Why? He failed to make Twitter profitable for years.
If you look at Twitter, under Jack Dorsey, as what it provided, I can see the point. If you view Twitter as a business, it should have been allowed to fail years ago. Musk does seem to take the speed run approach to trimming down Twitter, with the risk of killing it altogether. Working for Twitter can't be a pleasant experience right now, but the employees where on borrowed time already.
I might be completely wrong, but my feeling is that in 5 years we'll look back and see Twitter as a novelty of the 2010s. See humor in an old ad with a Twitter handle on it, or watch a clip from a news show where they "jump to the Twitter comment" and remember that was a thing.
There is no good way out of this for Twitter. Regardless of what he actually paid, Musk vastly overpay for for the company. They've been burning a $1B a year for a decade, and now Musk is stuck with the bills for next year. It's not that I think he's doing a good job, but he has to do something. Otherwise he'll be burning hundreds of millions of dollars every year, keeping Twitter running, and that's after having wasted billions upfront.
Well if you've read Jack's interaction with Elon about Twitter (part of the lawsuit), it's because the board was very risk adverse and against big changes. Jack actually supports what Elon is doing now, because it's not something he could do while he was in charge.
mrweasel|3 years ago
If you look at Twitter, under Jack Dorsey, as what it provided, I can see the point. If you view Twitter as a business, it should have been allowed to fail years ago. Musk does seem to take the speed run approach to trimming down Twitter, with the risk of killing it altogether. Working for Twitter can't be a pleasant experience right now, but the employees where on borrowed time already.
I might be completely wrong, but my feeling is that in 5 years we'll look back and see Twitter as a novelty of the 2010s. See humor in an old ad with a Twitter handle on it, or watch a clip from a news show where they "jump to the Twitter comment" and remember that was a thing.
There is no good way out of this for Twitter. Regardless of what he actually paid, Musk vastly overpay for for the company. They've been burning a $1B a year for a decade, and now Musk is stuck with the bills for next year. It's not that I think he's doing a good job, but he has to do something. Otherwise he'll be burning hundreds of millions of dollars every year, keeping Twitter running, and that's after having wasted billions upfront.
pelorat|3 years ago
Well if you've read Jack's interaction with Elon about Twitter (part of the lawsuit), it's because the board was very risk adverse and against big changes. Jack actually supports what Elon is doing now, because it's not something he could do while he was in charge.