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Elon Musk’s X is now worth less than a quarter of its $44 billion purchase price (techcrunch.com)

submitted 1 month ago by GeneralInterest@lemmy.world to c/technology@lemmy.world

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"Fidelity is currently valuing X at about $9.4 billion"

I found this funny.

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[–] scarabic@lemmy.world 1 points 1 month ago

Yes I did read your comment before :)

You’re saying that accepting his offer is not necessarily a statement of low confidence in their own business. I get you.

But we can’t separate the notion of it being a good price apart from its being a bad business. It was a great offer in part because the business was so poor. By all estimates he vastly overpaid.

So yes, it was a good price.

And yes, it was a bad business and yes they knew it. With no other offers on the table, they pulled out all the stops to ensure it went through. It was their and their shareholders only chance for a payday with the business as bleak as it was.

All of these things are true.