Elon Musk email to X staff: ‘we’re barely breaking even’
Elon Musk email to X staff: ‘we’re barely breaking even’
User growth is ‘stagnant’ on the platform formerly known as Twitter.
"Barely breaking even" and yet he keeps getting richer.
- Claims in an interview that he is qualified to handle a social media company on the internet because he has "put internet in space"
- Buys a financially struggling company for way too much money
- Dismantles everything that made it attractive
- Insults and fires the most competent employees who are trying to stop him from destroying the platform
- Doesn't pay the employees he fired owed severance, further discouraging the best of the workforce from ever applying to work there
- Turned it into something so repulsive and toxic that the users and advertisers start to leave
- Told the advertisers to "go fuck themselves"
- Tried to sue the advertisers into returning, further discouraging any new advertiser from ever doing business with him
- Destroys the brand recognition by renaming it to a letter of the alphabet he personally likes but nobody else gives a crap about
- Abuses his admin powers to steal a handle with the name he wanted from its owner, further eroding the user's trust in him handling the platform
- Continues ruining the platform, turning it into his personal soap box to push his (toxic) ideas and abuses his powers to reduce the visibility of those he doesn't like while claiming to be radically pro-free speech.
- Alternative platforms have gained momentum and have reached critical mass and will soon become the new default platform people will flock to. High profile users leave.
- Whines and bitches about the company not making any money.
Hey guys, I'm starting to think that this guy's fortune has absolutely nothing to do with his skills at running a business
Destroys the brand recognition by renaming it to a letter of the alphabet he personally likes but nobody else gives a crap about
I'm beginning to suspect he only likes that letter because it's the middle part of a swastika.
Hey guys, I'm starting to think that this guy's fortune has absolutely nothing to do with his skills at running a business
Great summary btw. and you are absolutely right here. He is a terrible manager.
Remember the time when he slept at the Tesla factory just because he didn't trust anybody and thought he himself must rescue it all by working so much overtime and make all the decisions.
Probably because his wife kicked him out for being an asshole.
He is a terrible manager.
I still can't get over how Musk told computer programmers to print out hardcopies of all their source changes, and then fly to Musk's city to show him the hardcopy. That alone proves Musk is the dumbest CEO of all time.
Did you include the whole 'verified' tag fiasco in your list? I didn't see it explicitly in there, but maybe it falls under a general functionality fuck-up point.
You forgot the part where couchefucker Vance threatened Europe to pull out of NATO if Europe wouldn't stop suing and leaving twatter
That paragraph above would normally be so bizarre that it wouldn't even make it to TV for being too... Out there... But this is the timeline we're in now, this is the new normal
What was the username he stole? Don’t remember that one
Also, don’t forget the disastrous rollout of the blue checks when a few people imitated companies and said Lockheed wouldn’t be doing business with Israel and a few others. But I guess that was the best thing he did, honestly, because that shit was hilarious.
I believe he took user name 'x' because he wanted it.
Bullshit. No way does Twitter make anywhere near a profit, and that’s NOT taking into account the payments on 44Bn.
After Twitter already not being profitable. Add all the loss of marketing from businesses and users leaving, then the cost of all the bots and lawsuits.
How come it is "barely breaking even"? Who is paying them? Fascists?
Who is paying them?
Probably all the people paying $8/mo for a checkmark
All the blue checkmarks probably helps, and the premium crap too
He's laundering money through it most likely
I would be shocked if the company was actually breaking even.
I think he's sugar-coating it because their bonds are about to go up for sale. From the article:
While equity investors have reportedly slashed the value of their stakes by as much as 78 percent, the Journal reports, “banks hope to sell senior debt at 90-95 cents on the dollar, while retaining more-junior holdings.”
If they were breaking even, the bonds wouldn't be getting sold at a loss. Keep in mind, the bond holders get paid before the stock holding investors, so if they're taking a loss, the equity investors are getting nothing (hence the 78 percent cut, basically their share is only worth the odds of a miraculous turnaround). That doesn't happen with a company unless it's losing money.
At absolute best it's breaking even before debt service.
Maybe he's still not just paying rent on some buildings and miraculously hasn't been kicked out yet
Turns out, nazi business is bad business
Hopefully as bad as nazi archaeology
Hey now at least this guy had a neat collapsing coat hanger.
A victory for the free market
Too bad MIC doesn't operate on free market.
Do we need a catchy “go Nazi get…____” catchphrase? It was such a g when the right wing did it! They do love a good catchphrase. Easier to remember.
Nazi business means no business
"Fascist around and find out."
I just gave upvote 88 and now I’m sad.
Thank you for your service 🫡
"There's no business for Nazi business! From no business I knowww!" - Ethel Merman
No you're not
Twitter broke barely even
You paid twice it's worth and then within 2 years got it to only 20% of its value, pushing away all power users and advertisers.
You're bleeding money like there is no tomorrow and you'll still be bankrupt or jailed soon enough. If not during Trump's presidency, then most certainly after it
Go fash; lose cash.
hm, someone told me it was so easy to cut wasteful spending.
X has added some features, like job listings
Who the fuck looks for jobs on X?
Nazis probably
Who the fuck looks for jobs on X?
People who prefer something (slightly) less toxic than LinkedIn lol
Aw geez, what a shame. As if Neo-Goebbels is going to shut his propaganda arm over something as trivial as money.
There's no fucking way they're breaking even.
@breakfastmtn @cm0002 it already bought an election, how much it is worth?
Yeah. Bought an election for a bum who doesn't understand loyalty or how to pay his bills. Lol.
What a Dumbass.
The man bought an election with disinformation and lobbying, who gives a fuck what he says about this company. Who knows what the fuck break even even means in his addled brain.
At this point if you're still working there knowingly building a powerful fascist gathering platform after so much time available to leave, taking dirty Nazi money as payment for your services...
I dunno man... should I feel bad for the staff, or are the remaining staff complicit enough at this point?
Feel bad for the poor bastards stuck there on visas. Feel less bad about anyone looking around that can't quit but can't find another job. Would you hire someone who's still working at Twitter? I probably wouldn't even pull that resume for an interview.
That's a point I had not considered. Twitter is resume poison, at this point.
Do they have employees on H1B? If so, that may be why they haven't jumped ship for less-Nazified pastures. Not excusing anyone, just striving to understand.
Or maybe take a paycheck and do substandard job introduce bugs etc.
Heck, I'll even do that for a company I like!
Let's not blame fellow workers for doing what they need to survive. Big tech companies are exploitive by nature, espcially H1B visas are basically indebted servitude at this point.
This is about class, not left vs right.
If only they had competant management...
Musk also said that the company could become cash-flow positive “within months” nearly two years ago, and it still faces over $1 billion in annual interest payments on the loans.
3 months maybe, 6 months definitely
The advertisers are coming back, I swear!
Please come back, But do go fuck yourselves!
They should be losing fucking money hand over fist, is the problem.
If you think Elon is being honest about ‘breaking even’, you haven’t been paying attention. Twitter is in the hole, and he’s lying through his fascist little teeth to either save face, or manipulate some sort of upcoming move.
With the site now serving as an outlet for right wing narratives and misinformation that benefits the administration, there will be an incentive to prop it up financially if need be. Banks have been trying unsuccessfully to offload their debt used to finance the acquisition, so it seems investors aren’t as confident in the site’s long term profitability even with its newfound role.
Wouldn't barely breaking even actually be exceptionally good in the history of twitter? I though it had been burning money from its conception.
No, Twitter had started making a profit when he bought it. The last year they had a court case which made the year a loss, but the years before were profitable.
You'd expect it -- most online companies do, as it makes sense for companies with high fixed costs and low variable costs -- to have a growth phase, during which it loses money but aims to grow by being very appealing. Once it's grown as far as it reasonably can or as money permits, the growth phase ends and the monetization phase begins. Twitter's growth phase was over. It would never have been expected for Twitter to just lose money forever.
I think it's time to fire half of the people! That will help.
Starting with everyone that wrote the least amount of code. I only want to see overly complex code for hello world!
Awww, is the world’s greediest man not making enough money?
Stick that seig arm out and well break more,k?
And then right after he sues the people for not advertising
Does stagnant actually mean negative?
Again damn gossip. Lemmy is also turning out to be a waste of time.
