> Nobody, including Fidelity, have any clue to the internals of Twitter now that it's private
Fidelity is an X shareholder. They absolutely have its financials.
On a quarterly basis their valuation committees have to value their holdings, including illiquid ones, in part to appraise how their managers are doing. In this case, their valuation committee wrote down the value of their equity in X to 25% of the original acquisition price. Given Twitter was about 1:4 levered on acquisition, that’s writing down the value of X as an enterprise to roughly half.
The reality is Twitter remains the figurative public square. You are being disingenuous if you are asserting financials are the only aspect to Twitter's value.
Given it's prevalence and importance, there is no way Twitter is worth 1/2 or 1/4 of what it once was. If given the opportunity to purchase Twitter - what would someone pay for it? What would someone pay for the single-most important and influential website/app in the world - the only one that has presidents and governments around the world make announcements and break news?
The mass exodus never happened - of either users and advertisers. This is flatly in fantasy land for Musk haters. It's amazing to witness.
> being disingenuous if you are asserting financials are the only aspect to Twitter's value
Straw man. We’re talking about the value of X, the company, not Twitter, the community. The former is what Fidelity and Musk own; the latter is what X ostensibly controls, but we’re getting into WeWork-style Narnia metrics when we start community adjusting numbers.
> given the opportunity to purchase Twitter - what would someone pay for it?
Not the purchase price! X’s minority holders have offered at a 50%+ discount. Nothing trading. The banks will sell you the loans at a haircut. Nothing trading.
We have a testably falsifiable level, and it’s somewhere below half what Musk paid. (Where, we don’t know, because the bonds are saying the equity is worthless while there are buyers of the equity at a positive price.)
Meh. Everything that's happened has been stupid as hell. There used to be some really interesting & helpful info streams on Twitter, weather alerts and streams of edits. There used to be academic research & people understanding trends of the world via Twitter. But now Twitter is trying to extract as much value as it can, make itself as opaque and unreadable as it can. Absurd API prices, no access for researchers, and you can't read much at all unless you are logged in.
Twitter has done amazing job at incinerating the value it once had as connective matter of society.
Also the algorithm now top-ranks a bunch of paid-for blue-check musk-ites and batshit-crazy-right-winger trash.
Fidelity is an X shareholder. They absolutely have its financials.
On a quarterly basis their valuation committees have to value their holdings, including illiquid ones, in part to appraise how their managers are doing. In this case, their valuation committee wrote down the value of their equity in X to 25% of the original acquisition price. Given Twitter was about 1:4 levered on acquisition, that’s writing down the value of X as an enterprise to roughly half.