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Elon Musk's X revenue has officially plummeted, new documents show
- cranberryturkey 2y agowho wants to pay for it?
- jarbus 2y agoThis seems like an incomplete story. From what I've heard, the costs of running X have also plummeted, and now it's turning a profit, right?
- millzlane 2y agoDepends on who and how often they are injecting cash. Haven't they lost a bunch of major advertiser's? I'd be curious if usage went up or down. I've never had a twitter account and the change to "X" didn't make be want to sign up.
- llamaimperative 2y ago> In the first six months of 2023 — the first full year in which Musk controlled the company — X's revenue fell by nearly 40 percent from the same period the prior year. The company brought in $1.48 billion during that time period. Furthermore, X lost $456 million in the first quarter of 2023. Pretty sure that last clause says otherwise. “Loss” is usually a negative profit, not just your gross outflows. I would tend to trust regulatory filings over the fanciful claims of a well known liar made in a context where he holds zero legal liability for completely making shit up.
- jarbus 2y agoAh, I might have misread then. Thanks!
- rsynnott 2y agoI realise it is most improper to read the article on this 'ere website, but at least for the period covered, that is answered in the article. Spoiler alert: nope.
- everforward 2y agoThat might be offset by the costs of servicing the loan used to buy it. I think I recall the interest on that is something like a billion dollars a year.
- davidgerard 2y agooriginal: https://www.bloomberg.com/news/articles/2024-06-18/documents-show-how-musk-s-x-plans-to-become-the-next-venmo https://www.bloomberg.com/news/articles/2024-06-18/documents... archive https://archive.ph/M3aMT https://archive.ph/M3aMT
- greenhearth 2y agoGood thing the Tesla board just gave him a shitton of money to burn on some more banal and ego tripping nonsense.
- tmottabr 2y agothey did not give him money.. What he got was stock options, this will cost him 303 million to exercise the option and buy the stocks and those stocks will have a value of 56 billion per current stock price. The thing is, with those new stocks his ownership of Tesla will be a bit above 20%, still below the 25% of control he has being demanding lately so to get the control he want over Tesla he will need to keep those stocks..
- Zigurd 2y agoAnd that's assuming this votes solves issues of board independence and whther the negotiation was not at arm's length, and that the Delaware court is convinced of this.