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

I found this funny.

    • jonne@infosec.pub
      link
      fedilink
      English
      arrow-up
      62
      ·
      11 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
        link
        fedilink
        English
        arrow-up
        14
        ·
        11 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
          link
          fedilink
          English
          arrow-up
          4
          ·
          10 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
            link
            fedilink
            English
            arrow-up
            4
            ·
            10 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
      link
      fedilink
      English
      arrow-up
      8
      ·
      11 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
      link
      fedilink
      English
      arrow-up
      3
      ·
      11 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
      link
      fedilink
      English
      arrow-up
      7
      arrow-down
      9
      ·
      11 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
          link
          fedilink
          English
          arrow-up
          6
          arrow-down
          3
          ·
          11 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
            link
            fedilink
            English
            arrow-up
            2
            ·
            11 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.

  • ShareMySims@sh.itjust.works
    link
    fedilink
    English
    arrow-up
    172
    ·
    edit-2
    11 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
      link
      fedilink
      English
      arrow-up
      41
      arrow-down
      3
      ·
      edit-2
      10 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
        link
        fedilink
        English
        arrow-up
        8
        arrow-down
        2
        ·
        11 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
          link
          fedilink
          English
          arrow-up
          2
          ·
          9 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
        link
        fedilink
        English
        arrow-up
        6
        arrow-down
        1
        ·
        11 days ago

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

    • simple@lemm.ee
      link
      fedilink
      English
      arrow-up
      19
      ·
      11 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.

      • Womble@lemmy.world
        link
        fedilink
        English
        arrow-up
        3
        ·
        edit-2
        11 days ago

        Lots of people spout this conspiracy theory, but Ive yet to hear a good reason why he had to be sued into making the purchase (after making price manipulating statements) if it was some sinister plan.

        Far more likely he’s just a fuck up.

        • vaultdweller013@sh.itjust.works
          link
          fedilink
          English
          arrow-up
          1
          arrow-down
          2
          ·
          11 days ago

          Fucked up then adapted musk is a welpling but like every rich WASP be it from England or its colonies he is weirdly adaptable. Which is why the most effective method of WASP removal is via flamethrower.

    • celsiustimeline@lemmy.dbzer0.com
      link
      fedilink
      English
      arrow-up
      9
      ·
      11 days ago

      He’s the actual richest man on the planet with a net worth of a quarter of a trillion dollars. The next richest person on the planet is Jeff Bezos with $197B

    • Semi-Hemi-Lemmygod@lemmy.world
      link
      fedilink
      English
      arrow-up
      8
      ·
      11 days ago

      Not only that, but the folks who helped bankroll him saw what social media could do to organize protests and evade censorship and wanted to reduce its power. The Saudis saw the Arab Spring and shit their collective thobe.

    • scarabic@lemmy.world
      link
      fedilink
      English
      arrow-up
      1
      arrow-down
      2
      ·
      10 days ago

      PayPal and Tesla and SpaceX been pretty big successes. But Twitter is a real fuckup for him. It shows that his judgment and temperament and perfect boy genius mystique have all jumped the shark in a big way.

      • ShareMySims@sh.itjust.works
        link
        fedilink
        English
        arrow-up
        2
        arrow-down
        1
        ·
        10 days ago

        But Twitter is a real fuckup for him

        Except it clearly fucking isn’t, it’s doing exactly what he bought it for, including convincing people like you to feel sympathy for him and his “loss”, which is equal parts hilarious and really fucking sad. You’re looking at his life from the point of view of a poor person, something he never was and never will be, yet he’s still so easily manipulated you in to feeling bad for him (and the billions he’s lost, leaving him… still the motherfucking richest person on the planet), and even fucking (think you) relate to him and the idea that he can “fail” just like you can, using you as a living breathing mouthpiece to make his life easier. Not yours.

        perfect boy genius mystique

        I just threw up a little in my mouth, thanks.

        • scarabic@lemmy.world
          link
          fedilink
          English
          arrow-up
          1
          ·
          10 days ago

          I don’t know who you’re talking to. I have no pity for the man and don’t relate to him. I don’t have to argue with you over whether Tesla and SpaceX have been successful businesses because those are objective facts. It’s also pretty idiotic to deny that years ago, he had a boy genius aura about him - investors still throw billions at that image. Sorry it makes you throw up, especially because you already appear to be absolutely choking on Elon hate. I despise the man but I’m not slobbering all over myself with jealous disdain as you sound to be.

  • eestileib@sh.itjust.works
    link
    fedilink
    English
    arrow-up
    145
    arrow-down
    5
    ·
    11 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
      link
      fedilink
      English
      arrow-up
      55
      arrow-down
      2
      ·
      edit-2
      11 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
        link
        fedilink
        English
        arrow-up
        3
        arrow-down
        7
        ·
        11 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
          link
          fedilink
          English
          arrow-up
          19
          ·
          edit-2
          11 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
          link
          fedilink
          English
          arrow-up
          6
          arrow-down
          1
          ·
          edit-2
          9 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
      link
      fedilink
      English
      arrow-up
      22
      ·
      10 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
      link
      fedilink
      English
      arrow-up
      18
      ·
      10 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
        link
        fedilink
        English
        arrow-up
        9
        ·
        10 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
      link
      fedilink
      English
      arrow-up
      15
      ·
      11 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
      link
      fedilink
      English
      arrow-up
      2
      ·
      11 days ago

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

  • Red_October@lemmy.world
    link
    fedilink
    English
    arrow-up
    74
    arrow-down
    1
    ·
    11 days ago

    Elon Musk’s greatest personal achievement has been his tireless work and incredible effort toward disproving the myth of Billionaire Exceptionalism.

    • GeneralInterest@lemmy.worldOP
      link
      fedilink
      English
      arrow-up
      43
      ·
      11 days ago

      The funny part was when he said he was a free speech absolutist, but then he started restricting the free speech of people he doesn’t like

      • jonne@infosec.pub
        link
        fedilink
        English
        arrow-up
        2
        ·
        11 days ago

        I actually check Twitter from time to time and it is slowly dying. Ken Klippenstein was one of the accounts I was following and now he’s gone too.

  • Uriel238 [all pronouns]@lemmy.blahaj.zone
    link
    fedilink
    English
    arrow-up
    63
    arrow-down
    1
    ·
    11 days ago

    We knew this was going to happen before he made the purchase.

    Everyone said, the best way for Elon to keep his money was to change very little, or even take a hands-off approach.

    Masnick suggested this would happen

    It was that and so much worse. Moral of the story: Running a huge social media service is hard. Maybe don’t assume that because you’re a billionaire you’re the best at doing stuff.

    • mynameisigglepiggle@lemmy.world
      link
      fedilink
      English
      arrow-up
      21
      arrow-down
      1
      ·
      11 days ago

      Meanwhile he is on track to become the world’s first trillionaire

      I think the purchase was more about welding power than any financial gain

      • Da Bald Eagul@feddit.nl
        link
        fedilink
        English
        arrow-up
        17
        ·
        11 days ago

        He tried to back out, I don’t think any of this was about anything. He’s just a dick with a weird sense of humor.

      • Ilovethebomb@lemm.ee
        link
        fedilink
        English
        arrow-up
        5
        arrow-down
        1
        ·
        10 days ago

        Hasn’t his wealth kinda flatlined lately though? X is doing terribly, Tesla is struggling a bit, I think SpaceX is at least doing well.

        I don’t think he’s going to be a trillionaire any time soon.

      • jaemo@sh.itjust.works
        link
        fedilink
        English
        arrow-up
        3
        ·
        10 days ago

        Now, call me crazy, but if I was optimizing for maximum welding power, I’d start with oxy acetylene and at least try a few other options. How would buying a website even be a good start?

        No wonder people are making fun of him!