Fidelity again marks down the value of Elon Musk's X

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Fidelity again marks down the value of Elon Musk's X​

Fidelity marked down the value of its shares in Elon Musk's X Holdings by 10.2% in January, per a new disclosure.

The big picture: This resumes a trend that took a brief respite in December, when Fidelity had actually increased X's carrying value.

By the numbers: Fidelity now says X is worth 71.5% less than when it first helped Musk buy what was then still known as Twitter.

• This new figure is as of Jan. 31, 2024, as Fidelity reports private company valuations on a one-month lag.
• It does not track with publicly traded comps, as Snap shares fell around 4% during January and Meta shares climbed 11%.

Behind the scenes: Fidelity is an X Holdings shareholder, but doesn't necessarily receive inside information on the social media company's performance. Other shareholders may value their stock differently.

 

[User names must be unique]

It was never worth the original price.

 

[Twinkletard]

The rabbis at Fidelity are angy they can't buy twitter stonks no more

 

[XYZpdq Jr.]

wow if this was publicly traded this would sorta matter

 

[Divine right to rule]

Firstly, it was massively overvalued, and secondly, he didn't buy it to make a profit.

Also, part of these "value" judgments probably include the """talent"""" hired at the company, which he reduced massively.
The direct competition also massively failed at making a Twitter-killer.
My read is that Twitter still has, and is improving, it's infrastructure, it still has the quasi-monopoly on it's type of social media, and is the only one relevant for many types of discussion and interaction. All of these are good things, the only problem is monetization. That is really a crux with much of the internet right now, and many huge sites run on a massive deficit while still being heavily monetized.

 

[The Punished Mitch]

They're still mad as hell that the Muskrat took their one of their primary (((narrative))) vectors, one can't even begin to imagine how many rabbis choked to death on baby penis when he unveiled the community notes feature.

 

[derpherp2]

Conversely glowie astroturfiiing is so inept it only inflated the value by that much, instead of being ALL of it.

 

[Go Lift Some Bitches]

idc the importance of external evaluation since they're no longer publicly traded. Maybe other holders (blackrock and co) could find something to do with this info but I'm guessing they already exert all the control they can with their shares

 

[1Tonka_Truck]

idc the importance of external evaluation since they're no longer publicly traded.

Fidelity has to declare valuations for all holdings to meet SEC disclosure requirements. Random journoscum with receding hairlines think they can get back at Musk for stealing twitter or generate clicks by writing about it. I'm 50/50 on which one motivated 5-head here.

 

[Dirty Larry]

If he isn’t planning on selling it, then who cares? YouTube is a financial blackhole, too, yet Alphabet still retains ownership of it for no other conceivable reason than to strengthen their control over the flow of information. It’s not about the money, it’s about sending a message.

 

[Still Exceptional]

It was never worth much, but Elon has certainly made some really weird decisions with it that have probably fucked whatever inflated value it once had. For instance choosing to force signup just to see the fucking site. And literally telling advertisers to go fuck themselves.
I mean, I think it's hilarious because I hate both Twitter and the advertisers. But it probably ain't great for business.

 

[innocent jogger]

It's not public anymore so this journoscum babble is irrelevant. I never thought I would see the day when Twitter wasn't 100% gay. Now it is only like 97% gay and I thank Elon Musk for that.

 

[BrainProlapse]

Twitter is 10x better now, journoscum getting called out in community notes in particular is *chefs kiss*

 

[ShooterOfCum]

he didn't buy it to make a profit

This bold claim requires substantiation and backing in facts.

 

[Manu7]

as someone who doesn't like Musk and fucking hates the average twitter user even more.

this whole situation has been a win-win to me.

 

[Radiaux]

Twitter is 10x better now, journoscum getting called out in community notes in particular is *chefs kiss*

That is probably one of the best features they put in since he took over. I wonder how they vet those though.

I think what has really turned for the worse, is the amount of bots. So hopefully, they work on that.

 

[zeezoo2]

They're still mad as hell that the Muskrat took their one of their primary (((narrative))) vectors, one can't even begin to imagine how many rabbis choked to death on baby penis when he unveiled the community notes feature.

you say that but all it took was a call from gleenblat and it's the same again

 

[AnotherPleb]

That is probably one of the best features they put in since he took over. I wonder how they vet those though.

I think what has really turned for the worse, is the amount of bots. So hopefully, they work on that.

I'd argue the bots were always there.

 

[Radiaux]

I'd argue the bots were always there.

Sadly they have gotten worse.