According to Cenk Uygur of TYT (see video below), Elon Musk may be presently rated the richest man in the world, he is not perfectly liquid because he may not have the cash at a certain time.
Uygur said that Twitter is believed to worth about 9 billion Dollars but Musk overpaid 35 billion Dollars for it. “Musk “borrowed 13 billion Dollars and the interest payment on 13 billion Dollars is a billion Dollars every year. And the interest rate is higher than not their profits but their revenue.” “that is an insanely bad business decision,” he added.
Uygur said that Musk had to borrow money from Larry Ellison money and some other guys to buy Twitter because he was not having all the cash he needed for the purchase.
Musk promised to be paying 8% interest rate, which is a billion Dollars every year. It turns out Twitter makes only 700 million Dollars every year.
Cenk Uygur likened Musk’s buying of Twitter to the so-called Donald Trump-like purchase.
But why did Elon Musk go on a firing frenzy at Twitter? According to Uygur, in order to make up for the loss of 300 million Dollars yearly, Musk decided to fire half of the workers in the company.
He also introduced payment of $8 for the “blue verification logo” on Twitter. Musk had until October 28 2022 5 pm E.T. to complete the takeover deal, or be forced to defend himself in court against legal action from Twitter. He paid for the company two days before the deadline.
MORE WORLD NEWS BELOW
1. Just days after cutting its workforce into half, some employees were being asked to return to Twitter because Elon Musk mistakenly fired some important workers which include the cybersecurity experts who are pretecting Twitter from attacks.
2. On another development, Meta (Facebook) fired 11,000 workers.
Facebook metaverse refers to Facebook’s contribution to the metaverse, the anticipated successor to the mobile internet in which people interact in an interconnected digital world.
See more world news in World News Archive
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