Elon Musk's investor chaos

Welcome, Tech enthusiasts.

2023 was a… chaotic year for Elon Musk. And a top investment firm wasn’t enjoying the volatility — cutting its valuation of X by over 70% since the tech mogul took over.

But with grand ambitions for ‘the everything app’ and a platform still ingrained in shaping public opinion — does Elon care? Let’s dive in…

In today’s tech rundown:

• Fidelity cuts X/Twitter stake value by 72% post-Musk

• New ‘vibrating’ pill tackles obesity

• 9 new products

• U.S. intervenes on ASML chipmaking exports

• Sam Bankman-Fried has additional charges dropped

• X reintroduces (very small) article headlines

Read time: 3 minutes

TODAY’S HEADLINES

TWITTER/X

📉 Fidelity cuts Twitter stake value by 72% post-Musk

The Rundown: Investment firm Fidelity just marked down its Twitter shares again, implying a 71.5% drop in value for the platform since Elon Musk purchased it for $44B in October 2022.

The details:

• Fidelity estimates its stake in the platform to be worth $5.6M, down from its initial worth of $19.7M.

• The valuation cut follows months of tension on the platform, with advertisers fleeing over lax content policies under Musk.

• The firm cut valuation rates by 10.7% in November following Musk telling advertisers to "go f*** yourself" during a live interview.

• The November drop comes in contrast to hot tech competitors like Meta (+4.9%) and Snap (+38%).

Why it matters: The decline highlights how Musk's chaotic tenure has devastated Twitter's short-term business prospects. But with Elon’s deep pockets and a platform that commands and shapes national discourse, the tech mogul is likely not sweating the valuation.

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MEDICAL TECH

💊 New ‘vibrating’ pill tackles obesity

The Rundown: MIT engineers just developed a vibrating capsule that activates stomach stretch receptors when ingested prior to a meal, creating an illusion of fullness that reduced food intake by 40% in animal testing.

The details:

• The vitamin-sized pill vibrates for 30 minutes after reaching the stomach, triggered by gastric fluids.

• The vibrations mimic the hormone signals and vagus nerve activation of a distended, full stomach — tricking the brain into feeling full.

• The capsule is a potential low-cost, minimally invasive alternative to drugs like Ozempic or treatments like gastric bypass surgery.

Our thoughts: It sounds simple (the researchers compare it to the classic trick of drinking a glass of water before a meal) —  but if proven safe and effective, a low-cost treatment like this could completely transform obesity care.

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SNIPPETS

X (formerly Twitter) has reintroduced article headlines over linked images on posts, aiding users in recognizing linked content.

The US government reportedly intervened to stop ASML from shipping certain chipmaking equipment to China even before the planned January 2024 export ban took effect.

NASA's Curiosity rover created a timelapse capturing the transition from dawn to dusk on Mars.

Microsoft President Brad Smith has shifted his stance on UK's Competition and Markets Authority (CMA), now praising it as "tough and fair.”

Telegram rolls out an update enhancing call functionality and introducing new animations, alongside a substantial expansion of bot features.

Sam Bankman-Fried's sentencing for his convictions, related to the FTX scandal, is slated for March 28, despite additional charges being dropped.

NASA's Juno spacecraft has revealed the impact of intense radiation on its instruments by capturing detailed images of Io's active volcanoes.

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THAT’S A WRAP

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