Elon Musk’s X Is Now Worth $36 Billion LESS Than What He Bought It For — And Now Less Than Its Own Debt, Reuters Estimates
Elon Musk’s X Is Now Worth $36 Billion LESS Than What He Bought It For — And Now Less Than Its Own Debt, Reuters Estimates
A new assessment determined that X, the platform once known as Twitter, is worth a mere fraction of the value it had when Elon Musk bought it for $44 billion.
Twitter wasn't even worth $44B when he paid $44B for it. Hence why the board jumped on the offer. Musk didn't even think it was worth that much, hence why he tried to weasel his way out of the deal after the board called his bluff.
His problem wasn't offering the deal, his problem was saying yes after they called his bluff
He like.. actually legally agreed to it before he looked into it at all. What a fucking dumbass
its actual name is “XFormerlyKnownAsTwitter”
No, Xitter.
Xitler, but the X is pronounced like a Chinese X, so "Sh"
This was intentional, he and some wealthy donors wanted to tank the company to stop the spread of left wing populist movements like the Arab spring
Yeah sure, Elon totally intentionally obliterated his own image among progressives and liberals to prevent another Arab spring because he is a very stable 10D chess master who’s always a trillion steps ahead…
Nothing was intentional. He has no clue. He bought Twitter because he’s a pissy little man-baby on adderall who can’t keep his mouth shut.
And he’s ruining everything because he has no idea what he’s doing and he fired the persons who knew.
Oh no, it was intentional on the part of the SA and foreign backers. Elon is the scape goat. They bought it for the man-sized rich toddler and let nature take its course. Can you think of someone less reliable to put in charge of Twitter to cause it to crash and burn?
Kanye West and Donald Trump were both too busy.
Don't be so sure. Now I still don't think he's some 4D chess player. But even stupid people with too many resources can form stupid conspiracies.
I really can't believe that Elon is willing to make himself the heal and devalue his "brand" for this wild conspiracy theory shit. He's just a narcissistic, autistic, wealthy, douchebag. It's the obvious and most reasonable explanation. He's so delusional he didn't realize how horrible his ideas are.
Its likely that Musk was a useful idiot in this situation. He backed himself into a corner w/ his dumb tweets and ended up being on the hook for the purchase of twitter. Then he either needed to pay a billion dollar fine or buy twitter. Thats when arab oil money volunteered to fund his blunder likely because it was a win-win for them. They either make money off of the success if twitter gets better, have huge influence over trends if twitter remained the default information platform, or deter future expensive rebellions if twitter was decimated.
Musk's idiocy gave dictators their opportunity to deal a deft blow to their largest enemy, information, and he probably just thinks that he's a genius who earned that investment.
Do you have, like, evidence of this, or is it just plausible sounding vibes?
I imagine Twitter being pretty left-leaning was one factor, but I think you also have to consider things like Elon simply being the world's biggest egotist and also very stupid, and most banks being able to see that this would be a terrible investment.
https://www.nbcnews.com/tech/was-elon-musks-strategy-twitter-rcna118490 bits and pieces paint a bigger picture
None of us will know the full story for a long time, but it seems likely Elon was a useful idiot that his backers knew would be like letting a bull lose in a China shop. Not that Twitter was not problematic in a lot of ways, but its sort of decentralized communication did make things harder for despotic assholes for a bit
It's almost as though Elon Musk is incompetent.
Another fascist fails.
Unfortunately this is the equivalent of missing a step when going down a set of stairs for Elon with his mass of wealth - not enough to qualify as a fall for him
Getting called out for wearing his cowboy hat backwards the other day probably bothered him more than losing $40B
I still say he named it X because he planned on killing it. Fuckwad Musk was a Trumper and only quit because Trump had a bigger ego.
He named it X because he's a puerile man child that wanted PayPal to be X.com before Peter Thiel forced him into being a billionaire, kicking and screaming, and he's never really gotten over it.
Musk reminds me of my favourite Shel Silverstein book
It's Twitter. I refuse to play the name game and lend an inch of support for such a stupid decision. It's not that I even use it. Just the point of it
Guy dead names his kid, might as well dead name his company.
A dead name for a dying company.
For as much of a genius that he thinks he is, why didn't he do literally nothing after he comes on board and watch how twitter functions first before he starts firing people? Wouldn't you want hire more people instead if you want to implement new features for the super app he is dreaming of?
Hey, if this level of decision making is all it takes to become a tech CEO, maybe I should become a tech CEO if this acting thing doesn't work out for some reason. Seems pretty easy.
I've said this before and I'll say it again, but Elon really isn't that smart and he certainly isn't a genius. Elon has a BA in Physics from a school known for business degrees. He also got a BS in Business, but UPenn and Wharton are known more for how hard it is to get in than how hard the classes are.
The website CollegeVine says UPenn is known as the "Social Ivy" and "UPenn’s admissions is highly-selective, but students applying to the UPenn College of Arts & Science (CAS) will find it less academically competitive than schools like Harvard, Yale, Princeton, and Stanford (although exceptional academics are still a must)."
By the way, he started college in 1990, transferred to UPenn in 1992, and states he graduated in 1995, but UPenn refutes that saying he graduated in 1997. This is a school where 96% of those who are accepted graduate within 150% of the degree time (4 year degree within 6 years) (https://www.collegetuitioncompare.com/edu/215062/university-of-pennsylvania/graduation/).
Musk of course says he completed the courses in 1995, but there was some sort of mixup with an English and History credit that delayed the degree by 2 years.
I'm typically not one to judge what degrees someone pursues or how long they take to finish those degrees, but when people start calling someone who loses $40 billion a genius the gloves come off.
IDK how helpful words like "smart" and "genius" are as predictors of academic success anyway.
A wise person studies consistently and conscientiously and gets good grades. A wise & wealthy person would also hire people to have great ideas for them and be frank in telling them how terrible their own ideas are.
Ego! He is absolutely convinced he's a genius and smarter than everyone else. People sniffing his farts and praising him are not helping either. There's only one thing Musk is good at and that's riding top of the Dunning-Kruger wave.
Because only a nutjob like him would have the ego for it. Sometimes reckless people are granted money and you end up with dumpster fires like musk.
I'm convinced that he "made the best out of a bad situation" once he realized he couldn't get out of the acquisition.
He's not doing any of this for any other reason than trying to destroy one of the largest platforms for leftist voices in the U.S./world. He's pretty successfully accomplishing his goal, with that frame of mind.
I am sure a guy that helps advance EV industry and develops spaceX knows a thing or two on running a company. From my understanding, since he bought Twitter at such high price, he had to cut cost before he was swimming in negative cash flow.
"since he bought Twitter at such a high price"
You mean at an absolutely stupid price?
The guy is not a genius in any way at all. Maybe research how he actually got where he is. It sure as hell wasn't because he's some kind of revolutionary person.
Is this post for real?
Man, I wasn't on X in a long time? What are the Xvideos like?
By far the best part of the service
Ha ha bonk that’s the sound of me laughing my head off.
his little satellite boondoggle is losing money hand over fist too
Who?
Some guy whose daddy owned an emerald mine in Apartheid South Africa
Sounds like dollar store cologne
It always fascinates me how there are people who come into this community to complain about the constant mentions of Shitbird Supreme.
I mean, look at the community name, and if it bothers you, ban it from your feed.
Been on lemmy since June, never heard of this guy myself
Musk is a shitty businessman and an even shittier person. But those valuations are all nonsense and mostly based on potential growth, not current fundamentals. When interest rates go up, investment dries up and estimations of potential growth plummets.
Musk is a shitty businessman and an even shittier person. But those valuations are all nonsense and mostly based on potential growth,
Did you read the article? They estimated the valuation by their ad revenue, comparing before and after the take over. It's still a shitty valuation, but it's not like there's a lot else to go by.
not current fundamentals.
What do you mean by current fundamentals? It's a private service provider, there's not enough source material to evaluate for a fundamental analysis.
When interest rates go up, investment dries up and estimations of potential growth plummets
Right, but that's static across the market. You wouldn't have a situation where interest rates would drive the valuation of a single service provider compared to others in the same market.
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Removing headlines from news stories should fix that right up.
How to lose forty billion in a year
By Elon Musk
When this dude's column for the paper comes out we're all going to have egg on our faces.
Hey, him and his idol: Donald Trump have one thing in common: ruining every business they touch
It's garbage.
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Estimating is what you do when you don't know.
Never heard of him.