Originally published at: Fidelity massively writes down their investment in "X" - Boing Boing
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Ehh, if he just wanted to destroy the website, he could’ve just pulled the plug on his first day.
Elon Musk is just a dumb motherfucker.
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Fidelity is obviously not very hardcore.
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Musk labeling Fidelity as “woke” in 3… 2… 1…
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A 70% drop in value seems quite charitable to Musk, still. Surely that presumes that Musk will pay back some portion of the loan and/or that Twitter could be sold for 30% of its former value at some point in the future, neither of which seems likely.
Things like this really drive home how totally incompetent some of the people working in finance really are. There was clearly no research done when the investment was made, just presumably someone hoping they could get rich off the billionaire without considering he got rich due to nothing but sheer dumb luck.
Even Musk admits Twitter isn’t worth anything, anymore. He just blames the entirely wrong people (i.e. not himself) for that state of affairs.
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Fidelity’s brand value is centered on making prudent investments for risk-averse clients. Even if this garbage was placed in a special high-risk fund (probably not), it looks like they’re still in the blast radius from Musk’s petulant and pricey meltdown.
ETA:
It looks like they’re also getting into Math Beanie Baby ETFs.
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