Fidelity has shrunk the value of its investment in the social media company
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That valuation is going to drop even more once Google Cloud and AWS turn off the servers; he hasn’t been paying the hosting bills.
How do you know?
It was in the news a while ago.
It seems this is the „find out“ part of his plan.
Tell me when it is 69% so I can say nice.
ETA 20th April 2024
Nice!
Reddit humour migrating too uh
Don’t give Reddit credit. It existed long before Reddit and will continue to exist long after Reddit. 69 will always be the funny sex number!
The funny thing is, as a business, it was overvalued before the purchase and it’s overvalued right now.
The sad thing is that as a public utility it’s undervalued. But “market forces” place value in pretty stupid things (useless speculative assets) and not in essential ones (open source packages that hold the internet together)
That’s why I have high hopes for open source, standards based, interoperable, federated social media. The people need to have public places. People on the internet need to have public places. No private monopoly can be the owner of the “town square”
Gasp!
Anyways…
66% so far
Such a weird concept to think of when it comes to something like Twitter.
I don’t think twitters value was ever reflected in a share price. It’s value was always to move and away opinions, which is far more difficult to put a value on. I know there is plenty of whining happening on Twitter, but as far as I can tell, there hasn’t been a truly mass exodus. As long as users are using the platform it’s value remains unchanged.
The saudis didn’t buy it because they think Elon is reapply smart. they bought it because in some way they think it gives them the ability to leverage or move public opinion. As long as we give it out eyes, it stays valuable.
Even if there isn’t a user exodus, the value can change if advertisers value the platform less and spend less on it.
While twitter is trying to make subscriptions a thing, the main revenue source is advertising so the value reflects the advertising potential.
I can’t imagine why. All his policies so far seem like they would be a hit with the general public.
Rip bozo
Of course it has. It was a pump and dump scheme and he got caught with his hand in the proverbial cookie jar. He’s a fucking idiot and has no clue about anything and only got where he is thanks to his dad. Fuck him.
Let that sink in.
Oof
@mook @carturo222
34% to go!
wait, you’re telling me bringing the sink into work didn’t magically save the company? Noooooooo
Twitter was always boring….
Not just boring, but self-important and toxic… The culture of that site was a disaster even before Elon got his grubby hands on it
Color me surprised!