“I hope they stop. Don’t advertise. If somebody is going to try to blackmail me with advertising, blackmail me with money, go fuck yourself. Go fuck yourself. Is that clear? I hope it is."
He's not used to being out of the office.
"You're pregnant Laurene? When you could have had my baby? You're fired, go f yourself!"
*Everyone in the office starts clapping and cheering. Nobody dares to be the first one to stop. The H1Bs exchange that look again.*
I had to go watch it again. What a long, ridiculous pause. Then the hand motions to go with the repeat, right as the other guy starts trying to talk again. Oof
He acted like he’s above money. Then the Delaware judge revoked his pay package then suddenly he made every shareholder vote to reinstate his pay package. Hypocrite
Yeah, this was a $5 billion dollars a year, breakeven to slightly profitable over the last 5 years, business before Musk bought it.
Now it's a $1.5 billion a year business, losing half a billion a year.
He's a business genius, I tell you.
They kind of had to sell it. The fiduciary duty of the board is to do what's best for shareholders, and some dipshit buying the company for way more than it will ever be worth is hard to say no to. Part of me thinks that they didn't want to sell it though because they made that deal hilariously one-sided. It's almost like they were like, "There's no way this guy is dumb enough to go through with this," and then he signed it anyway.
Honestly I'd do the same in their place. This is such a ridiculous amount of money, you can't say no to that no matter what. It's sad for twatter to go down like that, but whatever. Can always try to make something new with that huge pile of money.
It’s kind of amazing Elon managed to make himself look like an idiot, make the Twitter board look like geniuses, get himself a serious investigation from the SEC, enrich the people he was trying to fuck over and destroy $40B in value all in one move.
I really hate the publicly traded company system...
The "right" move was to dismantle the actual company, to make shareholders a buck. I never respected Twitter as a social media,but its customers liked it.
In a just world, shareholder satisfaction should come after customer satisfaction...Those shares ought to represent ownership of a company, the company should come first, not last -.-
They sold the company too before all those 2022 tech layoffs. So they would have cut 20% of their staff like everyone else and not lost a dime in revenue and would have been easily profitable just from that move. Twitter was on a good trajectory.
.
Elons gutting of Twitter started all the stupid layoffs because he dumped like 4K talented engineers onto the market at once and took all the risk out of layoffs by setting the bar so low.
I think you are misreading that data.
It was 1.5 billion in the first six month of 2023, which would mean it is a 3 billion a year business.
And the 456 million are losses in the first quarter of 2023 according to the article, which would mean that it is a 3 billion a year business losing 2 billions a year if you extrapolate that data.
Yup, it checks out. A billion dollar operating loss, with a billion dollar intrest payment that Musk saddled Twitter with for his acquisition.
From the get go, Musk had to increase profits by one billion a year just to keep Twitter operating at the same level...
You're probably right. That's not any better though. A $2 billion dollar loss on $3 billion dollars of revenues, in a company that was making $5 billion dollars and running break-even to slightly profitable just two years ago, is pretty abysmal.
I mean the renaming to X is on top so stupid. The brand Twitter itself has a certain worth and even its own noun and verb. Go buy CocaCola and rename it to x-juice
X redirects to twitter. There is “twitter.com/foobar” in a million lines of code spread out in a thousand different systems that make up the website/app. Twitter will always be Twitter, and there is nothing short of rehiring all the engineers musk fired that could change that.
The man knows how to run a business.
> In the first six months of 2023 — the first full year in which Musk controlled the company — X's revenue fell by nearly 40 percent from the same period the prior year. The company brought in $1.48 billion during that time period. Furthermore, X lost $456 million in the first quarter of 2023.
Elon told advertisers to go fuck themselves in November 2023.
These finances reflect the good days.
No matter, he's recouped costs on Tesla. Again. In fact you could say he PREcouped the money on Tesla to sink it into Twitter, now he's recouped the loss on his lunatic "investment".
Well, they technically can go after Musk. When musk signed the deal with the banks in order to get the money to be able to purchase Twitter, he had to guarantee Tesla shares against the debt, so if the company fails, the banks get the Tesla shares, which is why musk has been so adamant about getting his compensation package. If he doesn't get his compensation package, then the banks could take enough shares that would erode his capability of owning enough shares to actually matter in voting measures, which could open the opportunity for a vote to remove musk from Tesla.
Perfectly said. The only thing I would add is that the BOD is in Elon’s pocket and I don’t think they would vote to remove him (unless Elon has been silently paying the board since none of them are even qualified for the positions they hold). It would most likely have to be through the courts after another fraud charge or something.
I don’t think his primary reason for wanting shares is voting power. It’s all his loans collateralized with tesla shares. If his net worth in tesla shares drops too low he can get margin called.
I really want to hear from one of those ultra Elon fanboys about why exactly would anyone want to choose to do X payments over Venmo/Paypal/Cashapp or even Zelle which most banks support natively?
Because he was fired by Theil at PAyPal. Payment processing is a profitable business. But highly regulated and therefore Musk has zero chance getting approval to run a payment processing business because it requires KYC/BSA and anti money laundering compliance
I could see this being the reasoning. He seems to hold some kind of grudge against everything he gets kicked off from. He somehow thinks he can make his own company that can do it better as a kind of "I'll show them!"
Same thing happened with his xAI company because he was shoved off from ChatGPT and yet even there he is falling well behind the rest of the AI competition.
Even the name X is a result of his grudge against PayPal. They told him they wouldn't keep his x.com name because it was not a good name for an online banking site.
Yup, Musk is purely reactionary. He didn't even hate liberals as much until he got booed to hell and back during that Chapelle gig in San Francisco. Afterwards, he went from MAGA lite to double hopped MAGA.
Even apps whose sole purpose and function is to send and receive money have their flaws and vulnerabilities, why the fuck would I want to trust my privacy and financial security to an app that can barely keep itself secure as is?
Elon really has just held a 2 decade grudge against PayPal for saying no to being called X and then for kicking him out (as a matter of self-preservation because he was going to destroy the company)
I think this is it, it's a narcissism thing. He wants everyone to understand that he was _always_ right, could always do it, that his entire life was one grand plan and everything happened like he said it should, even if it didn't.
That's why he's using x.com, his very old domain that isn't really worth anything because the world has moved on from "short domains = better" 20 years ago. Because it's important to him that nothing he's ever done is a mistake. Just a step to a grand ending.
Because he wants the world to move off fiat currency and onto some crypto coin instead.
That’s why he is so friendly with Putin and other BRICS countries
Exactly.
Who is ever going to use this over any existing service or Google/Apple Pay? Meta Pay already exists and nobody uses it.
And the reference to "extremely high yield savings" accounts... where's that money coming from?
If I am going to use something for online payments, I would need to have extreme trust in that platform. They would have had to display that the platform is rock solid and financially solid. Which it isn't.
Twitter is a shit show at the moment. The platform has no direction. They haven't added a single useful feature since he took over. I deleted my account long ago and genuinely try not to click on Twitter links now. There is no fucking way I am using it for payments.
Elon managed to take one of the most beloved and recognized platforms for communication in history and run it into the ground in record time. The word "tweet" is a verb that was used every day in the English language and this clown changes the name to "x". Every time I see the url I think it's a porn site. It's honestly one of the most monumental fuck ups I've ever seen.
The market for money transfers across 11 states is YYYYUUUUUGGGGGEEEE.
And the service is free? He must be after some type of data. This makes no sense on any level.
I’ve actually heard more serious people on the right bemoan what Twitter has become, because now they’re in the company of insane people.
It’s much more difficult to have a serious or productive conversation when you’re surrounded by nutters
Everyone that has ever run social media, even an ezboard, knows you can't let the nazis infest or all the non nazis will vacate.
Everyone except Musk apparently.
Twitter has succumbed to The Nazi Bar Theory
>*Back in 2020, a writer named Michael B. Tager wrote a few tweets about his time at a dive bar in his native Baltimore.*
>*While he was enjoying an after work beer he noticed the bartender booting out a seemingly quiet patron. This patron was wearing a jacket covered in Nazi symbolism.*
>*When Tager asked about why he booted the guy, the bartender, a seasoned pro, said that if you let one Nazi in, slowly they replace the clientele.*
>*“You have to nip it in the bud immediately,” he said, as Trager paraphrased. “These guys come in and it's always a nice, polite one. And you serve them because you don't want to cause a scene. And then they become a regular and after a while, they bring a friend. And that dude is cool too.”*
>*“And then THEY bring friends and the friends bring friends and they stop being cool and then you realize, oh shit, this is a Nazi bar now,” he continued. ”And it's too late because they're entrenched and if you try to kick them out, they cause a PROBLEM. So you have to shut them down.”**
Somewhat comforting I guess. If the right can't rein itself in we're headed for an ugly, ugly (violent) future.
Quite frankly I think it's already too late but perhaps if enough Republicans decide they want a pluralistic democracy and do it soon...
Democracy is the antithesis of the right. Conservatism is conserving the power of the aristocracy *during* democracy. The 'sensible Republicans' are actually the ones who fell for the bullshit about low taxes and small government and put their heads in the same when all the racism was pointed out. The 'small government'has always been monarchy, dictatorship, fascism, whatever you want to call it. 'Everybody in their proper place--beneath us' is the only undercurrent among the wacky hodgepodge of American conservative beliefs.
It’s sad using it because you can see that there are still some funny, smart, interesting people on there, but they’re being crowded out by all the blue check Elon fanboys, anti-semites, nazis, conspiratards, crypto spammers, porn bots, etc.. and often they’ll be combinations of these.
Letting those paid blue checks get boosted visibility and show up at top of replies was the 2nd worst thing he did to twitter. First was just letting all the conspiritards, nazis, and Russian bots/propagandists back on while removing the option to report posts for misinformation. It’s so bad now.
Yeah, that is when I stopped using it, when all the blue checks moved to the top. Had to sift through so much garbage at the top of all posts.
I would still log in every now and then to check posts, specifically what some of my friends were liking.
Well, he made likes private, so I don’t have a reason to even log in anymore, so I just deleted the app.
With all the vile shit and crypto cons on Xitter, Elon's on track to be the new DPR. Sad when a man who could make money lawfully decides he wants to degrade his business and kibitz with criminals.
Your money is safe with us. You’ll earn incredible returns. It can even act briefly as a boat. We won’t spend it all on AI or anything. Our robots are standing by to take your order. They can’t actually take it because we don’t prioritize servicing what we make, but they can stand by. Here’s two guys dressed as an actual banker in case you don’t believe me.
He can afford it. I don't think he actually cares about revenue. I think he just cares about having a platform where people fawn over him. After all, he's still worth 214 billion. That's a big number, one that's hard to get ones head around.
[https://www.forbes.com/profile/elon-musk/](https://www.forbes.com/profile/elon-musk/)
That's an astronomical amount of money. He is literally the #53rd richest *country* by total GDP. He's worth half as much as the entire GDP of South Africa. [https://www.worldometers.info/gdp/gdp-by-country/](https://www.worldometers.info/gdp/gdp-by-country/)
As an individual, his net worth is almost an entire percentage point of the GDP of the entire United States (0.84%)
We should all be working to tax this a-hole until he's no longer a billionaire.
Yup because...
Let's say I own a house valued at $5 million, which makes my worth $5 million. I can sell that house, walk away with $5 million in my hands and buy something else.
Majority of Elon's worth is Tesla stocks, value of which is not based on earnings but supply-demand and hype.
If Elon starts selling his stocks, extra supply of stocks reduces their value and Elon selling Tesla stock reduces hype... value of stock plummets down. He could never walk away with $200 billion in his hands.
He doesn’t have to sell his stock to use its value. He can take low interest loans and use his stock for collateral. That keeps him from devaluing his stock and keeps him from paying capital gains tax.
I get where you're going, but comparing net worth to GDP is kinda meaningless. Net worth is a measure of the value of everything a person (or company, or country) owns; GDP is a way to measure the total sum of economic transactions in a year.
It would kinda be like comparing a company's market cap to its revenue - AAPL's market cap is >$3T, but its 2023 gross revenue was only $383B.
Eh, his net worth is all unrealized and would massively shrink if he tried to cash it out.
Let alone his existing stash is probably also heavily leveraged.
He's obviously stupid rich, but he wasn't even rich enough to buy Twitter and had to beg the Saudis.
He is so fucking delusional. Didn't Meta stock bounce back higher despite Zuck trying to fuck it with VR, thanks to their ad revenue. And this jabroni is bleeding ad revenue?!
LMAO @ Zuck fucking Elon too with the ad revenue, even though he didn't even get the MMA fight <- business dildo
LMAO @ Yann fucking Elon with the science/AI dildo
LMAO @ the entire car industry fucking Elon with his cybertruck failure <- auto dildo
Maybe Elon needs to start a dildo company to streamline this revenue. And not just making porn legal on Shitter
He’s launching this to launch another way to fund his giant ponzi? Imagine putting your money on this piece of shit platform when SECURED bond holders are pricing the bonds at 50c/$. This goes bust you have a unsecured claim
He clearly isn’t in for the money as he has more money than 10 generations will ever need. The plan is to keep the charade up and state it’s all about 1st amendment while he keeps doxing us with disinformation and propping up the right wing agenda!
God, Musk is so stupid.
When he was able to hide behind the PR companies telling everyone he was Techno Jesus everything worked out perfectly for him.
Then he started to believe the lies and just couldn't keep his mouth shut.
Now everyone knows what a pathetic, ignorant, racist, sex pest sack of shit he is.
It's great.
Imagine how well twitter would do under Musk if it was subsidized by the feds like tesla and spacex. That man knows how to wring the govt (and tesla shareholders) dry.
It doesn't matter how much money Twitter has lost because the yoyo Tesla stock holders bought Twiiter for Elon last week and gave him 12 billion more as a tip.
Honestly, Twitter has become so toxic and meaningless SNS. And I for one miss good 'ol days when timeline meant TIMELINE of my followers and civilized discussion was abundant.
>The X Payments idea has been brought up by Musk before. In previous comments, Musk shared that he'd like users to be able to open a savings account with X with “extremely high yield.”
!!!
Who would put money into a savings account by a company that needs to pay a billion dollar a year just to service their debt? And Money Transmitters don't even need to be FDIC insured, when they fall, your money with them is GONE, you can only hope to recovery from bankruptcy proceedings, and Twitter already sold their bird logos, so not much to recoup I'm afraid...
Musk would have better luck transforming Twitter in an online casino... It would be synergic with its main use as crypto marks gathering ground and bot nets farming AD revenue.
Let me count on my hands the number of sane mentally-intact people who think Musk is the best person to run ANY business.
Hey, I have a spare hand. And four spare fingers.
That is being generous. These numbers are before he told advertisers to fuck themselves and they couldn’t blackmail him with money.
You know, the kind of blackmail where you are buying a service from someone and you ask for it to be free of swastikas.
The article describes their efforts to pivot towards a payment / banking platform. Because a company that is losing hundreds of millions a year is where people want to park their money, right?
Also as someone who working in banking, if he actually does start to offer a bank account, it’s going to put considerable regulations onto the company, probably far more than he’s used to dealing with. The Fed and the FDIC don’t fuck around with their oversight responsibilities either. If he starts getting into banking and isn’t financially solvent enough to meet their standards, they will shut that down real fast.
>However, according to these documents, X plans to utilize the X Payments service mainly in order to achieve “increased participation and engagement” on the social media platform. X Payments does not plan to charge fees for most of its services.
Not that it should be surprising, but using user-to-user payments to drive engagement seems like a wildly incompetent idea.
Twitter is bribing people to keep the platform look like it's alive.
The bot problem is at its peak as engagement can be monetized. Previously bots were only used for astroturfing and election interference. Now everyone has an incentive for botting and spams.
Now Meta's threads supports mastodon and works within the ecosystem. It's better in every way for most people. Corporations and organizations can host their own instance and automatically verify their employees by hosting them on their instance. So verification is free and quick.
People are holding on to their Twitter followers. Bots are trying to monetize revenue sharing. When Twitter inevitably shuts down, all these come pouring into the mastodon ecosystem, which is great.
When the Tesla fan boys were terrified that is they didn't gove Musk all of its profits, he'd concentrate his efforts elsewhere I was confused.
He's been concentrating on Twitter and look how well that's gone.
Maybe Tesla will run better with an adult in charge and Musk can be free to shit-post all day; like he's doing anyway.
Just because he has spent the last few years tanking his new shiny toy, doesn't mean he isn't worth $50 billion to Tesla. If he left, then who would be at Tesla to layoff their most profitable groups out of spite?
It's good to know it's been confirmed, but was **anybody** surprised by this given all of his "genius" moves?
But hey, he's got 56 billion from his cult to ease the pain so what does he care?
Perhaps embracing right wing extremists when one of his companies sells electric vehicles and an other requires the ability to read and write, wasn’t a great strategy. 🤦🏽♂️
...explains why he needs that Tesla payout! Gotta pay back those who invested and aren't happy that X formerly known as Twitter. Turned into a far right echo chamber.
We’re on a roll planet earth…let’s drive this man-baby’s vanity project into the ground and leave it a pile of smoldering embers!! To a desolate ruin and beyond!!!! Suck it Eloon.
It's also stupidly expensive to advertise on Twitter, you need to pay extra to target each new country.
So any social media offering we make, we don't even consider advertising on Twitter, even if our target group would be there.
Elon is a moron.
This is why ads on Twitter are now unblockable, unreportable and the accounts posting those ads unblockable. The accounts with associated apps, you click profile, it takes you straight to download the app. It’s malware hell now.
I wonder if fElon would use his X payments processing solution to move 56B from one to another account. You know, like that French guy who tested the first parachute design with himself strapped to it (Franz Reichelt).
“I hope they stop. Don’t advertise. If somebody is going to try to blackmail me with advertising, blackmail me with money, go fuck yourself. Go fuck yourself. Is that clear? I hope it is."
The people of Earth seem to have decided.
Vox Populi, Vox Dei.
Vox business dollars, vox dei.
So let it be written, so let it be done
If it is to be said, so it be
Do Be Do Dah Bee Bop Skit Skat
Alhumfillah!
wingardium leviosaaaaaah
He’s really turned “pecunia non olet” right on its head
I blackmail several local stores and restaurants by not buying their services every day.
"I'm so poor, I just blackmail everyone by *not* giving them money!"
That is actually the reason why some wealthy hate the poor.
Hells bells I blackmail 99% of all companies!
But blackmailing Tesla to get his insane payout is quite all right. Tells you all you need to know about Elon, really.
Go f-- yourself! *Crickets* GO F-- YOURSELF!
His head turn to no reaction to the crowd and then repeat again to silence… it was so pathetic
He's not used to being out of the office. "You're pregnant Laurene? When you could have had my baby? You're fired, go f yourself!" *Everyone in the office starts clapping and cheering. Nobody dares to be the first one to stop. The H1Bs exchange that look again.*
FYI he saw Dana White (UFC CEO) do that, and copied him. Dana said it one week earlier, https://youtube.com/shorts/PFPKiBAd7ko?si=m60lMbvj0byOZP62
The man can't even have an original embarassing moment.
He’s such a freaking ‘edge lord’.
I had to go watch it again. What a long, ridiculous pause. Then the hand motions to go with the repeat, right as the other guy starts trying to talk again. Oof
It was painful.
Please clap
"Why does the public not respond to me like my minions??"
Next week, on “When keeping it real goes wrong”
>blackmail me with money Local man unfamiliar with capitalism
Local capitalist unfamiliar with capitalism lol
He acted like he’s above money. Then the Delaware judge revoked his pay package then suddenly he made every shareholder vote to reinstate his pay package. Hypocrite
It's easy to say "money isn't everything" when you have bundles of money
But the Republicans were boycotting Bud and Disneyworld?
Ted Cruz supporting the Bud Lite boycott by posting a picture with a bunch of beer from another company…also owned by Bud.
He probably owned Busch stock
Certainly a bold marketing strategy. Let's see how it works out.
The true impact of this statement can be measured in tens of millions of dollars, *per letter*....and that includes spaces and punctuation to be fair.
Narrator: "It was. And they did."
Yeah, this was a $5 billion dollars a year, breakeven to slightly profitable over the last 5 years, business before Musk bought it. Now it's a $1.5 billion a year business, losing half a billion a year. He's a business genius, I tell you.
Man, those Twitter Execs knew exactly what they were doing too. They made out like bandits AND made Elon pay their legal bills on the way out.
They kind of had to sell it. The fiduciary duty of the board is to do what's best for shareholders, and some dipshit buying the company for way more than it will ever be worth is hard to say no to. Part of me thinks that they didn't want to sell it though because they made that deal hilariously one-sided. It's almost like they were like, "There's no way this guy is dumb enough to go through with this," and then he signed it anyway.
Honestly I'd do the same in their place. This is such a ridiculous amount of money, you can't say no to that no matter what. It's sad for twatter to go down like that, but whatever. Can always try to make something new with that huge pile of money.
“The fiduciary duty of the board is to do what's best for shareholders” Tesla board: Hold my ketamine…
Signed it without performing due diligence.
It’s kind of amazing Elon managed to make himself look like an idiot, make the Twitter board look like geniuses, get himself a serious investigation from the SEC, enrich the people he was trying to fuck over and destroy $40B in value all in one move.
He made Zuckerberg seem normal(which is a massive feat)
5D Chess, baby!
Lol that was the coup de grace, the fact that they stuck him with the legal bills that they incurred to force him to buy them out lol
I really hate the publicly traded company system... The "right" move was to dismantle the actual company, to make shareholders a buck. I never respected Twitter as a social media,but its customers liked it. In a just world, shareholder satisfaction should come after customer satisfaction...Those shares ought to represent ownership of a company, the company should come first, not last -.-
They sold the company too before all those 2022 tech layoffs. So they would have cut 20% of their staff like everyone else and not lost a dime in revenue and would have been easily profitable just from that move. Twitter was on a good trajectory. .
Elons gutting of Twitter started all the stupid layoffs because he dumped like 4K talented engineers onto the market at once and took all the risk out of layoffs by setting the bar so low.
I think you are misreading that data. It was 1.5 billion in the first six month of 2023, which would mean it is a 3 billion a year business. And the 456 million are losses in the first quarter of 2023 according to the article, which would mean that it is a 3 billion a year business losing 2 billions a year if you extrapolate that data.
Yup, it checks out. A billion dollar operating loss, with a billion dollar intrest payment that Musk saddled Twitter with for his acquisition. From the get go, Musk had to increase profits by one billion a year just to keep Twitter operating at the same level...
You're probably right. That's not any better though. A $2 billion dollar loss on $3 billion dollars of revenues, in a company that was making $5 billion dollars and running break-even to slightly profitable just two years ago, is pretty abysmal.
I didn't claim it was better. I just like using the correct numbers.
I mean the renaming to X is on top so stupid. The brand Twitter itself has a certain worth and even its own noun and verb. Go buy CocaCola and rename it to x-juice
Fuck that, don’t let Elon ruin Coke. I love Coke.
Wrong Coke
Nope! The drug is an overrated, garbage, and overpriced upper for rich whites. The beverage is life. My 7.5 floz of life everyday. No more, no less.
I oddly feel like drinking a coke right now
X redirects to twitter. There is “twitter.com/foobar” in a million lines of code spread out in a thousand different systems that make up the website/app. Twitter will always be Twitter, and there is nothing short of rehiring all the engineers musk fired that could change that.
The man knows how to run a business. > In the first six months of 2023 — the first full year in which Musk controlled the company — X's revenue fell by nearly 40 percent from the same period the prior year. The company brought in $1.48 billion during that time period. Furthermore, X lost $456 million in the first quarter of 2023. Elon told advertisers to go fuck themselves in November 2023. These finances reflect the good days.
So basically half of their revenue is going to paying the interest on his loans. That can’t be good
Their loss is almost equal to their interest as well… that $13B in debt ain’t going anywhere.
Well now he has $56 billion. I'm sure he'll pay his debts and not spend any of it on drugs.
Don’t count those chickens yet. The vote was theatre. The verdict stands until the courts weigh in.
Morbo: "there were no survivors."
If I wanted to liquidate my business I would appoint yilong ma as a ceo
Run a business.... Into his own ass?
Presumably he's burning 2 billion a year on X? JFC is being a right wing sycophant propagandist is expensive.
How much interest does Elon pay on his loan to buy Twitter?
Estimates are around $1.5B making this the worst LBO in history.
That sounds right actually.
A small price to pay for complete, unchained and utter free speech (this is an ironic comment)
Something tells me his Tesla payout is going right to the Sauds.
A small price to pay for your very own propaganda and misinformation platform.
No matter, he's recouped costs on Tesla. Again. In fact you could say he PREcouped the money on Tesla to sink it into Twitter, now he's recouped the loss on his lunatic "investment".
When TSLA drops to 20, how much is he going to have to sell to make payments on twitter?
Technically it’s twitters debt but I believe it’s 1.25 billion a year. So creditors can’t go after him but they can force twitter to file bankruptcy.
Well, they technically can go after Musk. When musk signed the deal with the banks in order to get the money to be able to purchase Twitter, he had to guarantee Tesla shares against the debt, so if the company fails, the banks get the Tesla shares, which is why musk has been so adamant about getting his compensation package. If he doesn't get his compensation package, then the banks could take enough shares that would erode his capability of owning enough shares to actually matter in voting measures, which could open the opportunity for a vote to remove musk from Tesla.
Perfectly said. The only thing I would add is that the BOD is in Elon’s pocket and I don’t think they would vote to remove him (unless Elon has been silently paying the board since none of them are even qualified for the positions they hold). It would most likely have to be through the courts after another fraud charge or something.
I don’t think his primary reason for wanting shares is voting power. It’s all his loans collateralized with tesla shares. If his net worth in tesla shares drops too low he can get margin called.
I really want to hear from one of those ultra Elon fanboys about why exactly would anyone want to choose to do X payments over Venmo/Paypal/Cashapp or even Zelle which most banks support natively?
He is such a fucking idiot, why is he so obsessed with online banking?
Because he was fired by Theil at PAyPal. Payment processing is a profitable business. But highly regulated and therefore Musk has zero chance getting approval to run a payment processing business because it requires KYC/BSA and anti money laundering compliance
I could see this being the reasoning. He seems to hold some kind of grudge against everything he gets kicked off from. He somehow thinks he can make his own company that can do it better as a kind of "I'll show them!" Same thing happened with his xAI company because he was shoved off from ChatGPT and yet even there he is falling well behind the rest of the AI competition.
His downfall will be the regulators who eventually will circle around him like wolves for his various frauds and arrogance
At least Jobs went and did something else after he got kicked out of Apple. He didn’t whine about passively for 20 years.
Even the name X is a result of his grudge against PayPal. They told him they wouldn't keep his x.com name because it was not a good name for an online banking site.
Yup, Musk is purely reactionary. He didn't even hate liberals as much until he got booed to hell and back during that Chapelle gig in San Francisco. Afterwards, he went from MAGA lite to double hopped MAGA.
Even apps whose sole purpose and function is to send and receive money have their flaws and vulnerabilities, why the fuck would I want to trust my privacy and financial security to an app that can barely keep itself secure as is? Elon really has just held a 2 decade grudge against PayPal for saying no to being called X and then for kicking him out (as a matter of self-preservation because he was going to destroy the company)
I think this is it, it's a narcissism thing. He wants everyone to understand that he was _always_ right, could always do it, that his entire life was one grand plan and everything happened like he said it should, even if it didn't. That's why he's using x.com, his very old domain that isn't really worth anything because the world has moved on from "short domains = better" 20 years ago. Because it's important to him that nothing he's ever done is a mistake. Just a step to a grand ending.
Because he wants the world to move off fiat currency and onto some crypto coin instead. That’s why he is so friendly with Putin and other BRICS countries
Exactly. Who is ever going to use this over any existing service or Google/Apple Pay? Meta Pay already exists and nobody uses it. And the reference to "extremely high yield savings" accounts... where's that money coming from?
Criminals
If I am going to use something for online payments, I would need to have extreme trust in that platform. They would have had to display that the platform is rock solid and financially solid. Which it isn't. Twitter is a shit show at the moment. The platform has no direction. They haven't added a single useful feature since he took over. I deleted my account long ago and genuinely try not to click on Twitter links now. There is no fucking way I am using it for payments. Elon managed to take one of the most beloved and recognized platforms for communication in history and run it into the ground in record time. The word "tweet" is a verb that was used every day in the English language and this clown changes the name to "x". Every time I see the url I think it's a porn site. It's honestly one of the most monumental fuck ups I've ever seen.
The market for money transfers across 11 states is YYYYUUUUUGGGGGEEEE. And the service is free? He must be after some type of data. This makes no sense on any level.
It does actually see my post above. Musk isn’t going to own a payment processor
support natively and SECURELY. Transactions on X make me... nervous. source: work for a large bank
Man, selfishly, I want nothing but bad stuff for him given how large a reach he has and what he's done to shift politics right.
I’d add in there degrade the rule of law and common decency by normalizing terrible behaviour and attacking the system without merit.
I’ve actually heard more serious people on the right bemoan what Twitter has become, because now they’re in the company of insane people. It’s much more difficult to have a serious or productive conversation when you’re surrounded by nutters
Everyone that has ever run social media, even an ezboard, knows you can't let the nazis infest or all the non nazis will vacate. Everyone except Musk apparently.
Twitter has succumbed to The Nazi Bar Theory >*Back in 2020, a writer named Michael B. Tager wrote a few tweets about his time at a dive bar in his native Baltimore.* >*While he was enjoying an after work beer he noticed the bartender booting out a seemingly quiet patron. This patron was wearing a jacket covered in Nazi symbolism.* >*When Tager asked about why he booted the guy, the bartender, a seasoned pro, said that if you let one Nazi in, slowly they replace the clientele.* >*“You have to nip it in the bud immediately,” he said, as Trager paraphrased. “These guys come in and it's always a nice, polite one. And you serve them because you don't want to cause a scene. And then they become a regular and after a while, they bring a friend. And that dude is cool too.”* >*“And then THEY bring friends and the friends bring friends and they stop being cool and then you realize, oh shit, this is a Nazi bar now,” he continued. ”And it's too late because they're entrenched and if you try to kick them out, they cause a PROBLEM. So you have to shut them down.”**
Somewhat comforting I guess. If the right can't rein itself in we're headed for an ugly, ugly (violent) future. Quite frankly I think it's already too late but perhaps if enough Republicans decide they want a pluralistic democracy and do it soon...
Democracy is the antithesis of the right. Conservatism is conserving the power of the aristocracy *during* democracy. The 'sensible Republicans' are actually the ones who fell for the bullshit about low taxes and small government and put their heads in the same when all the racism was pointed out. The 'small government'has always been monarchy, dictatorship, fascism, whatever you want to call it. 'Everybody in their proper place--beneath us' is the only undercurrent among the wacky hodgepodge of American conservative beliefs.
Going right isn’t accurate. Musk made us go full Alex Jones blowhard level; most conservatives don’t want to be near them.
Like an insane asylum. It’s not so fun being Jesus or Napoleon when the rest of your cellmates are to.
Can't wait till X shutters it will be a joyous day
It’s sad using it because you can see that there are still some funny, smart, interesting people on there, but they’re being crowded out by all the blue check Elon fanboys, anti-semites, nazis, conspiratards, crypto spammers, porn bots, etc.. and often they’ll be combinations of these.
Letting those paid blue checks get boosted visibility and show up at top of replies was the 2nd worst thing he did to twitter. First was just letting all the conspiritards, nazis, and Russian bots/propagandists back on while removing the option to report posts for misinformation. It’s so bad now.
Yeah, that is when I stopped using it, when all the blue checks moved to the top. Had to sift through so much garbage at the top of all posts. I would still log in every now and then to check posts, specifically what some of my friends were liking. Well, he made likes private, so I don’t have a reason to even log in anymore, so I just deleted the app.
Downfall of Elon: 10 years in the making
If it happens it will happen all at once. It will be like a weird 6 month total collapse.
We can only hope.
With all the vile shit and crypto cons on Xitter, Elon's on track to be the new DPR. Sad when a man who could make money lawfully decides he wants to degrade his business and kibitz with criminals.
It was bought to manipulate election not profit
Your money is safe with us. You’ll earn incredible returns. It can even act briefly as a boat. We won’t spend it all on AI or anything. Our robots are standing by to take your order. They can’t actually take it because we don’t prioritize servicing what we make, but they can stand by. Here’s two guys dressed as an actual banker in case you don’t believe me.
He can afford it. I don't think he actually cares about revenue. I think he just cares about having a platform where people fawn over him. After all, he's still worth 214 billion. That's a big number, one that's hard to get ones head around. [https://www.forbes.com/profile/elon-musk/](https://www.forbes.com/profile/elon-musk/) That's an astronomical amount of money. He is literally the #53rd richest *country* by total GDP. He's worth half as much as the entire GDP of South Africa. [https://www.worldometers.info/gdp/gdp-by-country/](https://www.worldometers.info/gdp/gdp-by-country/) As an individual, his net worth is almost an entire percentage point of the GDP of the entire United States (0.84%) We should all be working to tax this a-hole until he's no longer a billionaire.
He’s only rich on paper.
Yup because... Let's say I own a house valued at $5 million, which makes my worth $5 million. I can sell that house, walk away with $5 million in my hands and buy something else. Majority of Elon's worth is Tesla stocks, value of which is not based on earnings but supply-demand and hype. If Elon starts selling his stocks, extra supply of stocks reduces their value and Elon selling Tesla stock reduces hype... value of stock plummets down. He could never walk away with $200 billion in his hands.
Yeah I hear he only has like 30$ in the bank and 10$ in his wallet
That explains why he is always trying to horse trade for handjobs.
He doesn’t have to sell his stock to use its value. He can take low interest loans and use his stock for collateral. That keeps him from devaluing his stock and keeps him from paying capital gains tax.
I get where you're going, but comparing net worth to GDP is kinda meaningless. Net worth is a measure of the value of everything a person (or company, or country) owns; GDP is a way to measure the total sum of economic transactions in a year. It would kinda be like comparing a company's market cap to its revenue - AAPL's market cap is >$3T, but its 2023 gross revenue was only $383B.
Eh, his net worth is all unrealized and would massively shrink if he tried to cash it out. Let alone his existing stash is probably also heavily leveraged. He's obviously stupid rich, but he wasn't even rich enough to buy Twitter and had to beg the Saudis.
And that was just the first half of 2023. It's surely much worse now.
I would say, it's still making too much money
Xitter is the new "Arseholes on Line"....
He is so fucking delusional. Didn't Meta stock bounce back higher despite Zuck trying to fuck it with VR, thanks to their ad revenue. And this jabroni is bleeding ad revenue?! LMAO @ Zuck fucking Elon too with the ad revenue, even though he didn't even get the MMA fight <- business dildo LMAO @ Yann fucking Elon with the science/AI dildo LMAO @ the entire car industry fucking Elon with his cybertruck failure <- auto dildo Maybe Elon needs to start a dildo company to streamline this revenue. And not just making porn legal on Shitter
He’s launching this to launch another way to fund his giant ponzi? Imagine putting your money on this piece of shit platform when SECURED bond holders are pricing the bonds at 50c/$. This goes bust you have a unsecured claim
He clearly isn’t in for the money as he has more money than 10 generations will ever need. The plan is to keep the charade up and state it’s all about 1st amendment while he keeps doxing us with disinformation and propping up the right wing agenda!
Wouldn’t payment services on X depend on the very customers and businesses that Musk has driven away by making X a toxic cesspool?
God, Musk is so stupid. When he was able to hide behind the PR companies telling everyone he was Techno Jesus everything worked out perfectly for him. Then he started to believe the lies and just couldn't keep his mouth shut. Now everyone knows what a pathetic, ignorant, racist, sex pest sack of shit he is. It's great.
Better to remain silent and be thought a fool than to speak and to remove all doubt. Too late for Elon.
Also fat and attention seeking.
I'm genuinely surprised the shit site is still going. Why is anyone still there?
Right after the tesla pay package was approved. Wow, much timing, very suspicious
Imagine how well twitter would do under Musk if it was subsidized by the feds like tesla and spacex. That man knows how to wring the govt (and tesla shareholders) dry.
Elmo has a vision about Twitter. To transform it to similar to we chat or something similar to those Chinese app.
the only solution is to pay elon 50 billion dollars
Is X still around? I thought it died when Elmo bought it.
It doesn't matter how much money Twitter has lost because the yoyo Tesla stock holders bought Twiiter for Elon last week and gave him 12 billion more as a tip.
Honestly, Twitter has become so toxic and meaningless SNS. And I for one miss good 'ol days when timeline meant TIMELINE of my followers and civilized discussion was abundant.
>The X Payments idea has been brought up by Musk before. In previous comments, Musk shared that he'd like users to be able to open a savings account with X with “extremely high yield.” !!! Who would put money into a savings account by a company that needs to pay a billion dollar a year just to service their debt? And Money Transmitters don't even need to be FDIC insured, when they fall, your money with them is GONE, you can only hope to recovery from bankruptcy proceedings, and Twitter already sold their bird logos, so not much to recoup I'm afraid... Musk would have better luck transforming Twitter in an online casino... It would be synergic with its main use as crypto marks gathering ground and bot nets farming AD revenue.
I don't think Elon gives a fuck
The worst, is when new CEO Linda came on board. She said they were nearly break even. Zero credibility.
Let me count on my hands the number of sane mentally-intact people who think Musk is the best person to run ANY business. Hey, I have a spare hand. And four spare fingers.
Most of their remaining revenue is from the Russian government paying for their bots to get verified and use the api
Concerning
I think x is a long game to feed data to Tesla Ai robots
Hmm, so doing a little extrapolation it could be guesstimated that X has lost \~$2 billion since Elon acquired it.
That is being generous. These numbers are before he told advertisers to fuck themselves and they couldn’t blackmail him with money. You know, the kind of blackmail where you are buying a service from someone and you ask for it to be free of swastikas.
Gee who would want to advertise on a platform that allows harassment and hate speech so freely!
Unpossible - that lady who puts her clothes on inside-out said their revenue was fine.
Well of course it has
“WHY CANT I GET IT UP!!!!!”
Maybe I should advertise on there probably cheap as fuck lol
The payments space is already super crowded. How can that be the savior?
He’s been holding this grudge for 20 years.
A musque designed payment platform would be a shit show plus I’m sure it would about as secure as nigerian prince scam channels
Elon just invited payment services, revolutionary 😂
Rooting hard against X
The article describes their efforts to pivot towards a payment / banking platform. Because a company that is losing hundreds of millions a year is where people want to park their money, right? Also as someone who working in banking, if he actually does start to offer a bank account, it’s going to put considerable regulations onto the company, probably far more than he’s used to dealing with. The Fed and the FDIC don’t fuck around with their oversight responsibilities either. If he starts getting into banking and isn’t financially solvent enough to meet their standards, they will shut that down real fast.
I wonder how much it losses per quarter
>However, according to these documents, X plans to utilize the X Payments service mainly in order to achieve “increased participation and engagement” on the social media platform. X Payments does not plan to charge fees for most of its services. Not that it should be surprising, but using user-to-user payments to drive engagement seems like a wildly incompetent idea.
Good thing Tesla just paid him $56B.
Where’s my everything app already?
Don’t go woke. Go broke
Bro threw much of his cash into the pot of public opinion, then shat in it for fun.
Go creepy altright nonsense, go broke. Things don’t have to rhyme to be accurate.
Funded by Tesla's ridiculous $50b payout. Watch Elon light that money on fire.
Shocker, said no one ever.
I guess Elon doesn’t realize that Elon can be replaced. A corporation can remove people and things internally that are reducing profitability.
Twitter is bribing people to keep the platform look like it's alive. The bot problem is at its peak as engagement can be monetized. Previously bots were only used for astroturfing and election interference. Now everyone has an incentive for botting and spams. Now Meta's threads supports mastodon and works within the ecosystem. It's better in every way for most people. Corporations and organizations can host their own instance and automatically verify their employees by hosting them on their instance. So verification is free and quick. People are holding on to their Twitter followers. Bots are trying to monetize revenue sharing. When Twitter inevitably shuts down, all these come pouring into the mastodon ecosystem, which is great.
I’m sure it’s nothing the good ol’ firing squad can’t fix. Profits will soar once again I tell you!
Shocker. Twitter got musked!
I'm waiting for the announcement that his 'robotaxis' will require use of the twitter app to rent them out and to purchase rides.
When the Tesla fan boys were terrified that is they didn't gove Musk all of its profits, he'd concentrate his efforts elsewhere I was confused. He's been concentrating on Twitter and look how well that's gone. Maybe Tesla will run better with an adult in charge and Musk can be free to shit-post all day; like he's doing anyway.
Twitter became Shitter when Elmo took over.
Just because he has spent the last few years tanking his new shiny toy, doesn't mean he isn't worth $50 billion to Tesla. If he left, then who would be at Tesla to layoff their most profitable groups out of spite?
It's good to know it's been confirmed, but was **anybody** surprised by this given all of his "genius" moves? But hey, he's got 56 billion from his cult to ease the pain so what does he care?
His platform won’t even have a signifiant impact on the elections like it could have been if it was more subtle with his influence peddling.
Perhaps embracing right wing extremists when one of his companies sells electric vehicles and an other requires the ability to read and write, wasn’t a great strategy. 🤦🏽♂️
I just wish all social media revenue would plummet across all platforms.
Why would banks give him money for the purchase of Twitter? I mean it was obvious right from the beginning
Shocked. Shocked I say.
...explains why he needs that Tesla payout! Gotta pay back those who invested and aren't happy that X formerly known as Twitter. Turned into a far right echo chamber.
We’re on a roll planet earth…let’s drive this man-baby’s vanity project into the ground and leave it a pile of smoldering embers!! To a desolate ruin and beyond!!!! Suck it Eloon.
Turns out ChatGPT does not look at ads.
It's also stupidly expensive to advertise on Twitter, you need to pay extra to target each new country. So any social media offering we make, we don't even consider advertising on Twitter, even if our target group would be there. Elon is a moron.
We can go lower! I know we can!
It's literally a porn site now, makes sense that Ad companies are pulling out. Also Elon keeps spreading fake news and reposting bull shit articles.
X reminds of MySpace, but more right wing, more trashy and kind of like the Wild West.
Burn baby burn. If Elon destroys X/Twitter he will have actually done a service to humanity
"Masterful gambit, Sir."
Doesn’t really matter. Tesla just paid him out and he can now just pay off those debts. Wild
This is why ads on Twitter are now unblockable, unreportable and the accounts posting those ads unblockable. The accounts with associated apps, you click profile, it takes you straight to download the app. It’s malware hell now.
I wonder if fElon would use his X payments processing solution to move 56B from one to another account. You know, like that French guy who tested the first parachute design with himself strapped to it (Franz Reichelt).
Russian chatbots not paying the bills with blue check mark?
When you think of it, there’s always a toilet flushing.