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Elon Musk knew he made a bad bet on Twitter. He was right

• goplayoutside 3y ago
  From TFA: >Fidelity, one of Musk's equity co-investors, marked down the value of its Twitter shares by 61.43% through the end of August. Banks are expected to take a 15% discount on debt they've thus far been unable to unload, per the WSJ. > * Global app downloads fell by 38% between October 2022 and September 2023, and even steeper in the U.S., according to Sensor Tower estimates. > * Monthly active users are off 14.8% globally on Android and 17.8% for mobile users in the U.S., per SimilarWeb. Average daily time spent per user and global web traffic are also down, while user churn is up. > * Musk last month said that the company's U.S. ad business was down 60%. Think of all of the amazing, world changing, course-of-history altering things that could be done with $44 billion.
• orionblastar 3y ago
  I think Musk bought out Twitter for marketing purposes instead of developing his own Twitter like app. He don't care about losing money, but sending a message about his Space X and Tesla companies.
  • ggm 3y ago
    That's a very expensive message. Potlach as advertising really only worked within limits.