Elon Musk tells advertisers: “Go fuck yourself”
www.theverge.com
Musk also apologized for the antisemitic post, then pushed the idea in other terms.

he said. “We’ll be gone, and it’ll be gone because of an advertiser boycott.”… eeer, no.

  • TallonMetroid@lemmy.worldEnglish
    0·
    1 year ago

    but muh 20-d chess

    What a fucking clown. Shareholders should be holding him personally liable for tanking the company.

    • soupcat@sopuli.xyzEnglish
      0·
      1 year ago

      He bought it so he’s the only shareholder. It’s not publicly traded anymore.

      • TWeaK@lemm.eeEnglish
        0·
        1 year ago

        He’s not the only shareholder though.

        First off, they didn’t pay $44bn, that number includes a $13bn loan that Twitter took out to buy itself on behalf of the new owners. Musk paid ~$27 including fees, $20bn of this was Tesla stock (which since shortly after has been underperforming), then $5bn was other investors, including that Saudi Prince.

        Edit: there was also Musk’s existing shares, which iirc was around $2bn, but I think that’s included in the $27bn - so his payment was something like $25bn, made up of $20bn in stock and $5bn in cash. /e

        Musk is the majority owner, owning roughly around 26/31 of the value. However he isn’t the only shareholder.

        In any case the leveraged buyout has been structured with the intent of killing the business. There was never any sincere hope of paying off the $13bn debt, and the intent was all but proven when they almost immediately stopped paying rent on their offices. This might not have been the goal along, but since Musk was forced to make the purchase that’s what it turned into.