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, Elon Musk's X is now valued at less than a quarter of its $44 billion purchase price, according to Fidelity.
“Fidelity is currently valuing X at about $9.4 billion”
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.
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.
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?).
“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.
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.
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
He tried to back out, I don’t think any of this was about anything. He’s just a dick with a weird sense of humor.
First step to becoming a billionaire: start with 1 trillion
I mean, yeah we all knew he overpaid, but losing over 75%? I didn’t expect that.
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.
Masnick’s post is well put, but also a disturbing reminder of how much power nation-states can exert over the Internet.
The way to make it hurt is to establish a replacement that keeps discussions away from trolls and hate propaganda.
Masnick gives 20 levels of development. Elon stopped here:
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?).
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“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.