Accounting isn’t real life. The dollar of revenue in your annual report isn’t quite the same as a dollar in the till. This is mostly OK and is often a good thing, from an investor’s point of view. But sometimes financial numbers can obscure rather than illuminate. Elon Musk’s X is a case in point.
Shares in the social network changed hands recently at a $44bn valuation including debt, the same amount Musk paid to buy it — when it was still called Twitter — in 2022. That’s a surprise for two reasons. First, tech stocks have recently been sliding. Second, not long ago, investors in the no-longer-listed X were writing down the value of their investments to a fraction of that amount.
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