cross-posted from: https://lemmy.world/post/19346837
Saudi wasn't investing billions in a social media platform.
Saudi was spending billions to have a social media platform killed.
this post was submitted on 02 Sep 2024
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You can say a lot of bad things about Mush, but he's not a cheap whore
I mean he is.
No matter how you cut it he lost money and it's still losing money as market share reduces and so does ad revenue.
Sometimes you get what comes around and sometimes you are what comes around.
That was just the cost to buy a propaganda machine with over half a billions users.
And destroy its influence for the left
Prevent any more of those pesky arab springs or occupy movements.
Legit didn't think of it like that and I like to think of myself as an above-average-intellectual-left-wing-european.
Thank you for the spark.
Everyone has blind spots, intelligence has nothing to do with it.
Fair. I just didn't realise mine was so big. Time to have an existential crisis about how big my other blind spots are!
And the people still allow it because double posting to mastodon is just too hard. Maybe Facebook will save them.
Meh, those people will write it down and use it to offset any other taxes they need to pay.
Not sure if Saudi princes pay taxes
I would be shocked if any of them did
Saudi nationals don't pay tax. The oil sustains their economy.
Think about that for a second. Your entire population doesn't need to pay tax because you make so much money from oil. Imagine the lengths they would go to in order to protect that. And the atrocities their people would overlook.
They don't pay taxes? Wow they must be so socially advanced
Well it depends on what they were actually buying. Probably not Twitter.
The people in question will hardly even notice. But turning one of the most prominent social media sites in the world into a far right propaganda spout will make it well worth to them.
Oracle:
One
Rich
Asshole
Called
Larry
Ellison
Fucker sent out an email to literally every employee bragging about buying his Hawaiian island when he did it.
You're getting pretty close to anthropomorphising Larry Ellison there.
Hahahaha
Where did that money go? Now it's just in the hands of some other rich dickheads.
To the people owning Twitter stocks. So a lot of rich dickheads but also to some non rich dickheads and actually good people.
Twitter stocks are no longer traded and all the past investors have been paid the meme price or $54.69 or something like that. They all won the lottery as that was an extremely overvalued price
Unfortunately, the "lost" money is an hypothetical calculation using the current Xitter value and the massive debt that the rat did to purchase Twitter. It's something like wondering "how much money would Larry Ellison get if he found another sucker willing to buy his Xitter shares?"
I am aware. That is how stocks work. The billions "lost" got paid to previous owners of the stock.
I used "owning" instead of "owned", sorry, I guess.
On the upside, if we think better, the answer to the question "how much money would Larry Ellison get if he found another sucker willing to buy his Xitter shares?" is $0 as there would be nobody so insane to buy them.
So that number is the money that he lost for now, if he would be able to sell
people owning Twitter stocks
some non rich dickheads and actually good people
I don't believe you.
A Twitter stock was $34 in early 2022 and got bought by musk for $53.70 in late 2022.
You could have made $20 with a $34 investment. There were certainly some good people who invested maybe $340 and made $200.
There were certainly some good people who invested maybe $340
Ah, you're talking about gamblers who threw a few bucks on the ponies. Sure. Plenty of them were probably fine.
But talk to me about someone who made more than six figures off Twitter stock price arbitrage.
What on earth makes you think anyone here has any details on people making "six figures"?
That is a paltry sum that the mob give zero shits about.
To some, it seems like an incredible amount of money. To others it is several orders of magnitude too low to even consider.
Don't worry about the people making 6 figures. Worry about the people making 9.
When did I or anyone talked about more than 6 figures? We talked about who got the money and in my comment, I made clear that "a lot of it" went to dickheads. so I thought it was obvious that i wasn't talking about "6 figures".
And also musk was legally required to buy the stocks... It was hardly a gamble. At least not a pony. It would have been a reasonable expectation that people will drive up the price because Elon (that genius) talked himself in a prison sentence if he didn't buy it for that price, like a genius would do.
Jack Dorsey sure kept a lot of stake in his company after handing the reigns over to people who would never understand how to run it
TBH he even started a concurrent of it, so he probably expected Twitter to lose value
He created BlueSky as a side project because he knew he could off-load it at an obscene markup onto another group of sucker investors, kind of like how he did with Twitter. But Twitter was the system with all the end-users. That system should have been free to just print money indefinitely without any effort by the buyer.
Oops.
Hmm I wonder if he bought his crypto via binance
I hope so, they're super crooked even for a crypto company.
Is this real money or just "valuation" money?
As r/wallstreetbets will tell you, it's only a loss once you sell, so just hold onto the stock forever and it doesn't count.
All jokes aside, the platform formerly known as Twitter's revenue has collapsed recently, so these investors won't be seeing anywhere near the return on their investment that they should be seeing. This will sting.