In the same way that Twitter was never actually worth the $44 billion that Elon Musk paid
Musk paid $26bn. $5bn was from outside inverstors. The remaining $13bn is a loan that Twitter took out to buy itself on Musk’s behalf. This $13bn was essentially a death sentence (like most leveraged buyouts are - see: Toys R Us) as Twitter could barely afford to pay the interest on that loan, even before Musk ruined its income.
Musk paid $26bn to kill Twitter. Most of that $26bn was underwritten by stocks in Tesla (not SpaceX) which have since plummeted in value.
Now, after a few friendly chats between Steve Huffman and Musk, they are killing reddit, too.
Musk paid $26bn. $5bn was from outside inverstors. The remaining $13bn is a loan that Twitter took out to buy itself on Musk’s behalf. This $13bn was essentially a death sentence (like most leveraged buyouts are - see: Toys R Us) as Twitter could barely afford to pay the interest on that loan, even before Musk ruined its income.
Musk paid $26bn to kill Twitter. Most of that $26bn was underwritten by stocks in Tesla (not SpaceX) which have since plummeted in value.
Now, after a few friendly chats between Steve Huffman and Musk, they are killing reddit, too.