Exodus continues at Twitter as Elon Musk hints at possible bankruptcy

[Kennah]

Source: The Guardian

As Elon Musk’s ownership of Twitter entered its third week, and following mass layoffs, the billionaire laid bare a delicate financial future for the social media platform, amid an exodus of top privacy and security executives.

Yoel Roth, the head of safety and integrity who had been deputized to publicly address concerns advertisers and users had about the platform, is reportedly the latest to leave the company.

The departures began on the same day Elon Musk addressed employees for the first time, saying that “bankruptcy isn’t out of the question”, according to multiple reports.

The day began with the resignation of three top security officials – chief information security officer Lea Kissner, chief privacy officer Damien Kieran and chief compliance officer Marianne Fogarty – prompting warnings from the Federal Trade Commission (FTC). (Twitter reached a settlement over privacy issues with the FTC in May.) Following those departures, Roth and Twitter’s head of client solutions, Robin Wheeler, also left the company.

Read more: https://www.theguardian.com/technology/2022/nov/10/exodus-twitter-elon-musk-possible-bankruptcy?amp;amp;amp

[C_U_L8R]

1. Heckovajob Musky.

[rpannier]

28. Makes Brownie seem competent by comparison

[Drum]

2. Muskrat n/t

[PortTack]

3. Give him time and he'll surpass the orange mass in numbers of bankruptcies

[PatSeg]

15. Maybe it is a competition

for who can be the biggest loser. Musk after all has far more money to lose! Trump can only dream about losing that kind of money.

[The_Casual_Observer]

4. It goes without saying that he had no business getting involved with Twitter.

Paying 3X what it was worth and then trying to make that up on the backs of fired employees doesn't ever work tho it's been tried many times in other industries.

[NullTuples]

19. Unless his goal* was simply to remove Twitter from the democracy vs fascism equation

...worldwide.

*and that of his funding partners

[LetMyPeopleVote]

5. The bankers who funded this deal are not going to be happy

Link to tweet

[NullTuples]

30. Said banks are valuing the debt at 60 cents on the dollar

https://mobile.twitter.com/PuestoLoco/status/1590912292904140800

[Kennah]

46. People have been killed for less money

[RainCaster]

6. How many Scaramuchis till Twitter is gone?

[AZLD4Candidate]

14. about as many trusses

[Kennah]

47. The math says 1 Truss 4.54 Scaramuccis

[Wicked Blue]

50. Minus one lettuce nt

[Kennah]

51. Moment of silence for the lettuce

[onetexan]

27. LOL good one

[keithbvadu2]

7. Just think of all the happy stockholders who got out at the right time.

Just think of all the happy stockholders who got out at the right time.

(They didn't have much choice on getting out.)

I hope they already got paid.

[Plectranthus]

8. he literally chucked 44 billion dollars right into a black hole

that man is NOT aging gracefully

edit: spelling

[Demovictory9]

53. He did

[TheBlackAdder]

9. As his buddy Putin would call him: Eloon Moosk

[not fooled]

10. Geez, perhaps the Saudis backed him just to destroy Twitter

Too popular a platform for getting political information (some of it of high quality but not favorable to oligarchs) out to the masses? Difficult to understand what else they were after.

[TheBlackAdder]

12. He's dealing with China for his cars. They've got TikTok.

[EndlessWire]

11. I don't get it.

He did this on behalf of Trump? GOP? Against free speech? It sure seems like he intended to dismantle Twitter. And, now Zuckerberg thinks he knows something and is following in his footsteps. What's going on?

44 billion bucks. Can you imagine what you could do with that amount of money? All the public good you could do? Or even, all the pleasure you could have? Why, you could start your own political party...

[Crowman2009]

17. It was all an elaborate plan to PWN the libs I guess?

Yeah, I feel so defeated right now!

[Ahpook]

13. Something that confuses me

A company head treats his/her employees like an enemy and expect anything positive in return? Treat people well and you get good returns. Simple concept?

I worked for a company that I cried to leave but had to because of life things. He treated ALL 300+ employees like we were gold. And we in turn loved the job and put in 110% daily.

[electric_blue68]

21. Sorry you had to leave, but sounds great. That's really how you (should) do it

the good feelings go both ways, and probably make synergistic progress as a company because of it.


Unfortunately, overly egotistical, sociopathic, or psychopathic bosses make life miserable or worse for employees.

[LT Barclay]

26. That was a rare job. I'm a Physical Therapist, requires a doctoral level degree now and I'm treated

like a fast food worker.
I was getting a hair cut and the stylist told me that all her customers say they are treated the same way on the job.

[Ford_Prefect]

16. At current rates of decline there won't be anyone left to answer the phone or take in the mail by

this time next week. It will certainly be defunct by Thanksgiving. Furnishings and properties auction held before Christmas. It's gonna be a cold, hungry December on Market Street.

Where, oh where will all the lonely twits go?

Who has the capacity and the apps in place to carry on the great work?

[jmowreader]

18. I don't believe it

Well, not the part about that idiot bankrupting Twitter in only two weeks. That, I can thoroughly believe.

The unbelievable part is there's a human being in the galaxy who's a worse businessman than Donald Trump.

Does anyone know if Musk was stupid enough to pledge his other businesses as part of getting the financing to buy Twitter? Right now I'd be a bit concerned if I worked for a different Musk business.

[LudwigPastorius]

20. Too bad Musk threw some of his own money at this.

That was loot that could have been invested in Space X.

...cause the sooner he fucks off to Mars, the better.

[ZonkerHarris]

22. hahahaha he's going to piss $30 billion down the drain over his ego

[Martin68]

23. He's a genius! He planned to go into bankruptcy all along because...well.....I don't know!

But he's a fuckin' genius, isn't he?

[Martin68]

24. He made the offer of 44 billion and the shareholders jumped at the chance to offload a losing

proposition for a huge profit. He tried to back out when he realized what was going on, but it was too late because they would sue him for every penny. He signed the contract after brushing off offers to audit the books.

[Bernardo de La Paz]

34. Not losing. But they took their money now rather than wait on chance later

Twitter has lost lots of money over the years, but has had some profitable quarters.

As the leading social platform, more of a town square than Facebook, it had excellent prospects, but also, always, the future is uncertain. Investors who can make good money now, rather than wait out uncertainty, jumped at the offer.

It was not a "losing proposition", just an uncertain proposition. tRump is a losing proposition. (un)TruthSocial is a losing proposition, tanking.

However, Egoloon Muskrat is turning Twitter into a losing proposition, now that the unstable genius owns it. The genius part is he is destroying it faster than anyone could have imagined.

[Grins]

25. If Musk files for bankruptcy...

…so soon after BUYING the company, the SEC and the DoJ should jump down his throat with flaming subpoenas and “Lock him up!”

[Bernardo de La Paz]

35. The Egoloon won't file for bankruptcy. Not close. But he can put Twitter into bankruptcy to

... into bankruptcy to escape paying his creditors. (probably more precise statement of what you meant)

However, investors take notice of such things. They notice when large investments go sour, even if they are not invested. They will draw conclusions and lower their estimation of the prospects of other Muskrat companies and lower their eagerness to obtain or hold stock in them.

It's a private investment, so I think the SEC is not involved. The investors in the publicly traded company got paid so the SEC is content.

What is the crime here? I don't see one, other than metaphoricly. The DoJ would only investigate or prosecute crimes but not metaphors. Explain the crime.

However, I think Egoloon's partner investors in Twitter would have some cases for civil lawsuits.

[Kennah]

48. Biden has said "Elon Musk's cooperation with other countries worthy of being looked at"

[cstanleytech]

29. Does Musk stand to profit by writing Twitter off on his taxes should it go bankrupt?

[brush]

37. I doubt he would get 44 billion in write off. He had to cough that up...

to get the company.

[Bernardo de La Paz]

39. No, he coughed up $12 billion. Other private investors are on the line for the rest

But he is potentially at risk for civil lawsuits from those other investors.

[brush]

40. Ok, the purchase price was 44B. Hard to get that in write offs.

And the other investors sure won't be happy.

[Prairie_Seagull]

44. I am not sure about the laws but just because a bankruptcy is filed,

Does not mean it will be granted. Isn't that correct? If you or I did file for say I million and it was provable that we were worth over 200 billion, I don't believe it would be granted.

Is the financial system so slanted that large corporations ie (people) can get away with shit like this where flesh and blood people can't. WTF.

Kind of tongue in cheek but only kind of.

[JI7]

31. I wouldn't even buy Tesla now if I had the money

[Aussie105]

32. The reverse Midas touch strikes again!

Last edited Fri Nov 11, 2022, 05:16 AM - Edit history (1)

I'm sure Elon mentioning bankruptcy to the workers will make them work twice as hard - at getting their resumes up to date and looking for different jobs.
Musk can go down with the ship. No need for others to stay, they can rush to the lifeboats.

[Joinfortmill]

33. Sounds like Musk deliberately destroyed Twitter.

[Bernardo de La Paz]

38. Wouldn't be spending so much time on it if that was his plan. He wanted to destroy moderation

He is rapidly succeeding at destroying moderation at Twitter, which is why he bought it.

Egoloon is out of his lane. Twitter is SOCIAL MEDIA. The muskrat is a nerd and too young to have developed wisdom about society and the needs of democracy and the populace.

Twitter thrived partly because of moderation.

All of Twitters under-moderated competitors -- Parler, Gab, Telegram, (un)TruthSocial, Rumble, etc. -- were not thriving. People fleeing Twitter are not by and large going to them, but rather to other systems like Mastadon, Blue Sky, Counter.

[Kennah]

49. I have a hard time concluding anything else. The why escapes me, but the what seems clear.

[brush]

36. So was the purchase a miscalculation or a Mitt Romney special...

Last edited Fri Nov 11, 2022, 07:12 AM - Edit history (1)

meaning a corporate raider heaping debt on the company, stripping it of assets, pension money even, then declaring bankruptcy?

It's possibly both. 44B for a financially teetering company not even closely related to Musk's core business was not smart, and raiding it to strip it wasn't either.

I mean why pay 44B to strip a company. How do you come out ahead, even if you change it to a bank or some other financial organization? Doesn't make a whole lot of sense.

A whole lot of trouble to take on with no guarantee of success.

[pwb]

41. Gee what other Dickhead uses bankruptcy to fuck people over?

We need a excess wealth tax to rid of of these entitled freaks fucking everything up.

[twodogsbarking]

42. Bankruptcy is not an accounting move. It is cheating people out of the money that was theirs.

[honest.abe]

43. No doubt "safety and integrity" have left the building.

[republianmushroom]

45. I like it

[dembotoz]

52. so i assume twitter paid in stock options to employees...if bk do they all go away?

worked for a telecom that went bk years ago.
Instead of raises and cash bonus workers were given stock options.

looked wonderful until it headed south.

i was too new to get options so it did not hit me

I saw employees lose thousands and thousands of dollars with the flick of a pen.
The options were not vested yet or some such so all the employees could do was sit and watch their retirement evaporate.

eloon can defer blame for the bk on previous management. Only the employees get fucked

folks will believe him because he is eloon the financial genius who can do no wrong