Twitter has lost 66% of its value since Elon Musk bought it

The funny thing is, as a business, it was overvalued before the purchase and it’s overvalued right now.

The sad thing is that as a public utility it’s undervalued. But “market forces” place value in pretty stupid things (useless speculative assets) and not in essential ones (open source packages that hold the internet together)

That’s why I have high hopes for open source, standards based, interoperable, federated social media. The people need to have public places. People on the internet need to have public places. No private monopoly can be the owner of the “town square”