Originally published at: Twitter values self less than half what Musk paid for it | Boing Boing
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Behold the Galtian tycoon and genius 5D chessmaster!
Really, the one thing he was supposed to do well was to build his wealth by being a savvy (and lucky) investor in companies created by actual engineers and coders before usurping credit for their success. This proves otherwise.
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And even that seems overinflated
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I think this speaks to the value of “corporate leaders” in general: they’re amoral gamblers who have no problem betting with other people’s chips, rather than actual geniuses. We usually only recognize the super lucky ones who were in the right place at the right time, and then were disciplined enough to cash in their chips while they were on top.
That’s certainly how Skum climbed to the pinnacle of the billionaire heap. Once upon a time he also had that required self-discipline (and he’s always lacked the morals.) But he’s since lost any discipline he ever started with, which is why we are being both entertained and appalled watching the idiot fall.
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How much precedent is there for this kind of loss? Have any companies bled $23 billion in stated value over such a short period of time?
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The most important self-discipline is to prevent oneself from being surrounded by the yes-men and sycophants who are attracted to billionaires like flies to dumpsters. If that fails then the loss of self-discipline only accelerates.
This is an extreme case, because Musk bought Twitter in large part to feed his ego further by building his social media following and silencing critics.
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I doubt its even worth that much
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I mean, it’s all kinda made up numbers anyway. Especially if the stock isn’t on an open market. What is the “actual” value? Was it even “worth” that much when he bought it? It’s like my dad says, “It’s only worth what someone is willing to pay for it.”
Twitter is like that ebay auction with an insane “buy it now” price that is 4x higher than other listings. You just gotta find the one person dumb, lazy, or ignorant enough to pay that price.
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Not yet. Glances over at OpenAI.
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Going by his history of fudging numbers, it’s most likely in the range of 9 billion dollars.
He’d be lucky to get 5 billion for it next year.
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Is this $23 billion plus the $41 billion drop in Tesla’s value a big enough loss of potential value something that could actually affect the overall economy, and/or his life? I mean he was apparently worth $260 billion as of last week. If those losses come directly out of his net worth then he’s still worth $196 billion, a little ahead of the rich motherfucker who owns half the high-end fashion industry which means he’s still the richest person in the entire world and thus still the person who should most be thrown to a mob of the poorest people in the world and have his net worth shared out at a ratio of 1.5 billion dollars to every pound of Muskmeat torn off of him.
Really I don’t think that’ll materially affect his life at all. His ego, sure, unless he has been intending to destroy Twitter and write it off on his taxes since the day he got forced to buy it.
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I’m sure BlySky would give him a couple million for the Twitter name and logo (which he isn’t using anyway). The rest is pretty much worthless at this point.
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He would probably sell it on the condition that they use a stupid/offensive name just to show the fans how edgy he is.
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Yahoo had a pretty big drop back when the first dotcom bubble burst. I don’t know about its valuation, but it’s stock price dropped from $118.7 per share to $8.11 a share in under two years.
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Tony Stark is an engineer. This dumbass thinks he is one. Totally non equivalent. He is a spoiled rich asshole that hits the lottery with daddy’s emerald mine money. The only skill involved was somehow being able to pick which family you will be born into.
Only half? It should be a tenth of what he paid for it. Twitter shows this guy’s decision making is worse than a monkey hitting randomly on a keyboard. At least with the monkey, the is a chance of Shakespeare’s work appear. With this fool, probably nothing of value will appear.
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I’m pretty sure everyone “worth” over a billion dollars could lose all but their 1 billion, and nothing in their life except their ego would change at all.
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He’s won more lotteries since then. Being bought by and then shoved out at PayPal, bootstrapping SpaceX with big government checks…
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His day to day life, sadly not. But I do think it changes his appearance to the investors who have been enabling him, and so may help reign in his ability to do whatever he wants with companies. The less economic power he has the better too.
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And building Tesla’s value by trading government carbon credits.
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