this post was submitted on 01 Jul 2023
219 points (99.1% liked)
Technology
307 readers
1 users here now
Talk about anything tech related!
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
Musk paid $26bn. $5bn was from outside inverstors. The remaining $13bn is a loan that Twitter took out to buy itself on Musk's behalf. This $13bn was essentially a death sentence (like most leveraged buyouts are - see: Toys R Us) as Twitter could barely afford to pay the interest on that loan, even before Musk ruined its income.
Musk paid $26bn to kill Twitter. Most of that $26bn was underwritten by stocks in Tesla (not SpaceX) which have since plummeted in value.
Now, after a few friendly chats between Steve Huffman and Musk, they are killing reddit, too.
It's amazing that spez saw what Musk did and thought, "I should do that to Reddit."
They will continue to let their egos run wild. I hope it drives people to spaces which organize against them. These billionaires are a damn menace.