Elon Musk Begs Advertisers to Return as Twitter's Revenue Plunges
Elon Musk Begs Advertisers to Return as Twitter's Revenue Plunges
X-formerly-Twitter is in deep trouble — and owner Elon Musk is on his knees, yet again, begging advertisers to return.
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Oh no, if revenue continues to slip in just a few hundred years Musk will be down to his last billion. (assuming he never makes any more money)
That's not exactly how billionaires work, they don't keep their money as cash, they keep it as equity. So if the value of his companies fall fast enough, he could lose all of his wealth.
Just food for thought.
Also when you own as much of a company like he does, and try to cash out, you cause the stock to plummet rapidly as you increase the available amount of shares. Basic supply and demand.
It was quite dramatic as he was selling shares to buy Twitter.
Whatever number gets thrown around as his wealth is just a paper number. It's a fraction of that if he sold it all.
Yup, and he'd have to get approvals for any stock sales since he's in an executive position, and he also has an obligation to not tank the stock price either. So a lot of his wealth is inaccessible.
He's still super rich, but if Tesla tanks, he'd be a lot less rich.
I still feel like the way he sold all that stock for Twitter on the open market wasn't in the best interest of the shareholders.
Why didn't he try to negotiate a sale with Blackrock or someone and give them a 25% discount or something and do a large block sale.
Pretty sure something like that is an option if done right. It still would have hurt the stock price, but the Twitter sale was pretty brutal with it going on for weeks.
There's only so much you can do to move $40B of stock, and he didn't think Twitter would actually accept, so he had to scramble a bit. He was caught between various SEC rules, which was his own doing, but it does explain the behavior.
One can hope.