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© Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.Musk says Twitter in precarious position; defends cost cuts
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dagon
Disaster capitalism 101 and then using that to create a Chinese style super app on that backbone.
Hope the right wing free speech 'champions' enjoy a Chinese style mega social credit score !
dagon
Your timing is off.
Since2018 as Matt Taibbi has shown but keep trying.
https://www.wired.co.uk/article/twitter-political-account-ban-us-mid-term-elections
virusrex
Since things began going quickly down after he began buying it then it is clear the problem was not so much the company but the new management. The responsibility of making Twitter so undesirable that nobody is willing to take the CEO post resides completely on him.
TokyoLiving
I told you, this clown ruined Twitter..
Get out of Twitter ASAP..
Worst CEO of 2022..
Michael Machida
This is basically a lie:
“This company is like, basically, you’re in a plane that is headed towards the ground at high speed with the engines on fire and the controls don’t work,” Musk told a late-night audience on a Twitter Spaces call Tuesday.
Bob Fosse
You’d think with all his business acumen he’d have either known he was in for a challenge or wouldn’t have made such a mess of things during his short tenure.
Now he’s drip feeding conspiracy nuggets Lindell style. The ‘twitter files’ are being kept from you by who exactly?
japancat
musk is a rich spoilt brat !
Nemo
For a generation to come, Business School cases will be written about St. Elmo and the hubris of too much power.
He let the press go to his head. He decided to believe the hype. And he walked right off the cliff thinking that he could fly.
He is the walking-talking, living-breathing argument for a powerful Board of Directors.
I rejoined Twitter only so that I could watch him burn it to the ground. Looks like I have better get the final act's popcorn ready.
Nemo
BTW, welching on debts like rent and severance are not considered "cost-cutting." That is considered "breach of contract" and it is usually more expensive than it is worth.
Express sister
Annual Twitter interest payments before Musk took over: $50 million.
Annual Twitter interest repayments after Musk took over: $1 billion.
He am good at numbers.
Nemo
The journalist that Elmo banned (not for not doxxing him) had a great take on his “success”:
He enters a market where there is virtually no competition.
He underpays and abuses staff but gives them a “vision” (why he can’t give a vision AND pay a decent wage AND treat them well is a mystery.)
He sucks up Billions in Federal funding.
He achieved some level of success and sucks up the credit like a vacuum.
But in the case of Twitter…..
There is already established competition.
Employees have options.
There’s no government to grift.
He had to actually manage a process.
As dad’s flight instructor use to say, “Spin, Crash, Burn, Die.”
Oh, and he’s salted the ground for the next CEO so that the next person essentially cannot succeed and make him look like the dofus he so obviously is.
wallace
Musk is supposed to be a slick businessman. Since his purchase of Twitter, it has been more of a slash-and-burn.
lostrune2
On the next telenovela
"How to Flush a $44 Billion Foot-in-Mouth Blunder Down the Toilet as Fast as Possible" by Elon Musk
He's violated pretty much everything he promised prior to buying Twitter
He said he'd use a committee to decide what's allowed or not allowed in Twitter - no committee is ever set up; he's deciding it all by himself
He said he won't even ban the Twitter account that's tracking his jet via public information - he's now banned it
He said he'd allow more free speech; yet he's now banning journalists
It's expected that people change their minds, but changing mind is one thing. A whole another level is when he comes in with guns blazing proclaiming to the whole world what he's gonna do......... and then doing the opposite. That's a major blowhard
And now he has a lot less money to do anything
TokyoOldMan
How can you possibly loose 44 Billion in one easy step without buying Crypto on a dodgy exchange ? Ask Elon Musk.
mrtinjp
Since things began going quickly down after he began buying it then it is clear the problem was not so much the company but the new management
Ohh no, things were way down when he took over, why do you think twitter was sold to Musk in the first place, Dorsey's management is fully responsible, Musk just made these problems known to everyone..
https://www.dailywire.com/news/how-the-fbi-bought-twitter-long-before-musk-did-and-for-a-much-better-price
Strangerland
The problem is that one of the passengers came to the front, said "I just bought this plane", sent the pilot out with a parachute and a clap on the back, lit the engines on fire, kicked in the controls, then when it started pointing at the ground, he started to freak out.
Musk's takeover of Twitter will be used in business classes for decades as an example of how to show poor leadership, and how being successful in one area doesn't guarantee success in another.
Strangerland
It was a hostile takeover. Musk initiated it, and saw it through. It was sold to Musk because Musk wanted to by it.
mrtinjp
when it started pointing at the ground, he started to freak out...
It was already pointed to the ground for many years... and that's why it was sold..to who ever was willing to buy..
Musk's takeover of Twitter will be used in business classes..
Right, and to show case the due diligence that needs to be done, before you buy a company..and not to base decisions on media narratives..as the truth is now coming out, twitter was all but a failed company, now one wonder's what's the real health of say facebook.
Strangerland
Huh? It was a functioning company that had been running for nearly 20 years. It wasn't pointed at the ground. You people will try to re-write history to anything to fit your ideology.
mrtinjp
Not 20 yrs but 16 yrs, and was heading to the ground..that's all fact.. but facts are not the forte of that narrative.
Desert Tortoise
Elon Musk has made himself the poster child for the Peter Principle; i.e., 'People advance to their level of incompetence" O_O
Desert Tortoise
As a pilot I love your analogy
Desert Tortoise
Welcome to the Internet. Elon Musk won't change that bad habit. The internet makes it very easy for malevolent souls to advance factually incorrect narratives to poorly informed readers who too often do not have adequate BS detectors to allow then to filter fact from fiction.
Strangerland
No it's not. It's conjecture.
The fact is, the business was running, and not in peril of bankruptcy. The fact is, now it in peril of bankruptcy, with the bills literally not being paid, and the advertisers (90% of the revenue stream) suddenly not willing to advertise. The thing that changed was Musk coming in, and making some very bad business moves, that I suspect (and this is conjecture) will result in the company going into bankruptcy, and the brand being sold. My Space pt II.
Let's be clear, I'm not a Twitter user, so I couldn't care less about what happens to Twitter. It will do nothing for me if it disappears, nor will it do anything for me if it manages to turn things around. On top of this, I was previously a fan of Musk. So this isn't anti-Musk, pro-Twitter sentiment. However, now that I've seen what Musk considers to be good business moves make me question whether he was just a one-trick pony in seeing the potential of Tesla, combined the luck that no one else was already doing it.
Peter Neil
Twitter on the ropes, Tesla heading south, Facebook (Meta) face planting from the bizarre jump off the cliff into virtual reality, TikTok being reigned in, cryptocrooks finally exposed - it’s a good Christmas.
mrtinjp
The fact is, the business was running, and not in peril of bankruptcy..
No it was not, and that's why it was sold, you don't sell a successful business at this scale, but buy/merge other firms in that business and grow and grow...eg:- all the major Tech firms are conglomerate of many so many acquisitions.
wallace
Twitter was making a profit until the used car salesman came along.
Desert Tortoise
@Peter Neil, I don't often give you a thumbs up but this time, yes.
Peter Neil
@Desert Tortoise: Cheers
painkiller
StrangerlandDec. 26 07:24 am JST
This is a very uninformed opinion.
So you didn't know Musk was a co-founder of Paypal?!!!!!!
We can just leave it at that.
Peter Neil
Uh, no. Peter Thiel and Max Levchin founded Paypal.
X.com was run by Musk after he ousted the CEO. X.com merged with Paypal.
Musk has a long history of needing to be in the limelight and saying he founded things.
Peter Neil
Oh, and he was fired from PayPal for hiding financial information that the company was on the brink of disaster.
Peter14
Musk is a Twit. He buys Twitter and guts it, putting it in the worst position it has been in as advertisers pull all business with Twitter, making its income stream evaporate. I am sure if Musk had not purchased it, Twitter would have survived intact much longer. If it fails now it is Musk's failure. What a Twit.
wallace
That must be a real painkiller.
painkiller
Peter NeilToday 01:19 pm JST
Uh, no. They founded Confinity.
Uh, no. Confinity merged with x.com, and became Paypal.
So, Musk was a co-founder of Paypal.