You Are Destiny
Max KennerlyTwitter can't pay its bills. The banks that funded the acquisition can't syndicate the debt. Revenue plummeted and shows no signs of improving. There aren't even any plans to improve revenue. Stock awards are worthless.
Laure@maxkennerly just trust him
Kevin Patrick Doyle 🍅🥫@maxkennerly this is all so he can cut their pay
author_is_ShrikeTron🔠💉x5@Kevin @maxkennerly It's weird they're not getting physically evicted like in Singapore.
DROP\ TABLE Hacker of Earthsea@maxkennerly lol id like money
Ann Lipton
DanYup. I assume he will do some sort of long-term vesting option that allows him to fire one-day before it vests and they lose everything.
Force the current employees to stay against their will or lose this package.
It is performance-based. So he will likely just do some really shortsighted rule that only gives programmers who write tons of crappy code the $$ and leaves everyone else out in the cold. And makes it very easy for them to lose all of the bonus too.
I imagine he would love some sort of stack ranking system where the bottom 20% of coders immediately lose their unvested bonus.
Mapache@Danielsand I imagine he would actually love some sort of stack ranking system where the bottom 20% are flown to a remote island where he gets to hunt them for sport. (Nobody tell him how that worked out for General Zaroff.)
Nicky🦨✌️@Mapache 🤣 it seems probable…
@Mapache musk’s ideal would be the top 20% find out their reward is not stock options, but Musk takes them out to dinner (McDonalds because he is incredibly cheap) and they get to spend 20 minutes talking to him while he eats his food.
They have to pay for their own burger.
They have to pay for their own burger.
JD@maxkennerly can’t or won’t?
@jag0325 Probably a bit of both!
@maxkennerly and will he be made to pay his bills? Seems Trump got away with not doing so his entire life.
Drew Kadel@jag0325 @maxkennerly The company is not listed on any stock exchange but it IS a corporation. If it can't pay its bills, EVERYBODY takes a haircut, but they don't get to Elon himself--though he clearly structured this so that Twitter would eventually (or sooner) would not be able to pay its bills. It's likely to go bankrupt & nobody gets what they're owed.
@DrewKadel @maxkennerly so exactly like Trump always operated.
@jag0325 @maxkennerly Musk's a little smarter. Trump runs his companies a lot more personally, with fewer other stockholders & staff--fewer layers of protection. So more sophisticated but very similar.
Geoff 🏴@maxkennerly "well done, you win some debt you're not obliged to pay in lieu of money."
Adam Gurri
The Skeptic's Book of Lists@adamgurri @maxkennerly Been there. Maybe twice now.
Craig Kolb@maxkennerly “This is obviously a strange new use of the word ‘significant’ that I wasn’t previously aware of.”
YnoT
Dr James J Teeth
Old Man Mike
Badtux the Snarky Penguin@maxkennerly Stock you can't sell (because #birdchan is a private company) is just a tax liability that costs you money (to pay taxes on the "income" from the stock that you can't sell). Some "award".
@badtux no thanks Elon, I’ll take the horse.
ADHDeanASL@maxkennerly Sounds like remaining employees had better ask for cash
Hugh Ferguson@maxkennerly hang on, how can he make stock-based compensation when the company is privately owned? Or is he selling MuskCoin?
Tor Iver Wilhelmsen@hfinyow @maxkennerly privately traded does not mean untradable: they could sell them to other stock holders like the Saudis or Marc Andreesen I guess.
Clinical Rawlsian@maxkennerly This should be called the Milo Minderbinder Maneuver. The Syndicate is run by and for one person, but "Everyone has a share!"
Mike Sheward
Shawn@maxkennerly Saudi Arabia likes this.
Twitter has been used to assist uprisings. Musk must be being paid or pressured into destroying it.
gshevlin@muzikant @maxkennerly i predict that he is being paid to convert it to a subversive platform.
Ita Ryan@maxkennerly "remaining employees" 😂😭
Russell@itaryan @maxkennerly Still not sure whether he's using 'remaining' as an adjective or a verb
King KaufmanWhen I worked at startups, even good viable ones, they'd say this:
"We're offering you a $5,000 raise and 5,000 new stock options."
I'd hear this:
"We're offering you a $5,000 raise."
Once it worked out and I got some money from stock options. I considered that gravy.
Grudgie The Whale@maxkennerly especially if there’s no new valuation since his purchase! That’s really worth absolutely nothing.
PPN@maxkennerly At this point offering Tesla stock may be a « better » incentive than Twitter stock despite his constant pump and dump.
Jeffrey Phillips@maxkennerly That's the brilliance of "performance-based" compensation. It's purely notional, imaginary value, with no cost to the company unless they happen to strike it rich.
Brad Lovett@maxkennerly I saw a "per-inquiry"-type ad on the Bird for the "national star registry" (where you supposedly name a star after your loved one. That's a bottom-feeding advertiser.
@Knoxradiobrad800 when I left all the ads were dick enlargement, online gambling and crypto
@maxkennerly It's now a private company. Stock in a company that the owner may never or can never take public is worthless, unless the company is acquired by someone else.
@skepticsbookoflists @maxkennerly Even upon company sale, the stock can still be worthless depending on what class shares they are, and/or if the sale passes through bankruptcy.
Cassandrich@maxkennerly LMAO offering options in place of cash, classic sign of a failed SV company.
Charlie Galvin@maxkennerly Wait, there are remaining employees?
Wild Eyed Boy From Freecloud
EarthOne@maxkennerly Typical stingy SOB, Musk makes Scrooge look generous. Oligarchs don't get filthy rich by being decent human beings. That's why they're still angry the US govt. took their slaves away. They want them back! Also no rights for women, who need to be beaten, raped and dead if they give their masters trouble.
MAGA got goals.
Raven Onthill@maxkennerly does Musk intend to operate it as a propaganda network like Fox News?
@maxkennerly 100% of zero is still zero #hahaelongofuckyourself
@maxkennerly OY! It's a private corporation, so there's no way to sell the stock! A 1% staKe of a $44 Billion dollar company would be worth $440 million but a 1% stake of a private company in bankruptcy is $0.00000 -ZERO Dollars!-
And Elon is not taking those shares off of anybody's hands.
And Elon is not taking those shares off of anybody's hands.
That Anonymous CowardPerhaps Elmo is just announcing that the company is no longer supplying toilet paper unless you work hard enough to get a stock award....
Steve Torrente@maxkennerly Shhhh I'm gonna need a cigarette now...
cabron.indexfund@maxkennerly he pinky promised this time.
Andras Gaspar@maxkennerly Government really needs to set up its own Mastodon server. Best case they have another channel to use to connect with people. Worst case, it becomes the only Twitter-like platform it can use.
antipode77
Sloan Studio@maxkennerly I suppose it is a great way to find true believers though…
Led By Gilded Fools@maxkennerly Missing from the discussion dunking on Elmo (who doesn't?): Twitters shit-ton of server infrastructure (among other assets) that are going to be auctioned off after Elmo bankrupts it:
Who wants to build out something new from it?