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Elon Musk’s X is now worth less than a quarter of its $44 billion purchase price (techcrunch.com)

submitted 1 month ago by GeneralInterest@lemmy.world to c/technology@lemmy.world

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"Fidelity is currently valuing X at about $9.4 billion"

I found this funny.

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[–] scarabic@lemmy.world 2 points 1 month ago (1 children)

I think you make a good point. But we don’t have to guess whether they thought Twitter was struggling. We know it was.

Twitter never managed to develop an online ad business that matched the scale of its influence in popular culture and society at large. Twitter has lost money in six of the eight years since its IPO.

Source: CNBC

[–] JackbyDev@programming.dev 1 points 1 month ago (1 children)

My point is that if someone offers you a good price for what you believe you have have, you take it. If they thought it was good and they got a good price for it they'd take it. If they thought it was bad and they got a good price for it they'd take it.

[–] scarabic@lemmy.world 1 points 1 month ago

Yes I did read your comment before :)

You’re saying that accepting his offer is not necessarily a statement of low confidence in their own business. I get you.

But we can’t separate the notion of it being a good price apart from its being a bad business. It was a great offer in part because the business was so poor. By all estimates he vastly overpaid.

So yes, it was a good price.

And yes, it was a bad business and yes they knew it. With no other offers on the table, they pulled out all the stops to ensure it went through. It was their and their shareholders only chance for a payday with the business as bleak as it was.

All of these things are true.