Elon Musk’s X ad revenue reportedly fell $1.5B this year amid boycotts

"We are not Twitter any longer," X exec said.

Ars Technica
@scalzi
The FCC negated his $900M grant for Skycrap...He is pissed
@GatekeepKen @scalzi Hence why he went back crying to mommy and made her post on Xhitter on why Biden hates her precious boy.
@scalzi And right when #Tesla also has to recall all its cars sold in the US. How awful.
@jlroberson @scalzi dont forget that Tesla IS also ATM faceing a full shiping Strike in all of northern europe
@scalzi have people lost their minds? That business model, platform shouldn't be generating anywhere near those margins. people forget too fast, when PBS left, it was discovered to have little impact, if any. Billions!!! way out of proportion for what it is.
@scalzi "not much we can do"... Elon sure has a funny way of typing "I have no interest in doing that". He absolutely can.
@scalzi <hot fuzz “shame” dot gif>
@scalzi Still, if their income is $3.4 billion, why aren't they making a profit? It's just a web site. Their users give them the content for free.
@kvaks They supposedly started paying Nazis and fascists to post more.

Because of the billions of debt that Musk burdened the company with during the takeover.

@kvaks @scalzi

@scalzi "Benarroch also made it clear that X is no longer interested in being compared to Twitter."

TOO BAD!

@trixter If the fediverse and other, lesser, social media platforms like blewski have to continually be compared to Twitter, the Platform Formerly Known As Twitter (PlaFKAT for short) will always be compared to its former self.
@trixter @scalzi "we would like everyone to stop talking about that time we were successful"
@scalzi Is not advertising on a platform really a boycott? Maybe the platform no longer reaches the audiences that advertisers are targeting.
@lightninhopkins @scalzi Advertisers which are mainly composed of Chinese enterprises and tech bros shilling crypto coins that no one's heard of.
@scalzi
The numbers are hilarious. Subscription revenues estimated at $120mil/year?
One *deliberately* non-profit I worked for back in the day operated on about $40mil/year with a salaried headcount of 150 employees approx., a building to rent, plus all other usual operating expenses.
Different industry and business model, so not apples to apples, but if X revenue is 3x my former non-profit employer, and X employs what, still around 800 and losing advertisers?
Farking hilarious!

@scalzi

The billionaires who helped Musk buy Twitter still consider it money well wasted.

It destroyed Twitter as a means of communication about science, democracy, pandemics, the law, or human rights.

It made Twitter into an unrivaled source of disinformation for the GOP, #KochNetwork, Russia, China, and OPEC.

It made Twitter the friend of every despot or wannabe despot on the planet.

It made Twitter into a platform for bigotry, anti-vaxx Qrazies, election & climate deniers, and incels.

@Npars01 @scalzi And by doing it incrementally it prevented a rush to create a decent alternative, illustrated by the number of idiots who are still there despite not being Nazis. "But muh FOLLOWER COUNT"

@jlroberson @Npars01 @scalzi

It's very reductive to think of the decent people still on Twitter as shallow idiots.

As was said earlier a oot of networks and communities are vanishing from the platform. Guess what's happening to the remaining members who don't know how to find safe alternatives elsewhere? Or whose friends and support networks are only easily accessible via Xitter?

Many of them are victims of that takeover, I think they deserve a bit more kindness...

@FrenchPanda @Npars01 @scalzi Certainly and they should also be kind to themselves. I already said months ago the idea this was still a safe space for anyone but Nazis was a desperate delusion, and I still do. I don't accept that after a whole year of Musk consistently proving it wrong. It does someone no good, nor is it kind, to encourage them to stay near their bully, especially when you can see that bully coming for them next, sorry. This almost might have made sense a year ago at this time.
@FrenchPanda @Npars01 @scalzi It's like screaming at a group of people walking down the road, "Watch out! There are bandit rapists waiting for you around the corner" because that's what you saw waiting there, and that group throwing rocks back at you saying "THIS IS SUCH A NICE WALK WE'RE HAVING! LET PEOPLE ENJOY THINGS!" and continuing their walk

@jlroberson @[email protected] @scalzi

There have always been people who ignore warnings, walk into disaster, then blame others for not warning them often enough or loudly enough.

Self-absorption. Anxiety-reduction tactic. Self-soothing conduct.

Cassandra
https://en.m.wikipedia.org/wiki/Cassandra

Cassandra - Wikipedia

@jlroberson @FrenchPanda @Npars01 @scalzi hmm, did these rocks actually hit you?

Forgive me, but from your tone, it appears to me that you're the one throwing rocks. I have no idea what response you got from others, but I do know a lot of people on Twitter who can't really be bothered to throw rocks at someone shouting around about a niche network (as they see it).

@jlroberson @Npars01 @scalzi

Your non-acceptance means nothing to me or to them, sorry. But I am glad you can feel better and wiser than they.

Bye.

@FrenchPanda @Npars01 @scalzi Your bye means nothing, you're a random stranger, and I'm already blocking you.
@FrenchPanda @jlroberson @Npars01 @scalzi that’s fair. Before finding Mastodon, I considered going back to X a handful of times. I left when Elon bought out Twitter but missed the community that I built on the site. It was really difficult to find an alternative for a while. Glad to be on Mastodon now though, I’ll never go back to X as it is.

@FrenchPanda @jlroberson @Npars01 @scalzi

There are still many active decent folks with highly active networks of benign interests who have neither been targeted, or have successfully shielded themselves, and aren’t seeing the chaos beyond the hot useless mess made of notifications.

The issue is, their particular nerddom is NOT presented nor as interactive on the other platforms. They see no reasons to migrate. Media fans, comic nostalgia music comedy nerds, nostalgia not active elsewhere

@Npars01 @scalzi I left a year ago November. I miss the interaction. I actually talked to people I admire. I was followed by Joyce Carol Oates. 💕 I like mastodon and Substack but it's not the same. I don't miss the contrarian know-it-alls... but it sounds like twitter is completely ruined now.
@scalzi @lisamelton It remains hard for me to think of people — single individuals — who have so much money that they can lose *ten figures* of value and still not only are they not utterly financially destroyed, but they still have ten or eleven figures more.
@scalzi @prvrtl Привіт. Підкажи. Я почав користуватись trakt у цьому році, напевно не вірно вказав які фільми та шоу я дивився, тому що тракт вирішив що це все сталося цього року. Як правильно б це зробити?
@thx8te @scalzi коли додаєш щось в історію переглядів - обовʼязково треба вказувати дату перегляду, інакше перегляд ставиться в момент додавання
@prvrtl @scalzi А є варіант суто вказати що дивився колись? Наприклад я бачив всього Декстера як це вказати щоб не записати одним днем?
@prvrtl @scalzi Пишу що дивися у дату релізу
@scalzi if you go to x.com, you are immediately redirected to Twitter.com. it's still Twitter.
@scalzi
Tots & pears, #SpaceKaren 💅
P.S. Nice own goal 🤡

@scalzi *Loki meme*

Yes yes, very sad.

Anyway!

@scalzi Be a shame if the platform for a fascist-adjacent like Musk fails, innit. RIP Twitter.

@scalzi

They haven't been Twitter (dead word) since he carried that sink.

Stop talking about that company in any form, other than historically.

@scalzi
Per the article, Twitter was rarely profitable before the takeover. But it was always close enough to profitability that it could have survived on cash left over from its IPO for a long time, and on its ordinary lines of credit after that, before resorting to hard money lines of credit.

Now it's carrying a massive load of hard money credit. Its second largest owner is the Saudi prince who runs the Saudi sovereign wealth fund -- apparently from his personal wealth, but given that he was in prison for a while for not kissing the boots of the acting king, he's on a short leash.

The Saudis want Twitter dead, because it was an organizing tool for dissidents. The prince may be sad about losing his investment, but he's probably already celebrating his return to royal favor.

Other investors are fascists like Phony Stark, but not as crazy. Their attitude is probably, "You win some, you lose some."

The bankers are probably sweating a lot though, and contemplating clawback lawsuits.