Fidelity cuts value of X stake, implying 72% drop since Musk paid $44 billion.
  • AllonzeeLV@lemmy.worldEnglish
    461·
    10 months ago

    Look at the sheer scale and number of massive, malicious mistakes that one of our billionaires makes, while having ZERO impact on their tangible quality of life or lifestyle. None. Their ego score goes down and nothing else changes. The people they laid off suffer, never them.

    Remember that when some pro-market capitalism class traitor nitwit inevitably tries to shame struggling people for daring to get a latte, eat Avacado toast, or get an education based on learning and growing as a person rather than solely insatiable greed.

    People in the little club basically have to rape dozens of people to finally be permitted to fail, like Harvey Weinstein.

    You aren’t poor because of “your bad decisions,” you’re poor because of a relatively small, insatiably greedy, powerful group of people that demand and expect almost all of the capital value your effort produces to go directly to them.

    • originalucifer@moist.catsweat.com
      103·
      10 months ago

      mush never intended for twitter to become profitable. his only real incentives here are:

      a. use saudi money to help kill twitter with some plausible deniability (for legal reasons) b. try my favorite ‘business tactics’ because i have nothing to lose

      he has been very successful at these intended actions

  • originalucifer@moist.catsweat.com
    31·
    10 months ago

    he fucked himself into being forced to buy twitter with his big fucking mouth.

    only then did he go shopping for who would want to help pay for this mistake… hmmm geee who would want to topple a bastion of liberal communication… in walks the saudis with more money than they know what do with.

  • AutoTL;DR@lemmings.worldBEnglish
    1·
    10 months ago

    This is the best summary I could come up with:

    One question is whether Fidelity sold any of its stake during November, but the latest drop in value isn’t surprising given the recent Musk-related controversies that drove advertisers away from the platform.

    "Assuming the fund hasn’t reduced its holding in X, the latest report implies the value of the entire company has also fallen by 72 percent.

    As Axios noted, "Fidelity doesn’t necessarily have much, if any, inside information on X’s financial performance, despite being a shareholder in the privately held business.

    Musk’s company sued California in September in an attempt to block the state’s content-moderation law but last week lost a key ruling in the court case.

    On Thursday, US District Judge William Shubb denied X’s motion for a preliminary injunction that would have blocked enforcement of the California content-moderation law.

    The state law requires companies to file two reports each year with terms of service and detailed descriptions of content-moderation practices.

    The original article contains 554 words, the summary contains 153 words. Saved 72%. I’m a bot and I’m open source!

  • theodewere@kbin.social
    1·
    10 months ago

    seems like every decision has been carefully designed to do the most damage possible to the brand, while still being mostly legal… although using twitter to troll legal systems worldwide also seems intentional…

  • zingo@lemmy.caEnglish
    1·
    10 months ago

    Social media as it’s worse.

    Facebook, Instagram, X and WhatsApp, all toxic waste.

    At least there are platforms like Lemmy, where people (most of the time) share knowledge in an “anonymous” environment, which is actually brilliant for passing on information to the next man, without the toxication and promotion of suicidal tendencies.

    Social media in the common sence always was a cancer in our modern society.

    One of the best thing I did till this day was to never have open a Facebook account. I see that as a personal merit!