“Fidelity is currently valuing X at about $9.4 billion”

I found this funny.

    • jonne@infosec.pub
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      3 months ago

      If someone were to buy it, ban the Nazis and get advertisers to come back it’s still salvageable, I guess. The longer Musk owns it, the bigger the chance is that it’ll become the next MySpace.

      • EnderMB@lemmy.world
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        3 months ago

        At least the MySpace guy was able to run a fun site, cash out before social media became crazy, and spend the rest of his life having fun with that money.

        Trump will lose, and Musk will be holding on to a useless site that serves nothing. He’ll probably sell for a fraction of what he paid (not that it was his money in the first place), but by that point it’ll be too late. Twitter will be long dead.

        • Kalysta@lemm.ee
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          3 months ago

          I doubt the saudis will be very happy if Musk doesn’t repay them their investment. I’m surprised they haven’t threatened him into stepping down and handing their investment to someone who can properly manage a social media platform already

          • EnderMB@lemmy.world
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            3 months ago

            That’ll probably be what happens if Trump loses. Musk didn’t spend “his” money so it’s no loss, and many from the Middle East have wanted control of Twitter ever since the Arab Spring.

    • celsiustimeline@lemmy.dbzer0.com
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      3 months ago

      It’s only worth as much as anyone’s willing to pay for it. Take a look at any of these tech start ups that do something very insignificant slightly differently than their competitor. VALUATION 100 BILLION DOLLARS!

    • sqibkw@lemmy.world
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      3 months ago

      I wouldn’t be surprised if part of this remaining value is because the Japanese internet still heavily relies on it as a platform, even if the west has begun moving elsewhere.

    • Artyom@lemm.ee
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      3 months ago

      This is the stock market, the value is set by what investors think the value could be. Mostly, they’re probably assuming people would come back if he sold it. Literally everyone knows the name Twitter.

        • skyspydude1@lemmy.world
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          3 months ago

          Just because it’s not publicly traded, doesn’t mean that there isn’t stock nor that there’s no market. Usually, you can technically still buy/sell the stock, just not as a random member of the public on a public stock exchange like the NYSE or FTSE.

          • NotMyOldRedditName@lemmy.world
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            3 months ago

            There’s usually defined periods for sales as well. Gives employees and other stock holders a way to cash out and get new investors in.

  • ShareMySims@sh.itjust.works
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    3 months ago

    And yet, he’s still one of the what, 5 richest people on the planet?

    He doesn’t give a shit, and neither should you (as nice as the schadenfreude might feel). He got something worth more to him than plain old money - an established propaganda platform, which he is using as he intended - to war monger and otherwise interfere in politics to ensure fascism progresses as fast as he can help it. The “dent” (more like a surface scratch) it put in his finances is completely invisible and irrelevant to him.

    And it should be to you, too.

    He is NEVER going to end up without means or power, not even fucking close, unless we take them from him, and abolish the system that encouraged and enabled him to amass them in the first place.

    • CleoTheWizard@lemmy.world
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      3 months ago

      What is completely wild to me is that there are only 4 main apps: Reddit, twitter, instagram, and Facebook. Almost every public conversation happens on one of those platforms. And of those four platforms, one of them was bought by one singular person. Some people just don’t get the absolute scale of how much one person can just buy of our communities.

      Like it or not, there are businesses on Twitter. Celebrities are easy to reach and talk to. Even companies use Twitter for support. News outlets post there. It’s a whole community. Was it a bit toxic? Yeah. But it wouldn’t have mattered. One guy bought it.

      Similar to what you said, if you were to run the numbers on this I’m pretty sure owning twitter to Elon is not much different than owning a cable subscription to your average family. A whole community of tens of millions of people bought by one person and its success doesn’t matter. Capitalism is broken. And if you think that’s bad, imagine how he can affect your government when a Supreme Court justice goes for a small small fraction of the price…

      • AbidanYre@lemmy.world
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        3 months ago

        The average family’s cable subscription doesn’t cost 20% of their net worth.

      • yamanii@lemmy.world
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        3 months ago

        Well said, after losing access to twitter it’s really hard to get information on game companies for example, since they don’t have their own blog for you to RSS and get information about the newest game updates and what not, and they only post on youtube if they have a new trailer.

    • simple@lemm.ee
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      3 months ago

      Yeah a lot of people miss the fact that the play for Twitter was never about money, but control. Owning one of the most popular social medias makes it easy to spread propaganda and amplify your voice.

      • Womble@lemmy.world
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        3 months ago

        Lots of people spout this conspiracy theory, but Ive yet to hear a good reason why he had to be sued into making the purchase (after making price manipulating statements) if it was some sinister plan.

        Far more likely he’s just a fuck up.

        • vaultdweller013@sh.itjust.works
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          3 months ago

          Fucked up then adapted musk is a welpling but like every rich WASP be it from England or its colonies he is weirdly adaptable. Which is why the most effective method of WASP removal is via flamethrower.

    • celsiustimeline@lemmy.dbzer0.com
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      3 months ago

      He’s the actual richest man on the planet with a net worth of a quarter of a trillion dollars. The next richest person on the planet is Jeff Bezos with $197B

    • Semi-Hemi-Lemmygod@lemmy.world
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      3 months ago

      Not only that, but the folks who helped bankroll him saw what social media could do to organize protests and evade censorship and wanted to reduce its power. The Saudis saw the Arab Spring and shit their collective thobe.

  • eestileib@sh.itjust.works
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    3 months ago

    Musk did not buy this as an investment. He bought it to flip elections and manipulate public opinion.

    Tesla is writing him a check that will cover the entire purchase price, and Saudi Arabia and Russia will pay the operating costs.

    Active users are what matters; if they lost 75% of their users then I’m paying attention.

    • Wirlocke@lemmy.blahaj.zone
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      3 months ago

      Correct me if I’m wrong but I’m pretty sure he gave an outlandish bid for Twitter to manipulate it’s stock prices when he pulled put, but he was sued into following through.

      I don’t think he ever wanted to buy it, or at least he wanted to crash it’s value to come back and buy it on the cheap.

      • celsiustimeline@lemmy.dbzer0.com
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        3 months ago

        Given his unlimited resources, and the world’s worst people on speed dial, do you not think that the powers that be could have orchestrated that?

        • Wirlocke@lemmy.blahaj.zone
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          3 months ago

          If he was that competent why would he resort to openly pumping and dumping meme coins in public just prior to this stunt.

          He has some dangerous strings he can pull, but that doesn’t make him a good puppet master.

    • fluxion@lemmy.world
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      3 months ago

      We’ll never know since Musk is nurturing a state-funded “user”-base that will always keep their numbers inflated

    • deathbird@mander.xyz
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      3 months ago

      I think you’re giving the guy too much credit. Sometimes things are as they seen. He just didn’t like the moderation scheme on Twitter, made a gesture buying it, fumbled a little bit and overbid, then after having been forced to acquire it tried to turn it into something closer to what he wanted it to be.

    • frezik@midwest.social
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      3 months ago

      If he’s trying to flip elections, he needs to at least pretend it’s being operated in good faith.

    • scarabic@lemmy.world
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      3 months ago

      I think it’s even pettier than that. He’s the loud guy on the forum who literally bought the site so he could be admin.

      • reka@lemmy.world
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        3 months ago

        Honestly, everyone needs to listen to the episode of Search Engine about Elon. It’s such a clear narrative of what happened between the Iron Man cameo and now. It’s pure hubris - someone who is very unlikable desperately hungry for love to the point where his brain bust a fuse.

  • Red_October@lemmy.world
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    3 months ago

    Elon Musk’s greatest personal achievement has been his tireless work and incredible effort toward disproving the myth of Billionaire Exceptionalism.

    • GeneralInterest@lemmy.worldOP
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      3 months ago

      The funny part was when he said he was a free speech absolutist, but then he started restricting the free speech of people he doesn’t like

      • jonne@infosec.pub
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        3 months ago

        I actually check Twitter from time to time and it is slowly dying. Ken Klippenstein was one of the accounts I was following and now he’s gone too.

      • reev@sh.itjust.works
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        3 months ago

        “Y’all my current portfolio is worth 9 BILLION dollars!” “Ah sick, seems to be going pretty well for you.” “Yeah, I’m down 75%”

        “Still worth billions tho” is one of the dumbest things I’ve heard on this platform and that’s saying a lot.

        • TankovayaDiviziya@lemmy.world
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          3 months ago

          I’d cheer on if Elon Musk becomes a pauper. $9 billion is still worth a lot. It’s still, as the article says, billions.

        • Red Army Dog Cooper@lemmy.ml
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          3 months ago

          look even 1 billion is more than enough to live on for a lifetime and then quite a bit left over, so that is not really that dumb

          • IamAnonymous@lemmy.world
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            3 months ago

            While you are correct, that’s not the point of this article. It’s about how X lost value. Elon isn’t homeless, so yeah it’s still worth a lot of money.

  • Uriel238 [all pronouns]@lemmy.blahaj.zone
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    3 months ago

    We knew this was going to happen before he made the purchase.

    Everyone said, the best way for Elon to keep his money was to change very little, or even take a hands-off approach.

    Masnick suggested this would happen

    It was that and so much worse. Moral of the story: Running a huge social media service is hard. Maybe don’t assume that because you’re a billionaire you’re the best at doing stuff.

    • mynameisigglepiggle@lemmy.world
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      3 months ago

      Meanwhile he is on track to become the world’s first trillionaire

      I think the purchase was more about welding power than any financial gain

      • Da Bald Eagul@feddit.nl
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        3 months ago

        Twitter wasn’t profitable right? So most of the “value” is in the name of the product. Elon changed the name and added his signature to everything the platform was doing, completely changing the platform Twitter is. So yeah, I do get why 75% of the money is gone now.

    • deathbird@mander.xyz
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      3 months ago

      Masnick’s post is well put, but also a disturbing reminder of how much power nation-states can exert over the Internet.

    • postmateDumbass@lemmy.world
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      3 months ago

      The way to make it hurt is to establish a replacement that keeps discussions away from trolls and hate propaganda.

    • Gloomy@mander.xyz
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      3 months ago

      Masnick gives 20 levels of development. Elon stopped here:

      Level Two: “We’re the free speech platform! But no CSAM!”

      And that’s about it. Ex-Twitter has copyright infringement, hate speech and doesn’t give a fuck about local laws unless the law actually has teeth (Brasil, anybody?).

    • iAvicenna@lemmy.world
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      3 months ago

      “Maybe don’t assume that because you’re a billionaire you’re the best at doing stuff.”

      This is literally every second generation billionaire. They seem to have the tendency to believe that their success is solely due to their intelligence and not at all due to their parents’ connections and money.

  • istoff@lemmy.world
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    3 months ago

    If they influence the election to their desired outcome, then the value won’t matter. The damage will have been done.

      • fluxion@lemmy.world
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        3 months ago

        Yes, he gets a raging fascist boner every time someone fails to assassinate Trump because he thinks it’s the cue to go full Nazi but really he just keeps jumping the gun and making it far too obvious deeply part of Trump’s ongoing fascist takeover schemes and really not the guy we should have any significant government contracts with

        • bruhSoulz@lemmy.ml
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          3 months ago

          I see, thanks for the insight. I don’t have Twitter so I didn’t really know about this stuff 😂

    • 14th_cylon@lemm.ee
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      3 months ago

      that’s why he is the richest person in the world with 270B net worth.

      look, i hate the asshole as much as the other guy, but changing meaning of words and underestimating the enemy never helped anyone.

      • whyNotSquirrel@sh.itjust.works
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        3 months ago

        it’s just that he could take big risks (not even a smart one) in investment because he didn’t care about the money, he has so much that he can never lose it all, so of course if you can invest blindly you’ll for sure win at some point

        • 14th_cylon@lemm.ee
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          it’s just that he could take big risks

          yes, that is definitely part of his success. and since this strategy got him to position of richest person in the world, it is pretty clear that “genius at losing money” is not really accurate description of situation.

          as for twitter, he clearly is not in it for the money, otherwise he wouldn’t be there to begin with. he originally hoped to buy position of cheered and admired hero and when he failed, he settled for a position of hated douchebag. infamous still means people know you, i guess 🤷‍♂️

          • atrielienz@lemmy.world
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            3 months ago

            It would appear that he didn’t want to buy Twitter and was literally forced to do so. I think for him Twitter is a temper tantrum. He didn’t get what he wanted so he’s destroying everything around him as a result.

            More to the point though, I do wonder why he didn’t just pay the billion dollars to get out of the deal (with his 270 billion net worth - which by the way includes assets not necessarily liquid cash).

            I don’t know that he’s not in it for the money. I think the point is to destroy it so he doesn’t have to pay back what he borrowed to buy it.

            • 14th_cylon@lemm.ee
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              3 months ago

              More to the point though, I do wonder why he didn’t just pay the billion dollars to get out of the deal

              I don’t know that he’s not in it for the money.

              your first sentence explains he is not in it for money, if money were the concern, eating the 1b fine would be logical thing to do (i am not fact checking that 1b piece of information, i trust you on this).

              with his 270 billion net worth - which by the way includes assets not necessarily liquid cash

              that’s how it works, no one has 270 billion in cash

              I think the point is to destroy it so he doesn’t have to pay back what he borrowed to buy it.

              that doesn’t make sense, destroying twitter doesn’t absolve him of obligation to return money he borrowed.

              • atrielienz@lemmy.world
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                3 months ago

                This is just conjecture though. I do think he originally did not intend to buy Twitter. I do think he was essentially forced to buy it. I know from news articles around the time of the sale that he gave significant pushback when relevant parties forced the issue. Things may very well have changed after he became the owner (and what deals he made to be able to afford it may never be known).

                • 14th_cylon@lemm.ee
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                  3 months ago

                  I do think he was essentially forced to buy it.

                  he was, but it doesn’t contradict what i said. if he had a way to back out of his stupid bragging offer for 1b, and all he cared about was money, the reasonably thing would be to pay the fine, instead of paying 44 billion for something that doesn’t generate profit.

  • Phoenixz@lemmy.ca
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    3 months ago

    Musk is and always has been an incompetent yet lucky scammer.

    Twitter will be bankrupt within two years.

  • Rhoeri@lemmy.world
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    3 months ago

    Let’s everyone point and laugh. It humbles people like him, right?

      • Rhoeri@lemmy.world
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        3 months ago

        Appreciated. Yeah. That douche is the absolute worst, but everyone climbing over one another to call him out is just making him more and more relevant.

        • dubious@lemmy.world
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          3 months ago

          I tend to ignore posts about him. I wouldn’t even be commenting here if I weren’t just trying to see if I’m banned from this instance, or just political memes.