With its huge new debt burden, Twitter makes less money per year than what it owes its lenders in interest

[gracchus]

@egypturnash

Wait did Elmo buy Twitter with the vulture capitalist trick of taking out massive loans against its value?

Kinda. See this comment:

Musk seems to have made the firing of Twitter's execs even more expensive

It’s shaping up to be a weird, broken version of a leveraged buy-out. The usual Mob bust-out LBO formula as practised by vulture capitalists like Mitt Romney works something like this: Private equity firm does research to identify distressed public company with a known brand but a rock-bottom share price and little fundamental value left. PE firm buys company at a fire-sale price using a combination of its own money and short-term loans from 3rd-party investment banks and funds. PE fir…