Since Elon "Pedo Guy" Musk purchased Twitter for the $44 billion joke price he made up, Fidelity has written down 71.5% of their investment in the company. Changing the name to "X" did not fool anyone.
According to the new filing by Fidelity's Blue Chip Growth Fund dated Dec. 30 and reporting information through Nov. 30, Fidelity estimates the shares of X that it owns are worth just under $5.6 million. The filing said its shares in X represent less than .01% of the total value of the fund, which it said is more than $49 billion.
That's a sharp drop from the $19.66 million the Fidelity fund said its stake was worth around the time that Musk was finalizing his acquisition of Twitter, and 14.5% less than the $6.55 million the fund said its shares were worth last April.
Fidelity's latest filing was earlier reported by Axios.
CNN
Musk has been actively doing just about everything he can to destroy the business he bought. From his turbulent early days of firing everyone who wouldn't bring their own toilet paper, to his current era of telling advertisers who don't like his antisemitic conspiracy theories to fuck themselves, Musk has not done anything that looks like he wants the business to thrive. The one thing he has done is make it very clear he loves lawyers and lawsuits. Xitter seems to have more pending legal problems than new Tweets.
His management has been so awful and crazy that sometimes I wonder if there is some weird conspiracy theory end-game that Musk has been building toward, but that clearly gives the noted antisemite far too much credit.
