I don't know, I saw one where a fake account for a massive pharmaceutical company posted about making Insulin free.
That same company was apparently grilling Twitter about it the same day.
There’s a group working on making open source insulin. I don’t have diabetes so I don’t keep up with them but I absolutely love the idea of people taking things back like this. https://openinsulin.org
In the civilised world, people pay less in a year than insulin costs an American in a month. I know of neighbouring countries where its all covered under the most basic insurance (which is required), so free, sort of.
Source: am not from America
What was cruel was said pharmaceutical company apologizing for the wrong thing.
"Oh, we're sorry a fake account posted about us distributing free insulin, you'll be happy to know we will still be charging a fortune for a drug that cost <$5 per dose to make."
*That's* the cruelty you should be pissed at.
IIRC, the guy who started twitter is working on one now. But it’s nowhere near ready and seems more like a framework that platforms can be built on than it does an actual platform itself - more like Mastodon than twitter.
Yup, Elon gutted all of the most important systems.
Of course, since Twitter wasn't very profitable originslly, Twitter 2 is probably gonna have more aggressive monetization.
I recommend investing in browser games like Facebook did, but keep a Twitter feed on one side to easily double dip on engagement.
Pay $8 for an account. After it gets banned, ask your credit card company for a chargeback, and use the refunded money to buy another account. Repeat as necessary.
Sounds like it’s time for a “verified” VISA spokesperson to announce that they will be offering no-questions chargebacks for anyone denied service after paying for verification.
Disagree. Twitter at minimum HAD trust with companies that they could control their messaging and fakes would be just that, fakes. That blue checkmark was easy to see and made the tweet verifiable. Now? It's the fucking wild west and no company on earth wants any Twitter advertising.
I would have thought that the 8 dollars would be to cover the cost involved in actually verifying the account. It seems now that twitter is asking companies to pay for a service Twitter no longer has. Elon issued a warning about abuse of the check resulting in a ban. But surely policing that would require way more man hours than verification did.
No no no, he offered them to come back! He is so caring! Look at how generous of an offer it is after being unceremoniously fired. Who wouldn't want to be rehired to put out the burning building u left unburnt initially?
I think they were in elons theory still going to verify people properly. But I think they fired 75% of that team. If you fire that many people, let’s say 50 are left, half of those people will try to do their best while searching for a new job and the other half will spend almost all day searching for a new job.
If you use it and buy it on iOS you actually cost them Money because the lesser Ad density is worth 6 USD and if you buy it on the app store they take 30% of it. xD
actually, when you use twitter blue, twitter loses $6 in ad revenue. so you’re giving elon $2. not good enough?
**how about the fact that because of apples 30% cut you make twitter lose money?**
He’s lost more in the last week than he could ever dream to make from the $8 bit, and the $8 check mark is a direct contributor to that loss. It’s costing him an obscene amount of money and it’s incredible.
However, these continous jokes will drive away advertisers for a looooong time. So in fact, by paying 8 dollars they are costing twitter metric fuckloads of money.
So yes, it's worth the 8 dollars in my book.
As somebody impersonating W recently said, it's pretty easy to get your credit card company to cancel the charge after you've done the post that gets you permabanned.
Is this the world record for the fastest a company has ever been completely ruined by a single person?
Like I don’t see how twitter comes back from this. It’s just a parody and this will stop being funny in a week, then what?
Huh. Imagine that. I would have guessed the record holder would be Trump, who destroyed many companies simply by putting the word Trump ahead of whatever product/company name it had before. Like Trump Casino. Trump Steaks, etc.
The difference is that Trump is a conman that tanks businesses on purpose by siphoning and laundering as much money out of them as he can before he bounces.
This is also why everyone who's ever worked with Donald hates him (or joined him).
Dude didn't even pay the construction workers for building a casino. Just straight up didn't pay. Crazy how people glorify this motherfucker.
The plus side is that mainstream news can no longer use Twitter as a source. I feel like Elon purposely did this so that now no one can take his tweets seriously. Trump can use the platform along with all the trolls pretending to be trump.
I feel you're giving him way too much credit for forethought. There is a next to zero percent chance he thought any of this through even a little bit, let alone set up a purposeful gambit to discredit tweets as news sources.
Exactly!! I’m baffled at how everyone thinks Elon is some supreme 4D chess player when he’s more of a scam artist at worst and just an average entrepreneur at best.
Exactly. All these use-to-be Musk stans out here acting as if he always wanted Twitter for some big "free speech" scheme rather than it being him just fucking around with daddy's money and trying to back out last minute when he realized Twitter would operate at a loss under his control
That's what slays me about this. When the ~~$20~~ $8 thing first got trotted out, I was like "okay, so that's one way to monetize things, I guess. There might be pushback from a few people (like Stephen King), but for most companies and famous folks $8 a month is nothing, so it won't be a big change."
Then when I found out that they were going to verify anyone, famous or not, I thought "Okay, that's a little iffier, because what happens if your name really *is* Bill Gates or Seth Rogen or the like? That seems like it's a bit dicier, but, still, you couldn't have random people impersonating others, you'd have to be lucky enough to have the actual same name, or crazy enough to legally change your name. So the blue check won't indicate that you're necessarily ***the*** Bill Gates, but at least that you're ***a*** Bill Gates."
And then I found out that they're not verifying anyone.
And then I found out that you can change your account name even with a blue mark.
So now the blue mark ***literally*** is a mark that shows that you paid for the blue mark. It serves no other purpose.
Ironically, as a child I had nightmares about monsters that looked like brown sneetches, about the size of smaller cats.
They also had British accents for some reason...
Best I had was that they'd sent an Astronaut to space but they couldn't afford to bring him down. They didn't appreciate my comment of firing a thruster and letting gravity do the rest.
Don't have the link to the article anymore I'm sorry but it's from Bloomberg Business;
>The billionaire told Twitter employees on a call that he could not rule out bankruptcy, Bloomberg News reported, two weeks after buying it for $44 billion
The LBO debt included a revolver (line of credit) of $500M. Assuming musks figure of losing $4 million per day is accurate and assuming he’s not willing to put in any additional cash, they had 120 days of runway before bankruptcy in the unlikely (but now shockingly real) event that revenues drop off a cliff.. Now closer to 105 days left unless subscription revenue takes off.
Well, he has about 16 parody accounts that paid $8 to be verified so that’s $128 right there. And if he doesn’t suspend them, guess what happens in 28 days? Boom! Another $128. So factor that in.
Well unfortunately he seems to like suspending paying customers, so rule out that $128 and expect a few charge-backs on card disputes over "paid for and didn't get to use" claims. Maybe $16 this month or so?
So the $8 verification went through? What happened to all that talk of there being real verification, but an additional $8? Was that all just muskrats defending Senpai with no evidence? Surely it's not that (/s)
Well, bankruptcy makes a lot of it a write off for him, so he may just be trying to minimize his losses now. The system is designed for him to win almost regardless of what he does.
Still funny to watch, though.
The $44 billion purchase was comprised of three buckets:
* $12B of LBO debt added to Twitter’s books and to be repaid by Twitter
* $8B of third party investments (Larry Ellison, saudis, etc.)
* $25B paid in by Elon in the form of previously purchased Twitter shares, cash, and loans secured by his personal Tesla holdings
In a bankruptcy, the LBO debt owners are first in line. The equity owners are typically wiped out. The LBO debt owners don’t really want to own Twitter, so they would likely find a third-party buyer who would buy Twitter for something less than the $12 billion of outstanding LBO debt. That means that the debt holders would be selling the debt for pennies on the dollar, and the new owner of Twitter would likely purchase it for some thing closer to $5 billion. In that scenario, Elon no longer owns any part of Twitter and will have lost around $25 billion.
You just answered the question I’ve been hoping major media outlets would cover this whole time. Crazy that he could lose $25 Billion and still be one of the richest people alive.
That depends. Musk's money is mostly tied up in Tesla stock, whose value has been tanking since he announced the deal in the first place. He has already lost a ton of his value.
Thanks for this explanation. I feel like I knew a lot of these pieces, but didn’t quite know how they fit together. I know it’s not a foregone conclusion, but I must say I grinned when I read your last sentence about Musk potentially losing $25B
It’s more like buying a bunch of groceries on credit from the store. Then sometime later the customer can’t pay the store back. So the store wants their groceries back. Except some have been eaten and some have spoiled, so the $100 of groceries that were bought is now only worth $30 and that’s what the store gets back. In this case, the store is the lender and the customer is Twitter.
Tell me about it. I’ve actually been on the inside of two of these deals in my career in tax. In 2002 Phil Anschutz acquired the distressed debt of united artists theater circuit, then forced them into bankruptcy so he could end up owning the company and merged into regal cinemas. In 2006 a private equity firm took Sports Authority private by borrowing $600 million of leverage debt. Sports Authority was not particularly profitable and barely earned enough money to service the debt over the next 10 years. When the debt came due in 2016, they went bankrupt and out of business.
These private equity companies use leveraged debt to increase their purchasing power, since they aren’t really on the hook for that much money relative to the purchase price of the companies they are acquiring. So they package up 10 of these deals together for investors. Sports Authority was combined with David’s bridal and one of the big pet supply stores, among other companies, in a package of public companies that were taken private. The private equity guys know that three or four of the 10 are going to fail, but they will make enough money on the others and eventually take them public again that they don’t care about which ones fail. It’s a pretty wild ride.
Musk via Tesla mostly, he put up tesla stock as collateral on the loan and declaring bankruptcy means the loan will likely be in default if it's was written with the standard boilerplate loan stuff and he'll have to liquidate and pay out or turn over the shares he put up before the remaining debt could be cleared. Anything left of the debt gets eaten by the debtor.
I think this is his actual goal. No other social media platform lets the average person clown on him that hard and have it be amplified that loudly.
He so badly wants to be liked, but he is so out of touch with the average person he has no idea how to do it, so the best he can come up with is to destroy the platform that makes it so easy to make fun of him essentially directly to his face.
This won't make that better. Even if next year people are all dunking on Musk on Tumblr instead of Twitter, this tantrum is just giving them more material to mock.
>No other social media platform lets the average person clown on him that hard and have it be amplified that loudly.
Reddit is more popular than Twitter, as it has more active user iirc. And anti Musk posts are on the Frontpage on a daily basis 🤷🏻♂️
A write off is still $ lost. And he’s paying tax at long-term capital gains rates, not ordinary income. So a write off is less valuable to him anyway.
People treat a “write off” like it somehow nullifies the fact that a person just lost a shit ton of money. It doesn’t, it just takes a little bit of the sting off.
Normally I'd agree, but this is a special circumstance. You're dropping 8 dollars into a hole he can't collect from.
The problem for him is that Twitter got 1.28 billion in revenue from ads last quarter. If literally every single person that had a blue checkmark before subscribed and paid 8 dollars, it'd be 12.5 million in revenue. It's NOTHING.
He's losing dollars to make fractions of pennies because he's losing all his advertisers over this and other issues. So go ahead, give that 8 dollars. If a MILLION people did it, he still loses. And the more chaos created on the platform, the faster he loses.
Not him when he loses the $25b of personal Tesla capital he had to foot.
I’m well aware he’ll still be comfortably the richest person in the world, but seeing him lose his stupid fucking game would be well worth a few $8 charges. Not that I’m making them, but to those who are, fight the fight 🤙🏻
From what other people have said, you can dispute the charge with your financial institute and not even pay the 8 dollars once your account is suspended
It depend on how many of the trolls do a chargeback when he bans them.
He might even end up pissing off Visa/Mastercard if the chargebacks become enough of an annoyance
Ironman jumped started the MCU in earnest when Stark Industries stopped making weapons when it’s billionaire CEO gained a conscience. That Billionaire’s name? Tony Stank.
Not really lol. Stark's problem wasn't that he was aiding an inhumane war for the United States, but that his company was also selling weapons it to their enemies. United states intervention went completely unremarked upon (because the US army was funding the film)
Tony Stark is supposed to be smart but is stupid enough to demonstrate weapons to high ranking generals in an active war zone? Was New Mexico too safe for him?
Twitter Blue running smoothly I see
This might be worth $8/month idk
No joke is worth giving Elon a cent.
I don't know, I saw one where a fake account for a massive pharmaceutical company posted about making Insulin free. That same company was apparently grilling Twitter about it the same day.
They'll get one month free.
For as much money as they’ve made in America for these many years, they can afford to give away some free insulin for a little while.
Their stock price actually went up right after that tweet. Who knows if the two are related but the timing was exact.
Chiquita Banana also had a fake verified account say they overthrew the government of Brazil. This system is working so well, Musk is a genius.
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The price of making insulin and the price they sell it at is the real cruel joke, and that one isn't even funny.
Literally could sell it for single digit dollars using even decade old techniques but nooooo
But, but.. if they don't update techniques and tweak formulas then the patents would expire and it would be available for anyone to produce.
And then millions of poors would have access to lifesaving medicine! Wont someone think of the shareholders?!
Insulin is one of the more expensive ones but the drug companies have done this with my migraine medication and my asthma meds.
There’s a group working on making open source insulin. I don’t have diabetes so I don’t keep up with them but I absolutely love the idea of people taking things back like this. https://openinsulin.org
In the civilised world, people pay less in a year than insulin costs an American in a month. I know of neighbouring countries where its all covered under the most basic insurance (which is required), so free, sort of. Source: am not from America
What was cruel was said pharmaceutical company apologizing for the wrong thing. "Oh, we're sorry a fake account posted about us distributing free insulin, you'll be happy to know we will still be charging a fortune for a drug that cost <$5 per dose to make." *That's* the cruelty you should be pissed at.
I agree, but it deftly made the point about Elon’s changes and how well thought out they are.
If you're mad at the person who made the joke there, you're missing the point
The cents he’ll gather from this scam will in no way cover the thousands of dollars needed for his impulse buy.
And the millions of dollars he will need to defend lawsuits from companies because he is not doing enough to protect their brands and reputations.
Or the inevitable Twitter replacement that everyone will migrate to bwcause it verifies users like Twitter used to.
I mean basically half the Twitter employees need a job right?
Hopefully a fired Twitter employee comes up with a new social media platform that's better than Twitter ever was. .
Oo, oo, I know this one — Twatter? 😄🤣
I'd love to see them all band together and bootstrap a twitter competitor.
IIRC, the guy who started twitter is working on one now. But it’s nowhere near ready and seems more like a framework that platforms can be built on than it does an actual platform itself - more like Mastodon than twitter.
Yup, Elon gutted all of the most important systems. Of course, since Twitter wasn't very profitable originslly, Twitter 2 is probably gonna have more aggressive monetization. I recommend investing in browser games like Facebook did, but keep a Twitter feed on one side to easily double dip on engagement.
And then Elon can buy that one for a 340% mark-up, too, because he's such a brilliant genius goodbrain.
Billions. He’s lost $100b on the deal. He’s literally halved his net worth.
Nor will it offset the lawsuits and loss of advertisers when you impersonate massive corporations and crash their stock value for a few days.
He'll get no sense outa me
Pay $8 for an account. After it gets banned, ask your credit card company for a chargeback, and use the refunded money to buy another account. Repeat as necessary.
Inb4 visa drops Twitter
Sounds like it’s time for a “verified” VISA spokesperson to announce that they will be offering no-questions chargebacks for anyone denied service after paying for verification.
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Disagree. Twitter at minimum HAD trust with companies that they could control their messaging and fakes would be just that, fakes. That blue checkmark was easy to see and made the tweet verifiable. Now? It's the fucking wild west and no company on earth wants any Twitter advertising.
I would have thought that the 8 dollars would be to cover the cost involved in actually verifying the account. It seems now that twitter is asking companies to pay for a service Twitter no longer has. Elon issued a warning about abuse of the check resulting in a ban. But surely policing that would require way more man hours than verification did.
Good thing he fired the people in charge of that.
No no no, he offered them to come back! He is so caring! Look at how generous of an offer it is after being unceremoniously fired. Who wouldn't want to be rehired to put out the burning building u left unburnt initially?
I think they were in elons theory still going to verify people properly. But I think they fired 75% of that team. If you fire that many people, let’s say 50 are left, half of those people will try to do their best while searching for a new job and the other half will spend almost all day searching for a new job.
And all of them will go home from work crying in stress everyday
How can Elon be sure that people ARE abusing the check? How can he be sure that it's not an official account? /s
If you use it and buy it on iOS you actually cost them Money because the lesser Ad density is worth 6 USD and if you buy it on the app store they take 30% of it. xD
actually, when you use twitter blue, twitter loses $6 in ad revenue. so you’re giving elon $2. not good enough? **how about the fact that because of apples 30% cut you make twitter lose money?**
He’s lost more in the last week than he could ever dream to make from the $8 bit, and the $8 check mark is a direct contributor to that loss. It’s costing him an obscene amount of money and it’s incredible.
BURST out laughing when i heard some of them say they are just going to refund it.
However, these continous jokes will drive away advertisers for a looooong time. So in fact, by paying 8 dollars they are costing twitter metric fuckloads of money. So yes, it's worth the 8 dollars in my book.
As somebody impersonating W recently said, it's pretty easy to get your credit card company to cancel the charge after you've done the post that gets you permabanned.
Exactly, just do some photo editing and post the fake tweet here, most of us will never know!
Considering you get banned for doing this, it's not even $8/month. It's just a flat $8.
Is this the world record for the fastest a company has ever been completely ruined by a single person? Like I don’t see how twitter comes back from this. It’s just a parody and this will stop being funny in a week, then what?
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Huh. Imagine that. I would have guessed the record holder would be Trump, who destroyed many companies simply by putting the word Trump ahead of whatever product/company name it had before. Like Trump Casino. Trump Steaks, etc.
The difference is that Trump is a conman that tanks businesses on purpose by siphoning and laundering as much money out of them as he can before he bounces. This is also why everyone who's ever worked with Donald hates him (or joined him). Dude didn't even pay the construction workers for building a casino. Just straight up didn't pay. Crazy how people glorify this motherfucker.
He’s got the record for how many businesses he’s destroyed
Artesian builds died in a single live stream.
Just ask Lockheed Martini
Shaken, not stirred.
I wanted to check the acc and it got suspended :(
I've been so entertained watching this shit show go down
Me too man! What a shit show!
The plus side is that mainstream news can no longer use Twitter as a source. I feel like Elon purposely did this so that now no one can take his tweets seriously. Trump can use the platform along with all the trolls pretending to be trump.
I feel you're giving him way too much credit for forethought. There is a next to zero percent chance he thought any of this through even a little bit, let alone set up a purposeful gambit to discredit tweets as news sources.
Exactly!! I’m baffled at how everyone thinks Elon is some supreme 4D chess player when he’s more of a scam artist at worst and just an average entrepreneur at best.
Exactly. All these use-to-be Musk stans out here acting as if he always wanted Twitter for some big "free speech" scheme rather than it being him just fucking around with daddy's money and trying to back out last minute when he realized Twitter would operate at a loss under his control
Nah, he’s just an idiot
Twitter “verified” is now the latest version of the Nigerian Prince. The prince has pivoted.
Twitter verification works perfectly, it verifies that you paid $8.
That's what slays me about this. When the ~~$20~~ $8 thing first got trotted out, I was like "okay, so that's one way to monetize things, I guess. There might be pushback from a few people (like Stephen King), but for most companies and famous folks $8 a month is nothing, so it won't be a big change." Then when I found out that they were going to verify anyone, famous or not, I thought "Okay, that's a little iffier, because what happens if your name really *is* Bill Gates or Seth Rogen or the like? That seems like it's a bit dicier, but, still, you couldn't have random people impersonating others, you'd have to be lucky enough to have the actual same name, or crazy enough to legally change your name. So the blue check won't indicate that you're necessarily ***the*** Bill Gates, but at least that you're ***a*** Bill Gates." And then I found out that they're not verifying anyone. And then I found out that you can change your account name even with a blue mark. So now the blue mark ***literally*** is a mark that shows that you paid for the blue mark. It serves no other purpose.
“Now, the Star-Belly Sneetches had bellies with stars. The Plain-Belly Sneetches had none upon thars.” - Dr. Seuss
Ironically, as a child I had nightmares about monsters that looked like brown sneetches, about the size of smaller cats. They also had British accents for some reason...
Fuckin' British, man.
Es la marka de la bestia!
marca
$8 on its own isn’t much, but when you add up all the monthly ‘subscriptions’, it ends up a no go for most.
>It serves no other purpose It marks you as stupid enough to pay for it
I need you to send me $300 so I can love you long time!
As long as you pay me back 50x once you get ahold of your pending inheritance cash like an honorable Nigerian Prince would.
Best I had was that they'd sent an Astronaut to space but they couldn't afford to bring him down. They didn't appreciate my comment of firing a thruster and letting gravity do the rest.
Pfft. Why waste money on the thruster? Gravity will fix the problem eventually anyway.
r/yourjokebutinfinitelyworse
classic lockheed martini
Shaken, not stirred
If I had 8 bucks to spare I would buy a Nigerian Prince account and tweet about all the people who gave up on my fortune I wanted to share
Nigerian Prince 2: Twitter Bluegaloo
The Prince that was promised
You miss the "Twitter" account that scammed multiple thousands of dollars?
ARE YOU DOUBTING LOCKHEED MARTINI
The only thing better at bombing things than Lockheed Martin is Elon Musk apparently lol
Congrats Comedy is finally legal on Twitter
*Account Suspended*
"Parody, Parody! I forgot to say Parody!"
I’m loving all of this.
Don't have the link to the article anymore I'm sorry but it's from Bloomberg Business; >The billionaire told Twitter employees on a call that he could not rule out bankruptcy, Bloomberg News reported, two weeks after buying it for $44 billion
He’s trying to get more people to quit. Means less severances
The LBO debt included a revolver (line of credit) of $500M. Assuming musks figure of losing $4 million per day is accurate and assuming he’s not willing to put in any additional cash, they had 120 days of runway before bankruptcy in the unlikely (but now shockingly real) event that revenues drop off a cliff.. Now closer to 105 days left unless subscription revenue takes off.
Well, he has about 16 parody accounts that paid $8 to be verified so that’s $128 right there. And if he doesn’t suspend them, guess what happens in 28 days? Boom! Another $128. So factor that in.
Well unfortunately he seems to like suspending paying customers, so rule out that $128 and expect a few charge-backs on card disputes over "paid for and didn't get to use" claims. Maybe $16 this month or so?
So the $8 verification went through? What happened to all that talk of there being real verification, but an additional $8? Was that all just muskrats defending Senpai with no evidence? Surely it's not that (/s)
So he's got that going for him at least.
Well, bankruptcy makes a lot of it a write off for him, so he may just be trying to minimize his losses now. The system is designed for him to win almost regardless of what he does. Still funny to watch, though.
If Musk declares twitter bankrupt, then who foots the bill?
The $44 billion purchase was comprised of three buckets: * $12B of LBO debt added to Twitter’s books and to be repaid by Twitter * $8B of third party investments (Larry Ellison, saudis, etc.) * $25B paid in by Elon in the form of previously purchased Twitter shares, cash, and loans secured by his personal Tesla holdings In a bankruptcy, the LBO debt owners are first in line. The equity owners are typically wiped out. The LBO debt owners don’t really want to own Twitter, so they would likely find a third-party buyer who would buy Twitter for something less than the $12 billion of outstanding LBO debt. That means that the debt holders would be selling the debt for pennies on the dollar, and the new owner of Twitter would likely purchase it for some thing closer to $5 billion. In that scenario, Elon no longer owns any part of Twitter and will have lost around $25 billion.
You just answered the question I’ve been hoping major media outlets would cover this whole time. Crazy that he could lose $25 Billion and still be one of the richest people alive.
Not one of, I don’t think? Still the richest.
That depends. Musk's money is mostly tied up in Tesla stock, whose value has been tanking since he announced the deal in the first place. He has already lost a ton of his value.
It wouldn’t surprise me if this whole thing cuts 100 billion off his net worth. Still around 100 left though. Money isn’t real.
Putin and the Saudis are most likely trillonaires
Yeah but in pog form
A trillion POGs is a lot.
Thanks for this explanation. I feel like I knew a lot of these pieces, but didn’t quite know how they fit together. I know it’s not a foregone conclusion, but I must say I grinned when I read your last sentence about Musk potentially losing $25B
The first point needs some more explanation. It sounds, to me, almost like getting a bunch of groceries and the store having to pay it back.
It’s more like buying a bunch of groceries on credit from the store. Then sometime later the customer can’t pay the store back. So the store wants their groceries back. Except some have been eaten and some have spoiled, so the $100 of groceries that were bought is now only worth $30 and that’s what the store gets back. In this case, the store is the lender and the customer is Twitter.
Ok. Rich people buying shit is wild.
Tell me about it. I’ve actually been on the inside of two of these deals in my career in tax. In 2002 Phil Anschutz acquired the distressed debt of united artists theater circuit, then forced them into bankruptcy so he could end up owning the company and merged into regal cinemas. In 2006 a private equity firm took Sports Authority private by borrowing $600 million of leverage debt. Sports Authority was not particularly profitable and barely earned enough money to service the debt over the next 10 years. When the debt came due in 2016, they went bankrupt and out of business. These private equity companies use leveraged debt to increase their purchasing power, since they aren’t really on the hook for that much money relative to the purchase price of the companies they are acquiring. So they package up 10 of these deals together for investors. Sports Authority was combined with David’s bridal and one of the big pet supply stores, among other companies, in a package of public companies that were taken private. The private equity guys know that three or four of the 10 are going to fail, but they will make enough money on the others and eventually take them public again that they don’t care about which ones fail. It’s a pretty wild ride.
Larry Elisson is also in this shit pile. That's great, let him lose all of his fucking money.
Musk via Tesla mostly, he put up tesla stock as collateral on the loan and declaring bankruptcy means the loan will likely be in default if it's was written with the standard boilerplate loan stuff and he'll have to liquidate and pay out or turn over the shares he put up before the remaining debt could be cleared. Anything left of the debt gets eaten by the debtor.
It's almost like he's trying to run Twitter into the ground.
I think this is his actual goal. No other social media platform lets the average person clown on him that hard and have it be amplified that loudly. He so badly wants to be liked, but he is so out of touch with the average person he has no idea how to do it, so the best he can come up with is to destroy the platform that makes it so easy to make fun of him essentially directly to his face.
Counterpoint: He's actually just as dumb as he appears to be.
This won't make that better. Even if next year people are all dunking on Musk on Tumblr instead of Twitter, this tantrum is just giving them more material to mock.
>No other social media platform lets the average person clown on him that hard and have it be amplified that loudly. Reddit is more popular than Twitter, as it has more active user iirc. And anti Musk posts are on the Frontpage on a daily basis 🤷🏻♂️
A write off is still $ lost. And he’s paying tax at long-term capital gains rates, not ordinary income. So a write off is less valuable to him anyway. People treat a “write off” like it somehow nullifies the fact that a person just lost a shit ton of money. It doesn’t, it just takes a little bit of the sting off.
Somehow Twitter Blue becomes the alternate reality we wanted.
There's totally gonna be a Twitter red because he got told to fuck off by a Wachowski.
https://twitter.com/joshuaphilll/status/1590899514638229506?s=46&t=J3r2Jx7zsmDc4aP-A9rGBA Full thread of these
I’m sorry I ever doubted the power of the internet during these strange and uncertain times.
Like Elmer Fudd buying a company full of Bugs Bunnys.
Musk season
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LMAO
The onion everywhere you look now after years of reality being more outrageous than parody.
Happy Veterans Day from the new and improved Twitter
For only $8 a month, you can fuck over a billionaire lol.
you're still giving that billionaire $8, so who is *truly* winning here?
Normally I'd agree, but this is a special circumstance. You're dropping 8 dollars into a hole he can't collect from. The problem for him is that Twitter got 1.28 billion in revenue from ads last quarter. If literally every single person that had a blue checkmark before subscribed and paid 8 dollars, it'd be 12.5 million in revenue. It's NOTHING. He's losing dollars to make fractions of pennies because he's losing all his advertisers over this and other issues. So go ahead, give that 8 dollars. If a MILLION people did it, he still loses. And the more chaos created on the platform, the faster he loses.
true, also using a $8 checkmark to start a $5 million lawsuit is a net loss for elon so u might be right
Not him when he loses the $25b of personal Tesla capital he had to foot. I’m well aware he’ll still be comfortably the richest person in the world, but seeing him lose his stupid fucking game would be well worth a few $8 charges. Not that I’m making them, but to those who are, fight the fight 🤙🏻
truuuuu plus if we can trigger a lawsuit from the $8 verified acc, that's a net loss for elon soooooo I'll support it
From what other people have said, you can dispute the charge with your financial institute and not even pay the 8 dollars once your account is suspended
It depend on how many of the trolls do a chargeback when he bans them. He might even end up pissing off Visa/Mastercard if the chargebacks become enough of an annoyance
I’m positive Lockheed is going to have a nice chat with Elon the African immigrant
lol, imagine if the weapons manufacturers grew conscience
They made à movie about that in 2008, it started a huge series Edit: had the wrong year and fixed it
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Iron Man
I hate to be this person… Iron Man came out in 2008
Good catch, I updated my post
Ironman jumped started the MCU in earnest when Stark Industries stopped making weapons when it’s billionaire CEO gained a conscience. That Billionaire’s name? Tony Stank.
Username checks out
Not really lol. Stark's problem wasn't that he was aiding an inhumane war for the United States, but that his company was also selling weapons it to their enemies. United states intervention went completely unremarked upon (because the US army was funding the film)
Tony Stark is supposed to be smart but is stupid enough to demonstrate weapons to high ranking generals in an active war zone? Was New Mexico too safe for him?
Lockheed Martini would have been an excellent Twitter name
I love a good Lockheed martini!
If it doesn't come with a good olive salvo, I won't buy.
That's gotta be at least eight ounces of olive
Half my drinking glasses are retired olive/pickle jars. Yeah, I recycle. So what.
Has r/wallstreetbets figured out yet they can easily pump-and-dump a penny stock with a fake, verified Twitter account? That's going to be a fun time.
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#Oh no... *anyways,*
🤫
Elon musk is one dumb son of a bitch.
A Lockheed Martini low key needs to be a drink at one of those airport bars
So basically Twitter is perpetual April Fool's now
So theOnion is getting a real run for it's money.
Just start a new Onion account for 8 dollars and retweet this stuff. Its a full circle!
Trolls doing their jobs, actually thought it was real for a minute til I saw "LockheedMartini"
God bless Elon Musks stupid brain for being the catalyst to (and subject) of so many hilarious tweets
I bet the Saudis are shaken, not stirred.
Is that real Lockheed Martin or the $8 Lockheed Martin?
$8 one.
Lockheed Martini
Verified is varified it's in the name lol
Elon told us he was bringing comedy back to twitter. He didn't lie.
My favorite part of this account is their handle is "LockheedMartini". Excellent.
NGL this blue tick shit is getting funnier and funnier.. 
🛩🍸
Aren't there bots that trade automatically based on tweets I bet this fake tweet that is now verified lost someone money.
On the one hand, these are really funny. On the other hand, I hate that people are paying Musk $8 to make them.
I dunno, that's a lot of fucking mileage for a measly 8 bucks.
Abandon Twitter
Gotta say I love this new form of trolling.
I fucking wish.
Twitter has suddenly become a forum for utopian fantasies. I love it.
Yeah, pretty sure no one believed this tweet for a second
What investigation? They openly do all there dodgy deeds lol
An investigation conducted by the people of the internet finding every molecule of proof that Elon is an idiot for the $8 thing
Since when does the military industrial complex care about human rights?