These numbers are relatively easy to explain. Elon Musk is a fucking idiot.
Since Elon Musk’s Twitter purchase, firm reportedly lost 72% of its value
Submitted 10 months ago by boem@lemmy.world to technology@lemmy.world
Comments
MushuChupacabra@lemmy.world 10 months ago
mannycalavera@feddit.uk 10 months ago
I’m not a finance guy but I agree with this statement.
homesweethomeMrL@lemmy.world 10 months ago
So ordered.
whap
LifeInMultipleChoice@lemmy.world 10 months ago
I’m waiting for him to get kicked out of Tesla if they still have a board, haha. His acts of removing things like Disney + and such do to political arguments is a direct impact on purchases. I don’t think streaming in the front seats should be, but investors should easily know that limiting buyers will devalue the company over time.
ahriboy@lemmy.dbzer0.com 10 months ago
And ZA is waiting for Elon Musk’s return. EFF and ANC Youths gonna pelt him with protests.
grue@lemmy.world 10 months ago
28% to go!
ikidd@lemmy.world 10 months ago
Pretty sure a genius like Musk can make that happen! Look how well he’s done so far, and in only 1 year.
Hamartiogonic@sopuli.xyz 10 months ago
Rookie numbers! I’m sure he can push the value below zero if he just tries hard enough.
GoofSchmoofer@lemmy.world 10 months ago
As others have said this purchase didn’t really fuck up his overall lifestyle.
Yet when the topic of raising taxes on these people comes up they all freak out, like if they have to pay an extra 20% on their wealth they will be living on the streets.
FlyingSquid@lemmy.world 10 months ago
He is set for life no matter what.
There is only one way to hurt him- to humiliate him. To hit his ego. Booing him at the Chapelle show, for instance.
All we can do is keep doing that sort of thing until Real Life Iron Man becomes Real Life Terrence Howard as War Machine and gets replaced with some other asshole billionaire that sycophants will worship instead who hopefully will be mildly less insufferable.
retrieval4558@mander.xyz 10 months ago
I can think of other ways to hurt billionaires
puppy@lemmy.world 10 months ago
The US has an addiction with simping for billionaires. In the rest of the world, only politicians oppose it ('cuz “lobbying”). Not the general public.
LEDZeppelin@lemmy.world 10 months ago
72% so far
SuckMyWang@lemmy.world 10 months ago
If trump wins the election he will funnel taxpayer dollars to Elon through his other companies like space x or Tesla for a reward for destroying twitter
somethingsnappy@lemmy.world 10 months ago
Do you think trump would funnel more than the 2.5 billion+ in government funding 6hat has already been handed to Tesla?
Furbag@lemmy.world 10 months ago
Buying a multi-billion dollar brand and then rebranding it has got to be in the top 10 all time most smoothbrained business decisions ever, right up there with New Coke and Blockbuster not buying Netflix.
He probably could have started his own social media site to compete with Twitter for 1/1000th of the cost and still have all the Elon poleriders hop on board. It would still be exactly as shitty as X is today, but it could have been done without destroying something somebody else built up. Not that I care, because fuck Twitter too, but if we’re looking at this from a purely strategic perspective it’s so blindingly obvious this was a bad business move.
RalphFurley@lemmy.world 10 months ago
Every Business School 101 class will use this as a case study
zingo@lemmy.ca 10 months ago
Social media as it’s worse.
Facebook, Instagram and WhatsApp, all toxic waste.
At least there are platforms like Lemmy, where people (most of the time) share knowledge in an “anonymous” environment, which is actually brilliant for passing on information to the next man, without the toxication and promotion of suicidal tendencies.
Social media in the common sence always was a cancer in our modern society.
rbos@lemmy.ca 10 months ago
Don’t worry, they made one for you. :p
StupidBrotherInLaw@lemmy.world 10 months ago
originalucifer@moist.catsweat.com 10 months ago
he fucked himself into being forced to buy twitter with his big fucking mouth.
only then did he go shopping for who would want to help pay for this mistake... hmmm geee who would want to topple a bastion of liberal communication... in walks the saudis with more money than they know what do with.
SendMePhotos@lemmy.world 10 months ago
What do Saudis get from this?
silvercove@lemdro.id 10 months ago
Looking forward to Twitter losing the remaining 28% of value.
Akasazh@feddit.nl 10 months ago
It’s infuriating to see how little consequence fuck ups like this have for his personal net worth. If normal people would fuck up this badly they would be bankrupt.
But somehow if you’re super rich or doesn’t matter at all how much you screw up.
LordWiggle@lemmy.world 10 months ago
The caption of his meme standing with a sink in the building after purchase said “let that sink in” but it should have said “I’m going to sink this company”
LWD@lemm.ee 10 months ago
And people say Elon Musk hasn’t done anything good.
goatsarah@thegoatery.dyndns.org 10 months ago
Ilovethebomb@lemm.ee 10 months ago
Ooh, that’s not bad.
Hamartiogonic@sopuli.xyz 10 months ago
Next he should destroy Meta and Amazoon. The internet would become a better place.
BlackSkinnedJew@lemmynsfw.com 10 months ago
LMAO
rayyy@lemmy.world 10 months ago
Who knew fascism wouldn’t be the rage?
pope@c0tt0n.world 10 months ago
Twitter the thing you do on the shitterMonomate@lemm.ee 10 months ago
If the company’s private, which means its stocks are not tradeable anymore, what’s the point in measuring the company value at this point?
goatsarah@thegoatery.dyndns.org 10 months ago
ikidd@lemmy.world 10 months ago
Meh, the Saudi’s are covering his losses, that’s the deal.
silvercove@lemdro.id 10 months ago
Banks who loaned Elon money hold a bunch of Twitter stock. They want to eventually cash out.
technicalogical@lemmy.world 10 months ago
Can these measurements be used as losses to offset taxes?
runeko@programming.dev 10 months ago
Typically, losses in one year can be used to offset profits in following years, but not indefinitely… maybe three years tops IIRC. But that would mean the company would have to become very, very profitable profitable, which is doubtful.
sneakattack@lemmy.ca 10 months ago
Because the money still comes from investors even if it’s not publicly traded.
theodewere@kbin.social 10 months ago
seems like every decision has been carefully designed to do the most damage possible to the brand, while still being mostly legal.. although using twitter to troll legal systems worldwide also seems intentional..
BearOfaTime@lemm.ee 10 months ago
Seems like many commenting here can’t see this.
It’s always seemed to me his intent was to diminish the influence of Twitter.
He seemed rather transparent about it.
Stavros@lemmy.world 10 months ago
Maybe it’s time for another rebrand…. ‘Ex’ formerly X formerly Twitter.
yamanii@lemmy.world 10 months ago
Should’ve taken the L and paid the fine instead of buying it outright.
goatsarah@thegoatery.dyndns.org 10 months ago
PedroMaldonado@lemmy.world 10 months ago
Getting tired of this Special Man thing these jerkwads keep pushing. Elon went away tomorrow and the the next dude will slot right in.
SpezCanLigmaBalls@lemmy.world 10 months ago
Musk fans punching the air
Ltcpanic@lemmy.world 10 months ago
Could that have ever been the intent?
Phegan@lemmy.world 10 months ago
I refuse to believe it was intentional, as that means Elon is smart. As opposed to the more likely, Hanlon’s.razor, explanation is that simply, Elon is a fucking idiot.
PilferJynx@lemmy.world 10 months ago
The fact he was forced to complete the buy tells me it wasn’t some conspiracy. It’s just really hard to believe he would burns billions with his stupidity.
autotldr@lemmings.world [bot] 10 months ago
This is the best summary I could come up with:
One question is whether Fidelity sold any of its stake during November, but the latest drop in value isn’t surprising given the recent Musk-related controversies that drove advertisers away from the platform.
"Assuming the fund hasn’t reduced its holding in X, the latest report implies the value of the entire company has also fallen by 72 percent.
As Axios noted, "Fidelity doesn’t necessarily have much, if any, inside information on X’s financial performance, despite being a shareholder in the privately held business.
Musk’s company sued California in September in an attempt to block the state’s content-moderation law but last week lost a key ruling in the court case.
On Thursday, US District Judge William Shubb denied X’s motion for a preliminary injunction that would have blocked enforcement of the California content-moderation law.
The state law requires companies to file two reports each year with terms of service and detailed descriptions of content-moderation practices.
The original article contains 554 words, the summary contains 153 words. Saved 72%. I’m a bot and I’m open source!
AllonzeeLV@lemmy.world 10 months ago
Look at the scale and number of massive mistakes that, many clearly born out malice, with many hurting a lot of people, one of our billionaires makes, while having ZERO impact on their tangible quality of life or lifestyle.
Remember that some pro-capitalism nitwit tries to shame struggling people for daring to get a latte, eat Avacado toast, or get an education based on learning and growing rather than insatiable greed.
People in the little club basically have to rape dozens of people to finally be permitted to fail, like Harvey Weinstein.
You aren’t poor because of “your bad decisions,” you’re poor because of small, insatiably greedy, powerful group people who demand and expect almost all of the capital value your effort produces to go directly to them.
originalucifer@moist.catsweat.com 10 months ago
mush never intended for twitter to become profitable. his only real incentives here are:
a. use saudi money to help kill twitter with some plausible deniability (for legal reasons)
b. try my favorite 'business tactics' because i have nothing to lose
he has been very successful at these intended actions
Wrench@lemmy.world 10 months ago
Except it also impacted his other companies because of the public perception of his competence changing drastically.
Joker@discuss.tchncs.de 10 months ago
I’m not buying that story. It gives him way too much credit and is simply implausible. I believe the reality is Elon has an incredible imagination, issues with executive functions, and lacks empathy. He’s not a mastermind James Bond villain and he’s not as smart as people think he is. Left to his own devices, he makes bad decisions and is easily carried away by ideas that are interesting to him at the time.
Ottomateeverything@lemmy.world 10 months ago
Wasn’t the Twitter buyout for a significant portion of his wealth that he like, claimed he didn’t even have?
All those people say things like “well they’re risking their wealth!” he seems to be a pretty good example of someone who “risked a lot of their wealth”, objectively fucked up and should have lost at least most of it, and has come out essentially unscathed.
If you can collosally fuck up a whole company, and your wealth doesn’t even move, what are you even risking? At all?
BossDj@lemm.ee 10 months ago
Another part of being a billionaire is saying you have it when it’s prudent, and saying you don’t when it’s not.
sushibowl@feddit.nl 10 months ago
He paid around $20 billion cash (by selling Tesla stock) and loaned another 6.25 billion personally (loan secured by more Tesla stock). The rest was funded by various bank loans that are now owed by Twitter itself.
One of the neat tricks you can do when you’re wealthy is loan billions of dollars to buy a company, then you put those loans in the name of the company you just bought, so you don’t have any personal risk. The reason he still needed to pony up $26 billion in cash is because banks thought it was too risky to loan the full amount. They might now regret loaning even this much, Twitter has a substantial debt burden and I understand ad revenues aren’t doing great.
Obviously, since the company is private now we don’t get as much insight into financials.
anlumo@lemmy.world 10 months ago
He sold a few shares to get the money, besides also taking up loans and gifts from others in his billionaire club.
gravitas_deficiency@sh.itjust.works 10 months ago
The only reason it’s still alive is because we’ve got an election in 10
LillyPip@lemmy.ca 10 months ago
And that Nazis could scurry out from under their rocks, moving from fringe places like truth social into a major platform. Finally they could show up in normie feeds – until the normies catch on and leave them in their filth again.