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In Leaked Email, Elon Musk Admits Defeat on Twitter [View all]
"Our user growth is stagnant, revenue is unimpressive, and we’re barely breaking even."
Cutting Losses
Banks that loaned multi-hyphenate billionaire Elon Musk an appreciable $13 billion for his ill-advised $44 billion acquisition of Twitter in late 2022 are getting ready to offload billions of debt they accrued as a result, the Wall Street Journal reports.
The hope is to minimize the hurt as they sell off the debt, a massive scar haunting the mercurial CEO's disastrous social media platform shopping spree.
After a chaotic couple of years, and Musk seemingly doing his best to wipe out what was left of the platform's largely ad-dependant revenue with increasingly erratic behavior, X-formerly-Twitter's finances have yet to recover. The company is still drowning in accumulated debt while loaners are struggling with massive payments.
...
Now that Musk has catapulted himself onto the political world stage by throwing himself at Trump's feet, banks are seemingly seeing the moment as an opportunity to sell their debt without incurring huge losses.
https://futurism.com/the-byte/leaked-email-elon-musk-defeat-twitter
Cutting Losses
Banks that loaned multi-hyphenate billionaire Elon Musk an appreciable $13 billion for his ill-advised $44 billion acquisition of Twitter in late 2022 are getting ready to offload billions of debt they accrued as a result, the Wall Street Journal reports.
The hope is to minimize the hurt as they sell off the debt, a massive scar haunting the mercurial CEO's disastrous social media platform shopping spree.
After a chaotic couple of years, and Musk seemingly doing his best to wipe out what was left of the platform's largely ad-dependant revenue with increasingly erratic behavior, X-formerly-Twitter's finances have yet to recover. The company is still drowning in accumulated debt while loaners are struggling with massive payments.
...
Now that Musk has catapulted himself onto the political world stage by throwing himself at Trump's feet, banks are seemingly seeing the moment as an opportunity to sell their debt without incurring huge losses.
https://futurism.com/the-byte/leaked-email-elon-musk-defeat-twitter
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