2 points 10 months ago (1 children)

Yes but neither company has a competitor to the Model S, Y, or 3, which I believe are far and away the most popular models. Until there is legit competition in that space, Tesla will probably remain stable. More companies are getting there but it's been very slow going.

[–] dragontamer@lemmy.world 3 points 10 months ago

Mach-e much?

[–] TenderfootGungi@lemmy.world 4 points 10 months ago

Have you seen the cheaper cars BYD is building?

https://motowheeler.com/us/electric-cars/byd/

[–] roguetrick@kbin.social 21 points 10 months ago (2 children)

I mean, I don't even understand why Fidelity felt the need to join the buyout. I guess they own a lot of meta stock so figure they'll make up the stupidity induced losses?

[–] CustodialTeapot@lemmy.world 3 points 10 months ago (2 children)

Are you aware Meta stock is one of the best big tech performing stocks this year with 200% growth after the COVID bubble crash, and is just under 5% off it's ATH?

It's almost like professional businesses know what they're doing (most the time) and random Lemming/redditors know actual jack shit.

[–] roguetrick@kbin.social 5 points 10 months ago* (last edited 10 months ago)

I don't think you understood my comment. I was implying that they owned enough meta stock that sinking Twitter would be a net zero situation for them if meta picked up the slack by taking twitters market share. They actually own so much they might even make a profit.

[–] Illuminostro@lemmy.world 2 points 10 months ago

#fuckyourdividends

[–] dragontamer@lemmy.world 1 points 10 months ago

IIRC, Fidelity already owned a bunch of shares and managed to just hold onto them through the buyout.

[–] some_guy@lemmy.sdf.org 21 points 10 months ago

I delighted in being able to show this headline to guests last night after we'd riffed on what an idiot Lonnie was a couple hours earlier. Lonnie-boy just keeps delivering. When he fucks up his fortune and lives in shame and disgrace I'll be happy. Until then, I don't want to hear about his every dumb post. But news of his company's failure can continue. Please proceed.

[–] RizzRustbolt@lemmy.world 10 points 10 months ago (1 children)

I will give him a 2 dollar bill and half a chicken wing for it.

[–] FlyingSquid@lemmy.world 5 points 10 months ago (1 children)

Don't give up your valuable half a chicken wing for something stupid and pointless like Twitter.

[–] LetterboxPancake@sh.itjust.works 5 points 10 months ago

There's still plenty meat on that bone.You take this home, throw it in a pot, add some broth, a potato... baby you got a stew going!

[–] theodewere@kbin.social 5 points 10 months ago

i think his brain interface already works, and he already had them installed in the heads of everyone who backed that deal

[–] queermunist@lemmy.ml -5 points 10 months ago

Elon Musk is going to crash the entire economy by himself and it's going to be hilarious.