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submitted 6 months ago by MicroWave@lemmy.world to c/news@lemmy.world

The social media platform X has lost 71% of its value since it was bought by Elon Musk, according to the mutual fund Fidelity.

Fidelity, which owns a stake in X Holdings, said in a disclosure obtained by Axios that it had marked down the value of its shares by 71.5% since Musk’s purchase.

Musk acquired Twitter for $44bn in October 2022 and renamed the platform X in July 2023. Fidelity’s estimate would place the value of X at about $12.5bn.

The number of monthly users of X dropped by 15% in the first year since Musk’s takeover amid concerns over a rise in hate speech on the platform.

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[-] LucidNightmare@lemm.ee 14 points 6 months ago

At the end of the day I can only think that some idiot, who this life has given more wealth than they deserve, spent $44 billion on electricity. It really would be hilarious if I didn’t know where all the money could’ve gone to actually benefit humanity.

[-] GiddyGap@lemm.ee 3 points 6 months ago

It really would be hilarious if I didn’t know where all the money could’ve gone to actually benefit humanity.

True. Societies really shouldn't allow billionaires at all as long as there are people who struggle to put food on the table.

this post was submitted on 02 Jan 2024
506 points (97.4% liked)

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