Based on Elon Musk’s public comments, Twitter burned through $7 billion in five months. That’s almost impossible.
Just before Christmas, Elon Musk made a public assertion that, if true, raises an awkward question: where did Twitter’s billions go?
So what happened? There seems to be two options. Musk may have used the money to offset the cost of the acquisition. As the new owner, he has a right to Twitter’s cash, although transferring most of its savings to himself might upset his co-investors and lead to doubts about the sincerity of his plans for the company.Or Musk may be exaggerating Twitter’s financial plight to blunt criticism of his decision to fire most of its employees.
The unfortunate fact about Twitter is that it is only going slowly broke because Musk bought it. Without the debt he placed inside Twitter to fund his purchase of the company – what is known as a leveraged buyout – the company would be producing $US1 billion to $US2 billion a year.
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