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Jack Dorsey departs Bluesky board | TechCrunch
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this post was submitted on 06 May 2024
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As bad as it is for the public, it was brilliant business move. Pre-Musk Twitter was barely making any net income (post-Must it makes ZERO net income). It was a profitable business, but just barely, and had been unprofitable for many years.
Goading Musk into committing to buy Twitter at the inflated high stock price allowed Twitter shareholders to cash out at a far higher value than they ever could have trying to run Twitter as a money making venture.
Keep in mind, I'm not saying we don't all lose because Twitter is a shithole now, but from a purely (cutthroat) business perspective the sale was a boon.