• TWeaK
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    221 year ago

    In the same way that Twitter was never actually worth the $44 billion that Elon Musk paid

    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.

    • Matt Payne
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      211 year ago

      It’s amazing that spez saw what Musk did and thought, “I should do that to Reddit.”

    • 🐱TheCat
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      111 year ago

      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.