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Patrick Boyle On Finance

Twitter is Going Bankrupt!

Patrick Boyle On Finance

Patrick Boyle

Investing, Business

4.9320 Ratings

🗓️ 2 December 2023

⏱️ 29 minutes

🧾️ Download transcript

Summary

Send us a textElon Musk told advertisers who have halted spending on X due to his endorsement of an antisemitic post to “go f**k” themselves, in an unhinged interview with Andrew Ross Sorkin (who Elon calls Jonathan). Musk said that a recent exodus of big brands was “going to kill the company, and the whole world will know the advertisers killed the company”.Musk, who bought Twitter (which he has renamed X) for $46.5 billion dollars (including transaction costs) in October 2022, dismissed the...

Transcript

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0:00.0

Hello and welcome. You are listening to Patrick Boyle on Finance, a podcast exploring ideas from quantitative finance, examining events occurring in markets right now and financial history to see what lessons can be taken away, including interviews with some of the most interesting people in the world of finance. To learn more about the podcast, visit onfinance.org.

0:27.5

A bit over a year ago, Elon Musk bought Twitter and on his first day in the office replaced all of the plumbing fixtures, which I'm told is an ancient Musk family tradition.

0:39.9

Its origins are lost to time.

0:42.8

That's not all he changed.

0:44.2

He changed the branding of the company to X, laid off 80% of the staff, replaced the content

0:51.1

moderation system with a crowdsourced community note system and added

0:56.6

paid verification checkmarks to replace the legacy system.

1:01.6

Musk reinstated a number of previously banned accounts and claimed to take a more free speech

1:08.4

approach on the platform, mostly only suspending accounts that

1:12.9

criticised or made fun of him personally.

1:16.8

On Wednesday this week, Musk lost his cool in an interview with Andrew Ross Sorkin,

1:23.1

who he calls Jonathan.

1:25.4

And Jonathan, like the only reason I'm here is because you were a friend.

1:30.3

I'm Andrew, but yeah, sorry, it's okay.

1:34.0

He said that the advertisers that stopped spending on the platform due to his endorsement

1:39.7

of an anti-Semitic post can fuck themselves.

1:43.5

Here's the clip. There was advertisers leaving.

1:46.1

We talked to Bob Eiger today. You hope they stop. You hope? Don't advertise. You don't want

1:51.7

them to advertise? No. What do you mean? If somebody's gonna try to blackmail me

1:57.7

with advertising, blackmail me with money? Go f*** yourself.

2:02.6

But go f*** yourself.

2:05.6

Is that clear?

...

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