Elon Musk buys and ruins Twitter

[FogBlueInSanFran]

Fair point here.

 

[bluethrunthru]

Well earlier on 5Live reported he was speaking to a conference of investors in NYC and told them he overpaid big time for Twitter. He says stock value was $14 per share but he was forced to pay $54 per share and he wants out asap.

Why tell that to investors? You are telling them something they probably already know. Telling them you are not as bright as you think you are and telling them what you value the business at so if he wants to sell they will offer $14 per share. He has set $44bn on fire for what?

He also said that he wanted to get it back to profit hence the job cuts - they will see through a cheap trick to temporarily try and make things look better.

Meanwhile advertisers leave - the blue tick thing is due to come in on the 7th Nov according to documents the NYT have seen after which so many will be baling it will look like Arnhem.

Financial Times Front Page 5th of November 2022 - Tomorrow's Papers Today!

Twitter's new boss, Elon Musk, is set to slash its 7,500-strong workforce, according to the Financial Times.

www.tomorrowspapers.co.uk

 

[west didsblue]

Just seen him on the news whining about advertisers pulling out.

What a twat.

 

[domalino]

Fair point here.

He's having a meltdown because he's lost so much money, I think he's stopped acting rationally at this point.

Just look at this -




Also I don't think people have realised just how much money he's lost here. Opening Arguments (v. good podcast if anyone wants to listen) just did a deep dive on the acquisition and quite apart from spending $44Bn on twitter, he's lost $100Bn from his net worth because selling off enough Tesla stock to buy twitter has crashed its share price.

If what @bluethrunthru says is true, and he overpaid by $40/share, that means Elon has lost $133 Billion from this acquisition....of a company worth $11B.

Tesla have also issued a liability warning that they think they might get sued by their own shareholders because Musk has tanked the stock price, and has taken on so much debt that he might be forced to sell off billions more in stock to service his loans.


I genuinely think we might be witnessing the beginning of one of the biggest financial collapses in history.

His fucking about with Starlink and Ukraine is likely to end up costing him big time with the US DOD, which is what funds most of SpaceX.

Ukraine suffered a comms outage when 1,300 SpaceX satellite units went offline over funding issues | CNN Politics

Ukraine's fears that its troops  may lose access to Elon Musk's crucial Starlink internet service deepened in the past week after 1,300 of the military's satellite units went offline, according to two sources familiar with the outage.

edition.cnn.com

And lets not forget he's just had to recall 30% of all Tesla's ever sold

Tesla recalls nearly 1.1 million U.S. vehicles to update window reversing software

Tesla is recalling nearly 1.1 million U.S. vehicles because the window automatic reversal system may not react correctly after detecting an obstruction, increasing the risk of injury.

www.reuters.com

And the cybertruck, roadster and HGV have still not launched 4 years after being...launched.

 

[Mr Kobayashi]

 

[City Hobgoblin]

"Elon Musk" I always think sounds like a 1980s aftershave brand

 

[mancity2012_eamo]

Don’t use it or see the point in Twitter but it employs about 500 here in Dublin as far as I’m aware. Half of which woke up and learned whether they’d lost their jobs or not by logging on and seeing if they had access or not to the company site.

Disgraceful way to treat people.

Twitter announces layoffs at Dublin office with 50% of staff expected to be impacted | BreakingNews.ie

Twitter employs around 500 people at its European headquarters at their Cumberland Place office in Dublin.

www.google.com

 

[Mr Kobayashi]

Don’t use it or see the point in Twitter but it employs about 500 here in Dublin as far as I’m aware. Half of which woke up and learned whether they’d lost their jobs or not by logging on and seeing if they had access or not to the company site.

Disgraceful way to treat people.

Twitter announces layoffs at Dublin office with 50% of staff expected to be impacted | BreakingNews.ie

Twitter employs around 500 people at its European headquarters at their Cumberland Place office in Dublin.

www.google.com

Lets hope the bastard loses tens of millions in settlements.

 

[bluethrunthru]

He's having a meltdown because he's lost so much money, I think he's stopped acting rationally at this point.

Just look at this -

The tweets from Oliver Darcy seem to indicate that he isn't acting rationally - he also seems to be focussing in on Free Speech in America............ there are just over 330m American citizens - under 78m use twitter. there are nearly 400m Twitter users worldwide. His focus is completely misplaced - he could take Twitter down to say 100m users mostly in the States but that leaves him with a rump of 25% of what he bought. I suspect he is scared - also probably the banks that loaned him the dosh to do this purchase are shitting themselves too. He is unlikely to go bust but its gonna be fun watching a multi-billionaire become a millionaire over the next couple of years

 

[bluethrunthru]

Lets hope the bastard loses tens of millions in settlements.

Oh I think it will be billions not millions