The Twit destroying Twitter is a Twaitor

[wonko the sane?]

God it feels so long since we heard anything from the backers that Elon snookered into lending him money. Feel like we should check in on them right?

Breakingviews - Elon Musk’s X is a black hole of value

X is still worth something, but not for the people running it. Boss Linda Yaccarino is set to present her plans for the social network formerly known as Twitter to bankers holding nearly $13 billion of its debt, the Financial Times reported. Looming over talks is the likelihood that X’s value is...

www.reuters.com

Oh. Oh wow.

Ironbite-that's...that's not good.

Not good at all...

For them. A few less rich people in the world? Wonderful for the rest of us.

 

[Steevy Maximus]

God it feels so long since we heard anything from the backers that Elon snookered into lending him money. Feel like we should check in on them right?

Breakingviews - Elon Musk’s X is a black hole of value

X is still worth something, but not for the people running it. Boss Linda Yaccarino is set to present her plans for the social network formerly known as Twitter to bankers holding nearly $13 billion of its debt, the Financial Times reported. Looming over talks is the likelihood that X’s value is...

www.reuters.com

Oh. Oh wow.

Ironbite-that's...that's not good.

Basically, the only way I see for that company to rebound is to take Musk out of the equation. So long as he continues to dictate policy based on his most recent, half-cocked, idea or slight? The site will never recover because nobody running can do anything because ANY plans they might have in place are just as likely to be thrown out by lunatic still dictating policy.

I would not be surprised if the banks took control of the business in the next year, probably ousting Musk from any major control and changing the name back to Twitter and all the valuable brand iconography Musk threw away over his weird fascination with "X"

 

[Pocket]

I didn't even realize he took out a loan to buy it. I seriously thought he was worth enough to just...buy it with cash. Still, as long as he's keeping up with the payments, there's nothing the banks can do, right?

 

[Ungnome]

Rich people buy everything with loans. it's a way to get out of paying taxes. Most of his wealth is tied up in stocks. If he cashes out the stocks, he pays taxes on them, if he borrows against his stocks, he doesn't. It's one of the many ways the system is broken.

 

[Shadhausen]

I didn't even realize he took out a loan to buy it. I seriously thought he was worth enough to just...buy it with cash. Still, as long as he's keeping up with the payments, there's nothing the banks can do, right?

Quick, somebody hack his bank account and turn off autopay!

 

[wonko the sane?]

I didn't even realize he took out a loan to buy it. I seriously thought he was worth enough to just...buy it with cash. Still, as long as he's keeping up with the payments, there's nothing the banks can do, right?

Much of his wealth isn't actually sitting in a bank account, it's the value of his companies IF he sold them off. Given how much the value of the company has crashed: he's probably digging into his personal wealth to pay for it: again, I'm all for it: let him make himself poor over being stupid.

 

[DefaultOption]

Well this could definitely be problematic: Elon Musk’s X Is Now Worth $36 Billion LESS Than What He Bought It For — And Now Less Than Its Own Debt

Elon Musk’s X Is Now Worth $36 Billion LESS Than What He Bought It For — And Now Less Than Its Own Debt, Reuters Estimates

A new assessment determined that X, the platform once known as Twitter, is worth a mere fraction of the value it had when Elon Musk bought it for $44 billion.

www.mediaite.com

 

[wonko the sane?]

Doesn't that mean it's bankrupt, or is this one of those "too big to fail" corporations that expect billions in bailouts?

 

[Dekafox]

It can't be bankrupt until someone calls the bill due - that's how they play this game of shuffling all that money around. It's like how someone can have $100k in credit card debt on a $20k/year salary and no savings, but because they keep making the payments they're not considered bankrupt yet.

 

[DefaultOption]

Elon Musk Wasn't A Superstar Genius Student As A Kid — The Principal Thought He Was Intellectually Disabled, Mom Says: 'Once He Started Going To School, He Became So Lonely And Sad'

Elon Musk Wasn't A Superstar Genius Student As A Kid — The Principal Thought He Was Intellectually Disabled, Mom Says: 'Once He Started Going To School, He Became So Lonely And Sad'

Elon Musk, the prodigious entrepreneur and visionary behind companies like SpaceX, Tesla Inc., Neuralink Corp. and The Boring Co., is a household name. But as with many luminaries, his early years were riddled with challenges and misunderstandings. While his eventual success would silence some...

finance.yahoo.com

 

[Ironbite4]

Hey Musky, I heard there was a terrorist attack this weekend that left hundreds dead and thousands wounded. You've got a content moderation team to make sure things are on the up and up and no real misinformation is being sent to millions of Twitter users right?

Ironbite-.....oh.

 

[The Mighty Mollusk]

I'm totally holding my breath waiting for anything to actually happen.

 

[wonko the sane?]

Someone needs to tell the EC that musk will never come into compliance and they need to to not only sue, but to end twitter services in the EU.

 

[Pocket]

This is yet another issue Twitter has had an issue with for a long time. If the EU is only just now going after them for it because Musk is such an easy target, then fine. Glad they were finally able to find an excuse. Sure wish we didn't have this double standard where companies owned by single public figures actually get regulated while companies owned by hundreds of anonymous shareholders with diverse stock portfolios are allowed to get away with murder, though.

 

[abates]

Australia's fined Ex-Twitter for failing to crack down on child sexual abuse material:

X fined $610,500 in Australia first for failing to crack down on child sexual abuse material

Company formerly known as Twitter becomes the first online platform to be issued a fine under Australia’s Online Safety Act

www.theguardian.com

If X, which no longer has a presence in Australia, fails to respond to the infringement notice and does not comply with providing the information sought, the office can take X to the federal court, which can fine the company up to $780,000 a day backdated to March this year.

 

[Pocket]

I read "no longer has a presence in Australia" and briefly thought it meant they had blocked the entire site with their Great Firewall. But I think it just means their corporate offices.

Also, again:

Google has been given a formal warning, while X was given an infringement notice.

Because both companies are guilty of this, but Elon Musk is just a douchebag with a website, not a tech giant that governments are afraid of messing with so only one of them is actually expected to comply with the law.

 

[Paladin]

X will begin charging new users $1 a year

X owner Elon Musk has long floated the idea of charging users $1 for the platform. Now the team is moving the idea into production.

fortune.com

and that's the end of that.

 

[KidTDragon]

Is everything he's done and is planning to do really easier than just shutting the whole thing down?

 

[Dekafox]

non-paywall version: https://12ft.io/proxy?q=https://for...-x-charging-new-users-1-dollar-year-to-tweet/

He's not charging existing users yet though, which is gonna drag this out longer.

 

[wonko the sane?]

I mean... a buck a year isn't a huge hurdle to overcome. It really is the "march of dimes" business plan.

edit: good luck getting that dollar out of all those bots though.