this post was submitted on 02 Jan 2024
474 points (97.6% liked)

News

23261 readers
4742 users here now

Welcome to the News community!

Rules:

1. Be civil


Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban. Do not respond to rule-breaking content; report it and move on.


2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.


Obvious right or left wing sources will be removed at the mods discretion. We have an actively updated blocklist, which you can see here: https://lemmy.world/post/2246130 if you feel like any website is missing, contact the mods. Supporting links can be added in comments or posted seperately but not to the post body.


3. No bots, spam or self-promotion.


Only approved bots, which follow the guidelines for bots set by the instance, are allowed.


4. Post titles should be the same as the article used as source.


Posts which titles don’t match the source won’t be removed, but the autoMod will notify you, and if your title misrepresents the original article, the post will be deleted. If the site changed their headline, the bot might still contact you, just ignore it, we won’t delete your post.


5. Only recent news is allowed.


Posts must be news from the most recent 30 days.


6. All posts must be news articles.


No opinion pieces, Listicles, editorials or celebrity gossip is allowed. All posts will be judged on a case-by-case basis.


7. No duplicate posts.


If a source you used was already posted by someone else, the autoMod will leave a message. Please remove your post if the autoMod is correct. If the post that matches your post is very old, we refer you to rule 5.


8. Misinformation is prohibited.


Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.


9. No link shorteners.


The auto mod will contact you if a link shortener is detected, please delete your post if they are right.


10. Don't copy entire article in your post body


For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.

founded 1 year ago
MODERATORS
 

The social media platform X has lost 71% of its value since it was bought by Elon Musk, according to the mutual fund Fidelity.

Fidelity, which owns a stake in X Holdings, said in a disclosure obtained by Axios that it had marked down the value of its shares by 71.5% since Musk’s purchase.

Musk acquired Twitter for $44bn in October 2022 and renamed the platform X in July 2023. Fidelity’s estimate would place the value of X at about $12.5bn.

The number of monthly users of X dropped by 15% in the first year since Musk’s takeover amid concerns over a rise in hate speech on the platform.

you are viewing a single comment's thread
view the rest of the comments
[–] charonn0@startrek.website 15 points 10 months ago (1 children)

It wasn't. Musk was blowing hot air and offered a stupid-high share price. Twitter sued to force him to honor that price.

[–] DaCookeyMonsta@lemmy.world 12 points 10 months ago (1 children)

My understanding is that he was basically trying to manipulate the stock price by publicly offering a sum, and he couldn't back out without very clearly breaking SEC laws saying you can't use your influence to directly manipulate the stock market.

[–] Steve@startrek.website 4 points 10 months ago (2 children)

Maybe, but I really believe he was just shitposting and got called on it.

[–] Buffalox@lemmy.world 6 points 10 months ago

Absolutely, he is used to his lawyers being able to get him out of such messes, like when he called a rescuer a pedophile. But this time he screwed up to badly, and the lawyers couldn't rescue him from himself.
Elon Musk is a narcissist who thinks he can do whatever he wants without consequences. Which is mostly true, as there are very few exceptions. He just happened to hit on one of them.

[–] tswerts@lemmy.world 2 points 10 months ago (2 children)

Wasn't the penalty for not going ahead with the purchase 1 billion dollars? That seems to have been the better deal after all?

[–] mosiacmango@lemm.ee 3 points 10 months ago

That was only if he couldn't secure funding, which he could. It did not allow him to just pay the 1bil and walk away.

The contract he did sign was aslo recklessly stupid, basically saying "i wave all inspections and due diligence l and promise to buy this at $54.20/share." Later, when he tried to bring up "possible spam bots" as some kind of get out of jail free card, twitter execs just had to point to that line and say "pay."

He made a lot of noise about fighting the buyout, but the court he was going to would have 100% forced him to buy based on his means and cut and try contract twitter got that sucker to sign

[–] Steve@startrek.website 1 points 10 months ago