Argentina announces a 50% devaluation of its currency as part of shock economic measures

Yes in normal countries. But Argentina has an official fixed rates that is unrelated to reality. This means there are two exchange rates, the official one and the real one. Thie measure just puts the official one closer to the real one. And as Argentina uses gov money to pay the official rate thus this reduces the gov expenses and in the long term it stabilises the currency. Yes, in the short term its a shock to the economy making some thins more expensive (for those that had access to the gov rate) but its just bc before the gov subsidised those things indirectly.

Most of the ideas of this president are actually good. Its just a shame that he has to insult and act to apply them. He's just doing what the IMF has proposed for years and telling everyone it's a revolution.

Yes, but, it looks good on a certain internal report so no matter how much damage it does to poor People, go go austerity!
But never fear, the wealthy are already protected from any loss.

Adding to the other answers, there is also a 100% or so tax on any purchases done outside of the country, this tax is meant to push the cost when using official dollar to match the actual value.

The main problem here is that the tax is not going away so official dollar is going from 365(actually 730) to 800(actually 1600) when the street value is around 1000.

I just read on a Spanish headline that with this little trick (and aid cuts) he just multiplied Argentinians electric bill by 6x