Seems that hate speech doesn’t pay. Eh, Elon?

According to Fidelity: Twitter is now worth just one-third of what Elon Musk paid for the social-media platform.

Twitter is now worth just one-third of what Elon Musk paid for the social-media platform, according to Fidelity, which recently marked down the value of its equity stake in the company.

Musk has acknowledged he overpaid for Twitter, which he bought for $44 billion, including $33.5 billion in equity. More recently, he said Twitter is worth less than half what he paid for it.

It’s unclear how Fidelity arrived at its new, lower valuation or whether it receives any non-public information from the company. Fidelity first reduced the value of its Twitter stake in November, to 44% of the purchase price. That was followed by further markdowns in December and February.

Yahoo FINANCE

Twitter in reality was never “worth” $40 billion. Elon Musk grossly overpaid for a company that had no long-term strategy for making a profit except to allow hate speech and the expectation of millions of former right-wing hate mongers to return.

SOME came back. But only enough to make the social media site a dangerous place and forced more to leave than return.

*Beginning today, Back2Stonewall will no longer link to any Twitter posts unless it’s a last resort to verify a story.