In the same way that Twitter was never actually worth the $44 billion that Elon Musk paid
Musk paid $26bn. $5bn was from outside inverstors. The remaining $13bn is a loan that Twitter took out to buy itself on Musk’s behalf. This $13bn was essentially a death sentence (like most leveraged buyouts are - see: Toys R Us) as Twitter could barely afford to pay the interest on that loan, even before Musk ruined its income.
Musk paid $26bn to kill Twitter. Most of that $26bn was underwritten by stocks in Tesla (not SpaceX) which have since plummeted in value.
Now, after a few friendly chats between Steve Huffman and Musk, they are killing reddit, too.
Musk paid $26bn. $5bn was from outside inverstors. The remaining $13bn is a loan that Twitter took out to buy itself on Musk’s behalf. This $13bn was essentially a death sentence (like most leveraged buyouts are - see: Toys R Us) as Twitter could barely afford to pay the interest on that loan, even before Musk ruined its income.
Musk paid $26bn to kill Twitter. Most of that $26bn was underwritten by stocks in Tesla (not SpaceX) which have since plummeted in value.
Now, after a few friendly chats between Steve Huffman and Musk, they are killing reddit, too.
It’s amazing that spez saw what Musk did and thought, “I should do that to Reddit.”
They will continue to let their egos run wild. I hope it drives people to spaces which organize against them. These billionaires are a damn menace.