“Fidelity is currently valuing X at about $9.4 billion”
I found this funny.
And may it continue to crash and burn. It’s just 4 chan at this point.
It’s like 4chan but it didn’t know where the line was for the amount of right wing people to be on a social media and ran a marathon
4chan at least had a consistent brand of being the anti-social network and being full of Nazis, weirdos, pedophiles and people who are just anti-social for the lulz. You couldn’t ruin 4chan.
Twitter’s image was being the “internet town-square for serious thinkers” with politicians, scientists, journalists and a small but good measure of standard shitposters. Loosing that brand diminishes it’s value massively. Unfortunately neither Bluesky nor Mastodon was able to catch that clientele yet.
It was never worth 44 billion USD
False, because someone paid that much for Twitter.
It was worth 44bn to it’s former owners.
A real socialist! Took money from the rich to give it to the poor (minded). /s
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 money can’t buy - 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.
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.
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.
Lots of people spout this conspiricy theory, but Ive yet to hear a good reason why he had to be sued into naking the purchace (after making price manipulating statements) if it was some sinister plan.
Far more likely hes just a fuck up.
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.
PayPal and Tesla and SpaceX been pretty big successes. But Twitter is a real fuckup for him. It shows that his judgment and temperament and perfect boy genius mystique have all jumped the shark in a big way.
But Twitter is a real fuckup for him
Except it clearly fucking isn’t, it’s doing exactly what he bought it for, including convincing people like you to feel sympathy for him and his “loss”, which is equal parts hilarious and really fucking sad. You’re looking at his life from the point of view of a poor person, something he never was and never will be, yet he’s still so easily manipulated you in to feeling bad for him (and the billions he’s lost, leaving him… still the motherfucking richest person on the planet), and even fucking (think you) relate to him and the idea that he can “fail” just like you can, using you as a living breathing mouthpiece to make his life easier. Not yours.
perfect boy genius mystique
I just threw up a little in my mouth, thanks.
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
And I’ll never own a house, yay
Thanks, that’s one race I definitely don’t keep up to date on. All billionaires need to cease to exist.
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…
A cable subscription isn’t a depreciating asset, though.
To clarify, I was thinking of the depreciating asset part as a loss of value the same way that a subscription is.
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.
I suppose it’s too much to hope for, for RSS feeds to make a comeback. Or JSON feeds being more prevalent. I’m totally serious, I miss being able to just check the headlines without going through a bunch of bullshit.
The average family’s cable subscription doesn’t cost 20% of their net worth.
I think the average family’s net worth is a negative number, so you’re technically right.
Ouch.
keep sliding
Twitter has worth?
It has worth. It doesn’t have value.
Still worth billions though.
“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.
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
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.
May it sink even lower
Couldn’t have happened to a douchier bag.
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
The hypocrisy!
Oh, and you’ve never been a total and complete hypocrite with global consequences before?
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.
Elon Musk’s greatest personal achievement has been his tireless work and incredible effort toward disproving the myth of Billionaire Exceptionalism.
If I remember correctly the evaluation of Xitter has been around $9 Billion for years so they’re basically saying it tanked only a little if you adjust for inflation.
The value of Twitter when he bought it was $44 billion. We know this because his dumb ass bought it for $44 billion.
Regardless of what a sane person would pay for it, that was the value to him and so if the next highest valuation is $9b he lost $35b of value by overpaying.
You do raise a good point though. Twitter used to be valued at $9b when its value was speculative and the company was growing, now that we know it’s shit and getting worse it’s almost certainly worth less than that too.
I guess my point is that it isn’t worth an article in mid 2024 because it really only repeats what has been said a million times a about the subject. Even before it was bought. No one else would’ve paid much more than $9 Billion at any point because it is legitimately insane.
How to become a billionaire: Start with 54 billion
Elon is a genius at losing money.
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.
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
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 🤷♂️
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.
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.
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).
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 reasonable thing would be to pay the fine, instead of paying 44 billion for something that doesn’t generate profit.
No wonder he is starting to get along so well with Trump
Like his buddy Trump!
If he succeeds in using it as a propaganda platform to force the US into a fascist dictatorship, he will have gotten his money’s worth.
