Elon Musk says he now thinks Twitter will “be okay next year” and would have faced a “negative cash flow situation of $3B a year” without his cost cutting
Hannah Murphy / Financial Times :
Financial Times Hannah Murphy
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Discussion
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@rodhilton@mastodon.social
Rod Hilton
on mastodon
I know it's entertaining watching Twitter implode but please, don't let it distract you from watching Tesla implode.
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@thesonofwalkley
Alex
on x
Key moment in this twitter space with @elonmusk - in this clip he explains the current financial situation at @twitter and the reason for his actions lately. https://twitter.com/...
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@realgeorgehotz
George Hotz
on x
https://twitter.com/...
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@ashleevance
Ashlee Vance
on x
Twitter was tracking to spend $5bn next year, says Elon. Also, because of debt on transaction, $1.5bn debt servicing required. With revenue tracking to $3bn. “So that's like a negative cash flow situation of -$3bn next year. Not good.”
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@alexeheath
Alex Heath
on x
The thing that really matters is “true user minutes” spent, not mDAU Says he instead wants to optimize for “unregretted user minutes.” Doesn't elaborate on how that is quantified. Says people “often” tell him they regret spending time on TikTok
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@chrisjbakke
Chris Bakke
on x
Elon using Twitter Spaces to do an exit interview with a former Twitter employee in front of 46,000 live listeners is peak Twitter https://twitter.com/...
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@valkatayev
Val Katayev
on x
Wow @elonmusk just shared on Spaces that ~400 carriers outside US were running up SMS fees of $60 MILLION that are 90% fraudulent. Essentially bot accounts to generate 2-factor auth texts across tiny carriers around the world. Just shows what gross mismanagement there was. https:…
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@clarajeffery
Clara Jeffery
on x
Elon is in Spaces... pumping some delusional thinking about remaking the ad industry
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@kevinriggle
Kevin Riggle
on x
Oh my lord https://twitter.com/...
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@ogmarslife
AJ Agarwal
on x
If Elon's comic skills had shares I'd buy them! GeoHot: “I'm upset when I see Paul Graham getting banned for posting Mastadon links” @elonmusk “...that was a mistake...Fucking post links to mastodon all goddamn day long. I don't care...” 🤣🤣🤣 Go to 7:35 https://m.youtube.com/...
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@nash076
@nash076
on x
So somehow between the final pre-private year of Twitter and Musk taking over, Twitter suddenly went $3 billion in the red? That's weird. It's almost like he's lying. https://arstechnica.com/... https://twitter.com/...
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@oliverdarcy
Oliver Darcy
on x
Musk describing Twitter from his standpoint: “This company is like, basically, you're in a plane that is headed toward the ground at high speed with the engines on fire and the controls don't work.” https://twitter.com/...
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@charlesarthur
Charles Arthur
on x
This explanation largely ignores the fact that the huge cashflow problem is due to him buying the company and taking on eyewatering debt. Also contradictory: next year will it be $5bn short, $3bn short, or just about OK? https://twitter.com/...
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@cambrian_era
@cambrian_era
on x
The first thing you do when you take control of a plane in a nose dive is to throw the pilot out the window and decide that you don't need any fuel. Then just yank the controls in random directions and wonder why nothing works. https://twitter.com/...
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@petermccormack
Peter McCormack
on x
This is kind of insane, buying a company with a $3bn burn rate, $1bn cash for $44bn. Musk obviously has a massive challenge turning this around. https://twitter.com/...
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@pdmcleod
Paul McLeod
on x
When you look past the day-to-day circus antics of Musk, the story of twitter is just a typical case of a buyer borrowing heavily and then gutting the company/ruining the product in order to service the debt. https://twitter.com/...
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@arstechnica
@arstechnica
on x
Musk likened Twitter to a “plane that is headed towards the ground and high speed with the engines on fire and the controls don't work,” and attributed this atmosphere as the reason for his “sometimes spurious” actions. (Via @FT) https://arstechnica.com/...
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@javi
@javi
on x
Listening to a Twitter Space with Elon and others for a bit has made me pretty discouraged about where tech may be going. The conversation was a clear demonstration of the Dunning-Kruger Effect. Lots of people with WAAY too much confidence for the level of knowledge they have. ht…
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@autismcapital
@autismcapital
on x
Elon got called out by this guy @igb who was pressing Elon on the technical details of Twitter and Elon was like “Who are you dude lol?” before igb got booted off the stage. It was incredible to listen to. Definitely better than Avatar 2 way of the water 💀
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@edmundlee
Edmund Lee
on x
Musk running Twitter: est for 2023 • $3 billion in revenue • cash flow negative $6 billion (w/out Musk cuts) • 3,700 workers compare to 2021 » $5 billion rev 2021 » positive $633 million cash flow 2021 » 7,500 workers Difference: $13 billion in debt he loaded on to Twitter
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@technology
@technology
on x
“That is why I spent the last five weeks cutting costs like crazy.” Elon Musk says Twitter was on course to hit $3 billion of negative cash flow https://www.bloomberg.com/...