Value of X has fallen 71% since purchase by Musk and name change from Twitter

Do you think this is all actually part of his plan and we haven't comprehended it yet?

https://www.theguardian.com/technology/2024/jan/02/x-twitter-stock-falls-elon-musk?utm_term=Autofeed&CMP=twt_gu&utm_medium&utm_source=Twitter#Echobox=1704210305

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.

‘Drama magnet’: Elon Musk’s biggest headlines of 2023Read moreThe 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.

Since Musk’s takeover, X has cut at least 50% of staff and reduced moderation. And in September, the European Union issued a warning to Musk after it found that X had the highest ratio of disinformation posts of all large social media platforms.

Fidelity’s revised valuation of X came from a disclosure which ran to the end of November 2023, Axios reported. X did not immediately respond to a request for comment.

That disclosure would cover the fallout from a number of major companies pulling advertising on X after Musk endorsed an antisemitic conspiracy theory, the New York Times reported. Musk responded to the boycott by telling companies to “go **** yourself” during an interview at an event in New York.

Musk is the world’s richest man, according to Forbes, with a net worth of $251bn. When he acquired Twitter, Musk said he was buying the company “to try to help humanity”.

Since the takeover Musk has reinstated a number of people previously banned from the platform, including former president Donald Trump and the rightwing conspiracy theorist Alex Jones.

Trump is facing more than 90 criminal charges stemming from subversion of the 2020 election that he lost to Joe Biden, retention of government secrets after his presidency and hush-money payments to porn actor Stormy Daniels. He is also attempting to fend off civil lawsuits over business affairs and a rape allegation deemed substantially true by a judge.

Meanwhile, Jones recently proposed to pay $55m over 10 years to the Sandy Hook families who sued him for spreading lies that the 2012 schoolhouse killings in Newtown, Connecticut, were part of a hoax meant to force the US to accept gun control.

Jones’s offer came after a Texas judge ruled that Jones, the host of Infowars, could not invoke bankruptcy protection to avoid paying the nearly $1.5bn he was ordered to pay to families of the victims of one of the deadliest school shootings in US history. Believers of Jones’s lies aimed abuse and threats at the families.

No, he's that dense.

This is what happens when you more or less have endless wealth from the start, are given infinite chances, and are allowed to fail upward.

People think Musk is some genius or this really savvy businessman; he isn't. He was just allowed a life free of any sort of consequences for his failures, and a lot more opportunity than the rest of us.

How many of us would have successful businesses if we had the seed money to do it, no questions asked? How many of us would fail, but get it right the second or third or fourth time? What if we could afford expensive accountants and lawyers?

The sad thing is Elon could see his entire empire crumble, and he'd still be a billionaire.

@mrbojangles25: "****you" money is such an amazing cheat code, lol. Its difficult to comprehend just how much it helps.

So many salty ass people over one person is hillarious. Funny how so many vocal people loved him not so long ago. I wonder what happened.

He called out the radical lefts nonsense and they turned on him.

He bought Twitter "to help humanity". How about ending poverty with your fortune and thus actually help humanity instead of buying a fucking media platform? Or make flamethrowers?

If you're born rich, you have actually never seen or understood the world. I think that's the reason why rich people like Elon, Trump, etc. are insane.

I heard him speak.

Some of us have known he was a fraud since 2019, lol.

Saw a clip of him on "border patrol" dressed like a wanker cowboy.

The literal richest man in the world, complaining about the poorest people in the world.

I mean, thought he was a wanker before, but this was like "do you know what self-awareness is?"

Isn’t the dude on the spectrum? Maybe he just doesn’t get it.

I’m more and more convinced that Musk is intentionally destroying Twitter (refuse to call it this idiot renaming) as some sort of massive corporate destruction troll job. Like, how billionaires get their kicks or something.

Seriously, the man can’t be as dumb as the decisions he has made with this company paint him out to be, because it’s inarguable he’s successful in other ventures. I refuse to believe that his handling of Twitter has been in good faith. The dude is so wealthy he could afford to buy and destroy Twitter numerous times over. Maybe he’s doing this just for kicks or to spite.

@uninspiredcup: is that a Dead Space shirt? Looks like Isaac's visor lights.

I think he said he is, but frankly at this point I'd guess about 50% of us qualify in one way or another 😋

I love this new trend of spoiled, privileged, very powerful and influential people, who are also mentally challenged.

I've been feeling this way as well. That wealth--extreme wealth, at the very least--can lead to mental health disorders such as narcissism, sociopathy, a lack of empathy, and so on and so forth.

This is doubly true if you, as you said, are born into wealth. The way Elon Musk was. And Bill Gates. And all these other people we view as "titans of industry".

I feel like it's one of the major reasons politics are in such shambles right now: we want to make it about race or religion or what have you, but the fact is we should be discussing things by socioeconomic levels. Furthermore, if people with the capacity to do something had experience living at near-poverty levels for at least part of their lives, they might feel some urgency to actually help people, and do it quickly.

Just my own personal feelings, and don't worry, folks making six figures....I'm not talking about you. Talking about the people with "**** you" money.

I prefer to hate Zuckerberg

@MirkoS77: Fav part of this is when he tried to make X a thing by having a big "X" Batman like spotlight on a building.

But they aimed it at another building, where people were trying to sleep.

Giant flashing X sign removed from Twitter's San Francisco HQ after complaints.Building inspectors said they were blocked by staff from inspecting the sign and that it didn't have the proper permissions. A large flashing X sign has been removed from the top of Twitter's headquarters - just days after being installed.

Amazing.

You are correct. That is Issac Clark's visor helmet lights alright as I'm a huge fan of the Dead Space games.

But anyway, I ain't gonna get upset on Elon Musk as he earned my respect for giving Bob Iger the middle finger and trust me, he deserved it. Seriously Elon, why didn't you just pay the Fine Twitter offer you if you didn't want it from the get-go?

Make sense. lots of restrictions like limited visibility or commonly known as shadow ban if your posts don't align with X such as not supportive towards Israel. Honestly weird people still stay on X when it clearly do everything to ensure misinformation.

Ironically X appears to be way more politically biased and enforcing than old Twitter ever was.

Go anti-woke go broke?

Go fash, lose cash.

That wasn't really heroic though.

He was actually throwing a hissy fit over advertisers moving away because his platform is now rife with right-wing hate speech.

He's "free speech", but when they use their free rights to say "I am going somewhere else", it upsets him greatly.

From what I can tell his free-speech seems to just revolve around "right wing people" and "give me money for that speech", rewarding those with monetary gain over others.

And he's still losing money regardless.

never used twitter. hard to care at this point.

No fucking shot this guy actually believes the lunatic far right drivel he's spewing, it's gotta' be a grift and just the parroting of other grifters like Tim Poole....

Elon Musk Says Boeing Has a Diversity Problem. The Evidence Says Otherwise. - Barron's (barrons.com)

Except it isn’t. Vertical Research Partners analyst Rob Stallard points out that MCAS, an enormous safety issue, was designed long before any changes to management incentives, and doesn’t believe that DEI has anything to do with building safe planes. Stallard rates Boeing shares Hold and has a $266 price target for shares.

Similarly, AeroDynamic Advisory managing partner Richard Aboulafia believes that Boeing has a culture issue, but not one associated with diversity. “Not sure what under-resourcing production and inspections and a badly alienated technical workforce have to do with DEI,” he says. “Completely bizarre.”

A much clearer culprit is the aerospace company’s efforts to cut costs and outsource aspects of production. Alaska Airlines had reportedly already barred the plane from long flights over water precisely due to warnings over pressurization failures. Investigative site The Lever reported that former employees of Spirit AeroSystems, the subcontractor that manufactured Boeing’s door plugs, had alleged in court documents that the parts were often defective.

Alaska flight incident reveals another feature Boeing didn't inform pilots about - POLITICO

Alaska flight incident reveals another feature Boeing didn’t inform pilots about - Federal investigators said that Boeing didn’t make pilots aware that when a plane rapidly depressurizes, the cockpit door will fly open.

Homendy’s revelation echoes criticism heaped on Boeing during earlier probes of another in the 737 MAX line of planes, the MAX 8, in which pilots said they were not properly trained on a flight control system on board the plane that was implicated in two deadly crashes overseas. In 2020, pilots were required to undergo new simulator training and training for erroneous angle of attack sensor malfunctions as part of the plan to put the 737 MAX back into service.

Boeing whistleblower ‘not at all’ surprised after door plug blows of MAX 9 midflight – KIRO 7 News Seattle

Basically cost cutting.

This guy is rich he has access to a quick google search showing Tim Poole just made it all up. Doors blowing off planes because of black hires? What the hell? 😂🤣 This isn't even something up for debate. If he's not grifting, it's straight cognitive impairment to think such a thing given the actual facts and data.

With garbage behavior like this, no wonder he keeps accidentally tanking Twitter.

A little bird told me that Eon Mulsk is friends with the Saudees. The Saudys have hated Twitter ever since they murdered that journalist and Twitter feeds exploded over it. Muks was doing them a favor. He doesn't care about Twitter one bit. Take it or leave it. I've got to get ready for work atm.

Occam's Razor. It wasn't some intentional 5D Chess plot, he just screwed up from pure incompetence. We know he tried to back out hard from court documents, and other court filings showing that he sues those who he thinks hurts Twitter's bottom line even at the end of last year. He made several moves to try and recoup profits, but they just failed. Anything else is spin, he just did very poorly.

Musk is a loud moron born into wealth.

None of his screw ups should surprise anyone.

@adrian1480: Yep. The IRL equivalent of a doped up teen playing a game with the infinite money cheat on yet convinced he's a genius.