“Fidelity is currently valuing X at about $9.4 billion”

I found this funny.

    • jonne@infosec.pub
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      5 days ago

      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.

      • EnderMB@lemmy.world
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        5 days ago

        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.

        • Kalysta@lemm.ee
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          4 days ago

          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

          • EnderMB@lemmy.world
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            4 days ago

            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.

    • celsiustimeline@lemmy.dbzer0.com
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      5 days ago

      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!

    • sqibkw@lemmy.world
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      5 days ago

      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.

    • Artyom@lemm.ee
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      5 days ago

      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.

        • skyspydude1@lemmy.world
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          5 days ago

          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.

          • NotMyOldRedditName@lemmy.world
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            5 days ago

            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.

  • eestileib@sh.itjust.works
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    5 days ago

    Musk did not buy this as an investment. He bought it to flip elections and manipulate public opinion.

    Tesla is writing him a check that will cover the entire purchase price, and Saudi Arabia and Russia will pay the operating costs.

    Active users are what matters; if they lost 75% of their users then I’m paying attention.

    • Wirlocke@lemmy.blahaj.zone
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      5 days ago

      Correct me if I’m wrong but I’m pretty sure he gave an outlandish bid for Twitter to manipulate it’s stock prices when he pulled put, but he was sued into following through.

      I don’t think he ever wanted to buy it, or at least he wanted to crash it’s value to come back and buy it on the cheap.

      • celsiustimeline@lemmy.dbzer0.com
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        5 days ago

        Given his unlimited resources, and the world’s worst people on speed dial, do you not think that the powers that be could have orchestrated that?

        • Wirlocke@lemmy.blahaj.zone
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          5 days ago

          If he was that competent why would he resort to openly pumping and dumping meme coins in public just prior to this stunt.

          He has some dangerous strings he can pull, but that doesn’t make him a good puppet master.

        • pyre@lemmy.world
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          3 days ago

          then why not buy it normally like a human from earth and instead involve this lawsuit to make himself look like an absolute moron

    • deathbird@mander.xyz
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      5 days ago

      I think you’re giving the guy too much credit. Sometimes things are as they seen. He just didn’t like the moderation scheme on Twitter, made a gesture buying it, fumbled a little bit and overbid, then after having been forced to acquire it tried to turn it into something closer to what he wanted it to be.

    • scarabic@lemmy.world
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      4 days ago

      I think it’s even pettier than that. He’s the loud guy on the forum who literally bought the site so he could be admin.

      • reka@lemmy.world
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        4 days ago

        Honestly, everyone needs to listen to the episode of Search Engine about Elon. It’s such a clear narrative of what happened between the Iron Man cameo and now. It’s pure hubris - someone who is very unlikable desperately hungry for love to the point where his brain bust a fuse.

    • fluxion@lemmy.world
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      5 days ago

      We’ll never know since Musk is nurturing a state-funded “user”-base that will always keep their numbers inflated

    • frezik@midwest.social
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      5 days ago

      If he’s trying to flip elections, he needs to at least pretend it’s being operated in good faith.

  • reksas@sopuli.xyz
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    4 days ago

    its worth comes from being able to influence world politics. Does he seem like someone who cares or needs money?

    • vvvvv@lemmy.world
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      4 days ago

      Twitter currently has $1.5 billion/year deficit which is a lot, even for Musk, to bankroll.

    • Kyrgizion@lemmy.world
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      4 days ago

      True, but that power is also diminished greatly as more and more regular users abandon the site. No eyes on the propaganda makes it worth a lot less.

      • kobra@lemm.ee
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        4 days ago

        Yeah I’m sure I’m not the norm but I’m actually shocked when I see companies advertising their talent’s twitter accounts on tv broadcasts. I truly can’t believe that site is still mainstream after everything that’s happened.

        Idk then I look over and see trump as a presidential candidate and ugh… I guess I’m just still not comfortable/accepting of how far off the rails things have gone 🙁

    • PriorityMotif@lemmy.world
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      4 days ago

      The natural language dataset is worth a lot. That’s why they’re and Reddit made the sites harder to use/scrape.

    • erenkoylu@lemmy.ml
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      3 days ago

      Does he seem like someone who cares or needs money?

      He got a massive load to buy Twitter, so yeah, he does.

  • Phoenicianpirate@lemm.ee
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    4 days ago

    My first thought is ‘I can’t wait for it to turn zero’ but then I realize that 79% decline from 44 billion still means it is worth 9.24 billion.

    And that is still a shitload of money.

  • ShareMySims@sh.itjust.works
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    5 days ago

    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.

    • CleoTheWizard@lemmy.world
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      4 days ago

      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.

      • yamanii@lemmy.world
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        5 days ago

        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.

        • regeya@lemmy.world
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          4 days ago

          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.

      • AbidanYre@lemmy.world
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        5 days ago

        The average family’s cable subscription doesn’t cost 20% of their net worth.

    • simple@lemm.ee
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      5 days ago

      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.