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www.axios.com

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).

  • roguetrick@kbin.social
    295·
    11 months ago

    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?

    • CustodialTeapot@lemmy.world
      1715·
      11 months ago

      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.

      • roguetrick@kbin.social
        5·
        11 months ago

        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.

    • dragontamer@lemmy.worldEnglish
      1·
      11 months ago

      IIRC, Fidelity already owned a bunch of shares and managed to just hold onto them through the buyout.