Investment

Fidelity massively writes down their investment in "X"

Published

10 months ago

January 3, 2024

Since Elon “Pedo Guy” Musk purchased Twitter for the $44 billion joke price he made up, Fidelity has written down 71.5% of their investment in the company. Changing the name to “X” did not fool anyone.

According to the new filing by Fidelity’s Blue Chip Growth Fund dated Dec. 30 and reporting information through Nov. 30, Fidelity estimates the shares of X that it owns are worth just under $5.6 million. The filing said its shares in X represent less than .01% of the total value of the fund, which it said is more than $49 billion.

That’s a sharp drop from the $19.66 million the Fidelity fund said its stake was worth around the time that Musk was finalizing his acquisition of Twitter, and 14.5% less than the $6.55 million the fund said its shares were worth last April.

Fidelity’s latest filing was earlier reported by Axios.

CNN

Musk has been actively doing just about everything he can to destroy the business he bought. From his turbulent early days of firing everyone who wouldn’t bring their own toilet paper, to his current era of telling advertisers who don’t like his antisemitic conspiracy theories to fuck themselves, Musk has not done anything that looks like he wants the business to thrive. The one thing he has done is make it very clear he loves lawyers and lawsuits. Xitter seems to have more pending legal problems than new Tweets.

His management has been so awful and crazy that sometimes I wonder if there is some weird conspiracy theory end-game that Musk has been building toward, but that clearly gives the noted antisemite far too much credit.

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Investment

S&P/TSX composite up more than 100 points, U.S. stock markets mixed

Published

1 week ago

October 16, 2024

Anne Joseph

TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Economy

S&P/TSX up more than 200 points, U.S. markets also higher

Published

2 weeks ago

October 11, 2024

Anne Joseph

TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Economy

S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

Published

2 weeks ago

October 10, 2024

Anne Joseph

TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.

The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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