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.
I wonder how Elon feels about his “go fuck yourselves” statement to the advertisers who left now?
Elon is a fucking clown. Ruined such a promising website.
Once it went public in 2013, it was ruined.
73% fucking lol. Shit’s worthless.
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.
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 .
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.
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.
I didn’t mean literal magic. I meant magical thinking.
“Magical thinking” means something slightly different in psychology, having to do with personal agency. For example, the belief that rubbing a lucky charm will cause a stock price go up.
I think I prefer “animal spirits”, as per Keynes, which more or less means a desire to act based on irrational optimism. It’s closely related to the modern “FOMO” and “YOLO”.
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
Same way Truth Social is worth billions, despite any normal valuation would only make it worth about 35 million. Provided they were actually a growth company, which they are not, or they at least were profitable, which they aren’t either.
This may be politics, the rich and the Saudis collaborate to silence liberals, I wouldn’t be surprised if destroying Twitter gives Elon Musk benefits in more shady parts of the world. And where it is illegal to support Trump directly, they do it through buying worthless stock.
Remember Musk was on Trump’s MAGA board, and Elon Musk has become an open supporter of the same views Trump represent. And Trump has many decades of experience on how to cheat financially and launder money.
As it is today, Twitter is realistically worthless, as it has more debt than it is worth. Debt there is no realistic chance they will ever be able to pay.
Musk bought it either as ploy to silence Liberals, or out of spite because he is an idiot. I suspect it is as much the former as the latter.
“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.
I can’t believe that Musky can’t make enough money from his blue checkmark simp army. What a shock.
I really hate this prick.
