this post was submitted on 27 Jul 2023
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I think this is a great time to point out that "making money" for 𝕏 is important. But his company 𝕏 has a $44B operating debt that has an insane serviceability. Dude's company could be making $100M a month, that's nearly forty years to make good on just the principal of the loan. No one is giving him that kind of time.
𝕏 doesn't need to just make money, it needs to act like a money printer on a cocaine fueled binger, just to cover the massive debt he has saddled the company with. Which when you hear him talk about aspirations for 𝕏 it sounds a lot like he wants to make it like China's WeChat. I don't know if the US is a good market for something like WeChat and even if it is, I think someone like Apple would be way better at it.
But does make sense because Tencent, owners of WeChat, rank in tons of cash on their various holdings. And that's the level Musk really needs to get at to put this debt thing in his rear view. So, Musk better hope that bird he's poking suddenly turns into way more than just a place to post one's daily rants. Like that bird has got to turn into the next Visa/MasterCard at this point.
I think you’re onto something. But the US isn’t the right market for WeChat because there’s too much competition, we’re always late to adopt new tech (especially payment methods), and we don’t trust social media even as we consume it. I sure af wouldn’t sign up for an everything app.