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.
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.