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A Midsummer Night's Dream (1935)
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Thursday October 26, 2023
Xs on X's Eyes
Here's the Business Insider headline:
The banks which loaned Elon Musk money to help buy Twitter expect to lose $2 billion on the debt, report says
Key stats:
- Downloads of the app (once Twitter, now X) fell by almost 30% in just three months
- A marketing firm says only two of the world's biggest advertisers advertised on Twitter/X last month
- Fidelity has marked Twitter's valuation down by 2/3
A key graf:
Bankers close to the deal told The Journal that X could be given a junk-bond rating, meaning it is at risk of defaulting on the loans, due to both Musk's controversial management style and a waning ad market.
My farewell post, nearly a year ago:
I've said it before: If you had told me to destroy Twitter without anyone knowing I was destroying Twitter, I wouldn't have been able to come up with half the stuff Musk has done in supposed service to the company. So I guess, in a way, he is a genius.