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- cross-posted to:
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Fidelity has again marked down the value of its shares in X Holdings, which the mutual fund giant helped Elon Musk buy for $44 billion when the company was known as Twitter.
By the numbers: Fidelity believes that X is worth 71.5% less than at the time of purchase, according to a new disclosure that runs through the end of November 2023 (Fidelity revalues private shares on a one-month lag).
I mean, I don’t even understand why Fidelity felt the need to join the buyout. I guess they own a lot of meta stock so figure they’ll make up the stupidity induced losses?
Are you aware Meta stock is one of the best big tech performing stocks this year with 200% growth after the COVID bubble crash, and is just under 5% off it’s ATH?
It’s almost like professional businesses know what they’re doing (most the time) and random Lemming/redditors know actual jack shit.
I don’t think you understood my comment. I was implying that they owned enough meta stock that sinking Twitter would be a net zero situation for them if meta picked up the slack by taking twitters market share. They actually own so much they might even make a profit.
#fuckyourdividends
IIRC, Fidelity already owned a bunch of shares and managed to just hold onto them through the buyout.