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www.axios.com

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).

  • yesman@lemmy.world
    0·
    9 months ago

    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?

  • some_guy@lemmy.sdf.org
    0·
    9 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.

  • roguetrick@kbin.social
    0·
    9 months ago

    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?

  • theodewere@kbin.social
    0·
    9 months ago

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

  • Somewhereunknown7351@kbin.social
    0·
    9 months ago

    when the company was known as Twitter

    It’s still known as twitter

    Fun fact: 𝕏 is actually a Unicode symbol, so musk can’t trademark it

    • lordmauve@programming.dev
      0·
      9 months ago

      𝕏 is actually a Unicode symbol, so musk can’t trademark it

      That’s not true, it absolutely can be a trademark. You might be thinking of copyright - he can’t copyright the current 𝕏 logo.

      The rights you’d get from each protection are different and a sensible business probably would want both. Trademark protection would prevent another tech company trading as 𝕏; copyright protection for the logo would let you set terms on how it is used.