Skip to main content

Elon Musk’s Twitter gamble has already cost him $24 billion - and he's still digging

Web Hosting & Remote IT Support

Oh, Elon. When will you learn? Never, if this latest development is anything to go by: according to a memo reported on by the Wall Street Journal, an internal valuation has just placed Twitter’s total value at around 20 billion dollars. Hilariously, that’s less than half of the $44 billion Musk originally paid for the social media site back in October 2022.

But it seems Elon isn’t content with just sitting in the hole he’s fallen into; some unpaid intern has handed him a shovel, and he’s gonna keep on digging down until everyone on Twitter is paying for Twitter Blue - or the site collapses entirely.

Musk’s latest move to drag more people kicking and screaming into $8-subscription land is to reveal more limitations on free accounts; unless you cough up for a Blue membership, your tweets won’t be recommended to other users in the ‘For You’ tab, and non-verified users won’t be allowed to vote in polls either.

Now, any Twitter user with two brain cells to rub together (so, at least half of them) can probably already tell you that the ‘For You’ page is garbage, and it’s really worth sticking to the ‘Following’ tab if you want something approaching the original Twitter experience. But shutting non-paying users out of polls entirely is, well, a dick move from Musk - perhaps he’s scared there might be a repeat of the embarrassing poll where he was told by the site’s user base to step down as CEO.


Opinion: Cheer up - it might never happen

It’s worth bearing in mind that these latest death throes from the apparently-cursed social media platform come directly from the horse’s mouth - that is to say, Elon’s own Twitter account. That means we should take them with a sprinkling of sodium, since Musk has tweeted out ‘upcoming features’ in the past that have never actually materialized.

Musk claims that the changes are ‘the only realistic way to address advanced AI bot swarms taking over’ even though, you know, everything he’s done so far has yet to make any sort of tangible impact on Twitter’s bot account problems. Bots comprise roughly 5% of the platform’s 330 million users, but account for more than 20% of actual tweets in the US. Oh, and he’s getting rid of 2-factor authentication for non-paying users too, which is going to further worsen the site’s security issues.

See more

Another part of the problem is that despite constantly worsening the free user experience, Twitter Blue is estimated to have made the company just $11 million from mobile users since its soft relaunch after Elon took the reins. That sounds like a lot, but it’s a comically small drop in the bucket for a social media giant like Twitter. Nonetheless, Elon claimed in the aforementioned valuation memo that he believes the company will be profitable as early as next quarter.

I’m putting on my best impression of Chris Hemsworth in Thor: Ragnarok to say “will it, though?” - Twitter is still burning money despite slashing staff counts (which leads to trouble like this) and is embroiled in a laundry list of legal disputes which are no doubt costing it a ton of cash. To compound the issues further, many of those cases are specifically Twitter being sued over nonpayment of everything from contracted wages to rent owed to, uh, the British royal family. Yup, you read that right.

Now, as a fun (read: horrifyingly dystopian) little thought exercise, let’s contextualize Elon’s massive losses by taking a little look at some of the things he could’ve spent that wasted $24 billion on instead:

  • 21,838,034 iPhone 14 Pro Max units
  • 120,000 copies of the original 1999 shiny Charizard Pokemon card
  • 48 working replicas of Jeff Bezos’ 417-foot superyacht
  • 14 NASA space shuttles
  • At least 2 more Tesla gigafactories
  • Housing every homeless person in the USA for three full years
  • And finally, the entire nation of Montenegro - and with cash to spare, since the tiny European country is estimated to be worth just over $17 billion as of 2023. Perhaps Elon could've bought Barbados too.


via Hosting & Support

Comments

Popular posts from this blog

Last orders! Breville’s Birthday Sale ends in 24 hours – save an extra 10% on already-discounted espresso machines with our exclusive code

Web Hosting & Remote IT Support It’s been a busy month for coffee machine maestro, Breville. Not only did it celebrate International Coffee Day at the start of the month, but this October is also the company’s birthday month. And to mark the occasion, you can save up to AU$550 on a range of top-performing espresso machines . And that’s not all, as you can save a further 10% on discounted models with our exclusive Breville coupon code . Alternatively, you can use our exclusive promo code sitewide on the complete range of Breville appliances. You’ll need to hurry though, as the Breville Birthday Sale comes to a close at 11:30pm AEDT 21 October. Breville is, of course, responsible for some of the best coffee machines in Australia , and as a result, it can make choosing the ideal model for your household a little bit trickier. To help guide you to cafe-quality coffee at home, I’ve picked out so...

Mova V70 Ultra Complete review: a full-featured robovac let down by subpar performance

Web Hosting & Remote IT Support Mova V70 Ultra Complete: Two-minute review If you've never heard of Mova as a brand, you're not alone as it was initially only available in select European and South-East Asian countries. The brand, which is owned by Dreame Technology, is now expanding and is supposed to be value-focused side of the company — although you'd be hard pressed to believe that when its latest flagship robot vacuum costs upwards $1,000 / £1,000 / AU$3,000. However, the Mova V70 Ultra Complete brings everything you expect from such an expensive robovac, including some industry-first features that are now being adopted by other brands. This includes suction that's a whopping 42,000Pa at its maximum, as well as the impressively long reach of the side brush and mopping arm (12cm and 17cm respectively). I even love the fact that it eliminates the need for dust bags by us...

UK small businesses are spending big on Anthropic — but OpenAI isn't far behind as expenditure on AI tools hits new high

Web Hosting & Remote IT Support An estimated 1 out of every 8 UK small and medium businesses are paying for AI tools Over 28% of SMEs are using two or more AI platforms Publishing is the main UK sector adopting AI British SMEs are moving toward AI solutions, with adoption increasing from 1.1% in 2023 to 12.8% in 2026, new research has claimed. The study , by small business credit card providers Capital on Tap, also shows that while smaller companies may have more modest budgets, they’re still happy to spread their bets when it comes to choosing an AI solution. Over 28% of SMEs are using multiple AI platforms – with Anthropic’s Claude just edging out OpenAI’s ChatGPT, with the average quarterly spend growing to a quarterly average of £75.60 per SME. SMEs explore AI Anthropic is the most popular AI provider among British SMEs according to the research, with those businesses devoting 54.1% of ...