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RIP Twitter’s iconic bird logo
(www.theverge.com)
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this post was submitted on 24 Jul 2023
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Technology
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This is so wacky it's astounding.
You don't buy a company for their servers or employees, those can be found elsewhere for the same price. You buy a company for its users and its brand. To throw away one of the most icon brands in the world, which is present in the footer of every major website in the world, is baffling.
What is the end game here?
He realized pretty fast that he offered WAY too much money for Twitter. Like, we're0 seeing maybe 5x what it was really worth at the time. But, because he did everything out in public like the narcissist he is, he knew there was no way he was getting out of the sale in court.
So he got as much of the cash from banks and other investors as possible. An amount of debt that could ruin someone with even his net worth. Now he's driving their investment into to the ground so the banks will end up writing off most of the debt rather than asking for repayment. So far, it seems to be working.
Maybe I'm financially illiterate, but I don't understand how that works. Like... if I take out a loan to buy a house and then deliberately burn down the house, that doesn't get me off the hook. If anything, I'll probably end up going to prison to boot. Why exactly would the banks just write off Musk's debt instead of going after him and his other assets in court?
Because laws are for poor people silly goose