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Elon Musk's drop in fortunes breaks world record


Scott
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53 minutes ago, Scott said:

lost around $165bn

That must hurn, both in the wallet and also his inflated ego.

Still, the hype around this man clearly continue.

Not a fan myself.

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More money issues...........

 

Twitter employees allegedly walked out of its Singapore office due to non-payment of rent

Twitter has been experiencing a wealth of issues over recent months. It was just last week that Twitter was sued for non-payment of rent in San Francisco and now it looks like the Asia-Pacific Headquarters had its workers walked out over the same problem.

Casey Newton of the New York Times reported via a tweet that Twitter employees have allegedly been walked out of the Singapore office. Though no source is given, Newton does note that this was due to non-payment of rent and that the landlords physically walked the workers out of the building.

https://www.shacknews.com/article/133669/twitter-singapore-office-rent

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3 hours ago, n00dle said:

They didn't walk out they were kicked out. It is a significant distinction.

You're right and apparently he's stopped paying rent in all global offices.

 

Particularly distasteful is the treatment of his own staff he laid off when he first took over and subsequently. First offering 3 months severance but many have not received that yet and are having to sue while others are being offered just one months severance as long as they sign a document saying they will not sue in the future.

 

Threats have also been sent to staff that they should not talk to the media.

 

When Musk first took over twitter he installed his own personal lawyer to head the legal team, this guy had helped him win cases previously. That lawyer Alex Spiro has now left because of disputes with Musk.

 

Yea he's still rich, but at a huge cost to others...................

 

"Lisa Bloom, a lawyer who already has filed arbitration claims against Musk on behalf of several laid-off employees, called the terms in the separation agreement “pretty disturbing.”

Not only are former employees barred from voluntarily assisting in legal cases against the company, they also must assist and cooperate with Twitter in any kind of investigation or lawsuit against the company."

 

https://www.nytimes.com/2022/12/13/technology/elon-musk-twitter-shakeup.html

https://www.latimes.com/business/story/2023-01-10/musk-twitter-layoffs-severance-lawsuits

 

Edited by Bkk Brian
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1 hour ago, Berkshire said:

I doubt he enjoyed losing 60% of his wealth inside a year.  Being the darling of the right ain't what it's cracked up to be.  These right wing nutters that admire him aren't the ones buying Tesla's.  Elon will figure that out soon enough.

It's actually normal, if you look at the top 20 richest people, they're never in that top 20 for long.

An it's not as if he ever ha that much money in the bank.

When you own a lot of shares in 1 company, trying to cash them in would usually cause a rapid drop in their value.

 

If I had a billion $$$s in the bank, I wouldn't even bother investing in anything.

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Just now, BritManToo said:

It's actually normal, if you look at the top 20 richest people, they're never in that top 20 for long.

An it's not as if he ever ha that much money in the bank.

When you own a lot of shares in 1 company, trying to cash them in would usually cause a rapid drop in their value.

 

If I had a billion $$$s in the bank, I wouldn't even bother investing in anything.

This is anything but normal:

 

Elon Musk's name is set to appear in the history books once again—but this time for breaking the Guinness World Record for losing the most wealth, ever

https://fortune.com/2023/01/11/elon-musk-breaks-guinness-world-record-for-largest-loss-of-wealth-in-history-after-182-billion-drop/

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He will be remembered as the guy who bought Twitter, threw away a fortune on that bad deal, tried desperately to cancel that purchase, terminated staff, didn't pay their salary, didn't pay rent in many location.

Twitter's future is highly unsure, isn't it?

 

 

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2 hours ago, Berkshire said:

I doubt he enjoyed losing 60% of his wealth inside a year.  Being the darling of the right ain't what it's cracked up to be.  These right wing nutters that admire him aren't the ones buying Tesla's.  Elon will figure that out soon enough.

He likely doesn't care. He's now only worth 140 billion. I bet he's really worried about that!!!

 

He's more than likely laughing at those, like on here, gloating.

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1 minute ago, puchooay said:

He likely doesn't care. He's now only worth 140 billion. I bet he's really worried about that!!!

 

He's more than likely laughing at those, like on here, gloating.

If that's the case, it seems likely that he doesn't care about the greater losses incurred by Tesla shareholders, either.

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3 minutes ago, puchooay said:

He likely doesn't care. He's now only worth 140 billion. I bet he's really worried about that!!!

 

He's more than likely laughing at those, like on here, gloating.

Yea laughing at the people he fired as they booed, what a wonderful boss............

 

 

 

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Elon Musk has a strange way of keeping himself in the news.

  How many of you will buy a Tesla or any EV that will not go at least

1000 miles on a single charge?  I will not, only hybrid for me in the future.

  Does Elon have a foundation like Bill Gates or some of those other rich billionaires?

Just wondering.

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9 hours ago, placeholder said:

If that's the case, it seems likely that he doesn't care about the greater losses incurred by Tesla shareholders, either.

 

9 hours ago, Bkk Brian said:

Yea laughing at the people he fired as they booed, what a wonderful boss............

 

 

 

Probably both of you are correct.

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Looks like he's planning on some kind of bankruptcy declaration re Twitter, setting up these expenses as outstanding debts.

There are rumors in the business world (aren't there always?) that his business acumen has been a matter of luck, and there are the makings of a strategy to beat down the price of TSLA stock to peanuts afoot.  Waiting to hear chatter about established automakers approaching him with buyout offers.  If the stock drops to US$30 I might jump in myself.

One article I read said that employees mostly thought of him as a brilliant jackass, now he's just a jackass.

It's said half of his workforce quit.  I retired from tech 20 yrs ago, at that time it seemed that at least half of the hi-tech work force in the US was on foreign worker visas.  If they lost their jobs they had until the visa expiration to find a new job.  My guess is the ones who've stayed on at Twitter in the US are mostly in this situation.

 

 

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12 hours ago, Shop mak said:

He will be remembered as the guy who bought Twitter, threw away a fortune on that bad deal, tried desperately to cancel that purchase, terminated staff, didn't pay their salary, didn't pay rent in many location.

Twitter's future is highly unsure, isn't it?

 

 

Won't be missed by me for sure, and I'm sure many others as well.

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19 hours ago, JonnyF said:

It's amusing watching all the left wing nutters who haven't got a pot to micturate in let alone afford a Tesla, laughing at the fact Musk is down to 140 Billion because they can't stand the fact that he bought their echo chamber and installed a semblance of free speech. 😄

 

18 hours ago, puchooay said:

He likely doesn't care. He's now only worth 140 billion. I bet he's really worried about that!!!

 

He's more than likely laughing at those, like on here, gloating.

I can appreciate you guys' one-way bromance with Elon.  But the point is his right wing views are toxic and costing him money.  If he keeps at it, he'll lose even more....which is fine according to you geniuses....5555

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5 minutes ago, Berkshire said:

 

I can appreciate you guys' one-way bromance with Elon.  But the point is his right wing views are toxic and costing him money.  If he keeps at it, he'll lose even more....which is fine according to you geniuses....5555

I am not fan of Musk. In fact I have criticized him many times on here. Nice straw man though. 7/10.

 

However, IMO it is worth following your beliefs even if that costs you money, especially if you have 160 Billion. People with less conviction in their beliefs (and far less money) might be more willing to sacrifice their beliefs for a few measly dollars, as you have shown.  

 

I know which type of person I have more respect for.

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15 minutes ago, Berkshire said:

 

I can appreciate you guys' one-way bromance with Elon.  But the point is his right wing views are toxic and costing him money.  If he keeps at it, he'll lose even more....which is fine according to you geniuses....5555

I don't know where you get the idea I have a bromance with him.

 

I couldn't care less what he does. I was merely pointing out he doesn't care what posters on here think. He's got lots of cash, always will have snd he will continue to live his rich life his way, because he can. Simple.

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15 minutes ago, puchooay said:

I don't know where you get the idea I have a bromance with him.

 

I couldn't care less what he does. I was merely pointing out he doesn't care what posters on here think. He's got lots of cash, always will have snd he will continue to live his rich life his way, because he can. Simple.

Can you name any public figure discussed in this forum who cares about the opinions of its members? Why do you think this is relevant?

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1 hour ago, JonnyF said:

I am not fan of Musk. In fact I have criticized him many times on here. Nice straw man though. 7/10.

 

However, IMO it is worth following your beliefs even if that costs you money, especially if you have 160 Billion. People with less conviction in their beliefs (and far less money) might be more willing to sacrifice their beliefs for a few measly dollars, as you have shown.  

 

I know which type of person I have more respect for.

You criticized Musk? When, before or after the twitter take over and in what context, would love to see some of the many examples?

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2 hours ago, JonnyF said:

I am not fan of Musk. In fact I have criticized him many times on here. Nice straw man though. 7/10.

 

However, IMO it is worth following your beliefs even if that costs you money, especially if you have 160 Billion. People with less conviction in their beliefs (and far less money) might be more willing to sacrifice their beliefs for a few measly dollars, as you have shown.  

 

I know which type of person I have more respect for.

Yes, Musk did this whole deal for altruistic purposes and not because he let his ridiculously inflated ego get the better of him and was forced into buying Twitter.

OK......right......let's go with that.....

Edited by Phoenix Rising
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