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- cross-posted to:
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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.
That’s only a value if someone wants to actually pay for it. The Saudis lend the money at a high interest rate.
Maybe it has value to them to just get it shut down? But why would that be worth 22 Billion plus a long term intensive engagement that threatens to hurt his other businesses too to Musk?
Musk is an idiot Nazi who wants a dictator to rule USA, because a dictator is inherently corrupt, so Musk can easier influence a dictator than a democracy. I sure hope USA doesn’t give Musk that victory.
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.
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.
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