this post was submitted on 31 Mar 2024
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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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[–] FlyingSquid@lemmy.world 88 points 4 months ago (2 children)

I wonder how Elon feels about his "go fuck yourselves" statement to the advertisers who left now?

[–] DarkThoughts@fedia.io 86 points 4 months ago (2 children)

He'd double down if you'd ask him.

[–] evatronic@lemm.ee 13 points 4 months ago

Let's. Just to drive the point home to any remaining advertisers.

[–] phoneymouse@lemmy.world 7 points 4 months ago

I hope he does

[–] BrokenGlepnir@lemmy.world 4 points 4 months ago

He doesn't "feel" any of this except in the ego, and the ego would hurt more if he admitted he was wrong. He can private jet around all day and not run out of money for the rest of his life. Maybe it delays his plans to be able to more fully buy people, but that's not a feeling I'm curious to feel.

[–] Zier@fedia.io 60 points 4 months ago (1 children)

So the claim is twitter is now worth 11 billion. LOL More like 11 million. Elon & trump sure know how to kill a business.

[–] eran_morad@lemmy.world 43 points 4 months ago (1 children)

73% fucking lol. Shit’s worthless.

[–] phoneymouse@lemmy.world 14 points 4 months ago

There are people out there still claiming that Elon has proven you can run Twitter and similar companies with fewer employees so all tech companies should be laying more people off.

[–] doublejay1999@lemmy.world 30 points 4 months ago* (last edited 4 months ago) (5 children)

If anyone wants to take a stab at how twitter at 44bil was a blue chip growth stock, I am allll ears because it means I’ve been doing this wrong whole life .

[–] FlyingSquid@lemmy.world 32 points 4 months ago* (last edited 4 months ago) (1 children)

I'm not investor, but as far as I can tell, tech stock prices are based on magic. Look at the IPOs of Reddit and Truth Social.

[–] FlowVoid@lemmy.world 1 points 4 months ago (2 children)
[–] FlyingSquid@lemmy.world 19 points 4 months ago (1 children)

I didn't mean literal magic. I meant magical thinking.

[–] affiliate@lemmy.world 2 points 4 months ago

it’s so insane to me that he titled his book “*The General Theory of Employment, Interest and Money”. so much confidence in his ideas.

[–] big_slap@lemmy.world 14 points 4 months ago (2 children)

my answer: stock market prices are set at what people "feel" the stock price should be at. and that's all there is to it.

see: gamestop

[–] BrokenGlepnir@lemmy.world 3 points 4 months ago

Not necessarily people. In this case a person. It only takes one sometimes.

[–] joel_feila@lemmy.world 1 points 4 months ago

or truth social at billions. or any bobble before it burst

[–] FlowVoid@lemmy.world 11 points 4 months ago* (last edited 4 months ago)

"Blue chip growth fund" is just the name of a Fidelity mutual fund. It invests at least 80% into blue chip stocks like Coca Cola and American Express, and the rest into companies it hopes will grow.

The latter category includes X, Lyft, Roblox, lululemon, Rad Power Bikes and many others. Notably, a few investments in that category (like Sonder) are now completely worthless.

[–] Num10ck@lemmy.world 6 points 4 months ago (1 children)

'the attention economy' was based on growing the quantity of eyeballs, and assumed advertising would carry everyone.

then advertising money fizzled.

[–] hark@lemmy.world 3 points 4 months ago

Probably didn't help when musk literally said "go fuck yourself" to advertisers.

[–] RemoveEgoDivineFreedom@lemmy.world 26 points 4 months ago (1 children)

Elon is a fucking clown. Ruined such a promising website.

[–] tsonfeir@lemm.ee 21 points 4 months ago

Once it went public in 2013, it was ruined.

[–] Etterra@lemmy.world 22 points 4 months ago

I can't believe that Musky can't make enough money from his blue checkmark simp army. What a shock.

[–] RalphFurley@lemmy.world 8 points 4 months ago

I really hate this prick.

[–] istanbullu@lemmy.ml 6 points 4 months ago

Here is to another %27

[–] vegeta@lemmy.world 1 points 4 months ago