Posted on 11/08/2023 8:08:05 AM PST by Cronos
X, the company formerly known as Twitter, handed out stock grants to employees on Monday that showed it was worth about $19 billion, down about 55 percent from the $44 billion that Elon Musk paid to buy the firm a year ago, according to internal documents seen by The New York Times.
Mr. Musk paid $54.20 a share to buy Twitter just over a year ago. The tech billionaire has since said he overpaid for the social network. In March, he wrote in an email to workers that he believed the company was worth $20 billion, calling it “an inverse start-up.”
.... In November, he famously made a joke about spending to buy a social media company, asking, “How do you make a small fortune in social media? Start out with a large one.”
(Excerpt) Read more at nytimes.com ...
Heck of a write-off.
Conversely, X is associated with Grok and the value of the stocks rises infinitely
It will probably be a wash for him, in the end. He’ll just keep writing down the losses until it’s absorbed. Liberals think they won by costing him money, but they don’t understand that it didn’t really hurt him in the long run.
Money on paper, a tax write off, and I’m sure Musk is doing just fine.
In other words, since X isn't P.C. anymore, it's not attractive to Woke corporations.
Here's a story from this past August:
https://www.investopedia.com/x-partners-with-integral-ad-science-7574262
KEY TAKEAWAYS
* X Corp. said on Tuesday it had signed a one-year deal with Integral Ad Science (IAS), an ad optimization and verification company that provides technology for detecting fraud on social media platforms.
* It's part of X's efforts to win back advertisers and address reports of growing hate speech on the platform.
* Advertisers have questioned Elon Musk's management approach and vision for Twitter, now X, since he took over last year.
But what does Judge Engoron say its worth?
Oh, sure, THEY say they’re worth $19B. I bet that if you shop around you can find a judge who will say they’re only worth about $5M. It’s probably a felony to claim they are worth any more than that.
There is no write off on a paper loss. To obtain the loss and the write off the stock must all be sold
There is a profitable gambit included. X is being associated with the Tesla Grok artificial intelligence products that have the lead over all other such ventures. The stocks are going to explode in value
$32,000 probably
Why do I have a feeling that Musk purposely drove down the price so that these particular stock grants would be worth much less.
If I am right, Musk will soon change the name back and stop acting nuts soon.
Twitter was never worth $44 Billion - regardless of what Musk may have paid.
Would have been cheaper to pay a psychiatrist for his ego problem.
Maybe he intends to buy up all the stock and take it private?
it was NEVER worth $44BB, that’s just what he paid for it...
It takes a long time to build up a brand name. I still can’t figure why Musk took a hugely recognizable name (Twitter) and replaced it with something goofy (X).
It would be like replacing the name “Amazon” with “Z”.
But then again, what do I know? Musk is a billionaire. I’m in the kitchen clipping grocery coupons.
“If I am right, Musk will soon change the name back and stop acting nuts soon.”
Anyone calling Musk nuts is nuts.
“Would have been cheaper to pay a psychiatrist for his ego problem.”
The value of the whole is worth more than the sum of the parts.
Sooo, it’s a hold or buy? It’s still generating revs. What’s not to like?
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