The investor slashed the value of her stake in Twitter by 47 per cent. But that might not be enough given tech expert Scott Galloway’s ugly prognosis for the platform.
Australian super funds should take note: tech investor Cathie Wood has just provided a lesson on the need to transparently reflect changes in the value of unlisted assets by slashing the value of her firm Ark Innovation’s stake in Twitter by 47 per cent.
On Ark’s numbers at least, Twitter is now worth about $US23 billion . But that’s actually a reasonably positive view; US investment giant Fidelity put its worth at $US15 billion,But while Wood has acted swiftly to write down Ark’s Twitter stake, she remains a firm believer in Musk’s view that he can use the platform as the basis for his “everything app” that would bring together news, entertainment and financial services in an online town square.
, which climbed to 120 million users in a week. Meta boss Mark Zuckerberg has revelled in the success and his rivalry with Musk.Scott Galloway, a tech expert and professor at New York University’s Stern School of Business, argues Musk has done a remarkable job keeping Twitter afloat and functioning this year while cutting 80 per cent of its staff. But he says Musk’s erratic behaviour since the start of the year has also mired the company in dysfunction that has left it vulnerable.
There might be a little mayonnaise on that statement, but Galloway points out that recent history shows momentum in social media can be difficult to turn around. MySpace looked unassailable in 2008 but was effectively creamed by Zuckerberg’s Facebook three years later.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Why flexible work is causing office property prices to fall — and potentially your retirement savings, as wellThe shift to working remotely has led to a significant drop in office property prices, which could affect our retirement savings given superannuation funds invest more than $425 billion in unlisted assets.
Read more »
‘Delayed, deprioritised’: APRA fails on unlisted super risksSuper funds are not being properly scrutinised as they build up huge portfolios of illiquid unlisted assets, putting Australians’ retirement savings at risk, the authority that oversees financial regulators has warned.
Read more »
The global office property crisis has finally hit AustraliaThe decision to limit redemptions from an unlisted Charter Hall office property fund shows investors are spooked, and the market is in a difficult spot.
Read more »
Disturbing new theory on Titan sub implosionFive people perished when the vessel catastrophically imploded during the deepwater expedition last month.
Read more »