Elon Musk buys a big chunk of Twitter
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@Axtremus said in Elon Musk buys a big chunk of Twitter:
Musk also says he sees a path to $250 Billion valuation years from now.
Presumably that path doesn't involve him selling it to somebody who knows what they're doing?
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Twitter no long exists as a company. It has been absorbed by X Corp.
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https://www.cnn.com/2023/04/12/tech/elon-musk-bbc-interview-twitter-intl-hnk/index.html
80% cut in staff headcount
Musk claims (what's formerly known as) Twitter is now "breaking even" and advertisers are coming back. -
@Axtremus said in Elon Musk buys a big chunk of Twitter:
80% cut in staff headcount
Musk claims (what's formerly known as) Twitter is now "breaking even" and advertisers are coming back.One has to wonder...from and end-user standpoint Twitter is little-changed from what it was a year ago.
Yea, there have been changes as to policy, procedures, etc. Changes in "blue checks" and all that other crap have occurred. But, my experience is not very different from it was a year ago.
So, one has to wonder, what were those 80% doing? Were they doing computer preventive maintenance? Were they "innovating?" The platform seems to be just fine.
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Musk's BBC interview.
Elon Musk tells BBC that owning Twitter has been quite painful
https://www.bbc.co.uk/news/business-65248196 -
That was pretty embarrassing. Looking at Debra Faushay's Twitter, she actually wasn't being sarcastic
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Always remember, Operation Valkyrie was an act of sedition.
Warning: I post things that interest me. Read and comment at your own discretion. -
https://www.vice.com/en/article/m7beya/elon-musk-twitter-blue-verification
… Rather than being a much sought-after status symbol and revenue driver, the new blue check is being seen more like a scarlet letter, and Musk spent the weekend personally giving them to famous people who were forced to loudly clarify that they don’t want them. …
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@Jolly said in Elon Musk buys a big chunk of Twitter:
If Musk can make Twitter profitable (he said when took over, they were about 90 days from going bust) what does that say about his business skills?
Being profitable is usually better than otherwise, just not always. An enterprise going from $1 Billion revenue with $10 Million loss to $10 revenue with 10¢ profit has also turned profitable, though some people may not be all that impressed by the CEO who transformed the enterprise with that trajectory.
That said, if I were a Twitter stockholder not long before Musk announced his takeover bid, I would likely be very happy because it might take a very long time (if ever) for Twitter’s valuation as a public company to rise to Musk’s offer.
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Fox News: Liberal celebs, journalists furious that Musk gave them their blue check back: 'Without my consent'
The Twitter Blue Check as a status symbol, now the status of a pariah.
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Twitter changes description on Blue Check Mark
https://news.yahoo.com/elon-musk-changes-twitter-blue-143900665.html
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Twitter Is Now Worth Just 33% of Elon Musk’s Purchase Price
Twitter is now worth just one-third of what Elon Musk paid for the social-media platform, according to Fidelity, which recently marked down the value of its equity stake in the company.
Musk has acknowledged he overpaid for Twitter, which he bought for $44 billion, including $33.5 billion in equity. More recently, he said Twitter is worth less than half what he paid for it. It’s unclear how Fidelity arrived at its new, lower valuation or whether it receives any non-public information from the company.
Fidelity first reduced the value of its Twitter stake in November, to 44% of the purchase price. That was followed by further markdowns in December and February.
Twitter has struggled financially since Musk took over. After saddling the company with $13 billion of debt, Musk’s erratic decision making and challenges with content moderation led advertising revenue to decline by 50%, Musk said in March. An attempt to recoup that revenue by selling Twitter Blue subscriptions has so far failed to take off. At the end of March, less than 1% of Twitter’s monthly users had signed up.
Twitter didn’t specifically respond to a request for comment.
Musk’s investment in Twitter is now worth $8.8 billion, according to the Bloomberg Billionaires Index, which uses Fidelity’s valuation to calculate the value of his holding. Musk spent more than $25 billion to acquire an estimated 79% stake in the company last year.
The latest markdown erases about $850 million from Musk’s $187 billion fortune, according to the index. Despite Twitter’s issues, Musk’s wealth is up more than $48 billion this year, largely due to a 63% surge in Tesla Inc.’s share price.
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https://reuters.com/technology/twitters-head-trust-safety-says-she-has-resigned-2023-06-02/
June 1 (Reuters) - Twitter's head of trust and safety, Ella Irwin, told Reuters on Thursday that she has resigned from the social media company.
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Deadbeat Twitter?
Report: Twitter is refusing to pay its Google Cloud bills.
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Musk asks banned youtubers to upload their videos to Twitter:
I guess he's not actually all talk when it comes to free speech.
It requires no hard decisions or business sacrifices, to be more free-speech than the authoritarian, progressive-controlled moderation practices of Youtube. This is low hanging fruit, and I hope it takes a bite out of youtube. They have some pruning to do among their employees responsible for moderation practices.
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Deadbeat Twitter?
Twitter refuses to pay for arbitration it forced on 891 ex-employees, suit says
Twitter forced its ex-employees into arbitration, yet itself refused to pay the fees for arbitration.
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@Horace said in Elon Musk buys a big chunk of Twitter:
I guess he's not actually all talk when it comes to free speech.
He's suppressing conversations on Twitter about Threads if those conversations portray the new platform in a positive light. Wasn't showing up on trending topics, either, when it's the fastest growing platform basically ever.
Please love yourself.
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@Aqua-Letifer said in Elon Musk buys a big chunk of Twitter:
@Horace said in Elon Musk buys a big chunk of Twitter:
I guess he's not actually all talk when it comes to free speech.
He's suppressing conversations on Twitter about Threads if those conversations portray the new platform in a positive light. Wasn't showing up on trending topics, either, when it's the fastest growing platform basically ever.
He's allowed to protect his business interests. Zuckerberg thinks his more policed version of Twitter is in his best business interest. We'll see which one wins. But Musk isn't obligated to platform advertisements or word of mouth for the competition.
Education is extremely important.
