It’s a business, man.
“Elon [Musk]’s Twitter deal certainly must also rank as the most time-adjusted value-destructive leveraged buyout of all time,”. While Musk has estimated Twitter’s value as $20 billion in a March 31st email to employees — meaning its value dropped by more than half after the $44 billion acquisition — Twitter’s actual value is even lower than that. The banks still own $13 billion of Twitter’s debt and can’t sell it for more than 50 cents on the dollar, Cohan says. “The destruction of $37.
was part of the impetus for creating it; misinformation and impersonation were so normal in the early days of the social media platform that the remnants can be seen in the former president’s handle: @realDonaldTrump. The heart of Musk’s resentment, as near as I can tell, is that nobodies like me also got checkmarks. For Twitter, there was a business reason! Having a checkmark isn’t a guarantee that all the information coming from the account is true — verified accounts can be hacked or hoaxed like everyone else — but it does give users a measure of comfort in the quick-fire information coming out. There’s also accountability: spread too much misinformation, and Twitter stripped your badge.
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