😳 Elon Musk's X (Twitter) Valuation Drops Heavily

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Hey Waivly Crew! 🌊 In today’s edition, we’ve got a variety of topics to explore.

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Here’s what’s on the horizon today:

• X has lost 79% of its value since Musk’s takeover

• Amazon is launching its own Shark Tank

• Tesla Cybertrucks are finally getting Full Self-Driving

Let’s dive in!

STORIES MAKING A SPLASH

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X has lost 79% of its value since Musk’s takeover

The value of X (formerly Twitter) has dropped significantly, now worth less than 25% of the $44 billion Elon Musk paid for it, according to a report from Fidelity. Fidelity, which initially invested $19.66 million in X, now values its shares at just $5.5 million, putting the company's total valuation at $9.4 billion.

X's financial struggles are evident, with ad revenue dropping to $2.5 billion last year, half of its 2022 earnings. Advertising accounts for 70-75% of the platform’s revenue. Amid this downturn, the company has relocated its headquarters from San Francisco to Texas and downsized its California office.

Despite Musk's efforts to boost morale with stock grant promises, employees remain doubtful after past broken commitments. Fidelity’s recent markdown reflects a 78.7% decrease in the value of its X holdings since March.

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The Drop In by DoubleBlind

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Amazon is launching its own Shark Tank

Amazon Prime’s new show Buy It Now, hosted by JB Smoove, puts a twist on the Shark Tank concept. Contestants pitch their products not only to celebrity investors like Gwyneth Paltrow and Tony Hawk, but also to an audience of "potential customers." If the audience votes in their favor, the products are sold on a special Amazon storefront, accessible via QR code during the show.

Each episode features one $20,000 prize for a standout product, with the rotating panel of celebrity judges also selling their own products. Amazon executives and Jamie Siminoff, founder of Ring, round out the investor panel.

Buy It Now debuts on Prime Video on October 30th, with 13 episodes airing through January. A behind-the-scenes podcast will follow each week, offering more insights into the business side of the competition.

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Tesla Cybertrucks are finally getting Full Self-Driving

Some Tesla Cybertruck owners are finally receiving Full Self-Driving (FSD) access, a feature missing since the truck's launch in November 2023. According to reports from the Cybertruck Owners Club, the FSD 12.5.5 update has been installed on vehicles in Tesla’s early access program, meeting the company’s September promise after releasing the Autopark feature.

The update includes a vision-based attention monitoring system, even for drivers wearing sunglasses. A Tesla fan account, Whole Mars Catalog, shared a 20-minute video testing FSD on a Cybertruck, showing the software largely working as it does in other Teslas, though it required driver intervention when nearly hitting a median.

FSD v12 operates using AI and cameras without extra sensors, with a more advanced version (v13) expected to launch in October.

VENTURE SPECIAL

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THE WAVES

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More Stories Surfing The Web

‎‎‏🔥 Europe's space agency will launch a satellite to watch it burn

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💰 SoftBank to invest $500 million in OpenAI

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