this post was submitted on 09 Jul 2023
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That’s like, less than 1 of the 44 billion he paid to buy Twitter. I’m surprised he even notices it.
It's 0.2% of $44 billion. I think he notices it because Twitter is hemorrhaging money right now; totally due to his mismanagement.
Remember that Musk didn't use his own money to buy Twitter, he had to borrow money with banks and other rich folks to buy the company.
In other words, Twitter or X, or whatever the name is actually due to start paying their debt interests and rumors are, they're close to a billion dollar each year for just interests alone.
Twitter has to make more than a billion dollar or so to even start paying salaries and then to make any profit.
Twitter was hemorrhaging money most of the time before his purchase anyway. There may have been a year or two that they were profitable but it was more typically losing hundreds of millions of dollars every year. That said, I'm sure his management has accelerated losses. And honestly the leveraged buyout to take it over pretty much ensures the company is on a fast track to bankruptcy.
True, however from what I've read, they've lost a lot of ad revenue since Musk took over. Estimates say over 50% lost ad revenue in the U.S., almost 30% worldwide.
Yes but it wasn't on loan with interest. They were working off investor cash, Musk is working with loans.