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Today's observations on "Musk Twitter" from Matt Levine...
In case you are still interested in this ongoing train wreck lol...
Some highlights of Matt Levine's newsletter today :
"Musk Twitter" (the private company after Friday) is going to have to pay something like $1.2 billion a year in just interest to its banks.
...
"Banks that committed to help finance Elon Musk’s takeover of Twitter Inc. plan to hold all $13 billion of debt backing the deal rather than syndicate it out."
...
"Musk Twitter could have the dubious distinction of being the biggest so-called hung deal of all time."
...
Elon Musk told prospective investors in his deal to buy the company that he planned to get rid of nearly 75 percent of Twitter’s 7,500 workers, whittling the company down to a skeleton staff of just over 2,000
...
The impact of such layoffs would likely be immediately felt by millions of users, said Edwin Chen, a data scientist formerly in charge of Twitter’s spam and health metrics and now CEO of the content-moderation start-up Surge AI. He said that while he believed Twitter was overstaffed, the cuts Musk proposed were “unimaginable” and would put Twitter’s users at risk of hacks and exposure to offensive material such as child pornography.
“It would be a cascading effect,” he said, “where you’d have services going down and the people remaining not having the institutional knowledge to get them back up, and being completely demoralized and wanting to leave themselves.”
...
"Banks that committed to help finance Elon Musk’s takeover of Twitter Inc. plan to hold all $13 billion of debt backing the deal rather than syndicate it out."
...
"Musk Twitter could have the dubious distinction of being the biggest so-called hung deal of all time."
...
Elon Musk told prospective investors in his deal to buy the company that he planned to get rid of nearly 75 percent of Twitter’s 7,500 workers, whittling the company down to a skeleton staff of just over 2,000
...
The impact of such layoffs would likely be immediately felt by millions of users, said Edwin Chen, a data scientist formerly in charge of Twitter’s spam and health metrics and now CEO of the content-moderation start-up Surge AI. He said that while he believed Twitter was overstaffed, the cuts Musk proposed were “unimaginable” and would put Twitter’s users at risk of hacks and exposure to offensive material such as child pornography.
“It would be a cascading effect,” he said, “where you’d have services going down and the people remaining not having the institutional knowledge to get them back up, and being completely demoralized and wanting to leave themselves.”
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