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Value of X has fallen 71% since purchase by Musk and name change from Twitter
(www.theguardian.com)
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this post was submitted on 02 Jan 2024
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That doesn't make much sense.
Suppose I have a trinket that everyone knows you are willing to pay $100 for.
If I offer it to someone else, they should be willing to pay me something pretty close to $100. Because if I sell it to them for $99, then they can sell it to you for $100.
And in fact as soon as Elon announced he wanted to buy Twitter, the stock price shot up. Other people wanted to buy it for nearly the same price, in order to sell it to Elon.
Sounds more like the market wanted to play Elon for the fool he is. Especially considering the depreciation thus far. But hey, I don't think he bought it for money. I think he bought it to silence his critics, destabilize an organizing platform, and get buddy buddy with the "right" people by allowing Nazis and crypto fascists back on the platform.
It's not just Elon. If any company is being bought out at $X/share, then the stock price will quickly approach $X.
Once someone is willing to buy at $X, everyone else won't sell for much less than $X. Imagine you have an old vinyl record and today you learned that some people are paying $100 for it. Maybe it wasn't worth much to you yesterday, but now it's worth a lot to you too.