A steep drop from Musk’s $44 billion purchase price.

A year after he bought Twitter for $44 billion, Musk thinks the company is now worth $19 billion, a 55 percent drop.

Let’s recap what he did to Twitter, I will go first:

  • Changed the original name Twitter to X.
  • MostlyHarmless@sh.itjust.works
    0·
    1 year ago

    Yeah, I don’t believe that. Turning it into a fascist shit hole might have been a goal, but losing billions doing it isn’t.

    He’s an arrogant fuck who wants everyone to believe he’s a genius. Blowing that much money makes him look like a moron.

    • lingh0e@sh.itjust.works
      0·
      1 year ago

      He is rich enough that it literally doesn’t matter. This was “expensive” for him on paper, but hardly life changing.

      • xts@lemmy.worldEnglish
        0·
        1 year ago

        Yeah it’s definitely life changing. The public sentiment over the last couple of years has gone from

        “wow Elon musk is a genius who will electrify the world and get us to mars”

        to

        “Wow Elon Musk is a massive moron who clearly isn’t anywhere near as smart as he thinks he is”

        and the more he spreads right wing conspiracy shit the worse it’s getting for him.

        Let’s not even talk about the public image but the private one now- he borrowed something like $20b? from several banks to make the deal who are now saddled with the debt. They have also been discussing (publicly) selling it at a loss because they’re done with Elon. Other banks will not lend him money, ESPECIALLY with interest rates being what they are and what he’s done this last year. The time of free money (which is how he built all of his companies) and unlimited government subsidies is done and that’s the only way he’s been successful- when there’s virtually no risk.

        He cannot pay his interest payments because he’s only rich on paper. He’s likely cash poor and hasn’t even been paying normal Twitter bills let alone interest payments for his $20b loan, which IIRC gains like a billion in interest every year. Dude dug himself into a hole with no way out