According to Elon Musk’s own math, the company formerly known as Twitter has lost 90% of its value and could be worth just $4 billion
According to Elon Musk’s own math, the company formerly known as Twitter has lost 90% of its value and could be worth just $4 billion
It astounds and amazes me that there was a time Elon could have feasibly been considered a smart, level-headed entrepreneur. The whole submarine thing with the trapped kids really was the beginning of his unraveling. I for one thank Elon Musk for proving once and for all to even the most shameless corpo-apologists that having a ton of money doesn't magically make you smart or cool. The dude's an idiot, and I love watching him self-destruct.
If he stayed off Twitter he'd have a pretty impressive CV. Mainstream electric cars, actually usable Satellite Internet, Major Solar Panels etc. Even weird shit like Hyperloop would just be random neat things.
They put him on Rick and Morty in the most cringe inducing fashions and it was like watching a cartoon suck off a guy.
He's mentioned in star trek discovery as if he took us to mars. Those lines aged so poorly
When he called the submarine expert a pedo was when I started to go, "Is this guy being for real?"
Same. I actually looked up to him before that.
He overpaid for a piece of shit and ran it into the ground.
Everyone with a used BMW knows the feeling.
South African Magician Makes $40B Disappear!
Nah, he just donated 40B to the former ownership. Keeping the big bucks in the hands of the ultra wealthy.
Can this man baby just go away? No one cares dude. Enjoy your overpriced echo chamber.
Him buying twitter was just some sort of narcissistic flex on his daughter.
Put another rich guy in charge of spacex first please! I don't want to be stuck on this rock forever 🥲
luckily, he has minimal influence over SpaceX, and only really provide high level direction. Same with Tesla.
Twitter, though... the turnaround time on his whims is staggering
Glenn Shotwell runs SpaceX and is a competent adult. Nothing to worry about on that front, thankfully.
I don’t want to be stuck on this rock forever
I have some sad news...
When no-one was looking, Elon Musk lost forty billion. He lost 40 billion. That's as many as four tens billions. And that's terrible.
He could have ended world hunger multiple times. But instead he bought a social media site so he could be popular with the Nazi crowd.
On the bright side, whenever anyone fucks things up now, they can think "well at least at least I didn't fuck things up as badly as Elon Musk."
Terrible for him. Great for everyone else that that 40 billion is now in the hands of other people. 
It’s also ironic, that he is single-handedly the greatest redistributor of his own wealth. 
That's not really how that works. He just reduced the value of the site. He nuked value out of existence.
40 billion going into the bank accounts of investors that previously owned Twitter stock certainly is a redistribution of wealth, but I doubt it’s the kind you’re referring to.
Depends what they do with it, I guess.
40,000 millions. Most people could live without working ever again with one million dollars (provided they managed them wisely.)
While one million is a pretty good amount of cash, you're delusional if you thinks it's a "never working again" amount of money. I had this talk pretty recently with a friend of mine, if he used it to finish paying his house (150k) at 24k a year it would not even last 40 years.
Last time I looked into it, it was closer to 4 million to "never work again" if you were in your mid-30s. Nowadays, even that figure is probably not enough. Your point still stands, however.
I could be remembering wrong but Twitter was only worth $15B at best, and Elon bought it for $44B because he's that smart.
I genuinely think he's just a pawn in a bigger game in which some powers wanted twitter gone.
Brainless but sounds like a competent leader. Has all the qualities the Illuminati are looking for when appointing a new drone.
Why gone? I understood that the Saudi government just wanted to de-anonymize it (i.e be informed about the authors of any critical tweets).
Like that guy who has been condemned to death for a critical tweet to his... 8 followers.
No. He may be influenced by others, but it's clear his ego is just that enormous and that his emotional immaturity makes him do stupid shit impulsively.
How are you defining worth? It's value was probably in the 20Bs and it's market value was well in the 30Bs. By value I am saying a world where owners just dumped all their shares until they were no longer owners, by market value I mean what another entity might pay to buyout twitter.
Didn't Elon have the opportunity to end world hunger for 8 billion dollars a couple years ago?
Almost. He said that if anyone could present a plan on how to end world hunger for $6B, he'd sell Tesla stock to pay for it.
The U.N. publicly presented a plan on how they'd use that $6B, but it fell way short of that goal. Which isn't surprising, since they never claimed they could solve world hunger permanently for $6B. Musk's challenge was rhetorical because the bar was impossibly high. He was really just trying to make the point that he does not have the money to truly end world hunger.
The U.N.'s plan for that $6B would "feed 42 million people for one year, and avert the risk of famine". That's nothing to sneeze at, obviously, but it's not a permanent solution.
Friendly reminder, for context, that the U.S. military budget is $842B. For one year.
As much as I dislike Musk, I think your argument is a bit of a straw man. He responded to something or someone saying it was possible for $6bn. They stopped responding after Musk said "open books for accounting" or something. The UN shouldn't have responded at all since it wasn't feasible
For that to be true, it would have needed to be worth $44B in the first place, which it absolutely was not. But there is no doubt that his mismanagement has tanked the value of the investment. He's a narcissist so never see it that way, but the whole rest of the world knows that.
As a business? Probably not worth that valuation. As a propaganda machine to be able to influence a decent percentage of the population? I think it was.
Only because larger media outlets use it as “news”
Twitter has always been one of the smaller “social media” giants
This is the quote:
"I don't see any scenario where they're responsible for less than 10% of the value destruction, so around $4 billion."
In my head, he is comparing the minimum size of ADLs value reduction to be 10% or 4 billion. 10% of 44 billion is 4,4 billion. In this comment he is not saying anything about the current value except that 10% of 44 is around 4.
How else can you read it?
He's saying that 10% of the value reduction is 4 billion so the total value reduction is 40 billion (of the 44 billion he bought it for).
But you're right, he probably meant it like you read it and just failed to express himself properly.
You can read it as “being responsible for 10% of the [total] value destruction, equal to $4B”.
So if they’re responsible for 10% of the total value loss, and that’s equivalent to $4B, then 100% of the total value lost would be $40B.
Otherwise you would say “they’re responsible for destroying 10% of the value”.
I think you replied to the wrong comment.
Imagine having so much wealth that he can walk away from his utter failure at Xitter and remain completely unaffected. For him, this is like some side-hustle vanity project a bored trophy wife runs.
Losing 40b is a pretty big deal even for Musk to be fair. It'd be more like a bored housewife remortgaging the house to pay for their vanity project.
I mean not really, he knows he'll always have a roof over his head, food on his table, doctors when he's ill, it is a rather big deal but that doesn't really affect his daily life in any significant way.
He'll still be able to afford anything he may ever want, what he really lost is financial power and social respect.
In short I think it's more like a bored housewife getting thrown out from the homeowners association.
Can this fuck buy russia and fox “news”?
Would you like some making fuck, berzer ker!
My love for you is like a truck, berserker
When you have a net worth measured in the billions of dollars, it's genuinely impressive to be able to lose money. With that kind of sum behind your name, you could just do nothing and out-earn most people on the planet with just interest alone. To actually be able to lose money? Now that takes work!
Since Elon is just flushing money down the toilet do you think he might do me a solid and slice me off like 50k? Brah, that's like if I dropped a penny on you from my last paycheck, right? I ain't even getting greedy.
Like he could do that for 800,000 people and it would just be buying twitter, right?
With $40 billion you could give a random person $1 million today. Then give another person $1 million the next day. And so on, for 100 years.
And you'd still have a private jet, a bunch of mansions, a fleet of luxury cars, and a bunch of yachts.
It's completely bizarre that a billionaire that's so desperate to be popular doesn't just give money to people. They don't want to give up the power that wealth gives them and so try to trick people into liking them.
Best I can do is tree fiddy.
I knew it was you, lochness monsta!
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let that sink in.
No tears shed here. The people who built Twitter got a nice payout when they absolutely robbed Elon Musk in that deal. Anyone who chose to stay on the Elon train after his first weeks at the helm gets no sympathy from me.
Anyone who chose to stay on the Elon train after his first weeks at the helm gets no sympathy from me.
Except for the green card holders whose residency in the US was literally held hostage by Elon.
Pretty sure they were held hostage by the US government policy of getting deported if they lose their job.
Xitter was just a vessel on which that was presented.
A lot of people say this, but there seems to be almost zero effort being put into resolving many of the systemic issues with the US visa system.
As a British person in tech, I'd love to work in the US for a year or two, but I have zero intention of dealing with the shitshow that is visa slavery in big tech, and how the visa system is lop-sided to deal with 2-3 countries and a handful of companies over others. In the UK, it's much simpler to offer visas to Americans, and even mid-sized companies can sponsor visas.
Okay yeah one tear for them and the special hell they are in.
Facts.
Elon tried so hard to back down from that deal. I'm not sure why it took actually signing that deal to realize he had been hosed.
If I was an executive at twitter, I would have absolutely done everything possible to get Elon to pay that $44 billion.
Elon: Fuck you Twitter!
Twitter: Fuck yourself, Elon!
Elon: Oh yeah? Maybe I’ll just BUY you.
Twitter: Ha! No you can’t….
Elon: No? Watch this!
Twitter: Gotcha, dipshit.
Elon: What? Wait no!
Twitter: Ahem… judge?
Judge: They got you, dipshit.
Elon: (unbans Trump) Nyah-Nyah!
Twitter: Ahahahaha (all the way to the bank)
Elon: Everyone see this? This is the ADL’s fault!
They robbed Elon in the deal? They accepted his deal. He robbed himself!
The only people there that get sympathy from me are the people trapped there on work visas if they want to legally remain in the USA.
The rest are either shit workers that can't make the cut elsewhere, or bought into the Elon hype and are a lost cause.
I wouldn't normally trust his math but he might have gotten this one right
Listen all y’all it’s a SABOTAGE
That might be giving Musk too much credit. Never attribute to malice what can be explained by incompetence.
There’s far too many coincidences and moments of horrendous decisions for it all to be chalked up to incompetence at this point.
And no I don’t give him any credit. Credit goes to his handlers which at this point it’s clear is Russia. It’s obvious at this point what’s going on with Twitter is politically driven to benefit GOP and therefore Russia.
When it comes to a malignant narcissist it's actually the reverse. Never attribute to incompetence that which Is adequately explained by malice.
Edit: This kind of thing is typical malignant narcissist evil:
No, Musk is just a moron. You just need to look at his interactions with former staff to realize it was his ego and inability to admit being wrong that ran the company into the ground.
He's been behaving like a bratty child, except he's the owner of the company so any tantrums he throws have direct influence.
And he's blaming the anti defamation league...
Nothing says definitely not a racist Nazi like blaming the Jews for your failings. Nazis would never blame the Jews for everything.
He's defaming the anti-defamation league. Ooh, what delicious irony!
Calling the ADL Nazis is probably the funniest thing he’s ever said
I really hope the original owners re-buy Twitter for a fraction of what they sold it for lol
Simply reversing Elon's decisions would bring back advertisers and engineers, and the media would paint them as the Messiah for saving "the Internet's public square".
And for 90% off the ticket price? Why not
To make a shitload of money
Maybe they could use it to swindle some other mega rich bastard, just the way they robbed Musk.
The Twitter brand is still worth good money, just not in the hands of Musk.
This is the 4-D chess at play actually - now that it's been delisted, there can't be any securities class action against him. taps forehead
The Saudi loaners will be satisfied. The banks might not.
This is dee-dee-dee chess, I think.
I'm sure Putin and the Saudis comped him accordingly
This serves him somehow, not sure how but he's used social media and PR to make money through market manipulation before.
I doubt his mental math is accurate on the value loss anyways.
Or he's just a narcissist that can't run a company if he's not held on a leash by people who actually know what they're doing.
He got high on his own supply. The man created quite the aura by leveraging his less-than-glorious Paypal past, his taking over of Tesla and actually doing some interesting things with SpaceX. His companies achieved some genuinely impressive feats which he gladly attributed to himself and probably confined himself to his perceived genius and infallibility.
Hopefully, Twitter will be a teaching moment for him but so far he seems to just double down on his mistakes.
He's held on a leash alright.
I doubt that's true, or he wouldnt have managed to take Tesla from a prototype and a few million dollars to billions, and then again with a rocketship contractor from scratch.
It's possible for people to be evil/immoral and also good at what they do, I don't get what the obsession with painting him as a dip shit who managed to accidentally make multiple successful global enterprises.
If it was really that easy to fail upward when managing these businesses you'd see a lot more of them.
It serves him and his far right cabal politically. The money is not really a consideration in this case. They're gearing up to reinstall Trump in the next election.
According to real math, Elon always overestimates the value.
That’s still way more than that shithole is actually worth though.
Its main asset is its name, and he changed it. What a moron!
I’m just impressed that he’s still got so many people tricked into believing he’s smart.
X'ed the bird... Use biometrics and share it.. What can go wrong
X'it the bed
Government is there to support them fully lol
That is 4 billion $ too much
OK here's some simple calculations.
Twitter was worth around $22 billion, when Elon bought it at $44 billion, but to help pay for it, half of that is borrowed by Twitter to pay for itself! Yes you can do that.😋
So now the company is worth about $22 bil less, because it has new debt.
In my book 22-22 = 0 = zero = nul = naught = zip
On top of that, the original value has declined dramatically, with about 60% decline in revenue that we know of. So the internal value is actually way below 0, but a limited company cannot be worth less than 0, so it remains 0.
The company is insolvent, which means it's basically bankrupt, except it's not declared yet. The only possible slight value it may have left, is for tax deductions on the losses.
Worthless =/= insolvent.
The value is determined based on a shareholder valuation, insolvent means having a negative cashflow and depleted reserves.
You can technically run a stock absolutely into the ground if everyone would place sell orders at market (i.e. without limit) and the only buyers would offer 1 cent.
That changes nothing about the profitability of the company though.
And while this is a very hypothetical scenario for a listed company, for an unlisted one you can freely adjust your list price. If he were to sell 1% for $1 to his neighbor, the company valuation would be down to 100 bucks.
Since it's not a stock company, the valuation is speculative.
But the company being insolvent, and running on a deficit without prospective og turning a profit. Would by normal measures render the company worthless, except if there is a tax benefit to take over.
Musk can value it at whatever he wants, I strongly doubt he will find a buyer at any price.
Honestly, I feel like he's incomprehensibly wealthy even relative to single-billionaires. Google says there's about 2600 of them on the planet, so I'm putting Musk incomprehensibly wealthy compared to 99.99997% of us
On one hand, I can’t wait for his empire to crumble and on another hand, I don’t want to see this many Elon/X/Tesla links about something so seemingly useless.
Social platforms are only worth what they are on paper. Elon is pushing ads and premiums more and more, but it's 100% not enough to run a service like that. How much longer can this go on?
Unlike others, I saw at least $20B of potential in Twitter. Advertisement and media alignment was basically Twitter's P0, and why they had a bloated staff that managed corporate sales and media accounts. TV execs around the world wanted a slice of Twitter's analytics to measure what people interacted with, and we're willing to pay for it. It wasn't $44B worth, but they had a "solved" solution for scalable social networks, and whoever could scale enough to be irresistible to advertisers would have come close to justifying that valuation over time.
Knowing a few people that worked there, it justified it's reputation a bit before Musk came in. The tech side was fairly limited compared to the sales/accounts side, and there were a lot of people doing very little outside of making sure that an advertiser was happy. A smart CEO would have scaled that side of the business without scaling sales staff, but Musk did the exact opposite - and utterly gutted the thing that made any money, and made it about himself...
He's obviously a fucking idiot, but I consider Twitter to be a vanity project above anything else. He leveraged his debt against the company, ran it to be barebones, and now it'll just "exist" until he can sell it when he's bored.
As a software engineer, the one company I really wanted to work for was Twitter. It's sad to see it killed, but they also kinda deserved it too. At least they got a payout!
I mean, it was never worth what he paid for it. But, he's definitely devalued it by a lot.
It was also on a severe downward trend for about a year prior to him buying it.
I swear this is playing out like Brewster's Millions more and more each day
Except Brewster was a decent guy.
I have a dumb conspiracy that Elon wants to be US president like any Lex Luthor like person, but since he can't he is ruining things extreme republicans hate. Then he can gain favor and make his way up as high as he can to reach religious cult status Like some megalomaniac. 😆
What's weird is if you look at users on places like Newsmax and Oann or other extremist forums they seem to happy seeing Tesla and Twitter going down but don't mock Elon for it
What company?
Xitter. Pronunciation is left to the imagination.
I'll pronounce it a shitter I think!
Now they're researching a time machine to try to create a conundrum where Musk simultaneously buys Twitter, runs it to the ground, but then in the past re-buys it from himself after he runs it to the ground.
HODL lol
Big W for the ADL, ratio'ing Musk harder then anyone else ever could
It's a rather sad state of affairs. I have 2 accounts, one for professional network and SFW interests, plus another for porn. The professional network and SFW interests has become an absolute bonfire. I find myself using it less and less. I used to check every day, now I barely check once a week.
TL:DR Twitter is only useful for porn these days, and even that isn't fantastic.
I thought most of the porn was gone from Twitter.
He 10X'd Twitter!
Does Elon Musk really believe that X is now worth $4 billion, as his scorching post suggests? Maybe not.
Well, maybe I just read another article wildly blowing up a story based on a tweet Elon Musk spent 4 seconds thinking about.
His rush to spout shite may have led him to reveal more than he meant to I think is their point
I don’t think that Elron can really do math, so who knows.
What a clown
🎻
Could be? Those are rookie numbers!!! Dear Leader has almost bankrupted Truth Social already!!! You gotta get them even lower!!!!
Good. Fuck ElMu. ElMu sucks.
Wasn't twitter worth way, way less than musk paid for the company's acquisition (like 2x or more)? If so, the 4 billion evaluation is still probably much higher than what most people were anticipating the company would be worth under musk in 1-2 years after acquisition. Great job elon, exceeding expectations yet again.
So saying it wasn't worth the investment ?
And he's... proud of this?
I don't think Musk is capable of not being proud of himself.
From Yahoo, definitely we should take the former search engine as a reputable news source. X (Twitter) has lost money because he is enforcing free speech which the main stream doesn't like so obviously advertisers who are scared pull from it. It's so obvious when it was Twitter and you had whatever leftist pouring propaganda it's all ok but the second that a different opinion gets put on there then it's garbage. This is America words are words and we should be able to have conversations.
For real, Elon gave the platform to Incels, Nazi, and White Supremists. The left woke agenda can't handle the bigotry, hate, and racism. Weak ass advertisers don't want their brands associated with the alt right. What is wrong with them? /S
It's Fortune magazine. Yahoo aggregates news from other sources.
It's a Fortune piece that Yahoo regurgitated. That's all I see Yahoo doing these days
For now, but not for long. He’s too much of a business genius to lose out long term
hes very close to his goal of $0.00..
infrastructure... check
userbase... check
branding... check
whats left? fanboidom?
Cheer up Elon - it wasn't worth $44B when you bought it, so it's lost significantly less value than you think!
The point of acquiring Twitter wasn't to make money; it was to take away something that woke lefty journalists like and give it to fascists.
Have you considered that Elon Musk is a dumbass rather than a super genius?
The guy didn't plan on buying twitter. He was made to after he tried gaming the system and fucked it up.
Honestly, i think he wanted to oump and dump the stock and was flabbergasted when Twitter forced him to purchase it for the full price he states.
To see him explain it on Xitter or with a cartoon meme or whatever, he was in the "center", and the radical left was so extreme that they brought the Overton window to the left and ruined his day, and were super mean to him, too, I guess. In other words, look at what you made him do, all normal Americans!
Or something. I guess the super-mean liberals also stole his hair, too.