Or so he has said.
But he says a lot of stuff.
The existing management was planning to cut a quarter of the staff even if the acquisition failed, but Musk is tripling down on that! That’s a lot of money, because:
Twitter’s median compensation — the point at which half make more and half make less — is about $240,000 for all employees
When you add in the employer burden like FICA, it means the median cost to the company is about $300,000 per employee. I’m assuming that Musk is not going to fire janitors and receptionists, so the average for the dismissed employees will probably be higher than the overall average, perhaps far higher. I assume Musk will bring in a new turnaround team, and everyone in the current upper management team can start looking for jobs, because their stewardship created the mess in the first place.
And it is a mess. It’s not just the costs that are a problem:
“Twitter estimates that its monetizable daily active users (MDAU), defined as the number of users eligible to see ads, is 237.8 million, up 16.6 percent compared with the same quarter last year. But documents that have emerged in Twitter’s court battle with Musk point to far lower numbers, with Musk’s side claiming, using Twitter’s own data, that fewer than 16 million users see the vast majority of ads.”
So its costs are bloated and its revenue potential is exaggerated. As a result, one analyst has suggested that Musk’s $44 billion bid is four times what the company is worth!
“Recently Andrea Walne, a general partner at Manhattan Venture Partners, a firm that has invested in the deal, told Business Insider that she thinks Twitter is worth only $10 billion to $12 billion and that other partners were trying to get out. Musk himself said that he and his investors were ‘obviously overpaying’ for the site during Tesla’s earnings call on Wednesday. Walne did not respond to requests for comment.”
Here is the full article on WaPo, if you can get past their pay wall.
Yeah dickweed here overpaid, so he has to get back all the loss caused by his own dippiness *immediately*. Now watch, he’ll end up having to hire half these guys back as higher-paid consultants. Then he’ll come to the government with his hand out claiming Twatter is “too big to fail”.
He’s like Trump, but smarter.
He’s like Henry Ford. A genius in his own sphere, a nitwit outside it. At one point Ford’s thing was distributing copies of this “new’ book he had chanced upon which explained everything. Something called “the Protocols of the Elders of Zion”.
Ford was a serious innovator who sat on his laurels while his competitors absorbed his stuff and then started improving on it. Kind of like Paul Brown in Cleveland.
Pretty sure he’s no genius anywhere. I mean – Tesla, Bach, Escher… Ford? OK maybe. But Musk, seriously? If my parents owned an emerald mine you might be seeing me in headlines.
Respect for realizing it was time for electric cars, though…
He was the one guy who jumped on the electrics with both feet. The same way rich kid Trump tried to jump on casinos. The way I look at things, if you were a genius at one point in time, you should at least qualify for genius emeritus after that.
Ford? The assembly line is a big deal in my book.
I’m sure Musk knew all this – after all, what kind of a moron would waive due diligence?
Oh…
How about this joke?
MLB baseball player with ‘toxic’ (and naive) positivity at the start of a game:
“I’m just 27 consecutive outs away from a perfect game!”
I suspect Elon Musk would shut down twitter if it was nothing but my jokes. For instance:
Q:Why didn’t the chicken cross the road?
A: Because it was chicken.
Q: What do you call a man with a rubber toe?
A: Roberto.
Next.
Adam. Not gonna take that bet. LOL.
Btw, as a Commonwealth person you might know,
Where can I collect on that bet that the lettuce would outlast Truss. That plant-based hero should go straight to the British Museum, if not Cooperstown.
Liz Truss. The ultimate dog who caught the truck. A lower ratio of ability to ambition than the famous General Nivelle of WWI offensive fame.
Much like Bush43 and the donald, the Peter Principle applies to Truss: You rise to your level of incompetence!
btw, BoJo is in the running for next PM. Oh the humanity! Fool me once … You can’t make this shit up!
Yielding back the balance of my time.