Musk put over $20 billion of his own money into Twitter. If I put 10% of my net worth in a project, I care how it turns out.
Re:Reddit Strike Has Started
by skinnymuch on Monday June 12, 2023 @12:17AM
(#36288393)
> If I put 10% of my net worth in a project, I care how it turns out.
Good for you and Musk! So proud of people who can put money into something and lord over it because of capitalism.
I should point out most people have things they put 10% of their net worth into. Cars for the less well off, houses for the better off.
Re:Reddit Strike Has Started
by skinnymuch on Tuesday June 20, 2023 @12:32AM
(#36399748)
We are talking about being capitalists. Not getting a car or a personal house…no less those people likely aren’t capitalists. It is okay if nuances of economics aren’t understood by normal people but my comment being downvoted while posts lacking foundational political knowledge are fine. Of course it makes sense. Liberals lack self awareness.
TBC: you thought the throughline was money when it was nothing. You were talking about investing money that can be used to exploit workers and turn a higher profit by paying workers less than they benefit the stakeholders. Exploiting people is an obvious immoral action.
I dunno, look at private equity buyouts, which Twitter kind of resembles—Musk somehow convinced banks and Twitter itself to foot most of the bill for his purchase.
The whole point is to avoid putting money into the prey company by saddling it with debt, while you squeeze every last cent of value out of its living corpse. It can take a long time for companies to die when this happens: Sears is a solid case study from recent times.
https://ivyexec.com/career-advice/2018/sears-case-business-f...
Considering how little of his own money Musk spent on the deal, I wouldn't be surprised if he was just having fun lighting a huge pile of other peoples' money on fire. He's obviously gotten bored with his car and spaceship toys.