• TWeaK@lemm.ee
    link
    fedilink
    English
    arrow-up
    22
    ·
    1 year ago

    In the same way that Twitter was never actually worth the $44 billion that Elon Musk paid

    Musk paid $26bn. $5bn was from outside inverstors. The remaining $13bn is a loan that Twitter took out to buy itself on Musk’s behalf. This $13bn was essentially a death sentence (like most leveraged buyouts are - see: Toys R Us) as Twitter could barely afford to pay the interest on that loan, even before Musk ruined its income.

    Musk paid $26bn to kill Twitter. Most of that $26bn was underwritten by stocks in Tesla (not SpaceX) which have since plummeted in value.

    Now, after a few friendly chats between Steve Huffman and Musk, they are killing reddit, too.

    • 🐱TheCat@sh.itjust.works
      link
      fedilink
      English
      arrow-up
      11
      ·
      1 year ago

      They will continue to let their egos run wild. I hope it drives people to spaces which organize against them. These billionaires are a damn menace.