270
X drops headlines from articles, as new report details its bleeding ad revenue
(www.marketwatch.com)
this post was submitted on 05 Oct 2023
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Elon never intended to buy Twitter, he always intended to back out of the deal from the beginning, either as a headline-grabbing move or as some form of stock manipulation. His miscalculation is that he didn't realize that the existing Twitter management was eager to sell due to the site treading water in terms of profitability, and were willing to take him to court to make the deal go through.
The boat-anchor around his ankle is that he had to borrow a lot of money to honor the purchase. Advertising revenue would've always been decimated by his enabling the right, but the enormous debt hanging over his head is why the site is visibly cracking at the seams so soon after his purchase. Of course, he did favors for his political allies, but that was a move made out of opportunism, not conspiracy.
If I'm making him sound like he's playing 5D chess, he's not. He made a dumb decision that blew up in his face. He's screwed. He knows he's totally screwed. So he's doing what any CEO would be doing in his position - cutting costs, lying about why the site is having issues, and coming up with hare-brained ideas to try and generate revenue. It's 100% performative CYA, because when the site is finally repossessed by his creditors, at least he can claim he tried something.