Fidelity has shrunk the value of its investment in the social media company
  • quellik@lemmy.ml
    28·
    2 years ago

    That valuation is going to drop even more once Google Cloud and AWS turn off the servers; he hasn’t been paying the hosting bills.

  • zerkrazus@kbin.social
    10·
    2 years ago

    Of course it has. It was a pump and dump scheme and he got caught with his hand in the proverbial cookie jar. He’s a fucking idiot and has no clue about anything and only got where he is thanks to his dad. Fuck him.

  • Mars@beehaw.org
    91·
    2 years ago

    The funny thing is, as a business, it was overvalued before the purchase and it’s overvalued right now.

    The sad thing is that as a public utility it’s undervalued. But “market forces” place value in pretty stupid things (useless speculative assets) and not in essential ones (open source packages that hold the internet together)

    That’s why I have high hopes for open source, standards based, interoperable, federated social media. The people need to have public places. People on the internet need to have public places. No private monopoly can be the owner of the “town square”

  • fomo_erotic@lemmy.ml
    91·
    2 years ago

    Such a weird concept to think of when it comes to something like Twitter.

    I don’t think twitters value was ever reflected in a share price. It’s value was always to move and away opinions, which is far more difficult to put a value on. I know there is plenty of whining happening on Twitter, but as far as I can tell, there hasn’t been a truly mass exodus. As long as users are using the platform it’s value remains unchanged.

    The saudis didn’t buy it because they think Elon is reapply smart. they bought it because in some way they think it gives them the ability to leverage or move public opinion. As long as we give it out eyes, it stays valuable.

    • laxe@lemmy.ml
      6·
      2 years ago

      Even if there isn’t a user exodus, the value can change if advertisers value the platform less and spend less on it.

      While twitter is trying to make subscriptions a thing, the main revenue source is advertising so the value reflects the advertising potential.

    • vhstape@beehaw.org
      4·
      2 years ago

      Not just boring, but self-important and toxic… The culture of that site was a disaster even before Elon got his grubby hands on it

  • Jarmer@kbin.social
    3·
    2 years ago

    wait, you’re telling me bringing the sink into work didn’t magically save the company? Noooooooo