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[email protected]English • 8 months ago

Fidelity cuts value of X stake, implying 73% decline in former Twitter since Elon Musk's takeover

cross-posted to:
technology

345

Fidelity cuts value of X stake, implying 73% decline in former Twitter since Elon Musk's takeover

@[email protected] to

[email protected]English • 8 months ago

cross-posted to:
technology

Fidelity helped Elon Musk with his Twitter takeover, earning a stake in X that's become increasingly less valuable.

Fidelity’s Blue Chip Growth Fund cut the value of its position in X by 5.7% in February, implying a 73% decline in the former Twitter Inc. since Elon Musk bought the social-media company.

Fidelity, which gained a stake in X by helping Musk complete his $44 billion purchase in October 2022, valued the position at $5.28 million as of Feb. 29, according to a report posted Saturday listing the fund’s holdings. A month earlier, the value was $5.6 million.

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6•8 months ago
‘the attention economy’ was based on growing the quantity of eyeballs, and assumed advertising would carry everyone.

then advertising money fizzled.
- @[email protected]
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  3•8 months ago
  Probably didn’t help when musk literally said “go fuck yourself” to advertisers.

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