Elon Musk snaps up $3bn Twitter stake

Discussion in 'other software & services' started by stapp, Apr 4, 2022.

  1. plat

    plat Registered Member

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  2. Daveski17

    Daveski17 Registered Member

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    i believe Bezos was the first amass 200 billion dollars. Musk was the first to erase $200 billion from their net worth. I think. Mind you, however evil, at least Amazon are useful. And Prime Movies is rapidly becoming becoming more entertaining than Netflix. I'm seriously considering swapping it for BritBox.
     
  3. monkeylove

    monkeylove Registered Member

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    The truth is that The Guardian, the BBC, and others don't simply "have links to Twitter" and share them "occasionally," and that their journalists tweet once in a while. Rather, the two outlets have accounts, and either accounts in multiple platforms (which is the case for the first) or multiple accounts in each platform (which is the case for the second). In addition, they post not occasionally but multiple times each hour.

    In addition, this forum is actually part of social media, so it's illogical to argue that one "personally [doesn't] use" social media in a social media platform.
     
  4. vasa1

    vasa1 Registered Member

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    Nice!
     
  5. Daveski17

    Daveski17 Registered Member

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    LOL. Yes, I mean some of my streamed (and paid for) videos disappeared from my account. Amazon asked if had I refreshed my browser. Or suggested using a different browser, clearing the cache, stop using Ubuntu etc. They stated that if I waited long enough the missing items (they couldn't find any record of) may 'magically' reappear. Who by? Who will bring them? The *tylwyth teg? And that's only the tip of the iceberg. :eek:


    *Welsh fairy folk roughly equivalent to elves in Germanic cultures. It translates as literally (the) family fair. Traditionally they are described in appearance as beautiful young women dressed in white.
     
    Last edited: Jan 2, 2023
  6. xxJackxx

    xxJackxx Registered Member

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  7. Daveski17

    Daveski17 Registered Member

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    Thanks for that, it's quite enlightening. If this is true in my case Amazon haven't actually copped to this, but I suppose it's to dissuade litigation. Oddly the particular streams (Firefly, created by Joss Whedon) are still available to stream on Amazon. I'd have to buy them again. Eventually I bought them on 'ye olde techology' of a DVD. I can play them on a laptop or even an old portable telly. I defy Amazon to 'disappear' it.
     
  8. Rasheed187

    Rasheed187 Registered Member

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    It's because most of his wealth was in Tesla's stock, which has now dropped over 70%. But what I don't understand is why Twitter has so much debt. I mean didn't he pay for Twitter in cash?

    According to Musk, Twitter has a debt of $12.5 billion and has to pay $1.5 billion a year of interest. And he has predicted that in 2023, Twitter will have a revenue of $3 billion, but also costs of $6.5 billion, so I assume Twitter will make a hefty loss next year? If he's so smart, why on earth did he buy a sinking ship like Twitter?
     
  9. xxJackxx

    xxJackxx Registered Member

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    I assume he bought the value of the stock. That wouldn't make any debt go away.
     
  10. Trooper

    Trooper Registered Member

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    Say what you want, but Twitter has been more fun for me at least of late.
     
  11. Azure Phoenix

    Azure Phoenix Registered Member

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    has the algorithm gotten better? Like do you get recommended things that are actually for you?
     
  12. Rasheed187

    Rasheed187 Registered Member

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    From what I've read, Twitter has actually created this $12.5 billion debt as part of Musk's takeover, so that part I didn't get.

    And I think I misunderstood, he said that before all of this cost cutting, Twitter was headed to a $3 billion loss in 2023, so hopefully that now won't happen. I wonder if he can turn Twitter into a so called ''super app'', similar to WeChat developed by Tencent, but I doubt it.

    https://techcrunch.com/2022/12/29/w...walmart-compete-to-launch-americas-super-app/
     
  13. Daveski17

    Daveski17 Registered Member

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    Maybe not so smart after all. :confused:
     
  14. xxJackxx

    xxJackxx Registered Member

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    Probably golden parachutes for some of the dismissed staff.
     
  15. emmjay

    emmjay Registered Member

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    Been following this thread with great interest. I, like most, thought Musk was a super brilliant engineer & businessman.
    It has been confirmed by the universities that he identified as the ones he got his degrees from, that no record exists for them, except for a BA in economics from Penn. He does not have an engineering degree (from Toronto , Penn or Stanford) or a PhD in physics from Stanford. :confused:
     
  16. Daveski17

    Daveski17 Registered Member

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    Why doesn't this surprise me? :argh:
     
  17. Trooper

    Trooper Registered Member

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    It has gotten better for me, but you know the deal. YMMV.
     
  18. Rasheed187

    Rasheed187 Registered Member

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    Didn't even think of that, but it sure is a weird construction. I mean, since when does a company that's bought by some other company need to take on extra debt? Oh wait a minute, perhaps the thing is that Musk actually loaned money from banks to partially finance this deal. But you would think this is his own personal debt, not Twitter's.

    I seriously hope this isn't true, but it wouldn't surprise me.
     
  19. xxJackxx

    xxJackxx Registered Member

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    No, you never allow any company you own to be your personal debt. Liability is a bad thing.
     
  20. plat

    plat Registered Member

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    Unless you have the money and assets to weather thru some cross-contamination. Which Elon doesn't have as much of anymore, it seems. Still can't understand how the guy blew thru 200 BILLION US bucks in a few months but whatever.
     
  21. xxJackxx

    xxJackxx Registered Member

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    Still no. At the bare minimum you set up a LLC for something small. Bigger businesses have other options. If you are personally liable you could lose everything you have and never own anything again, particularly if you find yourself as the defendant.
     
  22. monkeylove

    monkeylove Registered Member

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    I also read that many tech and retail companies are losing and laying off thousands of people.

    Finally, I remember reading how some saw their net worth grew by almost $90 billion in only a few months:

    https://edition.cnn.com/2020/08/27/tech/jeff-bezos-net-worth-200-billion-intl-hnk/index.html

    And that's for companies that are gaining mostly because of financial speculation, to the point that they can even gain or lose more than a $10 billion in a single day:

    https://www.inc.com/minda-zetlin/je...-increase-amazon-elon-musk-steve-ballmer.html

    And during a pandemic, too.
     
  23. Rasheed187

    Rasheed187 Registered Member

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    What don't you understand? Like I said, the wealth that people like Musk and Bezos have is mostly created by the stockmarket, also known as Wall Street. So let's say that you own 10 million shares of Tesla, and the current share price is $100, your net worth is 10.000.000 * $100= $1 billion. If the share price of Tesla drops to $50 bucks, you have now lost half of your money. That's what happened to people like Musk, Bezos and Zuckerberg, to name a few.
     
  24. plat

    plat Registered Member

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    Alright, already.
     
  25. Rasheed187

    Rasheed187 Registered Member

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    BTW, this is an interesting graphic about just how much money was lost on the stockmarket when it came to the biggest technology companies, check out the red bars. Of course Tesla's stock tanked a lot because Musk sold quite a few shares to finance Twitter. So ironically enough, he made himself poorer.

    https://twitter.com/Schuldensuehner/status/1609648839946039296
     
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