If Musk was so damn smart how did he manage to lose

X, formerly known as Twitter, has lost $24,000,000,000, or 24 billion dollars, in two years. It takes a special kind of stupidity to lose that much money that quickly.

Since late last year, Fidelity has consistently valued the X stake in one of its funds 70 percent below the purchase price, a drop in valuation first reported by Axios. Figures released Friday show that Fidelity now values that stake about 72 percent lower than when Musk took over X, taking its overall portion of the company from a valuation of around $316 million to $88 million.

Based on a Washington Post analysis using Fidelity’s estimates, the eight largest initial investments that were reported to the U.S. Securities and Exchange Commission or otherwise publicly disclosed are worth about $5 billion less than when Musk bought X. His and his partners’ overall stake has shed $24 billion in value — a vaporization of wealth that has little parallel outside the realm of economic or industry-specific crashes, or devastating corporate scandals.

Source

Tesla is having its problems as the public is increasingly becoming aware that Musk is running a giant grift. There have been no new models in over five years, and no lower-priced cars as promised; all Musk does is promise things that he claims will happen. Musk promises humans will be on Mars in four years; he is full of it. Let him get a man on the moon first and have that man return. The moon is a lot closer.

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top