StarDestroyer.Net BBS

EDIT: Whoops, double post.

Matt Levine remains funny and punchy: I do think that if you are hired as the new chief executive officer of a multibillion-dollar website company, and on your first day on the job your direct reports come to you like “we are wrestling with a difficult decision and now that you are here we would lik...

Sure... But if you're Microsoft is that worth the hassle? And imagine selling this to your board and shareholders. "We engaged in manuevers to take over a broken platform that the second richest person in the world couldn't save for the intangible benefits that it brings (all of which are heav...

A firey dumpster, which is still one of the largest and most influential social media platforms in the world . It has value well beyond the amount of revenue it brings in, like shaping elections and being able to muzzle voices you don't like. Sure... But if you're Microsoft is that worth the hassle...

Which would you sooner do as one of his debt holders? Let him off cheap, or sell him out to a higher bidder? Okay, starting point. No one is going to bid on his debt because his debt is doubly worthless. The banks signed the term sheets when interest rates were historically low, and interest rates ...

Which would you sooner do as one of his debt holders? Let him off cheap, or sell him out to a higher bidder? Okay, starting point. No one is going to bid on his debt because his debt is doubly worthless. The banks signed the term sheets when interest rates were historically low, and interest rates ...

Given the economic climate I'm curious how long it'll be before Musk buys his way out of his debt. Given the Fed's interest rate hikes the banks must be taking an absolute battering from the deal they made, and Musk still can't be happy about the interest payments he has to make against declining ad...

Gotta edit the thread so that every mention of twitter gets replaced with X now.

No, it won't. But it may clog the search functions given that Musk is currently being sued over his relationship with Dogecoin for quite a healthy sum of money.

Twitter made its first debt payments, btw. So it's still a going concern! At least for a while.

Almost certainly in there, or some version of that. Which, again, hilarious.

"The previous owners were taken in by these ludicrous scam artists who have sold them the rental equivalent of a pile of beans. New management came in, was not dazzled by whatever glamor these charlatans had put on the place originally, and we are not going to pay for this." That's going ...

This aspect of the story really isn't that unusual. Companies after leveraged buyouts (and this is, in its own weird way, a leveraged buyout) need to cut costs in regards to revenue streams as much as they can, and fixed payments like rent, salary, etc. are often the easiest targets. It's also a ver...

Twitter is being sued by the expert witnesses Twitter hired to compel Musk to buy Twitter. Hilarious! Twitter Inc. was sued by a consulting firm that claims it’s owed around $2 million for work relating to its lawsuit to force Elon Musk to complete his buyout of the social-media platform. Charles Ri...

Two good videos on Elon Musk and twitter:

No, what I mean is - WHY did he think it was a good idea to take them out of a secure location in the first place? It was probably down to human error: It got misfiled in a manilla envelope of non-classified documents that were then later boxed up for storage without more than a cursory check, and ...

bobalot wrote: ↑2023-01-07 06:14am The rules basically give this fringe group veto rights over the whole Republican party... lol

That was the offer the day before.

They cut a deal the day of the last vote. Those details aren't out yet. So the deal is probably even worse for McCarthy.

Which... Beautiful.

On the 15th ballot Kevin McCarthy is elected by getting five dissenters to abstain after there was almost literal fisticuffs on the floor.

The debate on the rules package has been kicked to next week. Who knows what that will look like.

House called back into session at 10 PM thinking they have a deal.

They do, Gaetz and Boebert agree to vote present in return for whatever concession.

But because McCarthy can't do math, not enough to be elected speaker.

Womp Womp

He didn't think people wouldn't do that.

He thought that was a solvable problem with a little bit of techno-engineering and an easy way to play to the masses. He was right on one part of that, wrong on the rest, and didn't understand that it broke the pitch of twitter to its real clients.

McCarthy has no power without them, and in a world where the GOP cannot work with Democrats for structural reasons the HFC has not come close to the limits on their power. Then why have they had so much trouble in getting a speaker elected ? Because this is a hostage negotiation. You're thinking ab...

But that's the thing. Their power comes from being unwilling to compromise and willing and able to blow everything up. Yes. They have a lot of power. I've seen other reporting about the major concessions they got McCarthy to agree to. They just aren't aware that their power has limits. At some poin...

I wonder what concessions the Democrats could get in exchange for voting for a Republican speaker. Though I suspect they will need to get bored of the current Republican dysfunction before they even consider that. Well, unless enough Republicans get fed up with this mess that they vote present or f...

From Matt Levine's newsletter today: To be fair, sometimes private-market valuations do go down. For instance a lot of big private companies have public mutual funds as investors, and those funds periodically report the carrying value of their private stakes, and they are a bit more aggressive about...

I'm still at a loss as to how the banks agreed to lend the money in the first place. Surely due diligence of [non/barely profitable company] + [huge debt] = [bad investment]. And it is an investment in so far as the banks will want their money back regardless of if it goes belly up. When the riches...