this post was submitted on 29 Nov 2024
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Twitter won't recover (sh.itjust.works)
submitted 1 day ago by [email protected] to c/microblogmemes
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BlueSky

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[–] [email protected] 45 points 1 day ago (2 children)

You lot have it fucked up. There were three things that Musk bought Xitter for.

  1. The dataset. He's positioned himself that even if all else fails he can recoup some of the investment by selling that off. But if his AI endeavour is a success, it's worth it.
  2. Political power. The impact of Xitter on recent elections will be studied for generations.
  3. Sycophants. Ego is the bane of mortals but for narcissists, it's everything. He now has sycophants on tap. So much so that he may even be able to fulfill his dream for x.com making it into the WeChat of the western world.

His Twitter purchase has already paid for itself.

[–] [email protected] 17 points 21 hours ago (1 children)

He didn't want to buy Twitter. He said he would buy it at a ridiculous price so his stocks of the company would go up, but the FTC forced him to follow through on his purchase after he tried to back out.

Yes, it has given him access to these things, but without the FTC's intervention, he never would have bought it.

[–] [email protected] 2 points 19 hours ago (2 children)

Everytime I see this, I want to ask why he even proposed buying it in the first place then? He surely knew offereing such an overvalued amount would at least get interest for selling, even if the FTC didn't get involved, what was the point? How it has all turned out now makes me refuse to believe there wasn't some ulterior motive.

[–] [email protected] 8 points 18 hours ago* (last edited 18 hours ago) (1 children)

He had purchased 7% of the platform without reporting it, which is illegal, when he made his joke "54.20" offer. That offer shot the stock up 30%.

He was trying to make a few quick billions by pumping and dumping the stock, but the SEC got onto him immediately, so he went and signed what he thought was an escapable contract with Twitter to try to get out of commiting federal crimes.

Twitter, not being idiots, made an inescapable contract, and were stunned when he signed it, but were glad to suddenly make billions in profit for all its shareholders.

He thrashed and fought buying it, all the way up to the Delaware chancery court. He was scheduled to testify under oath the next day, but suddenly dropped his suit to stop the sale. Apparently there were a great deal of damning emails and texts in the discovery process that Twitter's lawyers were expected to ask him about.

Dude committed federal crimes to try to make billions, and instead lost 10s of billions in buying twitter.

[–] [email protected] 5 points 17 hours ago

Ah, good ol stock manipulation, thank you for the explaination

[–] [email protected] 3 points 18 hours ago

Like all other billionaires, he figured he was rich so he could get away with it.

Twitter's board didn't want to sell at first, but eventually they agreed, and then he tried to back out with bullshit excuses.

[–] [email protected] 6 points 21 hours ago

But if his AI endeavour is a success

Spoilers, it won't be.

[–] [email protected] 9 points 20 hours ago

And these reviewers left the platform right? …right?

[–] friend_of_satan 9 points 22 hours ago

Shouldn't those be limited to 128 characters, or spread out over multiple reviews? Surely that would make them more readable, right?

[–] [email protected] 14 points 1 day ago

I wouldn't be surprised if Xitter survives for 5 years more, but I would be surprised if it has any relevance after 3

[–] mojofrododojo 12 points 1 day ago

what did these idiots expect? I bailed on Twitter when the sale went through.

[–] krashmo 3 points 21 hours ago

There has never been anything on Twitter that couldn't be found elsewhere. It was pointless and outdated from its inception. I hope it dies but it never should have lived.

[–] Beardsley 4 points 1 day ago

"..which is just rude". 💀💀