The markdown comes courtesy of Fidelity which now values its initial $19.66 million investment in X at just $4.18 million.
The asset manager, which helped Musk acquire the social network formerly known as Twitter, has further reduced the value of its holding in X to a total markdown of 78.7 percent as of August’s end, based on newly released disclosures from Fidelity’s Blue Chip Growth Fund.
Following X’s request to come back to the country, Brazil’s Supreme Court said it won’t lift its ban on the social media platform until X agrees to pay “just over $5 million in pending fines,” writes Reuters.
That reportedly includes a new $1.8 million fine for X having briefly gone live for some users in the country last week.
The company already said it would abide by Brazilian Supreme Court orders. Brazilian Supreme Court Justice Alexandre de Moraes ordered the X ban on August 30th.
The social platform has released its first transparency report in over three years, and we’ve linked the full document below so you can compare it against the last report from 2021.
Notably, X has suspended more accounts and obliged 20 percent more legal requests to take down or withhold user content since Musk purchased the platform.
[DocumentCloud]
Turns out the SEC doesn’t like it when you no-show on them. Now the regulator is seeking to penalize Musk for refusing to appear and testify in a probe into his $44 billion acquisition of Twitter.
The Twitter that spawned it may no longer really exist, but the absurdist US Consumer Product Safety Commission account is still going strong on X. Of course it’s getting in on Moo Deng.
By routing traffic through Cloudflare, for now:
A person close to Cloudflare confirmed that X had recently switched to using the company’s services but said that it was not actively trying to help X evade the block in Brazil. The person, who spoke on the condition of anonymity to discuss business with a client, suggested that regulators would most likely eventually be able to figure out how to block X again.
[The New York Times]
