autotldr@lemmings.world
on 25 Nov 2023 05:55
nextcollapse
This is the best summary I could come up with:
Nov 24 (Reuters) - Elon Musk-owned social media company X could lose as much as $75 million in advertising revenue by the end of the year as dozens of major brands pause their marketing campaigns, the New York Times reported on Friday.
Musk backing an antisemitic post on the platform last week has led several companies including Walt Disney (DIS.N) and Warner Bros Discovery (WBD.O) to pause their advertisements on the site formerly called Twitter.
X has struck back and sued media watchdog group Media Matters, alleging the organization defamed the platform with a report that said ads for major brands including Apple and Oracle had appeared next to posts touting Adolf Hitler and the Nazi party.
X said on Friday $11 million in revenue was at risk and the exact figure fluctuated as some advertisers returned to the platform and others increased spending, according to the report.
Advertisers have fled X since Musk bought it in October 2022 and reduced content moderation, resulting in a sharp rise in hate speech on the site, according to civil rights groups.
The platform’s U.S. ad revenue has declined at least 55% year-over-year each month since Musk’s takeover, Reuters previously reported.
The original article contains 255 words, the summary contains 198 words. Saved 22%. I’m a bot and I’m open source!
qooqie@lemmy.world
on 25 Nov 2023 06:03
nextcollapse
That’s not as much as I would’ve hoped
SkyezOpen@lemmy.world
on 25 Nov 2023 06:18
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75 bucks is the minimum though. It could be like… 37 billion.
mihies@kbin.social
on 25 Nov 2023 07:09
nextcollapse
X is already worth less than half of buying price. And this is income loss, not net worth. Which will eventually lead to the later or if not to bankruptcy.
stifle867@programming.dev
on 25 Nov 2023 07:59
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I don’t think Twitter ever even had ad revenue that high right?
SkyezOpen@lemmy.world
on 25 Nov 2023 13:09
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5 trillion then.
EdibleFriend@lemmy.world
on 25 Nov 2023 06:49
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Don’t forget how recently he really started driving away the advertisers and how close we are to the end of the year. I see it as a very hopeful start.
Viking_Hippie@lemmy.world
on 25 Nov 2023 11:47
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Don’t worry, the company is now worth less than half of what he paid for it and his Tesla stocks are hemorrhaging value too 🙂
harry_balzac@lemmy.world
on 25 Nov 2023 06:28
nextcollapse
Let’s be fair, there’s also been a rise in CSAM, too, not just hate speech.
BongsForJesus@lemmy.wtf
on 25 Nov 2023 07:18
nextcollapse
I’ve been on the internet since the 90s, BBS services before that. Thankfully I’ve never stumbled upon anything remotely close to CSAM all this time. To think that I could open up a twitter thread linked from a news story and be subjected to it is repugnant.
Especially since there are services like Thorne that would help you manage it. Also this is a direct result of gutting trust and safety teams.
Burn_The_Right@lemmy.world
on 25 Nov 2023 08:20
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Well of course there’s more CSAM. They have to do something to attract more conservatives.
ObviouslyNotBanana@lemmy.world
on 25 Nov 2023 06:42
nextcollapse
He really made a bad deal on that website. Monetarily anyway.
GigglyBobble@kbin.social
on 25 Nov 2023 06:54
nextcollapse
Seems pretty obvious, right? Someone on Lemmy once argued, he did it to avoid taxes. Failed to explain how this is profitable in the end though.
BongsForJesus@lemmy.wtf
on 25 Nov 2023 07:14
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I remember reading an article speculating that his strategy was to bring down twitter because it was a left leaning platform, and that would appease the Saudis, or something like that. Seemed pretty far fetched. I reckon he made an ego driven power play without thinking it through and it is going about as well as anybody expected. No shenanigans, no strategy, just a more publically exposed failure than his previous business failures.
Pavidus@lemmy.world
on 25 Nov 2023 06:59
nextcollapse
Sure, but at the end of the day, does it really matter? It’s like made up numbers that never run out. He’s still set for life, no real consequence. He feels this less than someone who misses a car payment one month.
squaresinger@feddit.de
on 25 Nov 2023 07:31
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That’s the really crazy thing. With the market value crash of Twitter he lost more money than the GDP of a small country. Yet, it practically makes no difference to him.
phoneymouse@lemmy.world
on 25 Nov 2023 08:38
nextcollapse
How much of his own money did he really lose though? Didn’t he have a bunch of people throw in with him?
dustyData@lemmy.world
on 25 Nov 2023 10:50
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Around $22Bn, that’s how much he had to sell on Tesla stock. The other half was a loan from several banks and investors that got saddled to Twitter itself. These things are public, that’s how we know most of the loan money came from the Saudi crown.
Yeah, he probably wanted it in order to influence the election, but the way things are going it might but be around for that. Not to mention, Twitter isn’t really used by real people, it’s basically just all journalists circle jerking.
FaceDeer@kbin.social
on 25 Nov 2023 06:46
nextcollapse
X was sold recently for $44 billion. $75 million is 0.17% of that. I'm sure X is quaking in its boots.
BreadstickNinja@lemmy.world
on 25 Nov 2023 07:03
nextcollapse
It wasn’t worth $44 billion when he bought it. That’s why he tried desperately to back out. The reason the company is in such a dire financial situation is specifically because it was bought at that price and now pays debt service far disproportionate to its actual worth.
You’re also confusing company valuation with operating revenue. $44 billion isn’t how much cash they have on hand and $75 million doesn’t get subtracted from that, so expressing that percentage makes no sense. One number isn’t a percent of the other.
Twitter’s ad revenue is already down more than 50% since the takeover and this is $75 million more of lost revenue on top of that. The company was maybe on a path to profitability at full advertising revenue and without the debt service, but now it is burning cash even as revenues tank.
squiblet@kbin.social
on 25 Nov 2023 08:50
nextcollapse
They have a billion of loan payments due each year. In order to pay that, someone has to come up with cash. Having a business that actually generates a profit would be the ideal way to do that.
FaceDeer@kbin.social
on 25 Nov 2023 10:01
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My point is that $75 million isn't a significant amount either way at the scale that X is operating on.
squiblet@kbin.social
on 25 Nov 2023 16:55
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Their ad revenue had already been rapidly shrinking. They brought in about 1.5 billion from advertising in 2021. After Musk gutted the company, while I'm sure expenses are lower, advertising revenue has already dropped by 70-55% depending on which source you go by. So, a generous guess is $750 million now, which would make $75 million 10%, and that is a significant drop.
Part of that money was paid by X itself (as debt), devaluing it in that process.
Chozo@kbin.social
on 25 Nov 2023 07:18
nextcollapse
Excellent, let's keep that momentum going.
sebinspace@lemmy.world
on 25 Nov 2023 09:38
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we can beat that
KingThrillgore@lemmy.ml
on 25 Nov 2023 07:57
nextcollapse
It’s amazing how you can spend 44 billion dollars and not lose credibility over it.
Oh wait
cheese_greater@lemmy.world
on 25 Nov 2023 14:08
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I just hope he doesn’t take Signal down with him 🥶
doggle@lemmy.dbzer0.com
on 25 Nov 2023 14:39
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Just don’t have any credibility to begin with ez
cheese_greater@lemmy.world
on 25 Nov 2023 08:10
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Does anyone else pick up on the subtle humor of X being the means by which illiterate people can put pen to paper and “have their say”
demosthememes@lemmy.dbzer0.com
on 25 Nov 2023 11:31
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I doubt this is lost on Elon, as much of Africa was sold off to colonisers on treaties signed with an X.
cheese_greater@lemmy.world
on 25 Nov 2023 11:32
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K you better not have just unearthed the REAL genesis and hidden meaning behind all this X bullshit…👆
Edit: sort of makes some sick kinda sense given his autocrat state-level investors… :/
AngryCommieKender@lemmy.world
on 25 Nov 2023 15:07
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And naming the Tesla models S, 3, X, Y, is a nice PR smokescreen that would help hide the previous theory.
cheese_greater@lemmy.world
on 25 Nov 2023 15:08
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Sorry Im feeling a bit dull, can you clarify what you mean?
AngryCommieKender@lemmy.world
on 25 Nov 2023 15:11
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He named the 4 models of Tesla cars Model S, Model 3, Model X, and Model Y. This makes him appear to be juvenilly obsessed with X because of XXX meaning Porn. If it was indeed to hide the intent of him being obsessed with X because that’s the symbol that was used to sell Africa to the colonizers, it worked because I was under the impression he was just sex obsessed, until I read the previous posters theory
JeeBaiChow@lemmy.world
on 25 Nov 2023 10:11
nextcollapse
…and unless you’re Elon, this is a problem why?
cheese_greater@lemmy.world
on 25 Nov 2023 11:29
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Why is this problematic for Elon? Has he ever explicitly conceded he needsX to be profitable? Isn’t it sufficient and necessary enough in the eyes of his investors to simply neuter it?
Viking_Hippie@lemmy.world
on 25 Nov 2023 11:44
nextcollapse
He’s said that he WANTS it to be profitable and as a clinical narcissist billionaire, he doesn’t cope well with not getting what he wants.
On a more practical level, the cesspit it’s become has increased scrutiny on his other companies and the main one, Tesla, is decidedly NOT weathering that well.
All in all, he’s lost over a third, maybe even as much as HALF of his still absurdly huge dragon’s hoard of wealth since he took over Twitter.
cheese_greater@lemmy.world
on 25 Nov 2023 11:46
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There’s something fishy going on in my view. Its only conjecture as of yet and I don’t want to push it too much but none of this computes, so to speak
He said…
Elon spouts a lot of nonsense and “said” he wanted to buy Twitter initially
Viking_Hippie@lemmy.world
on 25 Nov 2023 11:51
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I think you’re overthinking it tbh. He’s not some evil supergenius, he’s just an extreme lucky idiot and bigot who’s finally getting a taste of the finding out after fucking around for most of his life…
Evil, yes, but in no way a mastermind. Barely even a mind.
cheese_greater@lemmy.world
on 25 Nov 2023 11:53
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He doesn’t need to be evil or a genius or even have a mind (although I think that is overly uncharitable to the point I have to depart in agreeing with you briefly, he is a smart guy but sometimes smart people can be the dumbest, I’m a living+breathing example of this), all he has to do is to take money from cunning evil people
Viking_Hippie@lemmy.world
on 25 Nov 2023 12:06
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True, and pay people much smarter and otherwise more capable to do the actual work required for making him money.
That’s the main reason why the whole Twitter thing has been such a dumpster fire: he’s taking a hands on approach rather than just pretending to by taking credit for the work of other people.
The fact that the nature of a social media company means that most of his mistakes and desperate attempts to rectify them are much more public sure doesn’t help either, given his narcissism…
cheese_greater@lemmy.world
on 25 Nov 2023 12:11
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pay people much smarter and otherwise more capable to do the actual work required for making him money.
That’s intense, its not like he has any kind of track record with that, does he? I dunno, I thought he was always already all of those things and worked 120-hour weeks “running” several companies one-man-show style like Nathan Fielder or James Franco('s Roast)?
Viking_Hippie@lemmy.world
on 25 Nov 2023 12:24
nextcollapse
Every billionaire claims that it’s all due to hard work, but their “work” is mostly just meetings where they get to just spitball bullshit that doesn’t even have to make any sense.
2-hour “business lunch” where you discuss business for 5 minutes? That’s work to a billionaire.
18 holes with your business buddies, whether that means golf or a meeting at a brothel? Work.
Tweeting from a building belonging to the company? Work.
Playing a ridiculous Elden Ring bulld in the office? Work.
Shouting at your ex wife while on company premises? Work.
Berating workers for wanting to unionize? Work.
cheese_greater@lemmy.world
on 25 Nov 2023 12:26
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Its funny cuz when I want to eat something tasty and have it brought to me and be able to focus on something else in the process, I call it a power lunch. I always get NOTHING done lol.
I totally will get something done the next time, no doubt about that. I have the track record to prove it /s
Viking_Hippie@lemmy.world
on 25 Nov 2023 12:36
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Nobody’s ever been truly productive during, right before or right after lunch. It just can’t be done 🤷
doggle@lemmy.dbzer0.com
on 25 Nov 2023 14:38
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Elon’s not personally designing battery chemistry or running aerodynamics simulations on bodywork at Tesla. He certainly isn’t bolting them together, though that would explain the poor finish quality I keep hearing about.
The leadership of a company of any significant size can only ever be doing a small plurality of the work at most, and can usually get away with much less than that. There simply aren’t enough hours in the day to outwork the hundreds or thousands of employees that are actually making the company most of its money.
doggle@lemmy.dbzer0.com
on 25 Nov 2023 14:28
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Much of his wealth is held in shares of his publicly traded companies. If investors lose faith in his ability to manage and grow one company it could (and seemingly has) affect the value of all companies he’s involved with, directly decreasing his net worth. Making Twitter profitable would have gone a long way in demonstrating his ability to run a company, but he has done the opposite.
But technically no, I guess he doesn’t need Twitter to turn a profit. He could just watch it all burn.
threaded - newest
This is the best summary I could come up with:
Nov 24 (Reuters) - Elon Musk-owned social media company X could lose as much as $75 million in advertising revenue by the end of the year as dozens of major brands pause their marketing campaigns, the New York Times reported on Friday.
Musk backing an antisemitic post on the platform last week has led several companies including Walt Disney (DIS.N) and Warner Bros Discovery (WBD.O) to pause their advertisements on the site formerly called Twitter.
X has struck back and sued media watchdog group Media Matters, alleging the organization defamed the platform with a report that said ads for major brands including Apple and Oracle had appeared next to posts touting Adolf Hitler and the Nazi party.
X said on Friday $11 million in revenue was at risk and the exact figure fluctuated as some advertisers returned to the platform and others increased spending, according to the report.
Advertisers have fled X since Musk bought it in October 2022 and reduced content moderation, resulting in a sharp rise in hate speech on the site, according to civil rights groups.
The platform’s U.S. ad revenue has declined at least 55% year-over-year each month since Musk’s takeover, Reuters previously reported.
The original article contains 255 words, the summary contains 198 words. Saved 22%. I’m a bot and I’m open source!
That’s not as much as I would’ve hoped
75 bucks is the minimum though. It could be like… 37 billion.
X is already worth less than half of buying price. And this is income loss, not net worth. Which will eventually lead to the later or if not to bankruptcy.
I don’t think Twitter ever even had ad revenue that high right?
5 trillion then.
Don’t forget how recently he really started driving away the advertisers and how close we are to the end of the year. I see it as a very hopeful start.
Don’t worry, the company is now worth less than half of what he paid for it and his Tesla stocks are hemorrhaging value too 🙂
$75m in 5 weeks. That’s a run rate of $780m per year. That is not a small chunk of revenue.
Time to consider Xitter a hate group and ban them.
.
Let’s be fair, there’s also been a rise in CSAM, too, not just hate speech.
I’ve been on the internet since the 90s, BBS services before that. Thankfully I’ve never stumbled upon anything remotely close to CSAM all this time. To think that I could open up a twitter thread linked from a news story and be subjected to it is repugnant.
Especially since there are services like Thorne that would help you manage it. Also this is a direct result of gutting trust and safety teams.
Well of course there’s more CSAM. They have to do something to attract more conservatives.
He really made a bad deal on that website. Monetarily anyway.
Seems pretty obvious, right? Someone on Lemmy once argued, he did it to avoid taxes. Failed to explain how this is profitable in the end though.
I remember reading an article speculating that his strategy was to bring down twitter because it was a left leaning platform, and that would appease the Saudis, or something like that. Seemed pretty far fetched. I reckon he made an ego driven power play without thinking it through and it is going about as well as anybody expected. No shenanigans, no strategy, just a more publically exposed failure than his previous business failures.
Sure, but at the end of the day, does it really matter? It’s like made up numbers that never run out. He’s still set for life, no real consequence. He feels this less than someone who misses a car payment one month.
That’s the really crazy thing. With the market value crash of Twitter he lost more money than the GDP of a small country. Yet, it practically makes no difference to him.
How much of his own money did he really lose though? Didn’t he have a bunch of people throw in with him?
Around $22Bn, that’s how much he had to sell on Tesla stock. The other half was a loan from several banks and investors that got saddled to Twitter itself. These things are public, that’s how we know most of the loan money came from the Saudi crown.
Yeah, he probably wanted it in order to influence the election, but the way things are going it might but be around for that. Not to mention, Twitter isn’t really used by real people, it’s basically just all journalists circle jerking.
X was sold recently for $44 billion. $75 million is 0.17% of that. I'm sure X is quaking in its boots.
It wasn’t worth $44 billion when he bought it. That’s why he tried desperately to back out. The reason the company is in such a dire financial situation is specifically because it was bought at that price and now pays debt service far disproportionate to its actual worth.
You’re also confusing company valuation with operating revenue. $44 billion isn’t how much cash they have on hand and $75 million doesn’t get subtracted from that, so expressing that percentage makes no sense. One number isn’t a percent of the other.
Twitter’s ad revenue is already down more than 50% since the takeover and this is $75 million more of lost revenue on top of that. The company was maybe on a path to profitability at full advertising revenue and without the debt service, but now it is burning cash even as revenues tank.
They have a billion of loan payments due each year. In order to pay that, someone has to come up with cash. Having a business that actually generates a profit would be the ideal way to do that.
My point is that $75 million isn't a significant amount either way at the scale that X is operating on.
Their ad revenue had already been rapidly shrinking. They brought in about 1.5 billion from advertising in 2021. After Musk gutted the company, while I'm sure expenses are lower, advertising revenue has already dropped by 70-55% depending on which source you go by. So, a generous guess is $750 million now, which would make $75 million 10%, and that is a significant drop.
Part of that money was paid by X itself (as debt), devaluing it in that process.
Excellent, let's keep that momentum going.
we can beat that
It’s amazing how you can spend 44 billion dollars and not lose credibility over it.
Oh wait
I just hope he doesn’t take Signal down with him 🥶
Just don’t have any credibility to begin with ez
Does anyone else pick up on the subtle humor of
Xbeing the means by which illiterate people can put pen to paper and “have their say”I doubt this is lost on Elon, as much of Africa was sold off to colonisers on treaties signed with an X.
K you better not have just unearthed the REAL genesis and hidden meaning behind all this
Xbullshit…👆Edit: sort of makes some sick kinda sense given his autocrat state-level investors… :/
And naming the Tesla models S, 3, X, Y, is a nice PR smokescreen that would help hide the previous theory.
Sorry Im feeling a bit dull, can you clarify what you mean?
He named the 4 models of Tesla cars Model S, Model 3, Model X, and Model Y. This makes him appear to be juvenilly obsessed with X because of XXX meaning Porn. If it was indeed to hide the intent of him being obsessed with X because that’s the symbol that was used to sell Africa to the colonizers, it worked because I was under the impression he was just sex obsessed, until I read the previous posters theory
.
…and unless you’re Elon, this is a problem why?
Why is this problematic for Elon? Has he ever explicitly conceded he needs
Xto be profitable? Isn’t it sufficient and necessary enough in the eyes of his investors to simply neuter it?He’s said that he WANTS it to be profitable and as a clinical narcissist billionaire, he doesn’t cope well with not getting what he wants.
On a more practical level, the cesspit it’s become has increased scrutiny on his other companies and the main one, Tesla, is decidedly NOT weathering that well.
All in all, he’s lost over a third, maybe even as much as HALF of his still absurdly huge dragon’s hoard of wealth since he took over Twitter.
There’s something fishy going on in my view. Its only conjecture as of yet and I don’t want to push it too much but none of this computes, so to speak
Elon spouts a lot of nonsense and “said” he wanted to buy Twitter initially
I think you’re overthinking it tbh. He’s not some evil supergenius, he’s just an extreme lucky idiot and bigot who’s finally getting a taste of the finding out after fucking around for most of his life…
Evil, yes, but in no way a mastermind. Barely even a mind.
He doesn’t need to be evil or a genius or even have a mind (although I think that is overly uncharitable to the point I have to depart in agreeing with you briefly, he is a smart guy but sometimes smart people can be the dumbest, I’m a living+breathing example of this), all he has to do is to take money from cunning evil people
True, and pay people much smarter and otherwise more capable to do the actual work required for making him money.
That’s the main reason why the whole Twitter thing has been such a dumpster fire: he’s taking a hands on approach rather than just pretending to by taking credit for the work of other people.
The fact that the nature of a social media company means that most of his mistakes and desperate attempts to rectify them are much more public sure doesn’t help either, given his narcissism…
That’s intense, its not like he has any kind of track record with that, does he? I dunno, I thought he was always already all of those things and worked 120-hour weeks “running” several companies one-man-show style like Nathan Fielder or James Franco('s Roast)?
Every billionaire claims that it’s all due to hard work, but their “work” is mostly just meetings where they get to just spitball bullshit that doesn’t even have to make any sense.
2-hour “business lunch” where you discuss business for 5 minutes? That’s work to a billionaire.
18 holes with your business buddies, whether that means golf or a meeting at a brothel? Work.
Tweeting from a building belonging to the company? Work.
Playing a ridiculous Elden Ring bulld in the office? Work.
Shouting at your ex wife while on company premises? Work.
Berating workers for wanting to unionize? Work.
Its funny cuz when I want to eat something tasty and have it brought to me and be able to focus on something else in the process, I call it a
power lunch. I always get NOTHING done lol.I totally will get something done the next time, no doubt about that. I have the track record to prove it /s
Nobody’s ever been truly productive during, right before or right after lunch. It just can’t be done 🤷
Elon’s not personally designing battery chemistry or running aerodynamics simulations on bodywork at Tesla. He certainly isn’t bolting them together, though that would explain the poor finish quality I keep hearing about.
The leadership of a company of any significant size can only ever be doing a small plurality of the work at most, and can usually get away with much less than that. There simply aren’t enough hours in the day to outwork the hundreds or thousands of employees that are actually making the company most of its money.
Much of his wealth is held in shares of his publicly traded companies. If investors lose faith in his ability to manage and grow one company it could (and seemingly has) affect the value of all companies he’s involved with, directly decreasing his net worth. Making Twitter profitable would have gone a long way in demonstrating his ability to run a company, but he has done the opposite.
But technically no, I guess he doesn’t need Twitter to turn a profit. He could just watch it all burn.
Elon is probably one of the only people in the world to whom this is not too worrisome.
Is Twitter not part of the three comma club anymore?
I love seeing some good news… really lifts my spirits.