Been roughly 24 hours since Musk purchased twitter and mass-fired whole teams, and twitter already resembles 4chan.
Twitters debt went from around 50 million to over a billion in this deal. That’s an increase of over 50 fold. I doubt Twitter is making that kind of money to handle this.
Tech firms usually have over priced stock anyways and EM bought Twitter at a premium over what it was sitting at. Plus EM had to stake his own personal wealth to 51% of twitters worth since he is taking it private. This lands him with a bunch of debt he is not going to be able to pay back from that investment.
On top of that, Twitter user grow is slowing, and protecting to go down (this was even before EMs bullshit) so they will have trouble getting investment money to stay afloat, meaning cutting employees, meaning cutting development, meaning staying behind the social media curve, which means even less users.
I think the people in charge of Twitter saw this as a huge payday at a time when their company was facing a down turn, and just thought “Fuck yeah we will take your 44 Billion.” If you look at the timeline of this, EM tried everything to get out of this deal and Twitter just held firm and forced the sale at the original price. So EM was forced to buy Twitter, or back out which would have landed him a criminal charge and been forced to pay Twitter that money anyways.
This was such a huge fuck up, I hope some tesla whales dump their stock to make this situation even worse for EM.
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