- cross-posted to:
- news@lemmy.world
- cross-posted to:
- news@lemmy.world
“Fidelity is currently valuing X at about $9.4 billion”
I found this funny.
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Elon is a genius at losing money.
Like his buddy Trump!
that’s why he is the richest person in the world with 270B net worth.
look, i hate the asshole as much as the other guy, but changing meaning of words and underestimating the enemy never helped anyone.
it’s just that he could take big risks (not even a smart one) in investment because he didn’t care about the money, he has so much that he can never lose it all, so of course if you can invest blindly you’ll for sure win at some point
it’s just that he could take big risks
yes, that is definitely part of his success. and since this strategy got him to position of richest person in the world, it is pretty clear that “genius at losing money” is not really accurate description of situation.
as for twitter, he clearly is not in it for the money, otherwise he wouldn’t be there to begin with. he originally hoped to buy position of cheered and admired hero and when he failed, he settled for a position of hated douchebag. infamous still means people know you, i guess 🤷♂️
It would appear that he didn’t want to buy Twitter and was literally forced to do so. I think for him Twitter is a temper tantrum. He didn’t get what he wanted so he’s destroying everything around him as a result.
More to the point though, I do wonder why he didn’t just pay the billion dollars to get out of the deal (with his 270 billion net worth - which by the way includes assets not necessarily liquid cash).
I don’t know that he’s not in it for the money. I think the point is to destroy it so he doesn’t have to pay back what he borrowed to buy it.
More to the point though, I do wonder why he didn’t just pay the billion dollars to get out of the deal
I don’t know that he’s not in it for the money.
your first sentence explains he is not in it for money, if money were the concern, eating the 1b fine would be logical thing to do (i am not fact checking that 1b piece of information, i trust you on this).
with his 270 billion net worth - which by the way includes assets not necessarily liquid cash
that’s how it works, no one has 270 billion in cash
I think the point is to destroy it so he doesn’t have to pay back what he borrowed to buy it.
that doesn’t make sense, destroying twitter doesn’t absolve him of obligation to return money he borrowed.
This is just conjecture though. I do think he originally did not intend to buy Twitter. I do think he was essentially forced to buy it. I know from news articles around the time of the sale that he gave significant pushback when relevant parties forced the issue. Things may very well have changed after he became the owner (and what deals he made to be able to afford it may never be known).
I do think he was essentially forced to buy it.
he was, but it doesn’t contradict what i said. if he had a way to back out of his stupid bragging offer for 1b, and all he cared about was money, the reasonable thing would be to pay the fine, instead of paying 44 billion for something that doesn’t generate profit.
No wonder he is starting to get along so well with Trump
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If that $22B prevents another Arab Spring it’s probably worth it to him.
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We knew this was going to happen before he made the purchase.
Everyone said, the best way for Elon to keep his money was to change very little, or even take a hands-off approach.
Masnick suggested this would happen
It was that and so much worse. Moral of the story: Running a huge social media service is hard. Maybe don’t assume that because you’re a billionaire you’re the best at doing stuff.
“Maybe don’t assume that because you’re a billionaire you’re the best at doing stuff.”
This is literally every second generation billionaire. They seem to have the tendency to believe that their success is solely due to their intelligence and not due to their parents connections and money.
I mean, yeah we all knew he overpaid, but losing over 75%? I didn’t expect that.
Twitter wasn’t profitable right? So most of the “value” is in the name of the product. Elon changed the name and added his signature to everything the platform was doing, completely changing the platform Twitter is. So yeah, I do get why 75% of the money is gone now.
Changing the name of one of the most valuable brands isn’t something I’d expect even him to do.
Masnick gives 20 levels of development. Elon stopped here:
Level Two: “We’re the free speech platform! But no CSAM!”
And that’s about it. Ex-Twitter has copyright infringement, hate speech and doesn’t give a fuck about local laws unless the law actually has teeth (Brasil, anybody?).
and then he fires trust and safety and it gets riddled and plagued with csam
I mean the people at Twitter were very happy to sell it off. Remember how they actually sued to force him to go through with the deal and succeeded in stopping him from backing out?
Even if he’d managed it as well as the prior stewards, it was always a losing business.
If the price offered is actually a good price then I think they might have some obligation to shareholders to pursue it. (Many of the people making that decision likely also being shareholders.) Like if someone offered you more than what your stuff is worth but tried to changed their mind, wouldn’t you pursue that? I don’t think that’s any sort of indicator that they thought it was a sinking ship. It’s just in their best interest to take a good deal when they get one.
I think you make a good point. But we don’t have to guess whether they thought Twitter was struggling. We know it was.
Twitter never managed to develop an online ad business that matched the scale of its influence in popular culture and society at large. Twitter has lost money in six of the eight years since its IPO.
Source: CNBC
My point is that if someone offers you a good price for what you believe you have have, you take it. If they thought it was good and they got a good price for it they’d take it. If they thought it was bad and they got a good price for it they’d take it.
Meanwhile he is on track to become the world’s first trillionaire
I think the purchase was more about welding power than any financial gain
Hasn’t his wealth kinda flatlined lately though? X is doing terribly, Tesla is struggling a bit, I think SpaceX is at least doing well.
I don’t think he’s going to be a trillionaire any time soon.
Would you not agree that he has a tool of influence with X? I see that as the main aspect of why you’d still buy twitter, even though he knew he wouldn’t earn money with that.
First step to becoming a billionaire: start with 1 trillion
Now, call me crazy, but if I was optimizing for maximum welding power, I’d start with oxy acetylene and at least try a few other options. How would buying a website even be a good start?
No wonder people are making fun of him!
He tried to back out, I don’t think any of this was about anything. He’s just a dick with a weird sense of humor.
Masnick’s post is well put, but also a disturbing reminder of how much power nation-states can exert over the Internet.
The way to make it hurt is to establish a replacement that keeps discussions away from trolls and hate propaganda.
Didn’t he pay too much for it in the first place?
Yea. He made a baseless offer before investigating. And the. Got called on it.
paying too much is when you buy a ubisoft game. what he did is officially the worst deal since the financial crisis.
It is amazing how some people can fail upward
That’s a good start, now keep going
As long as it’s still in operation and people view it as a valid platform, its numerical value is irrelevant. I won’t be happy until it goes away or is relegated to the likes of Truth Social.
Something tells me its value is not monetary for Musk.
While probably true, this still probably gets him all wound up.
Posts about value are ads. Stop give exposure to this guy or his companies
Let’s everyone point and laugh. It humbles people like him, right?
I don’t think many can taste the sarcasm in your comment, but you’re spot on.
Appreciated. Yeah. That douche is the absolute worst, but everyone climbing over one another to call him out is just making him more and more relevant.
I tend to ignore posts about him. I wouldn’t even be commenting here if I weren’t just trying to see if I’m banned from this instance, or just political memes.
I see ya loud and clear! So that’s good news!
Musk is and always has been an incompetent yet lucky scammer.
Twitter will be bankrupt within two years.
!Remindme 2 Years
Ho wait it’s not working here
I remember thinking twitter was bad before he took over
It’s now a complete shadow of what it was even just a couple of years ago. Just a quarter of its value seems generous
I doubt anybody would buy it for a tenth, tbh.
I’m confident you could unload the property for $4B easily enough. That’s somewhere in the neighborhood of $10-100/unique user amortized out over the life of the loan, which would be a steal via any other advertising medium.
Twitter still has real value. Hundreds of millions of people still use it, even in its deplorable state. And under new management, I’m confident people would flood back in.
You would have to prove that the hundreds of millions who use it are “people”.
Empty Internet Theory is a clever joke, but it doesn’t hold up under scrutiny.
FaceBook deleted 6.5 BILLION BOTS IN 2021.
Neither Facebook nor Twitter claimed 6.5B unique users.
Well then FB lied about it at this link HERE
Still this much? Damn dude cooled off
Musk did not buy this as an investment. He bought it to flip elections and manipulate public opinion.
Tesla is writing him a check that will cover the entire purchase price, and Saudi Arabia and Russia will pay the operating costs.
Active users are what matters; if they lost 75% of their users then I’m paying attention.
Aren’t 75% of the users Russian bots? Lol
I think it’s even pettier than that. He’s the loud guy on the forum who literally bought the site so he could be admin.
Honestly, everyone needs to listen to the episode of Search Engine about Elon. It’s such a clear narrative of what happened between the Iron Man cameo and now. It’s pure hubris - someone who is very unlikable desperately hungry for love to the point where his brain bust a fuse.
We’ll never know since Musk is nurturing a state-funded “user”-base that will always keep their numbers inflated
Correct me if I’m wrong but I’m pretty sure he gave an outlandish bid for Twitter to manipulate it’s stock prices when he pulled put, but he was sued into following through.
I don’t think he ever wanted to buy it, or at least he wanted to crash it’s value to come back and buy it on the cheap.
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then why not buy it normally like a human from earth and instead involve this lawsuit that to make himself look like an absolute moron
If he was that competent why would he resort to openly pumping and dumping meme coins in public just prior to this stunt.
He has some dangerous strings he can pull, but that doesn’t make him a good puppet master.
Broken clock and all that
If he’s trying to flip elections, he needs to at least pretend it’s being operated in good faith.
I think you’re giving the guy too much credit. Sometimes things are as they seen. He just didn’t like the moderation scheme on Twitter, made a gesture buying it, fumbled a little bit and overbid, then after having been forced to acquire it tried to turn it into something closer to what he wanted it to be.
Tesla is next. I’m not sure even he can fuck up SpaceX but I’m sure he’ll give it the ol’ college try.
