WaPo: Musk’s Partners In Buying X Have Lost Billions

September 2, 2024 Business, Social Media

The Washington Post reports:

His and his partners’ overall stake has shed $24 billion in value — a vaporization of wealth that has little parallel outside the realm of economic or industry-specific crashes, or devastating corporate scandals. Among those shouldering the burden: Saudi and Qatari business leaders and royalty; Silicon Valley venture capital and tech investors; and Twitter co-founder and former CEO Jack Dorsey.

“Elon’s done a tremendous amount of wealth destruction since he’s purchased Twitter,” said Ross Gerber, who said he invested less than $1 million, a stake he now considers worthless. The largest investors — those with stakes of $250 million or more — received the right to confidential business information as part of the deal, prompting concerns in Washington about the involvement of entities associated with foreign governments and their potential access to user data.

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