• Endorkend@kbin.social
      link
      fedilink
      arrow-up
      89
      ·
      1 year ago

      Most valuations by actual economists and the like was in the 20-25B range. So it still lost a 5x in value, which is only marginally worse than 10x.

      Meanwhile, you have the Elon fanboys still pretending Twitter is doing better than it ever has.

    • fubo@lemmy.world
      link
      fedilink
      English
      arrow-up
      58
      arrow-down
      8
      ·
      1 year ago

      The point of acquiring Twitter wasn’t to make money; it was to take away something that woke lefty journalists like and give it to fascists.

      • grte@lemmy.ca
        link
        fedilink
        English
        arrow-up
        104
        ·
        1 year ago

        Have you considered that Elon Musk is a dumbass rather than a super genius?

        The guy didn’t plan on buying twitter. He was made to after he tried gaming the system and fucked it up.

          • ThePenitentOne@discuss.online
            link
            fedilink
            English
            arrow-up
            2
            ·
            1 year ago

            Incredibly inflated ego and self-image combined with poor emotional maturity and self-control after a life of entitlement. He said it to piss people off and then came back to eat shit, but unfortunately is also so rich he can throw his money away and have it barely matter.

        • phillaholic@lemm.ee
          link
          fedilink
          English
          arrow-up
          17
          ·
          1 year ago

          Yea it’s this. If he was smart he wouldn’t make himself look like a total idiot every week.

        • fubo@lemmy.world
          link
          fedilink
          English
          arrow-up
          6
          arrow-down
          4
          ·
          edit-2
          1 year ago

          And? I seem to recall that he fantasized about doing it loudly enough and in enough detail, that he was legally obligated to follow through to avoid being charged with securities fraud. The reason he wanted to do it was to take a communications medium away from the liberals and give it to the Nazis.

          • grte@lemmy.ca
            link
            fedilink
            English
            arrow-up
            11
            arrow-down
            1
            ·
            edit-2
            1 year ago

            This is marvel-brained fantasy. The guy played games and ended up with a business he doesn’t understand and never should have been in charge of. He’s not a super-villain, he’s an ordinary villain, dumbass nepotism case.

      • Uncle_Bagel@midwest.social
        link
        fedilink
        English
        arrow-up
        7
        ·
        1 year ago

        Honestly, i think he wanted to oump and dump the stock and was flabbergasted when Twitter forced him to purchase it for the full price he states.

      • CharlesDarwin@lemmy.world
        link
        fedilink
        English
        arrow-up
        4
        arrow-down
        1
        ·
        1 year ago

        To see him explain it on Xitter or with a cartoon meme or whatever, he was in the “center”, and the radical left was so extreme that they brought the Overton window to the left and ruined his day, and were super mean to him, too, I guess. In other words, look at what you made him do, all normal Americans!

        Or something. I guess the super-mean liberals also stole his hair, too.

  • Clown_Tempura@lemmy.world
    link
    fedilink
    English
    arrow-up
    222
    ·
    1 year ago

    It astounds and amazes me that there was a time Elon could have feasibly been considered a smart, level-headed entrepreneur. The whole submarine thing with the trapped kids really was the beginning of his unraveling. I for one thank Elon Musk for proving once and for all to even the most shameless corpo-apologists that having a ton of money doesn’t magically make you smart or cool. The dude’s an idiot, and I love watching him self-destruct.

    • Son_of_dad@lemmy.world
      link
      fedilink
      English
      arrow-up
      114
      arrow-down
      1
      ·
      1 year ago

      At one point they even had him cameo in iron man, and had him name dropped on star trek as a pioneer of human discovery. People used to jerk off to this dude’s PR image like he was a real life Tony Stark.

      • phillaholic@lemm.ee
        link
        fedilink
        English
        arrow-up
        43
        arrow-down
        7
        ·
        1 year ago

        If he stayed off Twitter he’d have a pretty impressive CV. Mainstream electric cars, actually usable Satellite Internet, Major Solar Panels etc. Even weird shit like Hyperloop would just be random neat things.

        • sushibowl@feddit.nl
          link
          fedilink
          English
          arrow-up
          58
          arrow-down
          1
          ·
          1 year ago

          Same with JK Rowling, Kanye West, Notch, etc. It’s literally so fucking easy for people like this to remain loved by everyone. Just keep your fucking mouth shut. Give nice polite interviews about your job, stay out of politics, let a boring publicity agent manage your social media for you, and enjoy your billions of dollars in peace.

          Why is it so hard?

          • DogMuffins@discuss.tchncs.de
            link
            fedilink
            English
            arrow-up
            1
            ·
            1 year ago

            I would have a think tank. I would pay a hundred or so smart people obscene amounts of money to tell me my ideas are daft and come up with really great ideas for me.

            The mind boggles as to why someone like musk doesn’t do this. It would be like achieving global eternal financial domination on easy mode. A world hack if you will. It would cost a mere fraction of his wealth.

            Imagine if every descision you made was well informed and well reasoned instead of just shit.

          • RekcuffuckeR@feddit.de
            link
            fedilink
            English
            arrow-up
            8
            arrow-down
            8
            ·
            1 year ago

            Why should they care about being loved by people they don’t care about? It’s normal to have the desire to express your political opinion.

            • instamat@lemmy.world
              link
              fedilink
              English
              arrow-up
              8
              arrow-down
              1
              ·
              1 year ago

              Or, you know, you could keep it to yourself and wait until someone asks for it.

      • Hiccup@lemmy.dbzer0.com
        link
        fedilink
        English
        arrow-up
        27
        ·
        1 year ago

        They put him on Rick and Morty in the most cringe inducing fashions and it was like watching a cartoon suck off a guy.

        • 100@lemm.ee
          link
          fedilink
          English
          arrow-up
          14
          ·
          1 year ago

          Putting aside that that whole show is pretty rough and I’ve mentally decanonized it, the guy who said it is technically a mega space nazi from the space nazi dimension so I choose to believe he just thought that Musk being an aspiring space nazi was as cool in our universe as it was in his.

        • Kecessa@sh.itjust.works
          link
          fedilink
          English
          arrow-up
          9
          ·
          edit-2
          1 year ago

          I prefer to pretend that they’re talking about another person named Musk, one of his many kids perhaps…

    • bobman@unilem.org
      link
      fedilink
      English
      arrow-up
      6
      arrow-down
      11
      ·
      1 year ago

      and I love watching him self-destruct.

      I guarantee he’d rather be in his position than yours.

      • Krauerking@lemy.lol
        link
        fedilink
        English
        arrow-up
        8
        arrow-down
        1
        ·
        1 year ago

        Yeah, can lose all this wealth and still be fucking wealthy in a way that literally dozens of people only know.

    • hypnotoad__@lemmy.world
      link
      fedilink
      English
      arrow-up
      56
      ·
      1 year ago

      Please stop attacking my character based on terrible purchase decisions

      What a beautiful car

      Until I owned it

      • Nerdulous@lemm.ee
        link
        fedilink
        English
        arrow-up
        25
        ·
        1 year ago

        I’ll never forget my Sweet 3 series… Because I’m still paying for it’s repairs years later.

        • Saneless@lemmy.world
          link
          fedilink
          English
          arrow-up
          16
          arrow-down
          2
          ·
          1 year ago

          It’s a fascinating car and I’m always on awe any time one pulls up next to me

          With trim and doors and shit so poorly aligned, I can’t believe it left the factory

          • ditty@lemm.ee
            link
            fedilink
            English
            arrow-up
            4
            ·
            1 year ago

            Are you talking about the poor quality control on the Tesla Model 3? OP was talking about the BMW 3-Series, which typically have excellent fit and finish.

    • Dojan@lemmy.world
      link
      fedilink
      English
      arrow-up
      31
      ·
      1 year ago

      Him buying twitter was just some sort of narcissistic flex on his daughter.

    • TheObserver@lemmy.dbzer0.com
      link
      fedilink
      English
      arrow-up
      3
      arrow-down
      19
      ·
      1 year ago

      Put another rich guy in charge of spacex first please! I don’t want to be stuck on this rock forever 🥲

      • Zeragamba@lemmy.ca
        link
        fedilink
        English
        arrow-up
        12
        ·
        1 year ago

        luckily, he has minimal influence over SpaceX, and only really provide high level direction. Same with Tesla.

        Twitter, though… the turnaround time on his whims is staggering

        • gregorum@lemm.ee
          link
          fedilink
          English
          arrow-up
          7
          ·
          1 year ago

          Considering the fuckupery at Tesla (especially as of late), this may not entirely be true. It seems that he has slightly more influence at Tesla than he does at SpaceX, which has been doing a pretty great job.

      • QHC@lemmy.world
        link
        fedilink
        English
        arrow-up
        8
        ·
        1 year ago

        Glenn Shotwell runs SpaceX and is a competent adult. Nothing to worry about on that front, thankfully.

        • TheObserver@lemmy.dbzer0.com
          link
          fedilink
          English
          arrow-up
          1
          ·
          1 year ago

          Ah ok i thought it was musk boy. Tbh I don’t look too much into who the ceo of a company is. Mostly just what they do which i why i love spacex. I take it all my downvotes are the musk haters lol. I’m neutral on that whole thing with him. Can’t say anything about the whole twitter situation as i have never used it.

      • DogMuffins@discuss.tchncs.de
        link
        fedilink
        English
        arrow-up
        1
        arrow-down
        1
        ·
        1 year ago

        I don’t want to be stuck on this rock forever

        I have some sad news…

        • you’re stuck on this rock forever
        • anyone alive today who sets foot on mars will likely regret it before they die
        • robots will conduct all worth while exploration and discovery this millennium
        • TheObserver@lemmy.dbzer0.com
          link
          fedilink
          English
          arrow-up
          1
          ·
          1 year ago

          This guy must be from the future. Oh wise one tell us all your secrets.

          Ever heard of having some hope my guy? Hate to break it to you but I hope humanity leaves this rock and isn’t stuck here forever. If humanity stays on this planet forever we will 100% go extinct either by war, virus, or the most obvious asteroid impacts or the guaranteed one the sun expanding over a few billion years. If we want to live till the end of time and space itself we HAVE to leave.

          • DogMuffins@discuss.tchncs.de
            link
            fedilink
            English
            arrow-up
            1
            ·
            1 year ago

            The tech we will rely on for interplanetary travel is pretty much settled science, it just takes time and money to implement.

            Hoping for unexpected breakthroughs isn’t going to help much.

  • spittingimage@lemmy.world
    link
    fedilink
    English
    arrow-up
    96
    arrow-down
    1
    ·
    1 year ago

    When no-one was looking, Elon Musk lost forty billion. He lost 40 billion. That’s as many as four tens billions. And that’s terrible.

    • MelodiousFunk@kbin.social
      link
      fedilink
      arrow-up
      31
      ·
      1 year ago

      I never would have guessed that Musk is a billion times worse than Lex Luthor, but the math is right there. Terrible.

    • SpaceCowboy@lemmy.ca
      link
      fedilink
      English
      arrow-up
      13
      arrow-down
      3
      ·
      1 year ago

      He could have ended world hunger multiple times. But instead he bought a social media site so he could be popular with the Nazi crowd.

      On the bright side, whenever anyone fucks things up now, they can think “well at least at least I didn’t fuck things up as badly as Elon Musk.”

    • gregorum@lemm.ee
      link
      fedilink
      English
      arrow-up
      12
      arrow-down
      5
      ·
      edit-2
      1 year ago

      Terrible for him. Great for everyone else that that 40 billion is now in the hands of other people. 

      It’s also ironic, that he is single-handedly the greatest redistributor of his own wealth. 

    • El Barto@lemmy.world
      link
      fedilink
      English
      arrow-up
      3
      ·
      1 year ago

      40,000 millions. Most people could live without working ever again with one million dollars (provided they managed them wisely.)

      • StinkyRedMan@lemmy.world
        link
        fedilink
        English
        arrow-up
        6
        arrow-down
        1
        ·
        1 year ago

        While one million is a pretty good amount of cash, you’re delusional if you thinks it’s a “never working again” amount of money. I had this talk pretty recently with a friend of mine, if he used it to finish paying his house (150k) at 24k a year it would not even last 40 years.

        • El Barto@lemmy.world
          link
          fedilink
          English
          arrow-up
          3
          ·
          edit-2
          1 year ago

          You’re assuming that everyone living today will live for more than 40 years. Ageist much? (I’m kidding.)

          No, I’m not delusional. I’m not saying “never work again and live in luxury.” I’ll gladly live in a studio apartment for a few years while I put some of that money work for me (instead of me working.) It’s doable.

          Edit: you can also move to a relatively safe country where 20K a year gives you the same standard of living as a middle-class westerner - minus the 9 to 5 grind.

        • mosiacmango@lemm.ee
          link
          fedilink
          English
          arrow-up
          2
          ·
          edit-2
          1 year ago

          At a 4% return, a million nets you around 4000k/month without affecting the principle. After taxes, youre likely walking away with 40k/yr.

          Plently of places in the US you can live for around 40k/yr. Not luxury, but if youre fine with rural to semi rural, you can do well on interest alone.

      • Gaspar@lemmy.dbzer0.com
        link
        fedilink
        English
        arrow-up
        3
        ·
        1 year ago

        Last time I looked into it, it was closer to 4 million to “never work again” if you were in your mid-30s. Nowadays, even that figure is probably not enough. Your point still stands, however.

        • El Barto@lemmy.world
          link
          fedilink
          English
          arrow-up
          5
          ·
          1 year ago

          Let’s run an experiment. Someone give me 1 million dollars, post-taxes, and I’ll try my best to never work again. Any takers?

  • MaxHardwood@lemmy.ca
    link
    fedilink
    English
    arrow-up
    84
    ·
    1 year ago

    I could be remembering wrong but Twitter was only worth $15B at best, and Elon bought it for $44B because he’s that smart.

    • El Barto@lemmy.world
      link
      fedilink
      English
      arrow-up
      40
      arrow-down
      4
      ·
      1 year ago

      I genuinely think he’s just a pawn in a bigger game in which some powers wanted twitter gone.

      • meseek #2982@lemmy.ca
        link
        fedilink
        English
        arrow-up
        13
        ·
        1 year ago

        Brainless but sounds like a competent leader. Has all the qualities the Illuminati are looking for when appointing a new drone.

      • tomatopathe@sh.itjust.works
        link
        fedilink
        English
        arrow-up
        8
        ·
        edit-2
        1 year ago

        Why gone? I understood that the Saudi government just wanted to de-anonymize it (i.e be informed about the authors of any critical tweets).

        Like that guy who has been condemned to death for a critical tweet to his… 8 followers.

        • Stern@lemmy.world
          link
          fedilink
          English
          arrow-up
          11
          ·
          1 year ago

          He hasn’t stopped a lot of folks, including all the shitty ones that would normally be banned. Hell, he unbanned them in many cases (i.e. Trump.) With Blue he gave them a way to be all the top responses in comments no matter how shitty their take is. Making the feed useless can be just as bad (if not worse) then censoring it.

      • ThePenitentOne@discuss.online
        link
        fedilink
        English
        arrow-up
        1
        ·
        1 year ago

        No. He may be influenced by others, but it’s clear his ego is just that enormous and that his emotional immaturity makes him do stupid shit impulsively.

          • ThePenitentOne@discuss.online
            link
            fedilink
            English
            arrow-up
            1
            ·
            1 year ago

            Even if he was ‘manipulated’ he would be the same person regardless if he wasn’t. He is clearly a self-serving person with ego problems. There are no billionaires that aren’t fucked up people.

            • El Barto@lemmy.world
              link
              fedilink
              English
              arrow-up
              1
              ·
              1 year ago

              Oh for sure! But a stupid person may do stupid things on their own, and more stupid things when manipulated.

    • Corkyskog@sh.itjust.works
      link
      fedilink
      English
      arrow-up
      2
      arrow-down
      15
      ·
      1 year ago

      How are you defining worth? It’s value was probably in the 20Bs and it’s market value was well in the 30Bs. By value I am saying a world where owners just dumped all their shares until they were no longer owners, by market value I mean what another entity might pay to buyout twitter.

  • bluestribute@lemmy.world
    link
    fedilink
    English
    arrow-up
    72
    arrow-down
    1
    ·
    1 year ago

    Didn’t Elon have the opportunity to end world hunger for 8 billion dollars a couple years ago?

    • GenderNeutralBro@lemmy.sdf.org
      link
      fedilink
      English
      arrow-up
      76
      ·
      edit-2
      1 year ago

      Almost. He said that if anyone could present a plan on how to end world hunger for $6B, he’d sell Tesla stock to pay for it.

      The U.N. publicly presented a plan on how they’d use that $6B, but it fell way short of that goal. Which isn’t surprising, since they never claimed they could solve world hunger permanently for $6B. Musk’s challenge was rhetorical because the bar was impossibly high. He was really just trying to make the point that he does not have the money to truly end world hunger.

      The U.N.'s plan for that $6B would “feed 42 million people for one year, and avert the risk of famine”. That’s nothing to sneeze at, obviously, but it’s not a permanent solution.

      Friendly reminder, for context, that the U.S. military budget is $842B. For one year.

      • HerrBeter@lemmy.world
        link
        fedilink
        English
        arrow-up
        11
        arrow-down
        22
        ·
        1 year ago

        As much as I dislike Musk, I think your argument is a bit of a straw man. He responded to something or someone saying it was possible for $6bn. They stopped responding after Musk said “open books for accounting” or something. The UN shouldn’t have responded at all since it wasn’t feasible

        • bobman@unilem.org
          link
          fedilink
          English
          arrow-up
          7
          ·
          1 year ago

          I still think it’s interesting information, and feeding 42 million people for a year is a better deal than funneling that money to people like musk or the DoD.

  • Tilgare@lemmy.world
    link
    fedilink
    English
    arrow-up
    61
    ·
    1 year ago

    For that to be true, it would have needed to be worth $44B in the first place, which it absolutely was not. But there is no doubt that his mismanagement has tanked the value of the investment. He’s a narcissist so never see it that way, but the whole rest of the world knows that.

    • Kage520@lemmy.world
      link
      fedilink
      English
      arrow-up
      13
      ·
      1 year ago

      As a business? Probably not worth that valuation. As a propaganda machine to be able to influence a decent percentage of the population? I think it was.

      • ozymandias117@lemmy.world
        link
        fedilink
        English
        arrow-up
        1
        ·
        1 year ago

        Only because larger media outlets use it as “news”

        Twitter has always been one of the smaller “social media” giants

      • niisyth@lemmy.ca
        link
        fedilink
        English
        arrow-up
        12
        ·
        1 year ago

        AFAIK he had to be sued into buying it once he tried to weasel out of the deal. So it wasn’t for lack of trying definitely 😂😂😂

        • blady_blah@lemmy.world
          link
          fedilink
          English
          arrow-up
          8
          ·
          1 year ago

          There was a clause in the contract that said if he backed out he would have to pay $1 billion. Who knew that would actually have saved him way more to exercise that clause.

    • Trashcan@lemmy.world
      link
      fedilink
      English
      arrow-up
      17
      arrow-down
      2
      ·
      1 year ago

      This is the quote:

      “I don’t see any scenario where they’re responsible for less than 10% of the value destruction, so around $4 billion.”

      In my head, he is comparing the minimum size of ADLs value reduction to be 10% or 4 billion. 10% of 44 billion is 4,4 billion. In this comment he is not saying anything about the current value except that 10% of 44 is around 4.

      How else can you read it?

      • RekcuffuckeR@feddit.de
        link
        fedilink
        English
        arrow-up
        18
        ·
        1 year ago

        He’s saying that 10% of the value reduction is 4 billion so the total value reduction is 40 billion (of the 44 billion he bought it for).

        But you’re right, he probably meant it like you read it and just failed to express himself properly.

        • PaleRider@feddit.uk
          link
          fedilink
          English
          arrow-up
          12
          arrow-down
          3
          ·
          1 year ago

          Are you saying that real life “Tony Stark genius, billionaire” is a bit thick and incapable of expressing his thoughts coherently?

          I’m shocked I tell you. Shocked…

      • Sovereign_13@lemmy.world
        link
        fedilink
        English
        arrow-up
        9
        ·
        1 year ago

        You can read it as “being responsible for 10% of the [total] value destruction, equal to $4B”.

        So if they’re responsible for 10% of the total value loss, and that’s equivalent to $4B, then 100% of the total value lost would be $40B.

        Otherwise you would say “they’re responsible for destroying 10% of the value”.

        • Trashcan@lemmy.world
          link
          fedilink
          English
          arrow-up
          1
          ·
          1 year ago

          Right. So it’s a Schroedinger’s quote…😑

          But thanks for pointing out what was obvious for others

  • CharlesDarwin@lemmy.world
    link
    fedilink
    English
    arrow-up
    54
    arrow-down
    1
    ·
    1 year ago

    Imagine having so much wealth that he can walk away from his utter failure at Xitter and remain completely unaffected. For him, this is like some side-hustle vanity project a bored trophy wife runs.

    • Globulart@lemmy.world
      link
      fedilink
      English
      arrow-up
      13
      ·
      1 year ago

      Losing 40b is a pretty big deal even for Musk to be fair. It’d be more like a bored housewife remortgaging the house to pay for their vanity project.

      • ThePuy@feddit.nl
        link
        fedilink
        English
        arrow-up
        24
        arrow-down
        1
        ·
        edit-2
        1 year ago

        I mean not really, he knows he’ll always have a roof over his head, food on his table, doctors when he’s ill, it is a rather big deal but that doesn’t really affect his daily life in any significant way.

        He’ll still be able to afford anything he may ever want, what he really lost is financial power and social respect.

        In short I think it’s more like a bored housewife getting thrown out from the homeowners association.

        • Sodis@feddit.de
          link
          fedilink
          English
          arrow-up
          8
          ·
          1 year ago

          He’ll still be able to afford anything he may ever want, what he really lost is financial power and social respect.

          That’s like the worst for a person like Musk.

  • darq@kbin.social
    link
    fedilink
    arrow-up
    45
    ·
    1 year ago

    When you have a net worth measured in the billions of dollars, it’s genuinely impressive to be able to lose money. With that kind of sum behind your name, you could just do nothing and out-earn most people on the planet with just interest alone. To actually be able to lose money? Now that takes work!

    • Daft_ish@lemmy.world
      link
      fedilink
      English
      arrow-up
      16
      ·
      edit-2
      1 year ago

      Since Elon is just flushing money down the toilet do you think he might do me a solid and slice me off like 50k? Brah, that’s like if I dropped a penny on you from my last paycheck, right? I ain’t even getting greedy.

      Like he could do that for 800,000 people and it would just be buying twitter, right?

      • SpaceCowboy@lemmy.ca
        link
        fedilink
        English
        arrow-up
        14
        ·
        1 year ago

        With $40 billion you could give a random person $1 million today. Then give another person $1 million the next day. And so on, for 100 years.

        And you’d still have a private jet, a bunch of mansions, a fleet of luxury cars, and a bunch of yachts.

        It’s completely bizarre that a billionaire that’s so desperate to be popular doesn’t just give money to people. They don’t want to give up the power that wealth gives them and so try to trick people into liking them.

        • CharlesDarwin@lemmy.world
          link
          fedilink
          English
          arrow-up
          3
          ·
          1 year ago

          I’m assuming he could still be accruing wealth if he did that.

          Assuming he made at least 5% or so per year on investment income, that would be 2 billion, and if you assume a 20% tax rate on that, it would be 1.6 billion, still more than 365 million it would take to give away one million every day.

          And so if he could live on less than ~1.2 billion per year, he’d still be gaining wealth…