It astounds and amazes me that there was a time Elon could have feasibly been considered a smart, level-headed entrepreneur. The whole submarine thing with the trapped kids really was the beginning of his unraveling. I for one thank Elon Musk for proving once and for all to even the most shameless corpo-apologists that having a ton of money doesn’t magically make you smart or cool. The dude’s an idiot, and I love watching him self-destruct.
According to Elon Musk’s own math, the company formerly known as Twitter has lost 90% of its value and could be worth just $4 billion
Submitted 1 year ago by bernieecclestoned@sh.itjust.works to technology@lemmy.world
https://finance.yahoo.com/news/according-elon-musk-own-math-204413573.html
Comments
Clown_Tempura@lemmy.world 1 year ago
Son_of_dad@lemmy.world 1 year ago
At one point they even had him cameo in iron man, and had him name dropped on star trek as a pioneer of human discovery. People used to jerk off to this dude’s PR image like he was a real life Tony Stark.
phillaholic@lemm.ee 1 year ago
If he stayed off Twitter he’d have a pretty impressive CV. Mainstream electric cars, actually usable Satellite Internet, Major Solar Panels etc. Even weird shit like Hyperloop would just be random neat things.
Hiccup@lemmy.dbzer0.com 1 year ago
They put him on Rick and Morty in the most cringe inducing fashions and it was like watching a cartoon suck off a guy.
Uranium3006@kbin.social 1 year ago
He's mentioned in star trek discovery as if he took us to mars. Those lines aged so poorly
Potatos_are_not_friends@lemmy.world 1 year ago
When he called the submarine expert a pedo was when I started to go, “Is this guy being for real?”
ohlaph@lemmy.world 1 year ago
Same. I actually looked up to him before that.
bobman@unilem.org 1 year ago
and I love watching him self-destruct.
I guarantee he’d rather be in his position than yours.
Krauerking@lemy.lol 1 year ago
Yeah, can lose all this wealth and still be fucking wealthy in a way that literally dozens of people only know.
collegefurtrader@discuss.tchncs.de 1 year ago
He overpaid for a piece of shit and ran it into the ground, everyone with a used BMW knows the feeling.
hypnotoad__@lemmy.world 1 year ago
Please stop attacking my character based on terrible purchase decisions
What a beautiful car
Until I owned it
Nerdulous@lemm.ee 1 year ago
I’ll never forget my Sweet 3 series… Because I’m still paying for it’s repairs years later.
milkjug@lemmy.world 1 year ago
You leave my E89 Z4 alone!
Iwasondigg@lemmy.one 1 year ago
South African Magician Makes $40B Disappear!
just_change_it@lemmy.world 1 year ago
Nah, he just donated 40B to the former ownership. Keeping the big bucks in the hands of the ultra wealthy.
Someguy89@lemmy.world 1 year ago
Can this man baby just go away? No one cares dude. Enjoy your overpriced echo chamber.
dojan@lemmy.world 1 year ago
Him buying twitter was just some sort of narcissistic flex on his daughter.
idunnololz@lemmy.world 1 year ago
I don’t think he ever intended to buy it. He was forced to buy it due to his own stupid actions.
db2@sopuli.xyz 1 year ago
😬
TheObserver@lemmy.dbzer0.com 1 year ago
Put another rich guy in charge of spacex first please! I don’t want to be stuck on this rock forever 🥲
Zeragamba@lemmy.ca 1 year ago
luckily, he has minimal influence over SpaceX, and only really provide high level direction. Same with Tesla.
Twitter, though… the turnaround time on his whims is staggering
QHC@lemmy.world 1 year ago
Glenn Shotwell runs SpaceX and is a competent adult. Nothing to worry about on that front, thankfully.
DogMuffins@discuss.tchncs.de 1 year ago
I don’t want to be stuck on this rock forever
I have some sad news…
- you’re stuck on this rock forever
- anyone alive today who sets foot on mars will likely regret it before they die
- robots will conduct all worth while exploration and discovery this millennium
spittingimage@lemmy.world 1 year ago
When no-one was looking, Elon Musk lost forty billion. He lost 40 billion. That’s as many as four tens billions. And that’s terrible.
DLSchichtl@lemmy.world 1 year ago
I mean, we were all looking. We’ve been enjoying mountains of popcorn to twitters slow collapse.
MelodiousFunk@kbin.social 1 year ago
I never would have guessed that Musk is a billion times worse than Lex Luthor, but the math is right there. Terrible.
TheGreatFox@lemm.ee 1 year ago
octoperson@sh.itjust.works 1 year ago
Lex Luthor bought a company for 44 dollars then lost 40?
gregorum@lemm.ee 1 year ago
Terrible for him. Great for everyone else that that 40 billion is now in the hands of other people. 
NoneOfUrBusiness@kbin.social 1 year ago
That's not really how that works. He just reduced the value of the site. He nuked value out of existence.
superkret@feddit.de 1 year ago
Terrible for him
Not really, and that’s the obscene part. Literally absolutely nothing changed about his standard of living by losing $40B.
He could have solved world hunger for years with that money, and wouldn’t even have had to give anything up for it.qaz@lemmy.world 1 year ago
40 billion going into the bank accounts of investors that previously owned Twitter stock certainly is a redistribution of wealth, but I doubt it’s the kind you’re referring to.
spittingimage@lemmy.world 1 year ago
Depends what they do with it, I guess.
SpaceCowboy@lemmy.ca 1 year ago
He could have ended world hunger multiple times. But instead he bought a social media site so he could be popular with the Nazi crowd.
On the bright side, whenever anyone fucks things up now, they can think “well at least at least I didn’t fuck things up as badly as Elon Musk.”
elbarto777@lemmy.world 1 year ago
40,000 millions. Most people could live without working ever again with one million dollars (provided they managed them wisely.)
StinkyRedMan@lemmy.world 1 year ago
While one million is a pretty good amount of cash, you’re delusional if you thinks it’s a “never working again” amount of money. I had this talk pretty recently with a friend of mine, if he used it to finish paying his house (150k) at 24k a year it would not even last 40 years.
Gaspar@lemmy.dbzer0.com 1 year ago
Last time I looked into it, it was closer to 4 million to “never work again” if you were in your mid-30s. Nowadays, even that figure is probably not enough. Your point still stands, however.
MaxHardwood@lemmy.ca 1 year ago
I could be remembering wrong but Twitter was only worth $15B at best, and Elon bought it for $44B because he’s that smart.
elbarto777@lemmy.world 1 year ago
I genuinely think he’s just a pawn in a bigger game in which some powers wanted twitter gone.
ultratiem@lemmy.ca 1 year ago
Brainless but sounds like a competent leader. Has all the qualities the Illuminati are looking for when appointing a new drone.
tomatopathe@sh.itjust.works 1 year ago
Why gone? I understood that the Saudi government just wanted to de-anonymize it (i.e be informed about the authors of any critical tweets).
ThePenitentOne@discuss.online 1 year ago
No. He may be influenced by others, but it’s clear his ego is just that enormous and that his emotional immaturity makes him do stupid shit impulsively.
Corkyskog@sh.itjust.works 1 year ago
How are you defining worth? It’s value was probably in the 20Bs and it’s market value was well in the 30Bs. By value I am saying a world where owners just dumped all their shares until they were no longer owners, by market value I mean what another entity might pay to buyout twitter.
bluestribute@lemmy.world 1 year ago
Didn’t Elon have the opportunity to end world hunger for 8 billion dollars a couple years ago?
GenderNeutralBro@lemmy.sdf.org 1 year ago
Almost. He said that if anyone could present a plan on how to end world hunger for $6B, he’d sell Tesla stock to pay for it.
The U.N. publicly presented a plan on how they’d use that $6B, but it fell way short of that goal. Which isn’t surprising, since they never claimed they could solve world hunger permanently for $6B. Musk’s challenge was rhetorical because the bar was impossibly high. He was really just trying to make the point that he does not have the money to truly end world hunger.
The U.N.'s plan for that $6B would “feed 42 million people for one year, and avert the risk of famine”. That’s nothing to sneeze at, obviously, but it’s not a permanent solution.
HerrBeter@lemmy.world 1 year ago
As much as I dislike Musk, I think your argument is a bit of a straw man. He responded to something or someone saying it was possible for $6bn. They stopped responding after Musk said “open books for accounting” or something. The UN shouldn’t have responded at all since it wasn’t feasible
Tilgare@lemmy.world 1 year ago
For that to be true, it would have needed to be worth $44B in the first place, which it absolutely was not. But there is no doubt that his mismanagement has tanked the value of the investment. He’s a narcissist so never see it that way, but the whole rest of the world knows that.
Kage520@lemmy.world 1 year ago
As a business? Probably not worth that valuation. As a propaganda machine to be able to influence a decent percentage of the population? I think it was.
ozymandias117@lemmy.world 1 year ago
Only because larger media outlets use it as “news”
Twitter has always been one of the smaller “social media” giants
SocialMediaRefugee@lemmy.world 1 year ago
I think he realized it wasn’t worth what they claimed but he couldn’t back out of the deal.
Cabrio@lemmy.world 1 year ago
Trashcan@lemmy.world 1 year ago
This is the quote:
“I don’t see any scenario where they’re responsible for less than 10% of the value destruction, so around $4 billion.”
In my head, he is comparing the minimum size of ADLs value reduction to be 10% or 4 billion. 10% of 44 billion is 4,4 billion. In this comment he is not saying anything about the current value except that 10% of 44 is around 4.
How else can you read it?
CharlesDarwin@lemmy.world 1 year ago
Imagine having so much wealth that he can walk away from his utter failure at Xitter and remain completely unaffected. For him, this is like some side-hustle vanity project a bored trophy wife runs.
cabron_offsets@lemmy.world 1 year ago
Can this fuck buy russia and fox “news”?
AssPennies@lemmy.world 1 year ago
Would you like some making fuck, berzer ker!
dbilitated@aussie.zone 1 year ago
darq@kbin.social 1 year ago
When you have a net worth measured in the billions of dollars, it's genuinely impressive to be able to lose money. With that kind of sum behind your name, you could just do nothing and out-earn most people on the planet with just interest alone. To actually be able to lose money? Now that takes work!
Daft_ish@lemmy.world 1 year ago
Since Elon is just flushing money down the toilet, do you think he might do me a solid and slice me off like 50k. Brah, that’s like if I dropped a penny on you from my last paycheck, right?
fosforus@sopuli.xyz 1 year ago
$4B seems also a tad too high.
Diplomjodler@feddit.de 1 year ago
Best I can do is tree fiddy.
zuhayr@lemmy.world 1 year ago
There are network cables, servers, laptops from all those employees who were
fuckedlaid off.
scarabic@lemmy.world 1 year ago
No tears shed here. The people who built Twitter got a nice payout when they absolutely robbed Elon Musk in that deal. Anyone who chose to stay on the Elon train after his first weeks at the helm gets no sympathy from me.
justastranger@sh.itjust.works 1 year ago
Anyone who chose to stay on the Elon train after his first weeks at the helm gets no sympathy from me.
Except for the green card holders whose residency in the US was literally held hostage by Elon.
mog77a@lemmy.world 1 year ago
Facts.
Elon tried so hard to back down from that deal. I’m not sure why it took actually signing that deal to realize he had been hosed.
If I was an executive at twitter, I would have absolutely done everything possible to get Elon to pay that $44 billion.
greavous@lemmy.world 1 year ago
They robbed Elon in the deal? They accepted his deal. He robbed himself!
odelik@lemmy.today 1 year ago
The only people there that get sympathy from me are the people trapped there on work visas if they want to legally remain in the USA.
The rest are either shit workers that can’t make the cut elsewhere, or bought into the Elon hype and are a lost cause.
Saneless@lemmy.world 1 year ago
I wouldn’t normally trust his math but he might have gotten this one right
fidodo@lemm.ee 1 year ago
And he’s blaming the anti defamation league…
AdolfSchmitler@lemmy.world 1 year ago
I really hope the original owners re-buy Twitter for a fraction of what they sold it for lol
dangblingus@lemmy.world 1 year ago
He’s just that good at business. Truly an unstoppable force in the world of commerce. Capitalism really is the best system. No problems.
Coreidan@lemmy.world 1 year ago
Listen all y’all it’s a SABOTAGE
EmperorHenry@discuss.tchncs.de 1 year ago
Nobody ever said you had to be smart to be a billionaire… or a good person.
Gradually_Adjusting@lemmy.world 1 year ago
This is the 4-D chess at play actually - now that it’s been delisted, there can’t be any securities class action against him.
ganksy@lemmy.world 1 year ago
I’m sure Putin and the Saudis comped him accordingly
moitoi@feddit.de 1 year ago
According to real math, Elon always overestimates the value.
Decentralizr@lemmy.world 1 year ago
X’ed the bird… Use biometrics and share it… What can go wrong
notannpc@lemmy.world 1 year ago
That’s still way more than that shithole is actually worth though.
Buffalox@lemmy.world 1 year ago
OK here’s some simple calculation.
Twitter was worth around $22 billion, then Elon buys it at $44 billion, but to help pay for it, half of that is borrowed by Twitter to pay for itself.
So now the company is worth about $22 bil less, because it has new debt.
In my book 22-22 = 0 = zero = nul = naught = zip
On top of that, the original value has declined dramatically, with about 60% decline in revenue that we know of. So the internal value is actually way below 0, but a limited company cannot be worth less than 0, so it remains 0.
The company is insolvent, which means it’s basically bankrupt, except it’s not declared yet. Then the only possible slight value it may have left, is for tax deductions on the losses.
whitecapstromgard@sh.itjust.works 1 year ago
That is 4 billion $ too much
Kraven_the_Hunter@lemmy.dbzer0.com 1 year ago
Cheer up Elon - it wasn’t worth $44B when you bought it, so it’s lost significantly less value than you think!
Endorkend@kbin.social 1 year ago
Most valuations by actual economists and the like was in the 20-25B range. So it still lost a 5x in value, which is only marginally worse than 10x.
Meanwhile, you have the Elon fanboys still pretending Twitter is doing better than it ever has.
paper_clip@kbin.social 1 year ago
Well, it is, if you're a Nazi.
KIM_JONG@lemmy.world 1 year ago
Does he still even have fanboys? Like maybe a dozen or so?
fubo@lemmy.world 1 year ago
The point of acquiring Twitter wasn’t to make money; it was to take away something that woke lefty journalists like and give it to fascists.
grte@lemmy.ca 1 year ago
Have you considered that Elon Musk is a dumbass rather than a super genius?
The guy didn’t plan on buying twitter. He was made to after he tried gaming the system and fucked it up.
Uncle_Bagel@midwest.social 1 year ago
Honestly, i think he wanted to oump and dump the stock and was flabbergasted when Twitter forced him to purchase it for the full price he states.
CharlesDarwin@lemmy.world 1 year ago
To see him explain it on Xitter or with a cartoon meme or whatever, he was in the “center”, and the radical left was so extreme that they brought the Overton window to the left and ruined his day, and were super mean to him, too, I guess. In other words, look at what you made him do, all normal Americans!
Or something. I guess the super-mean liberals also stole his hair, too.
indigomirage@lemmy.ca 1 year ago
Exactly.