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Seems like rather than carrying a sink into Twitter HQ he should have carried a toilet since that seems where Twitter is headed down.
 
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Capella said:
On today’s call he told staff if they aren’t in the office, their resignation is accepted, Twitter may be bankrupt in a few months, and when somebody asked what his plan was he said “I don’t know…we all to be more hardcore” :lmao:
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Thanks. Do you have a link for this?
 
Joe Bryant said:
Capella said:
On today’s call he told staff if they aren’t in the office, their resignation is accepted, Twitter may be bankrupt in a few months, and when somebody asked what his plan was he said “I don’t know…we all to be more hardcore” :lmao:
Click to expand...

Thanks. Do you have a link for this?
Click to expand...
finance.yahoo.com

Musk Warns Twitter Bankruptcy Possible If Cash Burn Doesn’t Stop

(Bloomberg) -- Elon Musk, in his first address to Twitter Inc. employees since purchasing the company for $44 billion, said that bankruptcy was a possibility if it doesn’t start generating more cash, according to a person familiar with the matter.Most Read from BloombergMusk’s First Email to...
finance.yahoo.com
 
Joe Bryant said:
Thanks. Do you have a link for this?
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New York Times:

SAN FRANCISCO — Two weeks after buying Twitter, Elon Musk painted an increasingly bleak financial picture for the company and outlined changes in a meeting with staff on Thursday and in his first companywide emails, amid an exodus of executives including the officials who oversaw content moderation and security.

At the meeting on Thursday, Mr. Musk warned employees that Twitter did not have the necessary cash to survive, said seven people familiar with the meeting who spoke on the condition of anonymity. The social media company was running a negative cash flow of several billion dollars, Mr. Musk added, without specifying if that was an annual figure. He mentioned bankruptcy.

Mr. Musk added that he had recently sold Tesla stock to “save” Twitter. He has sold nearly $4 billion in Tesla shares recently, according to regulatory filings this week.

Even so, Mr. Musk said Twitter remained over-staffed after mass layoffs of half of the company’s 7,500 employees last week. Remaining workers needed to be more “hard core,” Mr. Musk said.

His statements echoed messages he shared in two emails sent to workers late on Wednesday. In those notes, Mr. Musk said “the economic picture ahead is dire.” He added that he planned to end Twitter’s remote work policy and wanted employees to renew their focus on generating revenue and fighting spam.

Twitter was too heavily dependent on advertising and vulnerable to pullbacks in brand spending, he added, and will need to bolster the revenue it gets from subscriptions. In another note to employees, he wrote that “the absolute top priority is finding and suspending any verified bots/trolls/spam.”
Click to expand...
 
Juxtatarot said:
What would be the financial impact to Musk of a Twitter bankruptcy?
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He's probably using the term "bankruptcy" generically - meaning, not actually referring to a formal Chapter 11 or liquidation but more of a need to do a workout of some sort. In any sort of insolvency / restructuring situation, you have to ask yourself what is the value of the company as compared to the secured/priority debt? Equity is almost always completely eliminated. For a tech company like this, the hard assets are probably near worthless. The value the company has is its going concern value - meaning, what a buyer might pay for Twitter. In that scenario, I think we might look at the pre-acquisition market cap and then probably discount for the fire sale factors? Musk and his banks probably lose nearly everything. Even at these crazy numbers, that's still just a bump in the road for him financially. That said, I expect this is just Musk throwing out a comment that he probably didn't fully think through and should not be interpreted the same way it would be if a serious executive said something similar.

Personally, my expectation is Twitter will pull through this and be OK. We all knew there would be some early turbulence, mostly just because of the way he rushed into this, then tried to get out, got forced to do it anyway, and now seems to be driven by ego and personal emotional investment in it. I expect he's smart enough to realize he's got to bring in someone to run this company for him and step away from the public statements for a while. He's got two other massive companies (at least) to focus on and it seems he understands those businesses much better. I've been on Twitter a bit today and lots of folks are having fun with the blue check thing but otherwise its still pretty much business as usual.
 
Juxtatarot said:
What would be the financial impact to Musk of a Twitter bankruptcy?
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I would like to hear an educated guess from someone, but the bottom line why any estimate would b a guess:

Musk's personal net worth is tied directly to the amount of Tesla stock he owns. He used his stock as collateral for a portion of the loan, so the amount of stock he would have to give up to cover losses depends on the stock price at that time.

But 12 or so billion of the price the banks gave him, with Twitter as collateral, not his debt, so the banks are already planning on taking a loss there, not because they expect Twitter to collpse, but because they don't think Twitter cn pay them back 12 billion--ever.
 
I didn't think it would be this bad. Not even close really.

Also, Musk talking about bankruptcy is on purpose, mentioned it on the staff call to get it out there. He's not afraid of Twitter bankruptcy. He would prefer not to, but it wouldn't bury him.
 
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massraider said:
I didn't think it would be this bad. Not even close really.

Also, Musk talking about bankruptcy is on purpose, mentioned it on the staff call to get it out there. He's not afraid of Twitter bankruptcy. He would prefer not to, but it wouldn't bury him.
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This isn't directed at you, but just thinking about this for several days. I realize many people love to watch stuff burn - we've even had people in this thread who said they just liked watching the meltdown or the chaos. And I get that that can be fun in certain situations.

But damn, I really feel for the people who work(ed) for Twitter and those who rely on it for their businesses. These are actual humans with lives and families and mortgages and everything else. Even setting aside the employees, who possibly could have seen the writing on the wall and might have parachuted out before this, until someone mentioned it here I didn't realize how many small business owners and the like have built their businesses through Twitter (since I'm not a Twitter user). They could be devastated if it were to fail. Just really bummed right now about all the collateral human damage.
 
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massraider said:
I didn't think it would be this bad. Not even close really.

Also, Musk talking about bankruptcy is on purpose, mentioned it on the staff call to get it out there. He's not afraid of Twitter bankruptcy. He would prefer not to, but it wouldn't bury him.
Click to expand...

Of course it would be this bad. The day after he saw the financials he tried to back out of the deal. He knew he miscalculated and would be in hot water quickly.
 
krista4 said:


This isn't directed at you, but just thinking about this for several days. I realize many people love to watch stuff burn - we've even had people in this thread who said they just liked watching the meltdown or the chaos. And I get that that can be fun in certain situations.

But damn, I really feel for the people who work(ed) for Twitter and those who rely on it for their businesses. These are actual humans with lives and families and mortgages and everything else. Even setting aside the employees, who possibly could have seen the writing on the wall and might have parachuted out before this, since I'm not a Twitter user, until someone mentioned it here I didn't realize how many small business owners and the like have built their businesses through Twitter. They could be devastated if it were to fail. Just really bummed right now about all the collateral human damage.
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If Twitter was a newspaper, this would be just another story.

Private Equity buys up a newspaper. Saddles the company with the debt it took on to buy the darn thing, starts slashing everything because hey, we gotta pay the bills (which they brought to the company).

Sucks.
 
HaFo SaFo said:
Of course it would be this bad. The day after he saw the financials he tried to back out of the deal. He knew he miscalculated and would be in hot water quickly.
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Financially, I am not surprised.

I mean, on the site, where it's The Purge meets Escape from LA.
 
krista4 said:
This isn't directed at you, but just thinking about this for several days. I realize many people love to watch stuff burn - we've even had people in this thread who said they just liked watching the meltdown or the chaos. And I get that that can be fun in certain situations.

But damn, I really feel for the people who work(ed) for Twitter and those who rely on it for their businesses. These are actual humans with lives and families and mortgages and everything else. Even setting aside the employees, who possibly could have seen the writing on the wall and might have parachuted out before this, since I'm not a Twitter user, until someone mentioned it here I didn't realize how many small business owners and the like have built their businesses through Twitter. They could be devastated if it were to fail. Just really bummed right now about all the collateral human damage.
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It’s an absolute shame.
 
i hope jack dorsey just starts another company that basically does exactly that twitter did and runs it right take that to the bank brohans
 
massraider said:
krista4 said:


This isn't directed at you, but just thinking about this for several days. I realize many people love to watch stuff burn - we've even had people in this thread who said they just liked watching the meltdown or the chaos. And I get that that can be fun in certain situations.

But damn, I really feel for the people who work(ed) for Twitter and those who rely on it for their businesses. These are actual humans with lives and families and mortgages and everything else. Even setting aside the employees, who possibly could have seen the writing on the wall and might have parachuted out before this, since I'm not a Twitter user, until someone mentioned it here I didn't realize how many small business owners and the like have built their businesses through Twitter. They could be devastated if it were to fail. Just really bummed right now about all the collateral human damage.
Click to expand...
If Twitter was a newspaper, this would be just another story.

Private Equity buys up a newspaper. Saddles the company with the debt it took on to buy the darn thing, starts slashing everything because hey, we gotta pay the bills (which they brought to the company).

Sucks.
Click to expand...

I've worked for and with a lot of PE, so I get that. But what's sad in this one is the additional collateral damage to people who are depending upon the site for their businesses. Not just the employees.
 
my god after the insulin mess today why would any advertiser spend another penny on twitter i mean my god it turned into the one stop shop for all nigerian princes today take that to the bank brohans
 
maybe on the intelectual property law guys here can answer this but can brands and people who operate businesses sue twitter for damaging thier brands or what take that to the bank bromigos
 
krista4 said:
massraider said:
krista4 said:


This isn't directed at you, but just thinking about this for several days. I realize many people love to watch stuff burn - we've even had people in this thread who said they just liked watching the meltdown or the chaos. And I get that that can be fun in certain situations.

But damn, I really feel for the people who work(ed) for Twitter and those who rely on it for their businesses. These are actual humans with lives and families and mortgages and everything else. Even setting aside the employees, who possibly could have seen the writing on the wall and might have parachuted out before this, since I'm not a Twitter user, until someone mentioned it here I didn't realize how many small business owners and the like have built their businesses through Twitter. They could be devastated if it were to fail. Just really bummed right now about all the collateral human damage.
Click to expand...
If Twitter was a newspaper, this would be just another story.

Private Equity buys up a newspaper. Saddles the company with the debt it took on to buy the darn thing, starts slashing everything because hey, we gotta pay the bills (which they brought to the company).

Sucks.
Click to expand...

I've worked for and with a lot of PE, so I get that. But what's sad in this one is the additional collateral damage to people who are depending upon the site for their businesses. Not just the employees.
Click to expand...
JB would have to rethink his Random Shots.
 
A verified Twitter account posing as the pharmaceutical company Eli Lilly tweeted Thursday afternoon saying, "We are excited to announce that insulin is free now." The account, with the handle @EliLillyandCo, used the Eli Lilly logo and had a verified checkmark.

The tweet generated more than 1,500 retweets and stayed up for several hours before the account was locked by Twitter. Later in the evening, the account was unlocked. The Eli Lilly logo was removed. The checkmark remained on the desktop version of the site, but not on the app.

The real Eli Lilly Twitter account, @LillyPad, tweeted, "We apologize to those who have been served a misleading message from a fake Lilly account. Our official Twitter account is @LillyPad."
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supermike80 said:
Battersbox said:
massraider said:
supermike80 said:
I know..That was my point?
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You said it was interesting you didn't see an uproar regarding WARN when META laid off their 11,000. (This reads to me as 'META did the same thing, why no uproar?')

If META was complying, there wouldn't be an uproar, which I thought was Krista's point.

Maybe I misunderstood your point, not the first time I have done that.
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I am a bit baffled by the WARN story as it relates to Twitter. Did Musk avoid the lawsuits by simply paying everyone for an additional 60 days? Is that how Meta is also not at risk for this? It seemed strange to me to suggest folks get 60 days warning or whatever. I mean, for a position of any importance, companies aren't going to let people tool around and risk any mayhem they might cause from the inside. I know in my industry you are let go and your PC is immediately locked to prevent you from burning the place down on your way out the door.
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Yeah..Only difference was it was Musk. He locked people out, which makes sense and they all had emails saying they were laid off. It didn't happen after they were locked out. But it was Musk so everyone went gaga over it, meanwhile Zuckerberg did the exact same thing and...crickets,
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I explained the difference between the two situations.
 
For the past week I've gotten exactly one soft porn link in my notifications every day, trying to real me into an OnlyFans-ish world. I'm not really complaining, but I do worry for their investors.

ETA: Twitter is now a definite no-no at work.
 
Mister CIA said:
ETA: Twitter is now a definite no-no at work.
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I work for a medical publishing company and we use Twitter to alert readers when a new article has been posted and to report breaking news from conferences*. I wonder if we will be asked to use Twitter differently/not at all, and/or to use other platforms more.

* - only a fraction of our clicks come from this, so Twitter imploding would not affect our bottom line in any meaningful way.
 
Mister CIA said:
For the past week I've gotten exactly one soft porn link in my notifications every day, trying to real me into an OnlyFans-ish world. I'm not really complaining, but I do worry for their investors.

ETA: Twitter is now a definite no-no at work.
Click to expand...
I use Twitter so little but this has happened to me as well. Straight up nudes. Didn’t think that was a thing on Twitter.
 
The General said:
Mister CIA said:
For the past week I've gotten exactly one soft porn link in my notifications every day, trying to real me into an OnlyFans-ish world. I'm not really complaining, but I do worry for their investors.

ETA: Twitter is now a definite no-no at work.
Click to expand...
I use Twitter so little but this has happened to me as well. Straight up nudes. Didn’t think that was a thing on Twitter.
Click to expand...
algorithms working for you fellas?
 
kodycutter said:
The General said:
Mister CIA said:
For the past week I've gotten exactly one soft porn link in my notifications every day, trying to real me into an OnlyFans-ish world. I'm not really complaining, but I do worry for their investors.

ETA: Twitter is now a definite no-no at work.
Click to expand...
I use Twitter so little but this has happened to me as well. Straight up nudes. Didn’t think that was a thing on Twitter.
Click to expand...
algorithms working for you fellas?
Click to expand...
NGL, I'd be more interested in their moms.
 
R-E-L-A-X

Musk is doing exactly what he did with Tesla and exactly what he said he was going to do, experiment with changes to find what works and what doesn't.

It's been like 2 weeks since he took over and some people are acting like the app will go dark in a matter of days and their HQ will be boarded up and sold at auction.

I know we are getting really good at overreactions in 'Merica, but this is reaching comical levels.
 
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