Fidelity has cut X’s value by 79% since Musk purchase https://t.co/6MEQj5BPMP
— TechCrunch (@TechCrunch) September 30, 2024
Fidelity has cut X's value by 79% since 's purchase
https://techcrunch.com/2024/09/29/fidelity-has-cut-xs-value-by-79-since-musk-purchase/
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Who ever authorized that investment was a fricking idiot if they thought anything but this was going to happen. Musk made it pretty clear he didn't give a shit about it turning a profit
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He burned billions of other people's money just to have a soapbox. Chad move tbh.
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if a mortgage is "buying a house with other people's money"
He paid ~$25B outright, borrowed $7B from banks, a few existing large investors like dorsey and al waleed kept their share of the company, a bunch of investment companies bought the remaining shares for $7B.
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2008 subprime mortgages say hello
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Using a mortgage to buy a house is using other people's money. That's why youre a slave to the appraisal.
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What's the difference between giving and lending?
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givechads are carefree and can sleep easy whereas lendcels are constantly agonizing about recouping their "investment" and getting "their" money back.
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Tbh he attempted to destroy twitter and leftoids still use it
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Yea right
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Wasn't he basically forced to buy it because a tweet is a legal contract or something?
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He signed the no-take-backs clause like an r-slur because he thought he was smart enough to sue his way out of it
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Why was it ever worth 44b to begin with.
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it wasn't musk just overpaid
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Musk waived dd
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What was the value before? A lot of these big name sites never turned a profit to begin with.
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Almost certainly less than it currently is fricking valued but 1) there was fricking little motivation to truly analyze its value because it was fricking an effective tool for the fricking establishment and 2) Musk overpaid massively. He even realised it post-deal after analysing internal stats and tried to sue but got slapped down.
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kinda meaningless
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!lawyers any tax lawcels here?
I have a limited understanding of this concept but can't write a bunch of this loss off? If he can, could this be applied to spaceX and Tesla or is it solely apply to personal accounts?
I heard people will buy property to say their business is operating at a loss that year while maintaining it as an investment essentially.
Either way musk wanted control of narrative which is why he bought it. Same way Bezos bought Washington Post while it bleeds money.
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He realizes the loss when he sells shares in the company, and then he can deduct that from capital gains he had from selling other things (and to a very limited extent from other income that's not capital gains). But you don't get ahead by losing money and then deducting the loss; that's like losing a dollar and being happy you saved a quarter or two.
I'm assuming here he personally owns the shares (don't care enough to look at the details) but similar principles apply for more complicated situations.
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A small price to pay to save democracy.
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Bardfinn
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BARD BOT ALERT!Current streak was: 0 days 01 hours 13 minutes and 36 seconds
Record is 1 days 13 hours 09 minutes and 59 seconds by TheDunceonFlorist
Average time between mentions: 0 days 00 hours 54 minutes and 23 seconds
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sudo rm -rf /
Snapshots:
https://techcrunch.com/2024/09/29/fidelity-has-cut-xs-value-by-79-since-musk-purchase/:
ghostarchive.org
archive.org
archive.ph (click to archive)
https://old.reddit.com/r/technology/comments/1fsnrmw/fidelity_has_cut_xs_value_to_94_billion_from_44/:
undelete.pullpush.io
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archive.org
archive.ph (click to archive)
https://t.co/6MEQj5BPMP:
ghostarchive.org
archive.org
archive.ph (click to archive)
September 30, 2024:
ghostarchive.org
archive.org
archive.ph (click to archive)
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