Up In Smoke: Twitter

Where there’s smoke, there’s Space Karen

Super-genius, Bond villain wannabe, Space Karen is really lousy at bidness:

Fidelity slashed its carrying value of Twitter by 56% during the first month of Elon Musk’s ownership, according to a new disclosure.

That takes a special kind of jenius.

Driving the news: Fidelity was among the group of outside investors that helped Musk finance his $44 billion takeover of the social media site, by purchasing equity.

Fidelity is pretty full of jeniuses, too. They fell for the Myth of Musk BS.

  • It holds the Twitter shares in several of its mutual funds, under the name “X Holdings I Inc.”

By the numbers: Fidelity’s Contrafund valued its Twitter shares at $53.47 million on Oct. 31, which was just days after Musk’s deal closed. It then revalued the shares at around $23.46 million as of Nov. 30, representing a 56% decline.

  • Fidelity reports the same Twitter valuation cut in other mutual fund disclosures, including for its Blue Chip Growth Fund.

What to know: Fidelity is a Twitter shareholder, but doesn’t necessarily have proprietary knowledge about its business performance. Instead, the revaluation may be based, at least in part, on broader tech equity declines.

This entry was posted in Bankster Bastards, Bastards, Billionaire Bastards, blood sucking leeches, CEO Bastards, Elon Musk, Our Failed Social Media, Twitter. Bookmark the permalink.

1 Response to Up In Smoke: Twitter

  1. MDavis says:

    Just saw another post claiming Elon X’s actions regarding firing essential
    staff is just normal business practice. The theory went – fire the CEOs , then offer a choice to the next rank down of declare loyalty to new boss or leave the company. Then let them fire all the unnecessary employees.
    Funny, that’s not the way I remember it being reported, but what do I know, I’m no Romney.

    Liked by 1 person

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