Merged Musk buys Twitter!/ Elon Musk puts Twitter deal on hold....

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Chanakya said:
Don't know if this has been covered here in this thread, have only skimmed through bits and pieces; but apparently the backside orifice has, after the news about the culling off there, announced that employees will need to work 12 hour shifts, and do that for 7 day weeks. It's either that, or get fired, apparently.

Can he even do that kind of thing, legally I mean? What a complete ******* the man is. Smart, yes; successful, clearly, at least so far; but an utter, complete *******.
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Are there no employee protection laws in the US? What sort of contract do they have which would make that legal?
 
zooterkin said:
Are there no employee protection laws in the US? What sort of contract do they have which would make that legal?
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"I am not anal", and like I indicated I don't really know exactly; but while it's worse (or at least, more laissez faire, way less regulated than Europe --- and, basis what I've heard people discuss on here in other threads, than Oz and NZ as well); but that level of brutishness has GOT to be illegal. Anywhere outside of China or Vietnam or wherever, it's got to be illegal --- and even in those sweatshop-hellholes it's got to be illegal, except the laws probably don't get actually implemented, given everything.

(The not-anal thing, again. Don't actually know, just thinking aloud.)
 
zooterkin said:
Are there no employee protection laws in the US? What sort of contract do they have which would make that legal?
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One of them is just posting a weird kind of perseverance porn about how exciting it is to be in sleeping bags in the office, forging bonds as they all muck in for the changeover. They seem pretty happy about it as they tweet with the hashtag sleepwhereyouwork, although some of their replies are "stop complaining and do your jobs!"

Probably get fired once they are no longer needed.
 
Musk is following the pointy-haired bosses logic: if you cut enough costs in your company, it will make money even if it has no income.
 
Chanakya said:
Don't know if this has been covered here in this thread, have only skimmed through bits and pieces; but apparently the backside orifice has, after the news about the culling off there, announced that employees will need to work 12 hour shifts, and do that for 7 day weeks. It's either that, or get fired, apparently.

Can he even do that kind of thing, legally I mean? What a complete ******* the man is. Smart, yes; successful, clearly, at least so far; but an utter, complete *******.
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Anybody who thinks forcing people to work 84 hours a week so that they'll produce more than if they were working 40 hours a week is by definition not smart.
 
The Great Zaganza said:
Musk is following the pointy-haired bosses logic: if you cut enough costs in your company, it will make money even if it has no income.
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That or it's just the usual way of making money by sending the company into a death spiral. I've mentioned it before, and it's been happening for decades. It goes kinda like this:

New CEO is brought, who announces that he'll mercilessly cut down costs, starting with all that costly R&D. Which he does, to much investor acclaim. The next quarter, profits are way up, since the costs ARE down. The cost of shares spikes sky high. Those in the know, sell their shares now. Those not in the know, are surprised when one year later the company is in a death spiral and the price of shares plummets. Couple more years down the line, company goes bankrupt or gets sold at a bargain basement cost for whatever IP it has left. CEO cashes in his golden parachute (in addition to however many tens or hundreds of millions he gave himself as a wage in that time), moves on to the next company to ruin for fun and profit.

Now I don't know if that's Musk's plan, or he just thought everyone will flock to give him 8$, or what, but let's just say it wouldn't really surprise me either way. A LOT of companies went exactly through the cycle I described.
 
Fast Eddie B said:
Not sure if this is rude or a clever put-down:

[qimg]https://live.staticflickr.com/65535/52473710809_768860c93d.jpg[/qimg]

I’m leaning towards rude.
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Both are being juvenile, starting with the one whose argument is just a case of being too dumb to figure out that "free speech" actually means "freedom of speech", i.e., the "free" is as in "freedom" not as in "cost". It's really the same as how "free press" doesn't mean anyone must give you the paper and ink for free.

Mind you, I'm starting to worry about Elon too. He's an even more ridiculous Twitter addict clown than Trump when it comes to what he posts, and what he answers to.
 
I'm not familiar with this at all.

Is Musk now responsible for the enormous debt of twitter? Just before he ruins it and the revenues tank?
 
HansMustermann said:
Mind you, I'm starting to worry about Elon too. He's an even more ridiculous Twitter addict clown than Trump when it comes to what he posts, and what he answers to.
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He's been like that for some time, and that's what got him into this mess, mostly goaded by an army of sychophants telling him he is a genius and hilarious with it as he posts his latest cringey Boomer joke.

So it seems that far from having no freedom of speech, people can post dumb **** more or less all across the internet, from Trump's Truth Social, Kanye(?)'s Parler, Musk's Twitter, a bunch of 4Chan and Reddit forums and sub-forums. They can go on Gab, Rumble, Gettrrr, Odyssey, Locals, and a bunch of other platforms that normal people mostly have no interest in.

They'll probably still whine about being cancelled because advertisers apparently don't want their products being promoted alongside the latest ravings of racist lunatics and get upset about how the Woke BBC won't let them burn up their budget making cringey Boomer shows, etc...
 
Well, I didn't say it was something new. I said he is, not that he's becoming. Honestly, there's a reason why I called him Tinkerbellend before.
 
HansMustermann said:
Mind you, I'm starting to worry about Elon too.
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I’m not sure “worry” is the right word for me, but I get your drift.

No doubt the man is a visionary. Electric cars and soon to be trucks and semis. Large and expanding EV charging network. Reusable rocket boosters. Heavy lift rockets. Satellite based internet. Solar roofs. Home energy storage options. All those required both vision and long-term focus and dedication. I’m posting this via StarLink and fairly recently purchased a Tesla, so I’ve directly benefited from Elon’s vision. Not to mention gains in Tesla stock we hold which have been substantial to date.

But maybe “worry” is the best word. This whole Twitter deal seems like it can only divert his focus away from existing and other future pursuits with far more potential to benefit consumers, and maybe the planet. Hope it’s not a train wreck.

Note: I peruse Twitter constantly during the day, mainly as a news feed. I’d hate to see it go away, or but I’m sure I could find a replacement if things went downhill on the service.
 
HansMustermann said:
That or it's just the usual way of making money by sending the company into a death spiral. I've mentioned it before, and it's been happening for decades. It goes kinda like this:

New CEO is brought, who announces that he'll mercilessly cut down costs, starting with all that costly R&D. Which he does, to much investor acclaim. The next quarter, profits are way up, since the costs ARE down. The cost of shares spikes sky high. Those in the know, sell their shares now. Those not in the know, are surprised when one year later the company is in a death spiral and the price of shares plummets. Couple more years down the line, company goes bankrupt or gets sold at a bargain basement cost for whatever IP it has left. CEO cashes in his golden parachute (in addition to however many tens or hundreds of millions he gave himself as a wage in that time), moves on to the next company to ruin for fun and profit.

Now I don't know if that's Musk's plan, or he just thought everyone will flock to give him 8$, or what, but let's just say it wouldn't really surprise me either way. A LOT of companies went exactly through the cycle I described.
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I honestly do not think he has got a plan at all. I don't think he ever really wanted to buy it and I don't think he knows what to do with it now that he has bought it. In fact, right up to the moment his lawyers finally managed to penetrate his skull with reality, he probably thought he wasn't buying Twitter. Twitter made an annual loss of $221 million in 2021. If every single verified account (400,000 approximately) bought the subscription, it would add £40 million to the bottom line. That's quite a bit smaller than £221 million. Then you have to remember that Twitter now also has to service Elon's loan to buy it. Interest payments on that are reportedly £1 billion. This $8 thing is just chickenfeed. He's got to do something far more radical. Laying off a sizeable percentage of the staff is probably his only short term option.
 
3point14 said:
I'm not familiar with this at all.

Is Musk now responsible for the enormous debt of twitter? Just before he ruins it and the revenues tank?
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He is the sole owner of the company. There are no shares. There are no shareholders.

If he were a good businessman making a thoughtful purchase (neither is true), then he would have hit the ground running with a well-researched plan for how to turn the company profitable. Instead, he's asking randos on Twitter whether or not his ideas are good.

The company has been losing money for three years. Eventually, banks will stop letting Twitter float cash and then cuts will have to be made. There are still bills to pay, after all. Musk is not "personally" responsible for that in the sense that he will have to make up the difference out of his own pocket (though he is free to do so if he wishes). The worst that could happen to him is that the entire corp goes belly-up and his $44b purchase is worthless.

I'm not a business expert, so someone else feel free to correct any mistakes I made.
 
angrysoba said:
Well, you did say, "I'm starting to worry about Elon too."
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Well, yes, but that's about a change in myself rather than a change in him. Previously I was aware of other attention-seeking stunts of his, but less so of his trolling Twitter. Now that I'm better informed, yeah, I'm starting to worry about him.
 
I Am The Scum said:
He is the sole owner of the company. There are no shares. There are no shareholders.
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Private companies still have shares of stock. There is also a report upthread that he has 19 equity investors. Equity investment usually means they bought shares.
 
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