TECH - 'He Has Resurrected X:' Wall Street Veteran Exec Explains Why Reddit Co-Founder's Praise For Elon Musk's 'Everything App' Vision Holds Despite Valuation Dip | Benzinga
On Wednesday, Reddit co-founder Alexis Ohanian praised Elon Musk’s ambitious plans to transform X, formerly Twitter, into the ultimate “everything app.” Now, Omeed Malik, a veteran Wall Street executive and CEO of Farvahar Partners, has piled on the compliments for the billionaire entrepreneur’s efforts.
What Happened: During an appearance on CNBC’s Last Call, Malik addressed whether the accolades from Ohanian were warranted, given reports that the social media platform’s value has plummeted to less than half of its purchase price.
Malik remarked, “He has resurrected X, or Twitter,” suggesting that evaluating X’s worth based solely on Fidelity’s metrics might not be the most accurate approach.
Malik referred to Fidelity’s decision to raise X’s value in its fund by 11% in December, despite holding the stake at a 68% discount compared to Musk’s original purchase price, implying a valuation of approximately $14.1 billion.
He highlighted how various companies are ...