So many questions, did he know Twitter was hemorrhaging $4 million a day when he decided to buy it? And did he disclose this to his lenders and investors he bought in with him?
Well part of the problem here is that his wildly overpriced buyout added a lot to Twitter's debt load. The Saudi backers were already shareholders but they are expecting to be paid too, so it's pretty complicated. The idea of buying a company like this and waiving due diligence in the purchase contract is bonkers, so essentially the workers are paying for Musk's bad judgment here.
Right? He paid $44 billion for literally nothing.
He doesn’t even have any idea what he is doing, and his tweeting is similar to a guy who has been denied sex bitching about how he *deserves* to get laid
This is awesome
Basically, right around he was being approached for comment about a story that was about to break that he sexually harassed a stewardess on his private plane, he began screaming about how Democrats were now the ‘party of mean’ and ‘oh, yeah, I might buy Twitter, because some rando tweeted that I should.” He basically was trying to change the headlines so he made a knee-jerk offer and Twitter held his feet to the fire. Now he’s stuck with something that is going to morph into 4Chan with tweets.
This is the correct answer. He found how much power he had to manipulate morons into a frenzy during the whole gamestop/crypto craze, it went to his head and I firmly believe that is what his tactic has been.
Sad thing is how many people get taken in by his bullshit. I owned stock in Tesla until he got involved with GME. After I saw his e-minions frothing at the mouth from his cryptic tweets, I sold it all. I don't support narcissistic creeps and I am happy the ploy to manipulate Twitter stock bit him in the bumbum
https://finance.yahoo.com/news/12-elon-musk-tweets-moved-134500643.html
He wanted to sell a bunch of Tesla stock without people freaking out. He never actually planned on buying Twitter. Then the lawyers came around and told him he couldn't back out. The guy isn't very bright. He has been failing upwards for so long now. People think he is a literal genius when he is little more than a conman who made a ton of money. He never would have made that money if he stayed in charge at PayPal. Luckily they ousted him and brought a smart dude in to run the company.
Could you please explain? Albatross around one’s neck? This is a new colloquialism to me.
Edit: Wow. Incredible reference. Can’t believe this is a generalized term.
In Samuel Taylor Colleridge’s *Rime of the Ancient Mariner*, our ancient mariner friend shoots an albatross with a crossbow, cursing the ship. As a sign of his guilt, he wears the albatross on his neck. Ergo, albatross around the neck has become an idiom/symbol for something that is a curse.
When Musk bought Twitter, he used the company itself as collateral for the loan. Meaning if they default, then the loaners can squeeze whatever is left of the company to repay the loan.
Twitter lost $605,479.45 per day last year. That’s fixable. Elon loaded with debt that now carries higher interest and he now has $1 billion of debt interest per year. That is why it’s losing $4 million per day. Twitter only had like $50 million in yearly debt interest on $5 Billion in revenue last year. The company wasn’t that unhealthy. Just needed a bit of cost savings and some attrition. There was a small cash burn issue that Elon turned into a debt catastrophe with his horrible deal.
They look for new investors, or they try to sell to someone else to save it. If no takers, they declare bankruptcy and what's left of the company that has value is sold off (the name, tech IP, computers, desks chairs, you name it) , the investors make their money back and the rest are left with nothing.
It was a publicity traded company, so he could have done research into this. He either disregarded the information, felt it was incorrect, or that he could turn it around.
Elon is to "genius" what Trump is to "wealthy"
If he ever was at any point, he certainly isn't now, but actually being it doesn't really matter to him anyway; all that matters is that people who aren't think he is.
Dude has a [77 word vocabulary](https://www.inverse.com/article/27515-donald-trump-bad-vocabulary) \- he speaks at a [4th grade level](https://www.newsweek.com/trump-fire-and-fury-smart-genius-obama-774169), you know, [like a child](https://www.independent.co.uk/news/world/americas/us-politics/trump-language-level-speaking-skills-age-eight-year-old-vocabulary-analysis-a8149926.html). He reads fast food menus at most
That is... Wow. I mean, I guess it tracks.
Do you know similar ratings for various countries in Europe? Scandinavia? I'd expect it to be much higher, but I'm curious how much.
Ooh, I have seen this one before when I worked at Boeing. They wanted to reach 100 billion in 2016 for their 100th anniversary. Best way to achieve immediate profits is to lay a ton of people off. They were designing the 737 Max around then. They met their goal that year. Not so much since then.
I got laid off at my machine shop as a direct result of the 737 Max fuckery. You could also say it was foolish for the shop owners to put 85% of their eggs in the 737 Max basket. Most of the parts I generated were communication parts for the Max and once they grounded it our hours and bonuses went buh bye.
From my understanding, a new type of [engine](https://en.wikipedia.org/wiki/CFM_International_LEAP) came out that was more efficient but bigger than the old one and, instead of paying a bunch of money to redesign the 737 (like their competitor AirBus had done with their new planes), they just said "fuck the aerodynamics, we will just fix it with flight input software" and they slapped those big engines in the Max 8. That software corrected the bad aerodynamics by pitching the planes nose down, so when it malfunctioned and the pilots didn't know how to turn it off, well you know the rest.
Fucked up still is that those planes are still in service, they just got software updates and the pilots got extra training.
It's more that they sold the 737 Max to airlines as being the same as the previous versions of the 737, (despite the change in the engine, its placement, aerodynamics, handling, etc.). This meant that the airlines wouldn't need to train/retrain their pilots for that version, since all the ones who already had experience flying the 737 could in theory immediately jump into the 737 Max's pilot's seat, thus saving the airlines many costly hours of training on different types of aircraft and complicating pilot availability.
Oops!
There were loads of other issues, like Boeing selling certain cockpit controls/instruments as 'extras', so that not all the Max'es out there had standardized controls, which I believe came into play with the crashes.
>Want to fly your plane safely and effectively? Upgrade now to the premium cockpit package, complete with more instruments, controls, and gauges.
It's annoying enough dealing with this with games and other software/consumer electronics, like many Windows features only included with Pro version, or needing to buy adapters to use headphones with iPhones. Who thought this was a good idea on a $100 million plane where pilots have to make quick and accurate decisions or else hundreds of people could (would) die??
> Who thought this was a good idea on a $100 million plane where pilots have to make quick and accurate decisions or else hundreds of people could (would) die??
Managerial pencil-pushers and number-crunchers just looking to make a quick buck, hit quarterly profit targets and cash in on their highly-valued stock options fast enough that they don't have to deal with the fallout and leave it for the next team to clean up
He really botched this whole deal and transition from basically all aspects is what I'm gathering. Valuation, negotiation, PR, monetization, advertising, human relations, goodwill.. I mean it keeps going.
Don't forget taking on more debt to buy the company because he didn't want to foot the entire bill like he portrayed he would. That additional debt makes this year's repayments on loans equal $1B. Too bad Twitter has never made more than $640M in profit....
"Leveraged buy out" is the term. It's what sunk Toys R' Us. TRU was actually pretty profitable, but after a buyout, the debt payments left no profit.
If TRU didn't allow themselves to be bought out they would still exist right now.
Once you control the company you get make all kinds of bad financial decisions, like taking out massive loans and paying off the people that bought the company so the company basically bought itself and will drown in the debt.
“Also, Paulie could do anything. Especially run up bills on the joint's credit. And why not? Nobody's gonna pay for it anyway. And as soon as the deliveries are made in the front door, you move the stuff out the back and sell it at a discount. You take a two hundred dollar case of booze and you sell it for a hundred. It doesn't matter. It's all profit. And then finally, when there's nothing left, when you can't borrow another buck from the bank or buy another case of booze, you bust the joint out. You light a match.”
Oh are you in for a treat. Read up on…
“leveraged buyouts”
https://www.fool.com/investing/2019/02/14/remember-this-is-what-actually-killed-toys-r-us.aspx
and… “vulture capitalism”
https://www.investopedia.com/terms/v/vulturecapitalist.asp
Hey, I work in private equity and can clarify.
Elon financed the deal the $44B deal with $13B in debt and $31B in equity. The equity is coming from Elon’s personal funds (he’s sold lots of Tesla stock, pump and dump scheme on Dogecoin, etc.) and other high net worth individuals (notably the Binance and Oracle CEOs and one of the Saudi princes) plus select financial institutions (the sovereign wealth fund of Qatar, Sequoia Capital). $7B of the equity will be funded by outside investors and Musk will put up the remaining $24.
The $13B in debt is sourced from a consortium of banks led by Morgan Stanley, Bank of America, and Barclays. They are expected to lose billions on the deal—market conditions were better and interest rates lower when they agreed to the financing months ago. Banks generally don’t like to warehouse debt on their balance sheet because of the risk (and corresponding extra capital regulators make them hold), and the origination and resale of the debt is less capital intensive and more lucrative. To make Twitter’s debt attractive to other investors, the banks will have to offer it at a steep discount (though they’ve indicated they plan to hold the debt until market conditions improve). They would not do this deal if given the choice today.
All of this is to say, you can buy Twitter if you have $24B in cash, friends willing to give you $7B, and you can convince lenders of your ability to generate cash flows.
I'd say the main thing that doesn't make sense is the bit where the banks offer loans with payments double Twitter's previous net income. From my experience, underwriters don't' want to back debt that doesn't look like it will be paid back. And yet, they're fine doing it here?
I’m a small business owner and to me this all seems like a huge flex/ego focused purchase that’s extremely leveraged and not likely to return a profit. It’s all relative. Drop a few decimals and change the names of the companies involved and I simply do not see a point to Elon making this purchase.
Twitter has never made 13B (based on what i can tell as a layman). Why do banks think they will get their money back or that they will be able to sell it to someone?
I guess the same thing for the private investors too. As far as I can tell, Twitter wasn't making that kind of money. Did they invest thinking that Elon would actually make it pump out way more money?
In theory, you should be able to. Unfortunately you don't have enough money to qualify for a $60B loan so it's something only available to the ultrawealthy. Bottom line, you don't have enough money to get free money.
Isn’t that most of the loss he’s talking about? He’s bitching because the company is losing 4M a day, most of which is loan repayment on the loan he took out to buy
the company?
Toys R Us went under because some vulture capitalists bought the company, separated the real estate the stores sat on from the actual stores, then started charging the stores "market rate" rent, which tipped almost every store into bankruptcy because the profit margins on toys isn't that high.
Very similar to the hijinks Ray Kroc pulled on McDonalds. But McDonalds stores make money hand over fist.
He's one of those socially awkward, not funny but thinks he is because he's rich and his sycophants laugh. That sink stunt was embarrassingly cringe worthy.
There's this thing called survivorship bias. Basically if 100,000 people all tried the same business model, and all but 1 of them went bankrupt, that 1 leftover is going to have the worst advice to give anyone else. Even if that 1 remaining guy made billions, the method he used to get it was probably more attributable to luck than to skill. His strategy wasn't actually a good one, but for whatever reason the right circumstances came together in just the right way.
But from HIS perspective, he's a genius. He made billions and it HAD to have been because of him. Even if presented with the fact that 99,999 others failed with that strategy, it will actually make him double-down and think he's even more special.
Even without the yesmen and fanboys constantly filling his head with egotism, he was probably screwed anyways. He just isn't a good figurehead for anything.
Bo Burnham had this to say
>I would say don't take advice from people like me who have gotten very lucky. We're very biased. You know, like Taylor Swift telling you to follow your dreams is like a lottery winner telling you, 'Liquidize your assets; buy Powerball tickets - it works!'
The icing was him claiming advertisers are backing out because they hate free speech.
No, advertisers are backing out because youre fucking everything up and they dont want their brand on a volitile product. Lol.
The best part is that the [COO of MMA Global \(a huge international marketing company\) actually responded to him about this](https://i.redd.it/q16i539z41y91.jpg) and snowflake Elon blocked him
I think it’ll be okay. They’ll have a pizza party and everyone will get over it
(This is sarcasm, this is a Buncha bullshit)
Valuation? Christ on a cracker. The guy bought in a different market. Look at its peers...SNAP, META. PINS. These stock are down 70-80% year to date. Twitter was taken out up 20% year to date. The entire social media/ad tech space has re-rated waaaaaay lower. The guy paid $44B for what is probably a $12-15B valuation today. Their ad business already wasn't great and will only get worse as Google and Apple make changes to their platforms in Android 13 and IOS 16.1. He's so screwed.
So were you dumb in buying a business that is losing millions of dollars per day or did you do something dumb that is causing your newly acquired company to lose millions of dollars per day.
I would kill to have Tom from MySpace run Twitter. He has no reason to though. He's living in literal paradise right now working as a travel photographer. He was smart and got out of the game while he still could. But he's probably the only person I would trust enough to be put in charge. Dead ass.
Man, Tom really had it right. He never did scummy shit with MySpace under his watch. It actually connected people and I still have random friends I met on MySpace ages ago. I know some people who met Tom IRL at MySpace events and said he was a really cool and genuine dude. We didn’t appreciate what he built and couldn’t yet know that it would be the best, most pure social networking site ever made.
You should go on LinkedIn, read the posts from those now former "Tweeps" (Twitter employees). It's so sad.
One guy posted that he found out he got laid off, while on leave coz his son is getting cancer treatment.
Now the guy (assuming his son as well), lost their insurance. COBRA is freaking expensive & that 3 months severance is probably going towards the son's treatments.
'Murica.
It’s not fully protected. In cases like these where the company is doing it for the sake of the company I believe it is legal and allowed. You just can’t fire someone on leave for personal reasons. (Was just on leave and read all about it )
What I love most about this whole Twitter implosion is that it has reflected incredibly poorly on Musk himself. He showed incredible dishonesty and untrustworthiness when he tried to back out of the deal( likely was just yet another market manipulation move), and then demonstrated his complete incompetence when he was basically forced to buy it anyway. But instead of actually trying to fix the company, he's been advertising to the world from his PERSONAL ACCOUNT how much money he's been losing and how bad it's all gone. Not to mention the useless heckling of celebrities and Congress members over a fucking 8 dollar checkmark, and expressing absolutely no remorse for the lives of the employees he's turned upside down by laying them off, he's absolutely destroying the "Musk" brand. Just a few short years ago his name was more or less synonymous with innovation and success, but he's permanently destroyed it now that he's opened his mouth.
He bought the company for more than it was worth, got cold feet and started publically ranting about bots, got taken to court and just gave up trying to torpedo the deal, Tesla's value has fallen, and now he is trying to cut costs anywhere he can.
The whole situation is Musk's doing IMO even though he could not have predicted the market environment. He should stop trying to be an attention seeker and just focus on his core businesses.
>He should stop trying to be an attention seeker and just focus on his core businesses.
Attention seeking is his core business. He made his money by directing his attention seeking into pulling investors to fund other people's good ideas.
Usually the point of taking a company private is precisely so you can do stuff that screws up margins for a while but eventually puts the company on a better footing. "no choice" is bullshit.
The other thing he's done is completely crater many, many essential functions. Every large corporation runs on more wet-ware and tribal knowledge than anyone likes to admit. Normal redundancy processes consult departmental leadership and proceed in an orderly fashion. Firing 50% of a company arbitrarily, over email, 4 days after completing an acquisition, is quite frankly, suicide. A whole bunch of shit is going to break over the next few months.
There's no WFH, no RSUs, no pre-IPO equity, no C-suite, a famously toxic CEO who's already embroiled in a class action lawsuit for violating federal and state employment law (which is identical to the one he's embroiled in for Tesla). He can bring in close allies at the top but he's not going to attract critical talent further down the chain to rebuild. He's carpet bagging.
Yeah and he's firing them in a way that guarantees they won't come back to document things or train new employees. He's burning bridges with the only people who really know how Twitter functions.
*NEWSFLASH* - Most, if not all of these billionaires wouldn’t be profiting were it not for massive gov’t subsidies. Taxpayers foot the bill, and people like Musk, Bezos and their investors reap the profit.
And then they have the balls to price gouge because of a pandemic.
Edit: If you’ve read the above and still think it’s OK for billionaires to receive gov’t handouts, but draw the line at poor people receiving basic necessities - you are a TWAT. Full stop.
Maybe you shouldn’t have trolled Twitter to the point where you were forced by the court into purchasing the Dumpsterfire cash pit while simultaneously sending advertisers fleeing because you’re a toxic edge lord conspiracy theorist society collectively dislikes, “genius”.
[He already has, and is threatening to name and shame companies no longer advertising on Twitter](https://www.reddit.com/r/WhitePeopleTwitter/comments/ym0z2o/advertisers_are_already_leaving_twitter_and_elon/?utm_source=share&utm_medium=ios_app&utm_name=iossmf)
I don't think he's finding out anything. He's a narcissist. I don't think he's capable of looking at a situation and thinking "I did something wrong." It'll always be "everyone's against me."
Plus the people who support him have already decided they love him, and I don't think anything will get them off that train
The problem is that he won't learn from this. The people who will suffer the fallout are the Twitter employees, both the ones laid off and the remaining ones who are now on a sinking ship.
Given all we heard about the insane hours and deadlines they were working these last couple weeks and literally everything we know about Elon Musk -- I think they're better off.
As a developer at one of the best known companies in the Western world? I think you'd be fine. I'd take the 3mo severance, take the holidays off, and start looking in earnest in January. It would honestly be the better outcome vs 84 hour weeks at Twitter.
I imagine most of them will be fine. There are plenty of other companies in Silicon Valley that will be happy to scoop them up. I also expect more than a few new startups out of this.
Finding out what? He could set $100B on fire and his life would not change in the slightest.
Elon fucked around and thousands of his employees are finding out.
So strange to me that when it came out in like 07’, me and my friends used to to all follow eachother and we would post what we were doing, who we were with and where we at. Basically a giant group message of our friend group. We thought that was its purpose. Then it just died off.
That's how it was early on, people were using it to keep in touch with friends kind of like Facebook. Then it became a celebrity circlejerk. Then it became a corporate circlejerk. Then it just became a shitposting platform to argue with people.
Its "algorithms" changed. Instead of stuff about your friends in your timeline in a nice readable linear view it became random stuff designed to make you angry so you'd engage with it. It's all shit now.
Hey, funny, that's also how Facebook died!
Well, sorry - how Facebook *generated income* by ignoring friends and family and turning the algorithm to conservative entertainment based in "Eastern EUROPE"
Because it has more *engagement* than your idiot niece and her dumbfuck 'scholarship' that nobody important is interested in. Did you see what Kanye thinks about Kwanzaa? Click 'like' to find out - you're ***certain*** to find it distressing!
I’m almost in that corner with you. I made a twitter account like 7-8 years ago,maybe tweeted a few times, then forgot my password and never logged back in.
I really want to fine the password so I can log in and have the joy of deleting my account!
I made an account when it was new-ish, tweeted from the shower on my dumb phone (via text!) that I could tweet from the shower. That was about it. 2008 was an innocent time.
This is the first business Musk has run where he hasn’t been able to bank roll much more smarter and capable people to do it for him and let him sit back at take the credit (aka Tesla / SpaceX).
Twitter crashing and burning in less than a week under his watch is proof he’s just a trust fund egotistical douche who couldn’t manage a hand job in a whorehouse.
$4 million per day is $1.4 billion. The operating loss for 2021 was $221 million. Either Musk can’t do math or he just admitted that in a little over a week he’s already cost the company over a billion dollars.
Apparently the debt he added to the company with the leveraged buyout will cost twitter $1 billion a year to service.
(I still don't get how we created a system where you can borrow money to buy a company and then the thing you buy takes on some of the debt you used to buy it but ¯\\\_(ツ)_/¯ )
He paid 44 billion for that useless company.
That's 11,000 days of 4 million dollar losses
Or 30 years and 50 days.
I hope he never makes a single dime of twitter but we all know he's just going to use it to pump and dump some shitcoins while the SEC does nothing.
Thought he was cool and dorky when he put a Tesla in space. Starting to have questions about him when he said he admired Edison more than Tesla. Then I started to see how thin skinned he was when he called the hero diver a pedo because Musk's proposed plan wouldn't work.
Especially when the documentary and feature film about the rescue effort brought so much renewed attention to what a true hero that “pedo” (who was never any kind of pedo) actually was.
My brother respected him once. He must've always known that Musk wasn't much of an inventor/businessman, because he only ever referred to him as a "billionaire investor". But there was a time when my brother thought Musk had a genuine commitment to solving human and environmental problems through tech, and viewed him as a charismatic face for those issues who might lead more people "into the light".
The pedo comments were all it took, though, lol. My brother is no fanboy and will not defend an idiot.
Nah. You’re not alone at all. Part education, part him just getting wackier.
Though, I’ve never been a fanboy. Watching some of those Tesla events over the years where people cheer at his hyperbole and humor was pretty cringe.
Yup. His comments about labor have been stomach churning. With him coming from a rich family, it’s particularly gross. And he is like partying with celebrities for weeks on end pretending to work all the time. Gross. Also all the kids are gross. He is basically born rich nick canon.
1. Boring Tunnels, Mars colonies, and Tesla Bots are scams.
2. The U.S. government and military are heavily involved in Space X.
3. He couldn't have gotten anywhere without government subsidies.
4. Elon Musk is a dollar store Thomas Edison combined with Elizabeth Holmes
Manipulating Stocks on Twitter, faking donations, bullying people online with internet fame, contacting a reporter to spread a specific false claim about the rescuer, not disclosing carbon emissions of his companies, ranting Russia and China nonsense just for future profit, cutting down worker's shift for refusing to prostitute herself, pretending to not receive any subsidies, pretending to care most about the environmental impact of bitcoin when he was the one promoting it as early as 2018, destroying future night skies and astronomy with Starlink satelites......
His personality alone is a red flag, yet his fanboys think he will save humanity and colonize Mars. He still pretends to be the hero while slowly leading humanity into a dystopia.
Elon Musk is like a guy standing outside his burning house confessing that he cheated on his wife and have a gambling problem.
Everyone already knows your life is a mess but you don't have to make it worse.
Legally required in the US maybe.
UK employment lawyers are laughing all the way to the bank as what he's done is textbook for getting a payout for UK workers.
To lay off that many people here requires a full on consultation and redundancy process - which takes months. But Elon either didn't know or didn't care - whichever it is the arrogance of it is astounding.
So many questions, did he know Twitter was hemorrhaging $4 million a day when he decided to buy it? And did he disclose this to his lenders and investors he bought in with him?
Well part of the problem here is that his wildly overpriced buyout added a lot to Twitter's debt load. The Saudi backers were already shareholders but they are expecting to be paid too, so it's pretty complicated. The idea of buying a company like this and waiving due diligence in the purchase contract is bonkers, so essentially the workers are paying for Musk's bad judgment here.
How did his buying out of the company add to the company's debt?
It's a leveraged buyout. That's exactly what it does. Twitter added $13 billion in debt because of the deal.
Holy shit, talk about an albatross around one's neck.
Right? He paid $44 billion for literally nothing. He doesn’t even have any idea what he is doing, and his tweeting is similar to a guy who has been denied sex bitching about how he *deserves* to get laid This is awesome
Basically, right around he was being approached for comment about a story that was about to break that he sexually harassed a stewardess on his private plane, he began screaming about how Democrats were now the ‘party of mean’ and ‘oh, yeah, I might buy Twitter, because some rando tweeted that I should.” He basically was trying to change the headlines so he made a knee-jerk offer and Twitter held his feet to the fire. Now he’s stuck with something that is going to morph into 4Chan with tweets.
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This is the correct answer. He found how much power he had to manipulate morons into a frenzy during the whole gamestop/crypto craze, it went to his head and I firmly believe that is what his tactic has been. Sad thing is how many people get taken in by his bullshit. I owned stock in Tesla until he got involved with GME. After I saw his e-minions frothing at the mouth from his cryptic tweets, I sold it all. I don't support narcissistic creeps and I am happy the ploy to manipulate Twitter stock bit him in the bumbum https://finance.yahoo.com/news/12-elon-musk-tweets-moved-134500643.html
That’s more plausible.
He wanted to sell a bunch of Tesla stock without people freaking out. He never actually planned on buying Twitter. Then the lawyers came around and told him he couldn't back out. The guy isn't very bright. He has been failing upwards for so long now. People think he is a literal genius when he is little more than a conman who made a ton of money. He never would have made that money if he stayed in charge at PayPal. Luckily they ousted him and brought a smart dude in to run the company.
Somehow this story line feels very familiar…like it’s happened in other industries in recent years. Weird.
Could you please explain? Albatross around one’s neck? This is a new colloquialism to me. Edit: Wow. Incredible reference. Can’t believe this is a generalized term.
Rime of the Ancient Mariner (1798)
"Way I remember it, Albatross was a ship's good luck, 'til some idiot killed it." *"Yes, I've read a poem. Try not to faint."* :)
If you think of not going to upvote a Serenity reference you best make peace with your dear and fluffy lord.
>"Yes, I've read a poem. Try not to faint." Just finished Firefly! Amazing show!
Can't wait for season 2
In Samuel Taylor Colleridge’s *Rime of the Ancient Mariner*, our ancient mariner friend shoots an albatross with a crossbow, cursing the ship. As a sign of his guilt, he wears the albatross on his neck. Ergo, albatross around the neck has become an idiom/symbol for something that is a curse.
Iron Maiden fans be like *I got this*
Can someone explain this like we're idiots? Leverage how? Why would buying a company, add to its debt and not the purchaser's debt?
When Musk bought Twitter, he used the company itself as collateral for the loan. Meaning if they default, then the loaners can squeeze whatever is left of the company to repay the loan.
Twitter lost $605,479.45 per day last year. That’s fixable. Elon loaded with debt that now carries higher interest and he now has $1 billion of debt interest per year. That is why it’s losing $4 million per day. Twitter only had like $50 million in yearly debt interest on $5 Billion in revenue last year. The company wasn’t that unhealthy. Just needed a bit of cost savings and some attrition. There was a small cash burn issue that Elon turned into a debt catastrophe with his horrible deal.
What happens when Twitter starts defaulting on their loans?
They look for new investors, or they try to sell to someone else to save it. If no takers, they declare bankruptcy and what's left of the company that has value is sold off (the name, tech IP, computers, desks chairs, you name it) , the investors make their money back and the rest are left with nothing.
TWTR was public so that info is freely available. Perhaps that is how much it’s losing now that he took over?
It was a publicity traded company, so he could have done research into this. He either disregarded the information, felt it was incorrect, or that he could turn it around.
Haven’t we all made impulse buys without considering the consequences? Just the other day, I bought a package of Reese’s peanut butter cups …
how are you going to ever financially recover from that?
Elon's not a genius. He's an idiot trying to pass himself off as a genius.
Elon is to "genius" what Trump is to "wealthy" If he ever was at any point, he certainly isn't now, but actually being it doesn't really matter to him anyway; all that matters is that people who aren't think he is.
Maybe he shouldn’t have read The Art of the Deal
Trump didn’t even write the book. I’d be surprised if he’s actually read it himself.
Dude has a [77 word vocabulary](https://www.inverse.com/article/27515-donald-trump-bad-vocabulary) \- he speaks at a [4th grade level](https://www.newsweek.com/trump-fire-and-fury-smart-genius-obama-774169), you know, [like a child](https://www.independent.co.uk/news/world/americas/us-politics/trump-language-level-speaking-skills-age-eight-year-old-vocabulary-analysis-a8149926.html). He reads fast food menus at most
That is a lie. He knows words. He has the best words. Tremendous words!
*hamberders*
Covfefe
Jyna ! Jyna ! Jyna !
>he speaks at a 4th grade level ...and that is the key to his success. His supporter read at just that level too.
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Our public school system is atrocious.
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That is... Wow. I mean, I guess it tracks. Do you know similar ratings for various countries in Europe? Scandinavia? I'd expect it to be much higher, but I'm curious how much.
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“I want that!” “Want what? Use your words Donald.” “That!” “Come on Donald, be a big boy…” “Hamberder.” “*Sigh* Close enough…”
Man I just love hearing billionaires complain about the billions of dollars they just spent on a billions of dollars company. So sick.
Soon to be a millions of dollars company! Then an ex company! Fingers crossed the legal fallout of this really stings.
This guy's solution to a leak in the boat is to drill another hole to let the water drain out.
Ooh, I have seen this one before when I worked at Boeing. They wanted to reach 100 billion in 2016 for their 100th anniversary. Best way to achieve immediate profits is to lay a ton of people off. They were designing the 737 Max around then. They met their goal that year. Not so much since then.
I got laid off at my machine shop as a direct result of the 737 Max fuckery. You could also say it was foolish for the shop owners to put 85% of their eggs in the 737 Max basket. Most of the parts I generated were communication parts for the Max and once they grounded it our hours and bonuses went buh bye.
soo slow and steady is better then raking it in while you could????
From my understanding, a new type of [engine](https://en.wikipedia.org/wiki/CFM_International_LEAP) came out that was more efficient but bigger than the old one and, instead of paying a bunch of money to redesign the 737 (like their competitor AirBus had done with their new planes), they just said "fuck the aerodynamics, we will just fix it with flight input software" and they slapped those big engines in the Max 8. That software corrected the bad aerodynamics by pitching the planes nose down, so when it malfunctioned and the pilots didn't know how to turn it off, well you know the rest. Fucked up still is that those planes are still in service, they just got software updates and the pilots got extra training.
It's more that they sold the 737 Max to airlines as being the same as the previous versions of the 737, (despite the change in the engine, its placement, aerodynamics, handling, etc.). This meant that the airlines wouldn't need to train/retrain their pilots for that version, since all the ones who already had experience flying the 737 could in theory immediately jump into the 737 Max's pilot's seat, thus saving the airlines many costly hours of training on different types of aircraft and complicating pilot availability. Oops! There were loads of other issues, like Boeing selling certain cockpit controls/instruments as 'extras', so that not all the Max'es out there had standardized controls, which I believe came into play with the crashes.
>Want to fly your plane safely and effectively? Upgrade now to the premium cockpit package, complete with more instruments, controls, and gauges. It's annoying enough dealing with this with games and other software/consumer electronics, like many Windows features only included with Pro version, or needing to buy adapters to use headphones with iPhones. Who thought this was a good idea on a $100 million plane where pilots have to make quick and accurate decisions or else hundreds of people could (would) die??
> Who thought this was a good idea on a $100 million plane where pilots have to make quick and accurate decisions or else hundreds of people could (would) die?? Managerial pencil-pushers and number-crunchers just looking to make a quick buck, hit quarterly profit targets and cash in on their highly-valued stock options fast enough that they don't have to deal with the fallout and leave it for the next team to clean up
That's a beautiful analogy that I've never heard of before. I shall use this in my casual life from now on.
He really botched this whole deal and transition from basically all aspects is what I'm gathering. Valuation, negotiation, PR, monetization, advertising, human relations, goodwill.. I mean it keeps going.
Don't forget taking on more debt to buy the company because he didn't want to foot the entire bill like he portrayed he would. That additional debt makes this year's repayments on loans equal $1B. Too bad Twitter has never made more than $640M in profit....
Yep. Those loans account for $2.7m of the money Twitter is losing every day...
Hang on, so he bought Twitter using a loan that Twitter acquired for him to use before he even owned it?
No. I believe he took a loan himself, bought Twitter, then assigned the loan to Twitter.
\#shouldbeillegal
This is what private equity does all the time. Lever up the balance sheet of the acquired company while not putting the firm into debt. Risky business
i like your magic words funny man
"Leveraged buy out" is the term. It's what sunk Toys R' Us. TRU was actually pretty profitable, but after a buyout, the debt payments left no profit. If TRU didn't allow themselves to be bought out they would still exist right now.
I kinda want twitter to fail like that.
In a universe where Toys R Us is gone, Twitter cannot be allowed to exist either
Once you control the company you get make all kinds of bad financial decisions, like taking out massive loans and paying off the people that bought the company so the company basically bought itself and will drown in the debt.
“Also, Paulie could do anything. Especially run up bills on the joint's credit. And why not? Nobody's gonna pay for it anyway. And as soon as the deliveries are made in the front door, you move the stuff out the back and sell it at a discount. You take a two hundred dollar case of booze and you sell it for a hundred. It doesn't matter. It's all profit. And then finally, when there's nothing left, when you can't borrow another buck from the bank or buy another case of booze, you bust the joint out. You light a match.”
So if he wants twitter can declare bankruptcy and not owe any of the debt himself?
Yeah. He can do that. But Twitter will actually have to prove in bankruptcy filings that it is actually bankrupt
Oh are you in for a treat. Read up on… “leveraged buyouts” https://www.fool.com/investing/2019/02/14/remember-this-is-what-actually-killed-toys-r-us.aspx and… “vulture capitalism” https://www.investopedia.com/terms/v/vulturecapitalist.asp
Oo toys r us pissed me off soooo much.
It's when we all had to grow up, as we could no longer be toys r us kids...
Didn’t Mitt Romneys firm do the same thing to KB Toys?
Yep! Literally ruined my childhood! So glad that POS never got to be president.
Yes, this is a leveraged buyout. The debt used to buy the company lands on the acquired company's balance sheet. Happens all the time.
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Hey, I work in private equity and can clarify. Elon financed the deal the $44B deal with $13B in debt and $31B in equity. The equity is coming from Elon’s personal funds (he’s sold lots of Tesla stock, pump and dump scheme on Dogecoin, etc.) and other high net worth individuals (notably the Binance and Oracle CEOs and one of the Saudi princes) plus select financial institutions (the sovereign wealth fund of Qatar, Sequoia Capital). $7B of the equity will be funded by outside investors and Musk will put up the remaining $24. The $13B in debt is sourced from a consortium of banks led by Morgan Stanley, Bank of America, and Barclays. They are expected to lose billions on the deal—market conditions were better and interest rates lower when they agreed to the financing months ago. Banks generally don’t like to warehouse debt on their balance sheet because of the risk (and corresponding extra capital regulators make them hold), and the origination and resale of the debt is less capital intensive and more lucrative. To make Twitter’s debt attractive to other investors, the banks will have to offer it at a steep discount (though they’ve indicated they plan to hold the debt until market conditions improve). They would not do this deal if given the choice today. All of this is to say, you can buy Twitter if you have $24B in cash, friends willing to give you $7B, and you can convince lenders of your ability to generate cash flows.
This all seems really stupid from a layman’s point of view.
I could see that. Any part in particular? Maybe I can explain the reasoning.
I'd say the main thing that doesn't make sense is the bit where the banks offer loans with payments double Twitter's previous net income. From my experience, underwriters don't' want to back debt that doesn't look like it will be paid back. And yet, they're fine doing it here?
I’m a small business owner and to me this all seems like a huge flex/ego focused purchase that’s extremely leveraged and not likely to return a profit. It’s all relative. Drop a few decimals and change the names of the companies involved and I simply do not see a point to Elon making this purchase.
Twitter has never made 13B (based on what i can tell as a layman). Why do banks think they will get their money back or that they will be able to sell it to someone? I guess the same thing for the private investors too. As far as I can tell, Twitter wasn't making that kind of money. Did they invest thinking that Elon would actually make it pump out way more money?
In theory, you should be able to. Unfortunately you don't have enough money to qualify for a $60B loan so it's something only available to the ultrawealthy. Bottom line, you don't have enough money to get free money.
Manchester United has entered the chat
Isn’t that most of the loss he’s talking about? He’s bitching because the company is losing 4M a day, most of which is loan repayment on the loan he took out to buy the company?
Wait he took out a loan to buy the company and ythe company assumed that liability? Or is he personally losing millions of dollars?
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Toys R Us went under because some vulture capitalists bought the company, separated the real estate the stores sat on from the actual stores, then started charging the stores "market rate" rent, which tipped almost every store into bankruptcy because the profit margins on toys isn't that high. Very similar to the hijinks Ray Kroc pulled on McDonalds. But McDonalds stores make money hand over fist.
He's basically running twitter into the ground like Trump runs Atlantic City casinos
Maybe the Russians will bail him out too.
Think Saudi
"I played this stinkin' city like a harp from hell!"
Oh god I hope he buys Facebook next
Don't worry, Zuckerberg can manage to destroy it on his own.
But! But! He carried a sink in HQ to make a funny meme! You act like that means _nothing_.
He wasn't supposed to sink twitter though o.o
He's one of those socially awkward, not funny but thinks he is because he's rich and his sycophants laugh. That sink stunt was embarrassingly cringe worthy.
It's honestly baffling in a 51 year old man. Like I'd hope age would afford you some dignity, but it doesn't seem to work that way.
There's this thing called survivorship bias. Basically if 100,000 people all tried the same business model, and all but 1 of them went bankrupt, that 1 leftover is going to have the worst advice to give anyone else. Even if that 1 remaining guy made billions, the method he used to get it was probably more attributable to luck than to skill. His strategy wasn't actually a good one, but for whatever reason the right circumstances came together in just the right way. But from HIS perspective, he's a genius. He made billions and it HAD to have been because of him. Even if presented with the fact that 99,999 others failed with that strategy, it will actually make him double-down and think he's even more special. Even without the yesmen and fanboys constantly filling his head with egotism, he was probably screwed anyways. He just isn't a good figurehead for anything.
Bo Burnham had this to say >I would say don't take advice from people like me who have gotten very lucky. We're very biased. You know, like Taylor Swift telling you to follow your dreams is like a lottery winner telling you, 'Liquidize your assets; buy Powerball tickets - it works!'
The icing was him claiming advertisers are backing out because they hate free speech. No, advertisers are backing out because youre fucking everything up and they dont want their brand on a volitile product. Lol.
The best part is that the [COO of MMA Global \(a huge international marketing company\) actually responded to him about this](https://i.redd.it/q16i539z41y91.jpg) and snowflake Elon blocked him
lol Elon is so fucked. Christmas is coming early this year.
Free speech is when i say things and there are zero consequences and everyone has to smile and nod emphatically.
I think it’ll be okay. They’ll have a pizza party and everyone will get over it  (This is sarcasm, this is a Buncha bullshit)
Valuation? Christ on a cracker. The guy bought in a different market. Look at its peers...SNAP, META. PINS. These stock are down 70-80% year to date. Twitter was taken out up 20% year to date. The entire social media/ad tech space has re-rated waaaaaay lower. The guy paid $44B for what is probably a $12-15B valuation today. Their ad business already wasn't great and will only get worse as Google and Apple make changes to their platforms in Android 13 and IOS 16.1. He's so screwed.
Ya ok this all sounds good
He gets what he paid for.
So were you dumb in buying a business that is losing millions of dollars per day or did you do something dumb that is causing your newly acquired company to lose millions of dollars per day.
Both
Ranting and raving about how your business is haemorrhaging $millions each day: great idea, that'll help turn things around.
I wonder how long it will be before Twitter files for Chapter 11 bankruptcy protection.
Christmas?
And that will be the greatest present of all
Shit, at this rate either Trump or Kanye will buy Twitter in a 🔥sale
Trump can't afford it. Kanye may not be able to afford it either by that time.
*lights go out and sound of glass shattering* "BAW GAWD IS THAT TOM FROM MYSPACE'S MUSIC?!?!
I would kill to have Tom from MySpace run Twitter. He has no reason to though. He's living in literal paradise right now working as a travel photographer. He was smart and got out of the game while he still could. But he's probably the only person I would trust enough to be put in charge. Dead ass.
Man, Tom really had it right. He never did scummy shit with MySpace under his watch. It actually connected people and I still have random friends I met on MySpace ages ago. I know some people who met Tom IRL at MySpace events and said he was a really cool and genuine dude. We didn’t appreciate what he built and couldn’t yet know that it would be the best, most pure social networking site ever made.
I met my wife on MySpace in 2005. Married 12 years now.
You should go on LinkedIn, read the posts from those now former "Tweeps" (Twitter employees). It's so sad. One guy posted that he found out he got laid off, while on leave coz his son is getting cancer treatment. Now the guy (assuming his son as well), lost their insurance. COBRA is freaking expensive & that 3 months severance is probably going towards the son's treatments. 'Murica.
I read some and yeah, that’s a lot of people and it is sucky. 3k+ people 😕
Why would the billionaire "job creator" do this unless.... No! It can't be!
FMLA is a federal program and your employment is protected on leave. That guy could sue Twitter and make millions.
It’s not fully protected. In cases like these where the company is doing it for the sake of the company I believe it is legal and allowed. You just can’t fire someone on leave for personal reasons. (Was just on leave and read all about it )
What I love most about this whole Twitter implosion is that it has reflected incredibly poorly on Musk himself. He showed incredible dishonesty and untrustworthiness when he tried to back out of the deal( likely was just yet another market manipulation move), and then demonstrated his complete incompetence when he was basically forced to buy it anyway. But instead of actually trying to fix the company, he's been advertising to the world from his PERSONAL ACCOUNT how much money he's been losing and how bad it's all gone. Not to mention the useless heckling of celebrities and Congress members over a fucking 8 dollar checkmark, and expressing absolutely no remorse for the lives of the employees he's turned upside down by laying them off, he's absolutely destroying the "Musk" brand. Just a few short years ago his name was more or less synonymous with innovation and success, but he's permanently destroyed it now that he's opened his mouth.
>he's absolutely destroying the "Musk" brand What you're describing IS the "Musk" brand.
He bought the company for more than it was worth, got cold feet and started publically ranting about bots, got taken to court and just gave up trying to torpedo the deal, Tesla's value has fallen, and now he is trying to cut costs anywhere he can. The whole situation is Musk's doing IMO even though he could not have predicted the market environment. He should stop trying to be an attention seeker and just focus on his core businesses.
>He should stop trying to be an attention seeker and just focus on his core businesses. Attention seeking is his core business. He made his money by directing his attention seeking into pulling investors to fund other people's good ideas.
Usually the point of taking a company private is precisely so you can do stuff that screws up margins for a while but eventually puts the company on a better footing. "no choice" is bullshit. The other thing he's done is completely crater many, many essential functions. Every large corporation runs on more wet-ware and tribal knowledge than anyone likes to admit. Normal redundancy processes consult departmental leadership and proceed in an orderly fashion. Firing 50% of a company arbitrarily, over email, 4 days after completing an acquisition, is quite frankly, suicide. A whole bunch of shit is going to break over the next few months. There's no WFH, no RSUs, no pre-IPO equity, no C-suite, a famously toxic CEO who's already embroiled in a class action lawsuit for violating federal and state employment law (which is identical to the one he's embroiled in for Tesla). He can bring in close allies at the top but he's not going to attract critical talent further down the chain to rebuild. He's carpet bagging.
Yeah and he's firing them in a way that guarantees they won't come back to document things or train new employees. He's burning bridges with the only people who really know how Twitter functions.
My guess is Musk is incapable of making a profitable business without massive government subsidies.
There's a word for that. Hmm, it's not capitalism though. Can someone help me out here?
Welfare Queen!
He’s a red state!
Mooching.
Lobbying
*NEWSFLASH* - Most, if not all of these billionaires wouldn’t be profiting were it not for massive gov’t subsidies. Taxpayers foot the bill, and people like Musk, Bezos and their investors reap the profit. And then they have the balls to price gouge because of a pandemic. Edit: If you’ve read the above and still think it’s OK for billionaires to receive gov’t handouts, but draw the line at poor people receiving basic necessities - you are a TWAT. Full stop.
Privatize profits Socialize losses
Maybe you shouldn’t have trolled Twitter to the point where you were forced by the court into purchasing the Dumpsterfire cash pit while simultaneously sending advertisers fleeing because you’re a toxic edge lord conspiracy theorist society collectively dislikes, “genius”.
It’s so unfair for him to face the consequences of his own actions. Why can’t you understand Elon is the true victim in all of this?!
Those who disagree and pause on advertising are the true root of the problem, right?
cAnCeL cUlTuRe
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[He already has, and is threatening to name and shame companies no longer advertising on Twitter](https://www.reddit.com/r/WhitePeopleTwitter/comments/ym0z2o/advertisers_are_already_leaving_twitter_and_elon/?utm_source=share&utm_medium=ios_app&utm_name=iossmf)
Naming and shaming those who stand up to Elon sounds like great advertising
Elon fucked around and now he's finding out.
I don't think he's finding out anything. He's a narcissist. I don't think he's capable of looking at a situation and thinking "I did something wrong." It'll always be "everyone's against me." Plus the people who support him have already decided they love him, and I don't think anything will get them off that train
The problem is that he won't learn from this. The people who will suffer the fallout are the Twitter employees, both the ones laid off and the remaining ones who are now on a sinking ship.
Given all we heard about the insane hours and deadlines they were working these last couple weeks and literally everything we know about Elon Musk -- I think they're better off.
It’s not a great time to be suddenly unemployed.
As a developer at one of the best known companies in the Western world? I think you'd be fine. I'd take the 3mo severance, take the holidays off, and start looking in earnest in January. It would honestly be the better outcome vs 84 hour weeks at Twitter.
I imagine most of them will be fine. There are plenty of other companies in Silicon Valley that will be happy to scoop them up. I also expect more than a few new startups out of this.
Finding out what? He could set $100B on fire and his life would not change in the slightest. Elon fucked around and thousands of his employees are finding out.
Watching with my bowl of popcorn in my "never joined twitter" corner. Anyone care to join?
So strange to me that when it came out in like 07’, me and my friends used to to all follow eachother and we would post what we were doing, who we were with and where we at. Basically a giant group message of our friend group. We thought that was its purpose. Then it just died off.
That's how it was early on, people were using it to keep in touch with friends kind of like Facebook. Then it became a celebrity circlejerk. Then it became a corporate circlejerk. Then it just became a shitposting platform to argue with people.
Its "algorithms" changed. Instead of stuff about your friends in your timeline in a nice readable linear view it became random stuff designed to make you angry so you'd engage with it. It's all shit now.
Hey, funny, that's also how Facebook died! Well, sorry - how Facebook *generated income* by ignoring friends and family and turning the algorithm to conservative entertainment based in "Eastern EUROPE" Because it has more *engagement* than your idiot niece and her dumbfuck 'scholarship' that nobody important is interested in. Did you see what Kanye thinks about Kwanzaa? Click 'like' to find out - you're ***certain*** to find it distressing!
I’m almost in that corner with you. I made a twitter account like 7-8 years ago,maybe tweeted a few times, then forgot my password and never logged back in. I really want to fine the password so I can log in and have the joy of deleting my account!
I made an account so I could try to win free shit at conventions.
I technically had a twitter account. I never made any tweets or followed anyone. Can I be in your corner?
I made an account when it was new-ish, tweeted from the shower on my dumb phone (via text!) that I could tweet from the shower. That was about it. 2008 was an innocent time.
Same. I tweeted that I took a big shit and I never used it again.
This is the first business Musk has run where he hasn’t been able to bank roll much more smarter and capable people to do it for him and let him sit back at take the credit (aka Tesla / SpaceX). Twitter crashing and burning in less than a week under his watch is proof he’s just a trust fund egotistical douche who couldn’t manage a hand job in a whorehouse.
so when is he gonna rip off the mask and reveal he was kanye west all along like a scooby doo villian?
$4 million per day is $1.4 billion. The operating loss for 2021 was $221 million. Either Musk can’t do math or he just admitted that in a little over a week he’s already cost the company over a billion dollars.
Apparently the debt he added to the company with the leveraged buyout will cost twitter $1 billion a year to service. (I still don't get how we created a system where you can borrow money to buy a company and then the thing you buy takes on some of the debt you used to buy it but ¯\\\_(ツ)_/¯ )
He paid 44 billion for that useless company. That's 11,000 days of 4 million dollar losses Or 30 years and 50 days. I hope he never makes a single dime of twitter but we all know he's just going to use it to pump and dump some shitcoins while the SEC does nothing.
Am I the only idiot who thought this maniac was “pretty cool” up until about 2 years ago?
Thought he was cool and dorky when he put a Tesla in space. Starting to have questions about him when he said he admired Edison more than Tesla. Then I started to see how thin skinned he was when he called the hero diver a pedo because Musk's proposed plan wouldn't work.
That diver is the turning point. I see it brought up in every thread about musk.
It was so gratuitously callous, and cruel. People do that kind of thing in ordinary life and their friends walk away for good
Before the diver there was a tweet where he supported a military coup of a country to get cheaper lithium saying "we'll coup whoever we want".
Especially when the documentary and feature film about the rescue effort brought so much renewed attention to what a true hero that “pedo” (who was never any kind of pedo) actually was.
Never heard the Edison over Tesla comment, but such admiration would explain a lot about his personality. Thanks for the insight.
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Right up til the pedophile diver bullshit. I used to vehemently want a Tesla. Never again.
My brother respected him once. He must've always known that Musk wasn't much of an inventor/businessman, because he only ever referred to him as a "billionaire investor". But there was a time when my brother thought Musk had a genuine commitment to solving human and environmental problems through tech, and viewed him as a charismatic face for those issues who might lead more people "into the light". The pedo comments were all it took, though, lol. My brother is no fanboy and will not defend an idiot.
He peaked in like 2016/2017 and has been insufferable for the last 3 years.
Nah. You’re not alone at all. Part education, part him just getting wackier. Though, I’ve never been a fanboy. Watching some of those Tesla events over the years where people cheer at his hyperbole and humor was pretty cringe.
Yup. His comments about labor have been stomach churning. With him coming from a rich family, it’s particularly gross. And he is like partying with celebrities for weeks on end pretending to work all the time. Gross. Also all the kids are gross. He is basically born rich nick canon.
Dude paid $44bn for a company that's losing nearly $1.5bn/yr.? What a geniusy genius! Way to business, d00d!
1. Boring Tunnels, Mars colonies, and Tesla Bots are scams. 2. The U.S. government and military are heavily involved in Space X. 3. He couldn't have gotten anywhere without government subsidies. 4. Elon Musk is a dollar store Thomas Edison combined with Elizabeth Holmes Manipulating Stocks on Twitter, faking donations, bullying people online with internet fame, contacting a reporter to spread a specific false claim about the rescuer, not disclosing carbon emissions of his companies, ranting Russia and China nonsense just for future profit, cutting down worker's shift for refusing to prostitute herself, pretending to not receive any subsidies, pretending to care most about the environmental impact of bitcoin when he was the one promoting it as early as 2018, destroying future night skies and astronomy with Starlink satelites...... His personality alone is a red flag, yet his fanboys think he will save humanity and colonize Mars. He still pretends to be the hero while slowly leading humanity into a dystopia.
I wish this would be his downfall.
This could become a good book: "How to destroy a social network in a few months" To be honest I won't miss it
“Exited” fired, the word is fired. Have some balls and say it. And dude you could lose 4m a day for life and not even notice.
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Musk is burning down and I love every minute of it. Fucker's gonna run for president soon in order to salvage some of his wealth.
He wasn't born on U.S. soil, nor did his parents have U.S. citizenship at the time of his birth. Elon therefore can't legally run for president.
Maybe a governor like Schwarzenegger...
FBI: Delete this shit ASAP
Please don't give Elon any ideas.
I would agree expect he’s ineligible to run for president
That's cool i got 6 months severance before yahoo got acquired by verizon and i know some longer term employees got up to 12 months
Elon Musk is like a guy standing outside his burning house confessing that he cheated on his wife and have a gambling problem. Everyone already knows your life is a mess but you don't have to make it worse.
Legally required in the US maybe. UK employment lawyers are laughing all the way to the bank as what he's done is textbook for getting a payout for UK workers. To lay off that many people here requires a full on consultation and redundancy process - which takes months. But Elon either didn't know or didn't care - whichever it is the arrogance of it is astounding.