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?
He doesn’t “feel” any of this except in the ego, and the ego would hurt more if he admitted he was wrong. He can private jet around all day and not run out of money for the rest of his life. Maybe it delays his plans to be able to more fully buy people, but that’s not a feeling I’m curious to feel.
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.
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”.
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.
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
Not necessarily people. In this case a person. It only takes one sometimes.
or truth social at billions. or any bobble before it burst
“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.
‘the attention economy’ was based on growing the quantity of eyeballs, and assumed advertising would carry everyone.
then advertising money fizzled.
Probably didn’t help when musk literally said “go fuck yourself” to advertisers.
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Elon is a fucking clown. Ruined such a promising website.
Once it went public in 2013, it was ruined.
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.
Here is to another %27
