Musk says Twitter value is down to $20 billion, calls firm an “inverse startup”
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It's got to suck to be a surviving employee required to do the work of multiple fired employees.
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if you're still there at this point, it's probably by choice. A few exceptions for H1B hostages and such I'm sure.
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I saw an observation elsewhere that most observers thought twitter was worth about $20-25B before musk bought it.
So, this is actually a fairly aggressive valuation by Musk: he's claiming twitter has lost no value in the time he's owned, even with $13B in debt. Which seems ... unlikely ...
So, this is actually a fairly aggressive valuation by Musk: he's claiming twitter has lost no value in the time he's owned, even with $13B in debt. Which seems ... unlikely ...
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Well, maybe if he hadn't gone in and WRECKED ITS VALUE it would still be doing well.
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While I admire some of Elon's work, or at least some of his employee's work, overall I really don't care for the guy and the more I get to know him, the less I like about him. I guess he should have stuck to rockets and electric cars, but that's just me.
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Vox had an interesting article recently that talked about why advertisers are balking at coming back to Twitter, and it all comes down to Elon Musk himself:
https://www.vox.com/technology/2023...-advertisers-elon-musk-brands-revenue-fleeing
"More than half of Twitter’s top 1,000 advertisers before the acquisition have stopped advertising on the platform as of February"
I don't know how you recover from saddling a company with $13 billion dollars in additional debt AND losing 1/2 your customers by treating them badly. Massive cost cutting is just delaying the inevitable.
https://www.vox.com/technology/2023...-advertisers-elon-musk-brands-revenue-fleeing
"More than half of Twitter’s top 1,000 advertisers before the acquisition have stopped advertising on the platform as of February"
I don't know how you recover from saddling a company with $13 billion dollars in additional debt AND losing 1/2 your customers by treating them badly. Massive cost cutting is just delaying the inevitable.
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$250 billion... he must be planning for a new color checkmark subscription for verified bots ha
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That's not good enough. I think with a little bit of hard work, we could bring that value to zero.
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It’s hard to believe Musk really does see a clear path to higher value, given that company is now worth under half what he paid for it a few months ago.
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Calling Twitter an "inverse startup" as it loses value is like buying a house, burning it down, then saying the lower property value makes it an "inverse real estate investment."
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Think about all the people whose livelihoods he's wrecked both internally and externally (3rd party apps, marketing people, etc.). I'd wager the economic value of Twitter has dropped by over the $20 billion valuation Musk says it has.
I'd like to see a fair, 3rd-party valuation and see just how much it differs. I'm willing to bet it's no longer an eleven digit number.
I'd like to see a fair, 3rd-party valuation and see just how much it differs. I'm willing to bet it's no longer an eleven digit number.
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Reverse startup? Does it mean that at the end of this transformation Twitter will be reduced to 2 guys in a garage?
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Well, he can't really say he's offering people stock in "X.com" while saying it'll be completely worthless by the time it vests...
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You misunderstand. The bots are trying to fit in with the humans, otherwise people would disregard their comments! He'd be more likely to offer bulk verified account packages.
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Apparently Elon gets high before he tweets.
250 Billion? Why not say 420 billion?
250 Billion? Why not say 420 billion?
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He didn't say it's a path that is feasible or grounded in reality. I have a clear path to getting a blowjob from two Victoria's Secret models at the same time, but that doesn't mean I have the ability to travel that path.
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Considering the debt he's saddled it with, I'm not sure Twitter has a positive net worth. It's hard to imagine it ever being able to service that debt.
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As the saying goes… the internet thought he was a real life Tony Stark, but it turns out he was just wish.com Justin Hammer.
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Celery Man
Ars Legatus Legionis
Okay, he’s clearly no longer smoking some normal Joe Rogaine over-the-counter dispensary cannabis. The real question is, what did his dealer start lacing the pot with?
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“inverse startup”
Can I please transfer to the timeline with better newspeak? Thanks.
Can I please transfer to the timeline with better newspeak? Thanks.
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Imagine this from the employee's perspective..... Your options are underwater before you even get them. Now THAT'S how you incentivize people. Muskham style.
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Curious to know if he does sell it to X for a $20B loss then does he get to use that to not pay taxes for several years?
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An inverse startup? You mean “a shutdown”? Of course…
Enrolling your own employees in a stock pyramid scheme based on your own company seems to be a new low, even for Musk.
Enrolling your own employees in a stock pyramid scheme based on your own company seems to be a new low, even for Musk.
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I don’t have an MBA, but I thought the goal was to increase the stock price. Maybe Elon is such a visionary, that he’s the only one who’s caught onto this new cutting-edge business strategy of evaporating your company’s market value.
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Fancy Internet Person
Ars Praefectus
It's worse than that.
There's no way on earth that Twitter is worth $20B.
Don't take the bait. The reality is much worse than Musk says.
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Fancy Internet Person
Ars Praefectus
To put it another way: If I said I was buying today's Twitter for $15B, would you invest with me?
Obviously not.
Obviously not.
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Inverse startup?
When I go and look up antonyms none of them describe a thriving business...
When I go and look up antonyms none of them describe a thriving business...
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At ~2 billion in revenue (ad buys are allegedly down 60% since Q3 22) and with $1.5 billion in debt interest each year, the company is functionally worthless. I would not own twitter for a dollar, unless I could steal a few dozen servers and immediately declare bankruptcy afterwards.
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