X may lose up to $75 mln by year-end on advertiser exodus - NYT
Elon Musk-owned social media company X could lose as much as $75 million in advertising revenue by the end of the year as dozens of major brands pause their marketing campaigns, the New York Times reported on Friday.
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He really made a bad deal on that website. Monetarily anyway.
Sure, but at the end of the day, does it really matter? It's like made up numbers that never run out. He's still set for life, no real consequence. He feels this less than someone who misses a car payment one month.
That's the really crazy thing. With the market value crash of Twitter he lost more money than the GDP of a small country. Yet, it practically makes no difference to him.
How much of his own money did he really lose though? Didn’t he have a bunch of people throw in with him?
Around $22Bn, that's how much he had to sell on Tesla stock. The other half was a loan from several banks and investors that got saddled to Twitter itself. These things are public, that's how we know most of the loan money came from the Saudi crown.
Yeah, he probably wanted it in order to influence the election, but the way things are going it might but be around for that. Not to mention, Twitter isn't really used by real people, it's basically just all journalists circle jerking.
Seems pretty obvious, right? Someone on Lemmy once argued, he did it to avoid taxes. Failed to explain how this is profitable in the end though.
I remember reading an article speculating that his strategy was to bring down twitter because it was a left leaning platform, and that would appease the Saudis, or something like that. Seemed pretty far fetched. I reckon he made an ego driven power play without thinking it through and it is going about as well as anybody expected. No shenanigans, no strategy, just a more publically exposed failure than his previous business failures.
