Social 80% decline in value of X since Musk purchase according to Fidelity

[Sweater of AV]

Elon Musk Bought X For $44B, Now Fidelity Values Social Media Network Below $10B

Fidelity was one of several companies that helped Elon Musk acquire social media platform X, formerly known as Twitter, back in 2022. The financial company may have lost money on their investment in the company according to recent valuation metrics, which show the $44 billion paid by Musk may...

finance.yahoo.com

Elon Musk Bought X For $44B, Now Fidelity Values Social Media Network Below $10B​

Fidelity was one of several companies that helped Elon Musk acquire social media platform X, formerly known as Twitter, back in 2022. The financial company may have lost money on their investment in the company according to recent valuation metrics, which show the $44 billion paid by Musk may have been too high.

Fidelity owns a stake in X in the Fidelity Blue Chip Growth Fund (FBGRX) and changes the valuation of the social media company periodically to reflect valuations based on financials and peer companies.

With X facing concerns over advertising revenue, the stake valuation has often been lowered, with some months showing a higher valuation from the mutual fund. The latest fund valuation shows the Fidelity Blue Chip Growth Fund having a stake in X worth $4.19 million as of the end of August, as reported by TechCrunch. Fidelity valued the stake at $5.5 million at the end of July, marking another reduction in valuation for August.

For context, Fidelity initially invested $19.66 million in X through its mutual fund. Following the latest valuation cut, Fidelity now values its stake at 78.7% below the original investment. With its latest valuation revision, Fidelity assigns a valuation of $9.4 billion. This marks a significant decline from Musk's $44 billion purchase price.


Not surprised the value has tanked but that's more than I was expecting.

 

[Get To Da Choppa]

Elon Musk Bought X For $44B, Now Fidelity Values Social Media Network Below $10B

Fidelity was one of several companies that helped Elon Musk acquire social media platform X, formerly known as Twitter, back in 2022. The financial company may have lost money on their investment in the company according to recent valuation metrics, which show the $44 billion paid by Musk may...

finance.yahoo.com

Elon Musk Bought X For $44B, Now Fidelity Values Social Media Network Below $10B​

Fidelity was one of several companies that helped Elon Musk acquire social media platform X, formerly known as Twitter, back in 2022. The financial company may have lost money on their investment in the company according to recent valuation metrics, which show the $44 billion paid by Musk may have been too high.

Fidelity owns a stake in X in the Fidelity Blue Chip Growth Fund (FBGRX) and changes the valuation of the social media company periodically to reflect valuations based on financials and peer companies.

With X facing concerns over advertising revenue, the stake valuation has often been lowered, with some months showing a higher valuation from the mutual fund. The latest fund valuation shows the Fidelity Blue Chip Growth Fund having a stake in X worth $4.19 million as of the end of August, as reported by TechCrunch. Fidelity valued the stake at $5.5 million at the end of July, marking another reduction in valuation for August.

For context, Fidelity initially invested $19.66 million in X through its mutual fund. Following the latest valuation cut, Fidelity now values its stake at 78.7% below the original investment. With its latest valuation revision, Fidelity assigns a valuation of $9.4 billion. This marks a significant decline from Musk's $44 billion purchase price.

While the value of XHamster has gone up 69% because people kept typing in the wrong URL

 

[Rational Poster]

It wasn't even worth $44B when he bought it.

He offered a meme price and twitter jumped on it. He tried to get out of it, but it was too late.

 

[Iron Mang]

Would be even better if it just collapsed entirely. Fuck off, Xitter! (shit-ter)

 

[Blayt7hh]

I like to pretend that Elon is a martyr figure. He knew that Twitter was a blight afflicting the human race, so he sacrificed a significant chunk of his fortune to tank the platform and drive it out of business for the good of mankind.

I know it’s not true, but I want to believe.

Fuck twitter

 

[Rational Poster]

Remember when Elon Musk tried to get out of twitter because of the bots and he wanted to take it over to get rid of the bots?

How's that working? lmao

 

[gondo]

While the value of XHamster has gone up 69% because people kept typing in the wrong URL

Xvideos was what Elon wanted to call posts on his crappy site.

 

[Pittie Petey]

While the value of XHamster has gone up 69% because people kept typing in the wrong URL

I used to really enjoy XHamster when it was a buncha weirdos posting up their own dirty motel amateur interracial cuckold porn, those were high quality times for ole Pete, now its basically Porn Hub with all its professionally shot bullshit, NO! THANK! YOU!

 

[Morning Star]

It was never worth that much but I suppose having the biggest microphone on the Internet is worth it to some degree. Still looks like he's the richest man World despite Twitter being a dud. World would probably be a better place without Social Media but that's too far gone to happen.

 

[Hog-train]

I still don't understand how the Twitter board forced him to go through with the sale at that retarded price.

The company was losing money every single year.

 

[Deleted member 585708]

It'll be one of those things that eventually gets sold for $1.

 

[no fat chicks]

Go woke to broke amiright

 

[Deleted member 585708]

I still don't understand how the Twitter board forced him to go through with the sale at that retarded price.

The company was losing money every single year.

Yeah it's like he speaks when he shouldn't sometimes.

 

[ObsoleteSoul]

Shrugs.

X can go down in flames, and take Instagram with it please.

 

[Hog-train]

Shrugs.

X can go down in flames, and take Instagram with it please.

TikTok is worse.

 

[ObsoleteSoul]

TikTok is worse.

The more the merrier then.

I have never used it once. Only seen clips online through other sources. I'll take your word on it though.

Spoiler

 

[RoastBeast]

It's kind of entertaining how angry the left is that their old propaganda approved/censorship site got changed.

 

[Deleted member 585708]

It's kind of entertaining how angry the left is that their old propaganda approved/censorship site got changed.

I'm sure you won't mind when Soros buys it for a dollar.

 

[koquerelle]

I still don't understand how the Twitter board forced him to go through with the sale at that retarded price.

The company was losing money every single year.

The moron decided to do due diligence after agreeing to a deal with Twitter. It's one of the worst business deal in history. Musk is an imbecile.

 

[ermac88]

I recently logged in after having not gone on for years

The site/service is a toxic waste dump

I was just inundated to controversial /negative sh*t I have zero interest in.

I gather Im in a small minority but I dont see any value in that