Mutual fund Fidelity, which owns stake in social media platform, marks down value of its shares in disclosure obtained by Axios
  • Thisfox@sopuli.xyz
    4·
    1 year ago

    When the Japanese Earthquake information twitter account was throttled a few days ago, after the earthquake, there seemed to be this general realisation that they were not going to be able to use it for disaster communication any more…

  • Auzy@beehaw.org
    3·
    1 year ago

    Honestly, the only thing keeping X relevant, is news articles at this time.

  • CrypticCoffee@lemmy.ml
    2·
    1 year ago

    Maybe, but I don’t think Musk is running twitter for money. He’s probably doing what every billionaire is doing. Buying media to shape public opinion. Turning twitter right leaning to build public support for conservative policies that will benefit his other business is probably the play.

    Why worry losing 20bn when he could gain 50bn for SpaceX(SeX. Just seen that…) and Tesla? Sounds like a good return on investment.

    • 4dpuzzle@beehaw.orgEnglish
      1·
      1 year ago

      There are still people around who believe that he’s the tech messiah sent to deliver them to Mars.

    • agegamon@beehaw.org
      1·
      1 year ago

      Literally only the best strategies here! I mean lets recap:

      • Threaten to buy company then double down and agree in writing as a bullying tactic: check
      • Roll a nat 1 on your intimidation check: check
      • Be forced to follow through when called out on being mentally an 8 yo by the feds: check
      • Fire critical employees, like basically all of them: check
      • Yoink verification away from public news orgs: check
      • Let anyone pay to be “legit,” even if they’re parodying you: check
      • Rename twitter to the stupidest thing imagined since head-on (apply directly to the forehead): check
      • Gut content moderation policies but also stop enforcing regardless: check
      • Post own hate content and racism to the platform: check
      • “Accidentally” run ads next to hate content: check
      • Be told your sign sucks and to take it down by city: check (lol)
      • Become a living embodiment of “big yikes” energy while telling aforementioned advertisers to “go fuck yourselves” on live TV: check
      • Hallucinate about making x into a libertarian wechat alternative: check
      • Tank the value of the company while blaming literally anyone else for your failures: mission in progress, #1 priority

      10/10 solid buy, gonna grab some long calls rn. The koch boys and rupert murderjock must be holding back a tsunami of jealousy by now 🤣

    • some_guy@lemmy.sdf.org
      1·
      1 year ago

      He’s a genius playing 8D chess. You just don’t understand. By this time next week, Twitter will be the only website in the world and Lonnie will laugh at you from mars. Just watch!

      • renard_roux@beehaw.org
        1·
        1 year ago

        Insert Bond Villain Plot™ where he’s secretly buying all the EMP-hardened server parks in the world, and it’s getting ready to orbital-nuke everything except Shitter servers back to the stone age.

        And of course he will brick every phone and computer everywhere, so nobody will be able to use Shitter, but God damnit, it will be the only site left!

  • Amju Wolf@pawb.socialEnglish
    2·
    1 year ago

    As easy as it is to hate what he did to Twitter I wonder how much of that original value was just “VC hype” and now people see it for the failure it has always been like all social media in a way. Turns out it’s pretty hard making money out of non paying users.

      • Hazzia@discuss.tchncs.de
        3·
        1 year ago

        Man now I’m wondering who are the nerds holding up that last 29% of value it has.

        Whoever you are: just let go~ let Xitter sink unceremoniously into the abyss~

  • HalJor@beehaw.orgEnglish
    1·
    1 year ago

    I’d love to see the investment banks start to call their loans that financed this purchase in the first place.

  • AutoTL;DR@lemmings.worldBEnglish
    1·
    1 year ago

    🤖 I’m a bot that provides automatic summaries for articles:

    Click here to see the summary

    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.

    And in September, the European Union issued a warning to Musk after it found that X had the highest ratio of disinformation posts of all large social media platforms.

    That disclosure would cover the fallout from a number of major companies pulling advertising on X after Musk endorsed an antisemitic conspiracy theory, the New York Times reported.

    Since the takeover Musk has reinstated a number of people previously banned from the platform, including former president Donald Trump and the rightwing conspiracy theorist Alex Jones.

    Trump is facing more than 90 criminal charges stemming from subversion of the 2020 election that he lost to Joe Biden, retention of government secrets after his presidency and hush-money payments to porn actor Stormy Daniels.

    Meanwhile, Jones recently proposed to pay $55m over 10 years to the Sandy Hook families who sued him for spreading lies that the 2012 schoolhouse killings in Newtown, Connecticut, were part of a hoax meant to force the US to accept gun control.

    Saved 57% of original text.