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”
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”.
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.
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”.
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.
Except a lot of the investor capital wasn’t his lol