- cross-posted to:
- news@lemmy.world
- cross-posted to:
- news@lemmy.world
“Fidelity is currently valuing X at about $9.4 billion”
I found this funny.
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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.
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.
I don’t know who you’re talking to. I have no pity for the man and don’t relate to him. I don’t have to argue with you over whether Tesla and SpaceX have been successful businesses because those are objective facts. It’s also pretty idiotic to deny that years ago, he had a boy genius aura about him - investors still throw billions at that image. Sorry it makes you throw up, especially because you already appear to be absolutely choking on Elon hate. I despise the man but I’m not slobbering all over myself with jealous disdain as you sound to be.
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.
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.
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 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.
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.
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…
Edit: I did the math and it turns out that twitter has lost so much money that this is no longer a cable subscription. It’s about a 6% yearly loss to Elons net worth, dependent on his current stock values. Which means it’s not cable, but about the cost the average person spends on food in a year ($10,000 yearly cost to a 200k net worth). Still insane.
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.
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.
It’s a fair argument, especially given how much… entertainment he seems to derive from owning it.
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.
I doubt anybody would buy it for a tenth, tbh.
I’m confident you could unload the property for $4B easily enough. That’s somewhere in the neighborhood of $10-100/unique user amortized out over the life of the loan, which would be a steal via any other advertising medium.
Twitter still has real value. Hundreds of millions of people still use it, even in its deplorable state. And under new management, I’m confident people would flood back in.
You would have to prove that the hundreds of millions who use it are “people”.
Empty Internet Theory is a clever joke, but it doesn’t hold up under scrutiny.
FaceBook deleted 6.5 BILLION BOTS IN 2021.
Neither Facebook nor Twitter claimed 6.5B unique users.
Well then FB lied about it at this link HERE
They can delete 6.5 billion accounts without claiming they are active users.
May it sink even lower
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.
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.
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.
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.
Still this much? Damn dude cooled off
I remember thinking twitter was bad before he took over
It’s now a complete shadow of what it was even just a couple of years ago. Just a quarter of its value seems generous
They should tweet that
But then , they’ll get banned 😛
Isn’t Musk all for free speech ?
“Free speech for me, but not for thee” lol
Absolutely! He simply has a very original take on “freedom”, but we all know that’s a tricky word to pin down, so don’t think about it too much, and leave it to the big dogs to tell you when your freedom is being protected.
I just checked and it’s worth nothing to anyone important.
So basically it is more what twitter was really worth anyway
Honestly terrifying that they still think it is worth that much.
they still own the twitter trademark, that might be their biggest asset
Since they don’t seem to care about it, start using “tweet” for every social media post to devalue them further.
Tweets are a specific type of a microblog post you do on twitters. Have you tried tweeting, make your own twitter at https://joinmastodon.org/ today!
Which has been crashed and burned to a fraction of its value.
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.
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.
I understand the basics. I still find it difficult to grasp why it is worth 9 billion.
This actually isn’t the stock market, Twitter isn’t publicly traded since being bought.
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.
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.
I was going to say that they could have stopped the headline at “quarter” as far as I’m concerned.
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!
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.
I think MySpace is a more likely scenario that the former already.
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.
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
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.
A real socialist! Took money from the rich to give it to the poor (minded). /s
I don’t have the whole context so I might be missing some things, but the whole thing looks to me like “look at how much money I have to burn and how much I don’t care”.
Except a lot of the investor capital wasn’t his lol
He didn’t even want to buy Twitter, just manipulate the stock price by talking about buying it. Dumbass signed too much paperwork and waived too many rights, though, and found himself obligated to buy it anyway. Pretty sure he tried to fight it and lost.
So now he’s trying to not burn all his money, but he’s fucking terrible at it, so he’s just becoming a laughing stock.
Exactly this. He made an offer publicly, which was accepted and legally binding. He overpaid substantially and proceeded to run the company into the ground.
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.
Wow. That is brutal.
