This is a most excellent place for technology news and articles.
In a January email to staff, Musk pointed to the company’s growing influence and power, but said the finances remain problematic.
“Our user growth is stagnant, revenue is unimpressive, and we’re barely breaking even,” he said in the email, which was reviewed by The Wall Street Journal.
Geee I wonder what could have caused this?
This certainly hasn't helped.
Why do I keep seeing this particular comparison? It's the least obvious part of the whole thing. The rest was clearly a Nazi salute. Without that context you may think he's clutching his chest because he's having a heart attack or something.
Edit: nevermind I'm just dumb. I guess gifs don't auto load on my Lemmy client anymore. I swear they used to.
Voyager is my favorite
Mlem is vastly better.
Yeah great, but it's apple only.
Interesting, I thought I had tried all the lemmy clients. Don’t think I’ve heard of this one. I’ll give it a shot, thanks.
In what way?
I switched to Voyager from mlem a while back and want to know what’s better now?
I mean … gifs not working in the App Store version isn’t a great sign fwiw
Voyager seems to try to be an exact clone of Apollo, even when Apollo had things it didn’t do correctly. Mlem has much better commenting imo, for example I can pull down my reply box without closing it, in order to reread over comments in the thread or scroll around, and then pull it back up to continue replying. I also think Mlem is just more responsive, including with images. Though voyager has more features with images.
I had no clue that the App Store version hadn’t been updated though. I think many people using Mlem are on the TestFlight.
I did like the commenting in mlem, I’ll give you that.
Ya this is just a still image in Mlem
The App Store version of Mlem doesn't support gifs just yet, but the beta version does.
Sweet! I’ll sign up for test flight!
Connect for Lemmy works pretty good imo.
Working on summit
it was bought by musk at the behest of saudi royals who never again wanted to be raked over the coals globally for doing something like butchering kashoggi, the blowback cost them face which they were not prepared for spending billions on things like soccer leagues and stadium to curry favor with the west, and elon wanted saudi markets open for his rocket ships and electric cars, they invested, he invested, but mostly he took out loans from sucker banks which had made money from tesla and space x. i don't think he intended to become the nazi poster child when he bought twitter, but water finds it's own level, and this was always his.
See, I've always maintained that he bought Twitter with the specific intention of earning his spot as the Goebbels in the upcoming Reich. It was never about money, it's always been a power play.
Seriously, does nobody remember that he was forced to buy it by the SEC because he manipulated the stock value?
That was just a shitty negotiating tactic. From day one he's rolled out the red carpet for Trump. Twitter was just his foot in the door so that he's already on Trump's good side and can get his company town going in Texas.
as an outsider knowing nothing about nothing, sounds like they're trying to offload subprime mortgages to anyone who'll bite
Pretty much spot on. They're looking for bag holders to swindle.
Musk is currently in the limelight, sort of. They know they have a short window of opportunity to unload those non-performing assets while minimizing their losses. And the way Donny burns bridges with virtually everyone, that window is closing rapidly.
Holy shit, this is going to be hilarious. Imagine the fuckbrains who’d buy this shit.
Shell companies for a Russian front.
That's libelous. There will also be shell companies for Saudi Arabia and China.
Just like the trump shoes, and probably most of his grifts
Banks will be lucky to sell for as much as 10 cents on the dollar, especially as all loans might be unsecured.
Banks should package in a shitcoin, that would pay itself out, since those investors are used to losses now 😜
They're talking getting 5 or 10 cents for every dollar of debt. Which roughly means the buyers need a 5 to 10 percent chance of getting their money back for the deal to make sense (interest rates complicate the EV calculation, and it's not clear what those are).
This is the banks writing it all off and getting whatever they can out of a bad deal. The buyers will probably make money on the deal, even if Xhitter goes into liquidation.
But what could there be to liquidate? Server racks? They don't even own the offices, it's all rented.
Liquidators go through everything. Five toilet rolls in what was an 8-pack? Liquidate it.
IIRC, bankruptcy puts creditors in order, with employees getting whatever pay they're owed first in line, then debtors, and whatever might be left goes to investors. When you paid 5 or 10 cents on the dollar, you don't have to get much back for the deal to be profitable.
I think you’re missing the point. There are no physical assets. There is users and engagement. That can be used to push a narrative or to sell advertising. As users leave, neither works and there is nothing to sell.
There are physical assets, though. Hopefully enough to pay employees, and possibly enough for this deal to be profitable. It's a risk, but not a crazy one.
Yes, there are, but minimal physical assets. That's the point. They likely aren't even enough to pay employees.
Right. There aren't assets there to take and sell. Offices are rented. Equipment depreciates really fast as technology moves on. IP rights are not worth that much since there are many alternatives and some technologies they developed are unique to their own tech stack, and the trademarks are radioactive garbage.
This could potentially be another title for this:
Wall Street Banks Now Looking for Right-Wing Plebs to Hold the Bag🧑💼🗣️ 🤗...💰💸😱😢🙃
Taking a 10% haircutcut?
They must really really want that shit dumped the fuck off their books.
It's now "toxic debt". They need to find some reeeeeaaallly dumb fuckers to buy it up. Probably gonna offer it to Trump supporters.
UAE will buy it
Or Saudis?
Someone who wants to curry favor will sweep it up
Wasn't X not paying it bills? (Rent, employees, utilities)
Of course, how else is it supposed to make money?
Any econ majors able to give me their best tldr of what this means or will result in if anything? I can't wrap my head around how money and debt works sry
Hard to say right now. The article suggests that the banks are just trying to free up cash on their balance sheets. However, this could instead be an indication that they are looking for a "bigger fool" to take the losses. I personally think the bottom won't fall out of Xitter until the tesla share price crashes. Elon bought some time with credulous fools with the ridiculous cybercab demo, but that can't last forever. At that point I think the only question is whether SpaceX gets pulled down with all the rest of the musk ventures
If he has a falling out with Trump, he's toast.
Trump is greedy it'll take a lot for him to fall out with his main cash cow.
I wish it said what the effective yield will be for bond purchases if they sell for the expected price. Is that yield consistent with other bonds with similar ratings?
