nuff said
You must log in or register to comment.
I saw one of his interview where he said he doesnt care about money. May be thats why he spills all that shit on twitter. Does twitter even post their cashflow , I know its publicly traded but never saw cashflow being posted. Idk if Elon cares but We 9-5 plebs do care about money coz we got mortgage and shit , may be that why we hate all billionaires.
He doesn’t care about money because he never had to be accountable for all his shit-decisions resulting in financial disasters.
True that’s the beauty of being rich. What I have learnt is 9-5 plebs are really important for the economy, if all 9-5 stop working , the economy will crash but if billionaire or millionaire stops working, not much affect on economy. You see all these billionaires and millionaires control the 9-5 plebs and that’s how they know they dont have to be held accountable.
but if billionaire or millionaire stops working, not much affect on economy
That depends on who becomes billionaires and millionaires in a particular environment.
Anyway, DEC, Sun, Nokia are some of the big companies which I’d rather prefer to exist now (not in neutered state like Nokia).
A company whose billionaire quits can usually get a millionaire replacement, without much loss of utility. CEOs get shuffled around all the time without any particular effect on the company they “run.” I think they mostly run lower executives, who run managers, who run lower/middle managers, who run supervisors who know something about what the company actually does, and run the people who do tangible work. The CEOs who get into the news for doing something dramatic to a company are the exception.
Sometimes. Sometimes not.
Anyway, if the stable state for companies is this, then there’s some important function we are missing (or things are going to evolve into something else).
You mean if the stable state is to have a layer of management on top of daily operations, and the management never mixes with operations? Yeah, although to be strictly fair, someone has to do the annoying financials, and those people would not be helpful to people doing other kinds of work. I think that’s just a way of restating the problem.
I think another part of the problem is that business don’t want to have a stable state, they want to grow constantly, which becomes a problem for an increasing number of people no matter how a business is structured. It never really surprises me when ambition gets businesses in trouble, though sometimes I wonder how they manage to make the mistakes they do.
Well, for normal growth it’s all right. There is, however, investment-based growth, shares popularity-based growth, that kind of thing. These are a problem, they just give the wrong incentive.
Twitter is no longer publicly traded. One of the first changes Musk made upon purchase was pulling it off the market. Ostensibly so he could ruin it faster.
That’s just what happens when you buy the entire company. There aren’t any public shares.
Publicly traded companies must post financial statements that show all that information. There is no getting around it to be publicly traded. But they are no longer traded, so have no disclosure rules.
50% is just what he’s admitting to. Not sure how easily that number can be verified, but if someone told me that the actual numbers were much, much worse… I wouldn’t bet against them.
did he post something like this again??? This looks like a thing from years ago.
why is this man like this
A lifetime of never being told “no” and facing zero consequences for any of his actions.
Grimes left.
tbf, grimes is not better
would expect both of them to be less like this if that were the case
Rich people are so disconnected from reality. I mean, when I tell you disconnected people really don’t understand. The best way to put it is ths: we have a hard time intuitively understanding the vast distances in the universe. Musk is like that. He is a person with such level of disconnect. He truly lives in his own reality, most likely because a man like him does not understand the concept of poverty or struggling to make ends meet. The narcissism displayed in that interview in which he says that “if speaking his mind means losing money then so be it” should tell you how this man truly lives in an alternative reality. I am so glad most of us realized the kind of scum he is.
fr fr
but like, why did it take him tanking Twitter for many to realize that he’s just a manbaby with a diamond-encrusted platinum pacifier
like it’s really weird that it wasn’t clear when he called that one guy who saved those kids in that cave a pedophile because the guy told Musk that his invention wouldn’t be useful for the rescue effort; like people didn’t see how shitty he was after he said that
Seems like buying the media silence to keep him a “pure” image it’s a thing that he cannot contain on Twitter. But people can then correlate history. And the multiplier effect can get devastating
Remember that time he said he was going to solve the COVID ventilator crisis and sent out a bunch of obsolete overstock sleep apnea machines that nobody wanted and weren’t actually useful for the purpose? That was a good time.
Bye Twitter, you will not be missed.
Just shut it down already.
Nobody is talking about it, but does that advertising exec that Musk hired for CEO take a massive hit to her career for any of this?
It seems surreal to have a ghost CEO who isn’t responsible for anything such a large company does. But that’s exactly what’s happening here.
Maybe, but there’s a market out there for CEOs who are willing to take the blame for some unpopular decisions and then walk away. There’s also something to be said that “-50%” might actually be an improvement over where it was before she was hired, and the bad decisions weren’t hers.
I’m thinking Stephen Elop.
BTW, fuck him and MS so bad for ruining a tech company I could really make no complaint about.
Especially if you think that Nokia didn’t only make good phones, they also were the major force behind Qt toolkit. And that was in Qt3 times, when Qt was unarguably cool.
But that’s the thing. She isn’t taking the L on this. That’s my point. She seems to just be chillin’, doing fuck all. Everyone knows it’s Musk running it.
This isn’t a case where he needed to bring in a fall guy CEO for a difficult business choice. This is a case where he brought in a new CEO to literally save the corporation, and she’s doing nothing and nobody is blaming her. It’s surreal.
She’s not just chilling, she made a press release saying Twitter just had its most successful day (I think by user engagement, I don’t remember the metric she mentioned) right when Threads was blowing up. If she wasn’t straight up lying, she was looking at some reeeeallly well-massaged data.
…of course, there’s a market for CEOs who do that, too, but I admit, I was a little shocked. I thought she was supposed to be the Responsible Adult ™ here.
Much of what she was brought on to do (negotiating with advertisers I guess) isn’t really public facing, so from that respect it’s not that surprising that she appears to be doing nothing. I also think she’s not taking the L yet, if things get even worse Musk may blame her as an excuse to walk things back (“I was following her advice” or whatever).
Fair enough, I suppose we’ll see soon enough. And it may or may not be extremely cathartic. :D
the “pain sponge” storyline from Succession
Heavy debt load? Where could that have come from.? A leveraged buyout at an overvalued price or something?
No, a lot of this debt is debt that Twitter already had.
Edit: Factual corrections.
No, it isn’t.
probably both. twitter was never profitable afaik, the whole idea was to have either some rich moron or (more likely) a megacorp buy it and everyone who contributed would get a fat final paycheck. but the way musk handled things definitely didn’t help either.
Twitter reported its first-ever profitable quarter Thursday after more than four years of trading on the public market. The company announced $91 million in profit for the fourth quarter of 2017. Profitability was the #goal, CEO Jack Dorsey told investors in February 2017, and Twitter nailed it. The stock was up by more than 14 percent in after-hours trading.
https://mashable.com/article/twitter-profitable-earnings-2017-first-time
it was profitable at least at some point
Profitable just means they’re not paying their investors and CEO an exorbitant amount of money, it’s a number crunching thing and a decision for Twitter for PR or something.
the whole idea was to have […] some rich moron […] buy it
Mission accomplished!
I just want to point out the idea that these companies not being profitable is bullshit. It just means they’ve moved money that would be profit into some other place and now they can call it something other than profit.
Got $100k extra profit? Pay it all out as bonuses to your executives, now that $100k is an expense instead of profit.
Twitter was not even close. It had a lot of dead weight, wasted a big fat billion on wages every month alone. He fired 85% of the work force and Twitter managed to release more features this year alone than in the past 3 years. They have so many people working there that didn’t do anything at all.
I mean everyone remembers those tiktokers that worked at Twitter. They spent more time on useless meeting, drinking and eating at the company expense and toying around than working.
on the surface level, makes sense, yeah. but twitter hosts video, that stuff isn’t cheap – hell, even images aren’t cheap and twitter has piss poor ad integration and a meaningless subscription that they made pretty much as uncool to buy as possible. hosting a platform that size is hella expensive.
Moderates Tesla Investors and username is Norwegian for “loves Tesla”.
Guys, this one is definitely objective and unbiased!
So facts doesn’t really matter because I’m interested in Tesla? That’s your argument? Twitter had about $7.1 billion in debt before Elon Musk bought it. When Elon Musk bought Twitter, he took on an additional $13 billion in debt to finance the acquisition.
Edit: The simple fact that people are downvoting me for telling the truth honestly says a lot about the state of Lemmy and some of those who migrated here. I had higher hopes for this place, but Im afraid it has become an echo chamber-circle jerk for bitter, non-factual conversations, where people downvote and attack instead of engaging in honest conversation. As for why I moderate that sub, it’s primarily because I’m trying my best to recreate the Reddit experience here on Lemmy, in order to assist with the migration. When I joined, that sub didn’t exist on Lemmy, so I had to create it myself - hence, why I’m a moderator. I appreciated the content that sub provided on Reddit, so I aim to offer that experience to those who migrate. I also post on other subs where the topics are relevant. This witch hunt is absolutely ridiculous and detrimental to making Lemmy a more welcoming and improved place compared to Reddit.
If the entire world tells you that water is wet, it’s not a mob mentality drummed up by Big Hydro.
So if im telling factual information about twitters debt situation and get downvoted into oblivion that makes it not true? Is this your logic?
It simply calls into question how factual your facts are.
Call me out on my facts. What part about it do you have an issue with?
I think being upset about downvotes says a lot more about you than anything else. After all if lemmy is such a loss in your eyes, why bother with such a hugely descriptive and defensive edit. Why not just leave.
Because I belive ln a better future for Lemmy. I will not be dictated by this mob mentality.
Being upset about downvotes and ranting about the lemmy atmosphere seems in opposition to what you’re saying, but ok. Good luck with that
If you can’t see that this mob mentality of attacking users instead of addressing their key points in an argument is detrimental to the platform than we are not heading anywhere productive. Lemmy will simply be reduced to an echo chamber of older users who don’t accept or are even willing to engage in honest argumentation.
deleted by creator
So is this just according to musk? Because that guy is untrustworthy and stupid.
due to ~50% drop in advertising…because I’m not very good at this. ftfyE.Big brain business time lol. Musk is fuckin dumb
On the other hand, I think the people at Tesla/SpaceX are probably very happy that Elon has his hands full with Twitter right now.
Maybe send another car to space. There’s just not enough trash floating around.
deleted by creator
