Elon Musk’s X is now worth less than a quarter of its $44 billion purchase price, according to a new estimate from investor Fidelity.
The asset manager, which helped Musk acquire the social network formerly known as Twitter, now values its stake in X at approximately $4.19 million, based on newly released disclosures from Fidelity’s Blue Chip Growth Fund. The fund has reduced the value of its holding in X by a total of 78.7% as of August end.
A part of me thinks that some of this is deliberate- like once it was clear he was going to have to follow up with the twitter deal the places/people that funded him did so on the condition that he tank it.
I know that’s insane but I really am struggling to see how anyone could commit this many public fuckups unintentionally.
Sorry, Musk is really just this incompetent, and our society allows people to fail upwards in this manner.
The people at the top didn’t do anything unique to deserve being up there. The meritocracy is a lie - Musk proves it.
I’ve been waiting for him to find some way to turn the loss into a bailout for a year now. If there’s one thing he’s good at it’s robbing the public.
I’m not certain that it was an explicit condition negotiated with Musk, but I’m sure his investors had full confidence in his ability to do it anyway :)