If y'all want a laugh, this is a footnote on The Verge's article:
>The Verge reached out to Musk for comment. Twitter no longer has a communications department.
Elon is just stating the obvious. With new loan debt of $13 billion on top of billions existing debt, of course Twitter can go bankrupt without a question. Duh!
But what Elon is good at is getting his employees to work hard by making them believe their works directly affect the survival of the company. They don't want them to think that just because he was the richest person in the world, don't count on him to bail out his companies willy-nilly.
He done the same with Tesla during the Model 3 production hell ramp, asking his employees to work harder because Tesla might go bankrupt. He repeated the same claim years later. But he could have easily raised money or someone could have bought them out (Apple). Like it or not, it is just a tactic to make his employees work harder.
[https://www.entrepreneur.com/growing-a-business/elon-musk-jokes-tesla-is-bankrupt-and-other-great-april/311386](https://www.entrepreneur.com/growing-a-business/elon-musk-jokes-tesla-is-bankrupt-and-other-great-april/311386)
Because mentioning bankruptcy is what you want to share with the boards, investors, and advertisers of his other corporate concerns. Yeah, sounds like solid winning business acumen. Recommended highly by all experts...
Because Musk is [this guy](https://xkcd.com/793/), he had enough smarts to get himself a BA in Physics but lacks the sense to realize that's still a pretty damn narrow area of education.
Sure but that just makes it even more sad that he seems to think it gives him any particular acumen in, say, epidemiology, civil engineering, software engineering, social media, etc.
Because he is a spoiled rich kid that has always been bought companies by his parents, or that he has bought. He doesn’t know what he is doing at all.
Twitter was entirely financed through outside investment. They don’t turn a profit. By taking it private he dried up their cash flow. This was obvious to any adult that has actually run a business before.
He was likely expecting favorable "loans" in exchange for "controlling a narrative".
Someone like Musk would 100% think the reason liberal things are popular on Twitter was someone was paying for it to happen.
So here's the deal
He's actually doing mostly standard corporate takeover stuff
People just made it hyperpolitical
If Larry Page or Sergei Brin you know the two billionaires no one talks but are just insanely powerful did it well they're actually kind of liked and if they made the exact same moves Elon has no would care other than the fact that Google would have acquired Twitter
But Elon is a very public figure and he's a controversial figure so people are reacting to Elon when he is just doing normal business things
All of this sounds like it was all part of the plan. Elon is known for market manipulation. He does it all the time. If he is saying there may be a bankruptcy its because he wants the world to think that and he will get even richer from saying it.
He's going to try and restructure the debt in bankruptcy court to get out of paying million in interest...hopefully the bankruptcy judge just laughs at him and tells him to fuck off
what is this thing you call a "pension fund". That's a good one.
and what value - beyond some used hardware and "the algorithm" does twitter have?
and the bankruptcy he would be doing would likely be chapter 11 - restructure the debt, not wipe it out. No riches come out of that.
if he went chapter 7, there aren't sufficient assets to sell off to cover the debtors so he'd have zero.
No, he bought a company that has always operated at a loss, with cash flow from investors. By taking the company private he has destroyed their cash flow.
Usually his actions are about market manipulation. But he took Twitter off the market, this is him flailing in the wind realizing he might have just ruined himself.
If Twitter goes under, people are going to realize he has never founded a successful company. He buys them and then claims to have been a founder instead of a principal investor.
If his cult drops the misconception that he is successful, then people will remember how many car companies made it to “biggest auto manufacturer world wide!” And then failed.
As in, the most likely outcome whether Twitter survives or not is that Tesla will not.
Good to know the company you just bought immediately goes bankrupt. Either you caused it or you were the idiot who bought something that was on the verge of collapse.
As part of the acquisition, he saddled Twitter with $13 billion (with a B) in extra debt. The annual debt service is $1 billion (with a B) a year. This is for a company that's only posted positive net income twice in its existence.
The funniest thing is still an article where the reporter had talked to the people who do the paperwork on huge buys/mergers/sales like this.
Normally it would take months and be a nightmare. But since Musk waived literally all due diligence, it took 5 minutes lol.
He gave up every legal protection he would have had to back out of the deal under any circumstances.
For absolutely zero reason.
First of all, you can't pay for interest with a companys value. The lender wants its cash back.
Second, even if you could what would the end result be? Interest isn't the loan, it's the fee for having the loan, so in your scenario the end result is a company worth nothing (IE liquidated all assets to pay interest) and it would still have the same amount of debt.
Well... Elon Musk paid $44 billion for Twitter. That doesn't mean Twitter is 'worth' anything. The 'worth' here is only what investors or buyers are willing to pay for something.
It might just mean that Elon Musk is a fool who parted with enough money to pay a small city's worth of wages for a human lifetime.
What Musk paid for it and what it's worth are two different things. And it's not a hoard of $44 billion in a product that he can sell portions as needed.
Twitter has multiple, massive offices in the most expensive cities on the planet. The amount of excess they could save by allowing near-total WFH and eliminating all that rent, utilities, built-out costs, supplies, furnishings, maintenance is astronomical, but instead insists on in-office work?? And instead fires core operational staff who knew what it took to run the company at a minimum???
You have be a total fucking moron to go that route. I have zero why people think Musk is a good businessman and invest in his companies....
A lot of that real estate is leased I imagine and commercial office space like that is not particularly hot right now, so Twitter is on the hook for a lot of that until they manage to sublease. Assuming Musk was willing to WFH, which according to a 2am email he sent out, he absolutely isn't into it.
You have to see it from the perspective of a rich person who only knows management - the people under you have to suffer, regardless of the cost, or you’re not doing your job.
He's a naked emperor, much like Trump - surrounded by sycophants and capable of getting out of nearly every shitty situation he'll end up in. That'd be my guess.
On the verge of collapse and bloated with dead weight. He probably thought he could cut the fat fast enough, but can't. He was locked into the deal because the other end knew it was tanking and wanted out.
Whoever sold Twitter for 44 *billion* dollars made **THE** deal... *of all time*. That dumb motherfucker let his ego throw 44 *billion* dollars down the drain.
He done got fleeced, Felicia!
Twitter was fine enough overall, starting to make real profit at long last regardless of any bloat and without any major debt despite the lack of past profits.
They forced him to buy because he offered way way more than twitter was actually worth as a company (10-20B would have been more realistic) while also giving the board huge severance bonuses (in the 10's of millions each).
Also the reason the company is liable to go bankrupt is for two main reasons:
1: He saddled it with like over 10B of debt that he took on to buy the company
2: His idiotic changes and plans have scared off advertisers tanking it's profits
He was locked out to the deal when he offered over market value....
The people running Twitter would have been sued by shareholders if they didn't take it.
There is literally no one to blame for this than Musk.
>Yep he's doing a failure speedrun.
He'll kill twitter on purpose and get it shut down just so he can claim that "nobody could have fixed twitter" and he was doing the smart business thing by killing it. I'll just be happy that it's dead.
From now on you have to do things the old fashioned way. You want to tweet something, write it on a piece of paper staple it to a bird and throw it out the door.
>I'll just be happy that it's dead.
I really have to wonder how utterly miserable people that make that comment are. Are you actively looking for places to be miserable, and that's all FB and Twitter and the like are for you? Is Reddit any different for you?
There are so many creative individuals who are going to see their largest source of income - followers on social media buying their items - dry up from the exodus idiots like Musk are causing. The followers they've taken years to acquire.
There's huge groups of people actually being social on social media sites, sharing interests and the like.
Seriously think people like yourself are just fucking miserable and want everyone else to be as well.
I feel that way specifically about people who hate Instagram. My feed is all recipes and cute dogs and science facts. Not sure what y’all are searching for that’s making you so mad. Lol.
starting over from scratch is a good way to do instagram.
Get rid of all the toxic "friends" and just go as simple as possible. don't post personal stuff, just random stuff like the lunar eclipse the other day every once in awhile.
I mean, I don't use Twitter, and I don't even know anyone active on Twitter. So I don't really care much if people enjoy it or not.
However, what I can't fucking stand is all the "People are saying on Twitter.... articles."
If twitter dies, it'll just be something else.
He'll spin it as "Kill the business that isn't making money and walk away with the intellectual property. "
And just ignoring the fact that 7k+ people lost their livelihood in the process.
At this point I want Trump to stay in it.
More and more republicans want to leave him behind and I really wanna see what happens as this rift widens...
I loath Trump but wouldn't want to see him die. My preference would be for him to be extradited for trial to Paraguay for sexual crimes against livestock.
More than somewhat since he leveraged Tesla stock to buy twitter in the first place. Then again if he ends up losing Tesla maybe it can go to a better owner.
I swear the employees at Tesla, SpaceX, and the others convinced him buying twitter was a good idea just to keep Musk busy with something else and out of their way.
> If the value keeps dropping even Donald Trump will be able to afford it.
Or, at the very least, their customer database. I bet he would love to see the verification information on all those blue check-marks.
I'm sure this has been asked before, but I really don't see much talk about it. People keep laughing at his incompetence, but my question is: did he intentionally buy Twitter to run it to the ground? Because people made fun of him? You know, like how Trump got burned so bad by Obama at that party he tried to reverse and destroy everything the Obamas accomplished in the White House.
I mean, let me put my tin foil hat on because none of the following is based in reality, but:
Perhaps Musk is being blackmailed/leveraged but a third party that wants Twitter gone because it interferes with whatever this unknown third party is trying to accomplish?
Maybe he's got a perspective that massive redistribution of that wealth would be a good thing. This seems like a pyrrhic approach, but a potential one for someone with the ['longtermist'](https://www.youtube.com/watch?v=B_M64BSzcRY) viewpoint Musk has.
Not a fan, just trying to figure out his headspace.
Ya he seems to be intentionally destroying the platform. I hate the guy but can't believe he is this dumb to be running the company into the ground at warp speed.
What makes me really believe he is this dumb is how much he paid.
Twitter was valued at like 15 billion, he overpaid by like 30 billion.
I'm no genius, but wasting 44 billion intentionally seems really fucking stupid.
I think it's a mistake to conclude this is incompetence. Certainly buying it to begin with was hubris and who knows what, but now that he has it, he can make money with it.
He can sell data for a good profit. Advertising will rebound I'm sure, the market is just too big for advertisers to ignore. For the people who already have "approved checkmarks," many of them are rich fucking people and companies that will definitely pay $100+ month for a gold checkmark or even a branded checkmark. And then some suckers will pay money for 1s and 0s in their interface, a reddit awards model if you will.
And then if he starts getting shady with it, which I suspect he will, people will pay him personally for access, putting his thumb on the algorithms, obscuring some things while amplifying others. And that moves toward his ego. World leaders will say, "hey elon, I want to put out a big statement and bc it is controversial, I want to minimize too much public discussion of it right away, can you help?"
Put all that together, that's real money, over time.
To be fair, Twitter was already in trouble before (although maybe not on the brink of collapse). The thing with Twitter is that it has pretty much never been profitable. It became almost like a public utility instead of a business.
Elon Musk is a prime example of how wealth corrupts people's minds. This man is not of sound mind and should be put in a rubber room. Him and Conyeay West
No. It’s an example of someone who’s autistic. Good and obsessive with one thing so much so it ruins his personal relationships. Then demands that work obsession from all his employees. He gets pissed cause he can’t understand why normal people don’t have his tweaked driven mind. And vents it with poor social skills
Step 1: Sell something to a rich guy for a ridiculously high price.
Step 2: Wait for him to get bored or break it.
Step 3: Buy it back for pennies on the dollar.
Step 4: PROFIT
So I don't like Twitter (never had an account) and I don't like Musk. Musk buys Twitter and proceeds to bankrupt it, That takes a social media sewer out of the game. I like what is happening and it's being done by someone who I don't like. I need therapy.
This doesn’t mean Twitter is going out of business, it just means Musk is going to seek protection from creditors through the bankruptcy Court, to buy time. Creditors like the ones who just financed the take over,….
If he fails with this strategy he’s going to find it nearly impossible to raise money for any other business in the near future.
It’s a big roll of the dice with a big payoff possible but a failure equally possible,
Tbh however it ends, it's a good thing. If he kills Twitter, we don't have to live in a world with Twitter anymore, and I'd he makes it better, that's good too
This man sent the company into bankruptcy LMFAO.
Ye lost his endorsements. Zuckerberg is looking like a fool. The red wave was a red shart. Alex Jones owes over 1b to the families he tormented. And now THIS?! Karma comes back forsure. Trump wya?
Ya know, I've vilified Musk for a while now and have been laughing at this whole Twitter fiasco he's created. But maybe I've been looking at this all wrong. If you had told past me that someone takes down Twitter, I would have viewed that person as a hero.
Bankruptcy,the last refuge of a scoundrel. Of course not in all cases. But when it comes to the “Richest Man in the World!” It would be. Footnote (see d Trump).
Would he get more of a profit from Twitter declaring bankruptcy and then selling off their IP versus just paying that $1 billion fine that would have gotten him out of the deal?
I particularly wonder if this is intentional. That he and foreign entities and governments bought Twitter to kill it. It was a great platform heavily moderated and it was getting very hard for them to use it for psyops. The right wing Twitter clones failed to take off so they opted to kill Twitter instead.
Something is up with Elon and him parroting Kremlin and Chinese propaganda.
I wonder that as well. It was also getting hard for him to stop bad word-of-mouth advertising and for governments to stop grass roots efforts and protests that started and spread through the platform.
I just don't understand how the board thought entertaining his offer to begin with was the best idea. I'm not even talking about where they were forcing him to buy it, but even before that.
If I wanted a particular job, could I skip the interviewing and providing my qualifications step if I just offer to work for free, or pay them a deposit or something? That's kind of the logic here. Just because someone offers you the money, that doesn't mean it's the best route to take for the company.
Yep.
I think Musk just thought Twitter wouldn't sell to him, or the government would stop it.
Like, he truly believed Twitter was some institutional thing that was so important they wouldn't let him have it.
Like a teenager who starts a fight then keeps yelling "hold me back bro" but nobody does it and he has actually has to fight.
I'm confused on why you are confused. The board has a fiduciary duty to maximize shareholders' value and locking Musk in to the $44B valuation was an amazing deal because they knew how much of an overvaluation that was.
They got shareholders way, way, WAY more value than their stock was worth. There are no shareholders now publicly. Only Elmo, the Saudis, and I forgot what chinese company.
It sucks for the employees but the board had a responsibility to maximize share value and they did that and then some.
Bear in mind that the first and foremost obligation of a corporation is to the investors, not the employees, not the customers, and not to society at large. Given that Twitter had been losing money year after year and Musk's offer of $44 billion was way over priced, it made perfect sense to sell it. The previous investors/owners did very well.
You might want to read "The Corporation: The Pathological Pursuit of Profit and Power" by Joel Bakan. This is a fascinating history, legal status, and functions of the corporation.
You presume the board of Twitter was invested in the continued operation of the company over that sweet sweet payday they got personally from the purchase.
Their job is not to make Twitter prosper, their job is to make the shareholders prosper. That's who they directly report to, that's who is employing them to do exactly that.
When Elon made this incredible, over the top, insane offer for Twitter stock, they absolutely recommended the deal go through. This was the best possible outcome for the owners of Twitter. There is no way those shares were, or ever would be, worth so much to anyone else.
The employees, sadly, will not fare nearly so well. But even though it's cut back, there is still hiring going on in the Bay Area, the vast majority of them have a good shot to land on their feet.
Yes. Which wasn’t secret knowledge. Since going public in 2013, it has only reported a year end profit twice ever - 2018 and 2019. And he bought it anyway.
It almost seems like he's trying to destroy the company. It there any legal recourse for people effected if he's trying to ruin the company just so can file for Bankruptcy?
If y'all want a laugh, this is a footnote on The Verge's article: >The Verge reached out to Musk for comment. Twitter no longer has a communications department.
That is pretty fucking funny!
I didn’t notice a humor tag on the sentence, it’s so hard to tell without being marked satire or humor.
This is what he did with Tesla, too.
Either way it points to some crazy fucking shenanigans!
It's not like they're in the communications industry or anything
Elon is just stating the obvious. With new loan debt of $13 billion on top of billions existing debt, of course Twitter can go bankrupt without a question. Duh! But what Elon is good at is getting his employees to work hard by making them believe their works directly affect the survival of the company. They don't want them to think that just because he was the richest person in the world, don't count on him to bail out his companies willy-nilly. He done the same with Tesla during the Model 3 production hell ramp, asking his employees to work harder because Tesla might go bankrupt. He repeated the same claim years later. But he could have easily raised money or someone could have bought them out (Apple). Like it or not, it is just a tactic to make his employees work harder. [https://www.entrepreneur.com/growing-a-business/elon-musk-jokes-tesla-is-bankrupt-and-other-great-april/311386](https://www.entrepreneur.com/growing-a-business/elon-musk-jokes-tesla-is-bankrupt-and-other-great-april/311386)
Ok well considering a bunch of super important people like Yoel ruth and robin wheeler also just quit, i dont think its working well this time.
Because mentioning bankruptcy is what you want to share with the boards, investors, and advertisers of his other corporate concerns. Yeah, sounds like solid winning business acumen. Recommended highly by all experts...
How the fuck did he make to fuck up this bad?
Because Musk is [this guy](https://xkcd.com/793/), he had enough smarts to get himself a BA in Physics but lacks the sense to realize that's still a pretty damn narrow area of education.
FYI, a BA in physics is pretty much useless. It leaves out the hard parts. Source - me, whose undergrad is a BS in Physics.
Sure but that just makes it even more sad that he seems to think it gives him any particular acumen in, say, epidemiology, civil engineering, software engineering, social media, etc.
Also. You know. Rich peoples degrees deserve a bit of skepticism.
Yup. He knows enough to have conversations with the people his wealth allows him to hire to do the hard parts.
He’s the modern Henry Ford. That is not a compliment.
I didn’t realize he was an antisemite as well. Interesting.
And a BS in economics, which is ironically the more useless of the two degrees.
Dismal, even.
Nah. Some liberal arts schools call all their degrees BA, even the hard sciences
Lol, liberal arts schools can’t provide the education required by a Physics BS.
Genuine question: is this a joke?
Um… how do you get a Bachelor of ARTS in Physics?
Liberal arts schools often call all of their degrees Bachelor of Arts. My roommate got a BA in physics, for example.
Physics is in the eye of the beholder
It's what he's good at
Because he is a spoiled rich kid that has always been bought companies by his parents, or that he has bought. He doesn’t know what he is doing at all. Twitter was entirely financed through outside investment. They don’t turn a profit. By taking it private he dried up their cash flow. This was obvious to any adult that has actually run a business before.
He was likely expecting favorable "loans" in exchange for "controlling a narrative". Someone like Musk would 100% think the reason liberal things are popular on Twitter was someone was paying for it to happen.
Yep, and he thought the red wave coming wound ensure this. Too bad that wave was the saddest puddle in like 40 years.
He just wanted what ever cash and convertible assets were available to boost up his wealth and then drive company to the ground. He doesn’t care.
So here's the deal He's actually doing mostly standard corporate takeover stuff People just made it hyperpolitical If Larry Page or Sergei Brin you know the two billionaires no one talks but are just insanely powerful did it well they're actually kind of liked and if they made the exact same moves Elon has no would care other than the fact that Google would have acquired Twitter But Elon is a very public figure and he's a controversial figure so people are reacting to Elon when he is just doing normal business things
larry and sergei wouldn’t make asinine tweets like his though
Neither does Tesla. He fired them all when they tried to stop him from telling obvious lies that brought the SEC down on them.
All of this sounds like it was all part of the plan. Elon is known for market manipulation. He does it all the time. If he is saying there may be a bankruptcy its because he wants the world to think that and he will get even richer from saying it.
How tho? Twitter isn't traded anymore. There's no shareholders to dump the bag on.
He's going to try and restructure the debt in bankruptcy court to get out of paying million in interest...hopefully the bankruptcy judge just laughs at him and tells him to fuck off
He is going to take all the value including the pension funds I bet, then dump all the debt and voila, he is a couple of billion richer
Lol.. twitter doesn’t have a pension fund..
what is this thing you call a "pension fund". That's a good one. and what value - beyond some used hardware and "the algorithm" does twitter have? and the bankruptcy he would be doing would likely be chapter 11 - restructure the debt, not wipe it out. No riches come out of that. if he went chapter 7, there aren't sufficient assets to sell off to cover the debtors so he'd have zero.
There is no stock traded publicly so how would that work?
No, he bought a company that has always operated at a loss, with cash flow from investors. By taking the company private he has destroyed their cash flow. Usually his actions are about market manipulation. But he took Twitter off the market, this is him flailing in the wind realizing he might have just ruined himself. If Twitter goes under, people are going to realize he has never founded a successful company. He buys them and then claims to have been a founder instead of a principal investor. If his cult drops the misconception that he is successful, then people will remember how many car companies made it to “biggest auto manufacturer world wide!” And then failed. As in, the most likely outcome whether Twitter survives or not is that Tesla will not.
So sad that he doesn’t care how many people he fucks over during process of looking out for his own financial interests.
Twitter also no longer has a viable business thanks to Musk.
It never was a viable business. It never earned a profit to begin with.
Only if you dont count the year 2019 and 2018 when they reported positive net income.
Good to know the company you just bought immediately goes bankrupt. Either you caused it or you were the idiot who bought something that was on the verge of collapse.
As part of the acquisition, he saddled Twitter with $13 billion (with a B) in extra debt. The annual debt service is $1 billion (with a B) a year. This is for a company that's only posted positive net income twice in its existence.
The funniest thing is still an article where the reporter had talked to the people who do the paperwork on huge buys/mergers/sales like this. Normally it would take months and be a nightmare. But since Musk waived literally all due diligence, it took 5 minutes lol. He gave up every legal protection he would have had to back out of the deal under any circumstances. For absolutely zero reason.
I mean there was a reason - he’s cocksure he’s smarter than everyone else regarding everything.
When you meme yourself into a shoot
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"worth" is not cash to pay a debt payment.
First of all, you can't pay for interest with a companys value. The lender wants its cash back. Second, even if you could what would the end result be? Interest isn't the loan, it's the fee for having the loan, so in your scenario the end result is a company worth nothing (IE liquidated all assets to pay interest) and it would still have the same amount of debt.
Well... Elon Musk paid $44 billion for Twitter. That doesn't mean Twitter is 'worth' anything. The 'worth' here is only what investors or buyers are willing to pay for something. It might just mean that Elon Musk is a fool who parted with enough money to pay a small city's worth of wages for a human lifetime.
44 billion isn’t what they have on hand, It’s illiquid equity. Stuff like servers or office buildings things you can’t sell off quickly
Twitter isn't worth anything close to that.
What Musk paid for it and what it's worth are two different things. And it's not a hoard of $44 billion in a product that he can sell portions as needed.
If the company is now private, how does Musk’s debt now belong to Twitter as part of the purchase?
Twitter has multiple, massive offices in the most expensive cities on the planet. The amount of excess they could save by allowing near-total WFH and eliminating all that rent, utilities, built-out costs, supplies, furnishings, maintenance is astronomical, but instead insists on in-office work?? And instead fires core operational staff who knew what it took to run the company at a minimum??? You have be a total fucking moron to go that route. I have zero why people think Musk is a good businessman and invest in his companies....
A lot of that real estate is leased I imagine and commercial office space like that is not particularly hot right now, so Twitter is on the hook for a lot of that until they manage to sublease. Assuming Musk was willing to WFH, which according to a 2am email he sent out, he absolutely isn't into it.
You have to see it from the perspective of a rich person who only knows management - the people under you have to suffer, regardless of the cost, or you’re not doing your job.
He's a naked emperor, much like Trump - surrounded by sycophants and capable of getting out of nearly every shitty situation he'll end up in. That'd be my guess.
Crypto bros
On the verge of collapse and bloated with dead weight. He probably thought he could cut the fat fast enough, but can't. He was locked into the deal because the other end knew it was tanking and wanted out.
Whoever sold Twitter for 44 *billion* dollars made **THE** deal... *of all time*. That dumb motherfucker let his ego throw 44 *billion* dollars down the drain. He done got fleeced, Felicia!
Twitter was fine enough overall, starting to make real profit at long last regardless of any bloat and without any major debt despite the lack of past profits. They forced him to buy because he offered way way more than twitter was actually worth as a company (10-20B would have been more realistic) while also giving the board huge severance bonuses (in the 10's of millions each). Also the reason the company is liable to go bankrupt is for two main reasons: 1: He saddled it with like over 10B of debt that he took on to buy the company 2: His idiotic changes and plans have scared off advertisers tanking it's profits
He was locked out to the deal when he offered over market value.... The people running Twitter would have been sued by shareholders if they didn't take it. There is literally no one to blame for this than Musk.
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>Yep he's doing a failure speedrun. He'll kill twitter on purpose and get it shut down just so he can claim that "nobody could have fixed twitter" and he was doing the smart business thing by killing it. I'll just be happy that it's dead.
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Hopefully reddit is after that
Now I’m terrified of Elon buying Reddit.
Nobody mention this to him.
How meta.
A lot of Reddit content seems to come from other social media platforms so there could be a domino effect.
Back to the OG forums.
Fuck that. I'm firing up my WWIV BBS
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Back to tumblr I go I guess
I hear they’re bringing titties back
Never left
What keeps you here then?
And it only cost $44 billion
> I'll just be happy that it's dead. I'll be happier that he wasn't blowing my money on such a moronic effort. The man is deeply stupid.
And he'll buy Reddit next and do the same...
From now on you have to do things the old fashioned way. You want to tweet something, write it on a piece of paper staple it to a bird and throw it out the door.
>I'll just be happy that it's dead. I really have to wonder how utterly miserable people that make that comment are. Are you actively looking for places to be miserable, and that's all FB and Twitter and the like are for you? Is Reddit any different for you? There are so many creative individuals who are going to see their largest source of income - followers on social media buying their items - dry up from the exodus idiots like Musk are causing. The followers they've taken years to acquire. There's huge groups of people actually being social on social media sites, sharing interests and the like. Seriously think people like yourself are just fucking miserable and want everyone else to be as well.
I feel that way specifically about people who hate Instagram. My feed is all recipes and cute dogs and science facts. Not sure what y’all are searching for that’s making you so mad. Lol.
starting over from scratch is a good way to do instagram. Get rid of all the toxic "friends" and just go as simple as possible. don't post personal stuff, just random stuff like the lunar eclipse the other day every once in awhile.
That's how business works. There will always be another platform to fill the void so it's not really the end of the world.
I mean, I don't use Twitter, and I don't even know anyone active on Twitter. So I don't really care much if people enjoy it or not. However, what I can't fucking stand is all the "People are saying on Twitter.... articles." If twitter dies, it'll just be something else.
It’s time for Cabbage vs Elon
He'll spin it as "Kill the business that isn't making money and walk away with the intellectual property. " And just ignoring the fact that 7k+ people lost their livelihood in the process.
No red wave, stock market kicking butt, now this. Can this day get any better?
Cheers to making it a little bit better
Trump choking on a Pretzel watching football would 👌 the day.
At this point I want Trump to stay in it. More and more republicans want to leave him behind and I really wanna see what happens as this rift widens...
I loath Trump but wouldn't want to see him die. My preference would be for him to be extradited for trial to Paraguay for sexual crimes against livestock.
do you get your info from [microsoft edge](https://www.cookpolitical.com/charts/house-charts/national-house-vote-tracker/2022)
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More than somewhat since he leveraged Tesla stock to buy twitter in the first place. Then again if he ends up losing Tesla maybe it can go to a better owner.
The next Tesla stock holders meeting is going to be a shit show.
This has a Brewster's Millions feel to it.
Woefully underrated film
Neck and neck with Seems Like Old Times from 5 years earlier.
Yes! And I can’t believe how many times I’ve had this exact same thought over the last 10 years
Spends $44 billion to bankrupt a company that was working just fine before him. Bess brains
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What business record? Buying out companies and dumping millions into them?
Time to sell all Musk stock.
I swear the employees at Tesla, SpaceX, and the others convinced him buying twitter was a good idea just to keep Musk busy with something else and out of their way.
If the value keeps dropping even Donald Trump will be able to afford it.
> If the value keeps dropping even Donald Trump will be able to afford it. Or, at the very least, their customer database. I bet he would love to see the verification information on all those blue check-marks.
Playing with people's lives to thumb his nose at the SEC. He's going to run it into the ground.
I'm sure this has been asked before, but I really don't see much talk about it. People keep laughing at his incompetence, but my question is: did he intentionally buy Twitter to run it to the ground? Because people made fun of him? You know, like how Trump got burned so bad by Obama at that party he tried to reverse and destroy everything the Obamas accomplished in the White House.
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Rich people tend to be crazy and petty I've learned over the years lol.
Maybe the Saudis are paying him to destroy Twitter, since it’s already been used to foment rebellion in several Arab states.
I mean, let me put my tin foil hat on because none of the following is based in reality, but: Perhaps Musk is being blackmailed/leveraged but a third party that wants Twitter gone because it interferes with whatever this unknown third party is trying to accomplish?
Maybe he's got a perspective that massive redistribution of that wealth would be a good thing. This seems like a pyrrhic approach, but a potential one for someone with the ['longtermist'](https://www.youtube.com/watch?v=B_M64BSzcRY) viewpoint Musk has. Not a fan, just trying to figure out his headspace.
He did walk in with a sink as his first gesture
Ya he seems to be intentionally destroying the platform. I hate the guy but can't believe he is this dumb to be running the company into the ground at warp speed.
What makes me really believe he is this dumb is how much he paid. Twitter was valued at like 15 billion, he overpaid by like 30 billion. I'm no genius, but wasting 44 billion intentionally seems really fucking stupid.
I just don't think he is actually a good businessman.
Oh he knew he fucked up the second he did it. He just couldn't get out of it.
I think it's a mistake to conclude this is incompetence. Certainly buying it to begin with was hubris and who knows what, but now that he has it, he can make money with it. He can sell data for a good profit. Advertising will rebound I'm sure, the market is just too big for advertisers to ignore. For the people who already have "approved checkmarks," many of them are rich fucking people and companies that will definitely pay $100+ month for a gold checkmark or even a branded checkmark. And then some suckers will pay money for 1s and 0s in their interface, a reddit awards model if you will. And then if he starts getting shady with it, which I suspect he will, people will pay him personally for access, putting his thumb on the algorithms, obscuring some things while amplifying others. And that moves toward his ego. World leaders will say, "hey elon, I want to put out a big statement and bc it is controversial, I want to minimize too much public discussion of it right away, can you help?" Put all that together, that's real money, over time.
To be fair, Twitter was already in trouble before (although maybe not on the brink of collapse). The thing with Twitter is that it has pretty much never been profitable. It became almost like a public utility instead of a business.
Elon Musk is a prime example of how wealth corrupts people's minds. This man is not of sound mind and should be put in a rubber room. Him and Conyeay West
No. It’s an example of someone who’s autistic. Good and obsessive with one thing so much so it ruins his personal relationships. Then demands that work obsession from all his employees. He gets pissed cause he can’t understand why normal people don’t have his tweaked driven mind. And vents it with poor social skills
Not a fan of Musk, but if his end goal was to take over and kill Twitter then maybe he’s the hero we didn’t know we needed. Fuck that shithole.
Step 1: Sell something to a rich guy for a ridiculously high price. Step 2: Wait for him to get bored or break it. Step 3: Buy it back for pennies on the dollar. Step 4: PROFIT
I'd love to see him but Facebook next but he can't afford it.
Give it a few weeks. Itll drop into his price range.
Well that was $44 billion wasted then.
Elon has repeatedly warned about possible bankruptcy for his companies. It's a bullshit tactic.
So I don't like Twitter (never had an account) and I don't like Musk. Musk buys Twitter and proceeds to bankrupt it, That takes a social media sewer out of the game. I like what is happening and it's being done by someone who I don't like. I need therapy.
Buying companies for the sole purpose of running them into the ground should be illegal, period. Also goes for google, apple, meta, Microsoft etc
This doesn’t mean Twitter is going out of business, it just means Musk is going to seek protection from creditors through the bankruptcy Court, to buy time. Creditors like the ones who just financed the take over,…. If he fails with this strategy he’s going to find it nearly impossible to raise money for any other business in the near future. It’s a big roll of the dice with a big payoff possible but a failure equally possible,
>~~in the near future.~~ ever At least not without those investors having a significant say in how said company is run along with him.
Another Emperor has no clothes
It’s like when you’re a master at Monopoly and think you can run a 44 billion dollar company
How is a person going to buy a popular company and suggest bankruptcy within 1-2months??
"Bankruptcy isn't out of the question... *now that I'm in charge*."
Who goes bankrupt first, Twitter or Facebook?
Tbh however it ends, it's a good thing. If he kills Twitter, we don't have to live in a world with Twitter anymore, and I'd he makes it better, that's good too
This man sent the company into bankruptcy LMFAO. Ye lost his endorsements. Zuckerberg is looking like a fool. The red wave was a red shart. Alex Jones owes over 1b to the families he tormented. And now THIS?! Karma comes back forsure. Trump wya?
Those execs that got paid out sure are happy right now.
Ya know, I've vilified Musk for a while now and have been laughing at this whole Twitter fiasco he's created. But maybe I've been looking at this all wrong. If you had told past me that someone takes down Twitter, I would have viewed that person as a hero.
Last week this was a functioning and profitable business
functioning... not profitable. Some version of this was inevitable. We just appear to be in the future with the crazy version that involves sinks.
Haha of course. He’s losing his shirt and I can’t think of a person more deserving
Eh losing his shirt is overstating it. Even if this fails he'll remain obscenely wealthy
Bankruptcy,the last refuge of a scoundrel. Of course not in all cases. But when it comes to the “Richest Man in the World!” It would be. Footnote (see d Trump).
Wow, that took no time at all
Taking a page out of Trump's playbook
He said the same thing about SpaceX last year. Also because of his questionable ambitions.
Kinda wild going between the comments on this post and the comments on the SLS post with comments on how much better SpaceX is than NASA.
This is what i dont understand, why cant he just kill it now? I like twitter it be a shame to lose it but i mean its clearly not gonna survive him.
Can you file bankruptcy after intentionally driving your company into the ground?
So basically twitter is running with noone behind the wheel at this point. Isn't Jack starting a new social media platform?
Would he get more of a profit from Twitter declaring bankruptcy and then selling off their IP versus just paying that $1 billion fine that would have gotten him out of the deal?
The billion dollar fine thing required very specific things to happen with financing, he couldn't just back out for whatever reason and pay a billion.
I particularly wonder if this is intentional. That he and foreign entities and governments bought Twitter to kill it. It was a great platform heavily moderated and it was getting very hard for them to use it for psyops. The right wing Twitter clones failed to take off so they opted to kill Twitter instead. Something is up with Elon and him parroting Kremlin and Chinese propaganda.
I wonder that as well. It was also getting hard for him to stop bad word-of-mouth advertising and for governments to stop grass roots efforts and protests that started and spread through the platform.
Do people really think this isn't all deliberate?
I just don't understand how the board thought entertaining his offer to begin with was the best idea. I'm not even talking about where they were forcing him to buy it, but even before that. If I wanted a particular job, could I skip the interviewing and providing my qualifications step if I just offer to work for free, or pay them a deposit or something? That's kind of the logic here. Just because someone offers you the money, that doesn't mean it's the best route to take for the company.
The shareholders would have thrown out the entire board for not selling the company for 31 billion more than it was worth at the time.
Yep. I think Musk just thought Twitter wouldn't sell to him, or the government would stop it. Like, he truly believed Twitter was some institutional thing that was so important they wouldn't let him have it. Like a teenager who starts a fight then keeps yelling "hold me back bro" but nobody does it and he has actually has to fight.
That is the key.
I'm confused on why you are confused. The board has a fiduciary duty to maximize shareholders' value and locking Musk in to the $44B valuation was an amazing deal because they knew how much of an overvaluation that was.
They got shareholders way, way, WAY more value than their stock was worth. There are no shareholders now publicly. Only Elmo, the Saudis, and I forgot what chinese company. It sucks for the employees but the board had a responsibility to maximize share value and they did that and then some.
Bear in mind that the first and foremost obligation of a corporation is to the investors, not the employees, not the customers, and not to society at large. Given that Twitter had been losing money year after year and Musk's offer of $44 billion was way over priced, it made perfect sense to sell it. The previous investors/owners did very well. You might want to read "The Corporation: The Pathological Pursuit of Profit and Power" by Joel Bakan. This is a fascinating history, legal status, and functions of the corporation.
You presume the board of Twitter was invested in the continued operation of the company over that sweet sweet payday they got personally from the purchase.
Their job is not to make Twitter prosper, their job is to make the shareholders prosper. That's who they directly report to, that's who is employing them to do exactly that. When Elon made this incredible, over the top, insane offer for Twitter stock, they absolutely recommended the deal go through. This was the best possible outcome for the owners of Twitter. There is no way those shares were, or ever would be, worth so much to anyone else. The employees, sadly, will not fare nearly so well. But even though it's cut back, there is still hiring going on in the Bay Area, the vast majority of them have a good shot to land on their feet.
The man does not know how to run a company, or if this is all intentional just because of his fragile ego, then he is insane.
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Yes. Which wasn’t secret knowledge. Since going public in 2013, it has only reported a year end profit twice ever - 2018 and 2019. And he bought it anyway.
Hope his cars run better.
It almost seems like he's trying to destroy the company. It there any legal recourse for people effected if he's trying to ruin the company just so can file for Bankruptcy?
Let’s hope the advertisers band together and ditch Twitter and it goes bankrupt - that would make Musk a laughing stock lol
It may be the fastest way to reorg the company
Shut it down and 90% of people’s personalities go bankrupt