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Brazil's X ban is sending lots of people to Bluesky

(www.theverge.com)
420 points rvz | 4 comments | 31 Aug 24 13:28 UTC | HN request time: 0.001s | source
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toomuchtodo ◴[31 Aug 24 22:51 UTC] No.41412640[source]▶
“Masterful gambit, sir.”

(X is facing a deep decline in revenue, cutting its valuation from $44B to ~$12B [Musk’s stake is worth ~$7B], and Musk makes a choice that drives millions of users to an alternate site: https://finance.yahoo.com/news/twitters-revenue-collapses-84...)

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supafastcoder ◴[01 Sep 24 00:56 UTC] No.41413298[source]▶
I strongly believe the potential valuation and financial performance was not the primary motivation for Musk to buy Twitter, it’s simply a toy for a man worth $200+ billion.
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kelnos ◴[01 Sep 24 09:27 UTC] No.41415474[source]▶
Oh, true. But the problem is that Musk, rich has he is, can't run Twitter indefinitely without revenue (more than he's getting today, and it's likely declining). He needs it to perform financially if it's to continue to be a going concern.
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1. somenameforme ◴[01 Sep 24 15:48 UTC] No.41417861[source]▶
He's going the other route - lower costs. He got rid of the overwhelming majority of staff, moved (or is moving?) the HQ out of San Francisco and California - meaning lower costs + lower tax, and so on. So while revenue has decreased, so have costs. In later 2023 he stated that it was expected for Twitter to be profitable early in 2024. Given there was no follow up announcement I doubt this goal was achieved, but it does suggest that it's probably quite close to being in the black. And that's quite good for a company which was only made profit 2 years in its entire existence.
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2. xenospn ◴[01 Sep 24 16:00 UTC] No.41417956[source]▶
Musk expects many things. Very few come true.
3. mplewis ◴[01 Sep 24 18:23 UTC] No.41419031[source]▶
And you believe him? The guy who took out loans to finance the purchase of the company, which drain the company of $1.5 billion a year? I’ve got some oceanside property to sell you.
4. cowboylowrez ◴[02 Sep 24 12:27 UTC] No.41424864[source]▶
while twitter is no longer competitive with mainstream social media sites, it has a good chance of putting a dent in 4chans numbers.