Fidelity marks down X valuation by 71.5%

And they still haven't changed the primary app domain to x.com. Such a joke. It will probably never happen due to the engineering complexities of such a switch with just a barebones engineering team and loss of institutional knowledge over the last year.

The List of Defunct Social Networking Services page on Wikipedia will be there for its time:<p><a href="https:&#x2F;&#x2F;en.wikipedia.org&#x2F;wiki&#x2F;List_of_defunct_social_networking_services" rel="nofollow">https:&#x2F;&#x2F;en.wikipedia.org&#x2F;wiki&#x2F;List_of_defunct_social_network...</a>

<i>&gt; “What this advertising boycott is going to do is kill the company,” Musk continued. “And the whole world will know that those advertisers killed the company, and we will document it in great detail.”</i><p>You tell &#x27;em Elon!

Isn’t this Elon putting his money where his mouth is? He’s stated many times that he bought Twitter due to free speech concerns and not to make money. It’s kind of weird to me that people on the internet aren’t praising him for being principled, and are instead laughing at him for (expectedly) losing money.

71.5% so far

It is curious as to why Fidelity is owning X shares. Is this on behalf of some sort of Fidelity mutual fund that invests in private companies? Or is some sort of alternative investment fund targeted at accredited investors only?<p>Or do they invest the Fidelity customer cash balances in some sort of David Swenson style diversified portfolio?

Who benefits of Twitter truly dies? Who has invested directly or indirectly in Twitter? What is the intersection of those two groups and what is their connection with Musk?

Interesting. Musk &quot;switched sides&quot; and suddenly twitter becomes the worst social media imaginable. To be honest, my feed didn&#x27;t change much after Musk took over.<p>Instagram is just business ads at this point, TikTok is adding ads and their feed is getting worse, I don&#x27;t even know what&#x27;s happening on fb. Reddit is somewhat bearable only if you follow enough subs.<p>I don&#x27;t want to be on an echo chamber when discussing general topics, politics, etc... That doesn&#x27;t get anywhere.

Is this the same Fidelity as in GameStop?

!!

If I have say... cars as a hobby. Turbochargers, wheels, parts, say I spend 20% of my disposable income on it and I have a good portion of my net worth tied into it as well (the cars themselves, the parts, etc).<p>Elon Musk spending $44b (which I don&#x27;t think he did as all cash all at once&#x2F;financed some) of his $250b net worth is like 17.5%<p>Even if it makes $0&#x2F;goes to $0, it&#x27;s just basically his hobby&#x2F;a passion project for him, no? Should his goal be to make money&#x2F;not lose money at an enormous scale? Probably. But he&#x27;s obviously eccentric. Isn&#x27;t this kind of on-brand for him?<p>He probably thinks he&#x27;s better than most people. &quot;Your hobby is tennis, my hobby is international social media platforms&quot;.