Fidelity cuts value of X stake, implying 72% drop since Musk paid $44 billion.

Since Elon Musk’s Twitter purchase, firm reportedly lost 72% of its value::Fidelity cuts value of X stake, implying 72% drop since Musk paid $44 billion.

  • AutoTL;DR@lemmings.worldBEnglish
    2·
    10 months ago

    This is the best summary I could come up with:

    One question is whether Fidelity sold any of its stake during November, but the latest drop in value isn’t surprising given the recent Musk-related controversies that drove advertisers away from the platform.

    "Assuming the fund hasn’t reduced its holding in X, the latest report implies the value of the entire company has also fallen by 72 percent.

    As Axios noted, "Fidelity doesn’t necessarily have much, if any, inside information on X’s financial performance, despite being a shareholder in the privately held business.

    Musk’s company sued California in September in an attempt to block the state’s content-moderation law but last week lost a key ruling in the court case.

    On Thursday, US District Judge William Shubb denied X’s motion for a preliminary injunction that would have blocked enforcement of the California content-moderation law.

    The state law requires companies to file two reports each year with terms of service and detailed descriptions of content-moderation practices.

    The original article contains 554 words, the summary contains 153 words. Saved 72%. I’m a bot and I’m open source!