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Murdoch invested in Theranos ~100M a few years ago https://www.theguardian.com/media/2016/nov/29/rupert-murdoch... You can only consider the investment "failed" if the company goes belly up. Till then, you have to wait to write the investment off (and request a tax credit on the loss). Selling it is a way to proof your investment is now worth ~zero - so you can write it off in the next fiscal year.

You can't realize the loss until you actually sell it. If you're about to realize 100 million in profits, it's better to offset that with a loss now than dragging it out over the next decade.

I don't understand why do you get a tax credit for a loss in stock investment. You don't get a tax credit for any other loss!