I personally don't care about Musk the attention whore, but I'm impressed by Musk the visionary. He's pulled off many things that were once considered unthinkable. In that regard, I believe he'll make something out of Twitter for everyone's benefit.
If the twitter board had put in 1/10 of the efforts that they put in to trick Musk into overpaying for such a crappy deal, Musk wouldn't need to go in and buy it in the first place. Congrats to those who bought and held through to the closure of the deal. As much as I feel bad for Musk for overpaying for a lemon, he still should've done better due diligence to find out about twitter's fake accounts before getting into the deal. And shame on SEC for ignoring twitter's misrepresentation and fraud and still forcing Musk to take the deal.
Most of the stocks of companies like zoom and docusign were really opportune companies that arose out of a very unique and special situation that created an exceptionally high demand for their service. Now this special situation has subsided a little bit then of course the demand for, the exceptionally high demand for their service would be gone and the stock price would adjust accordingly as well. This is normal and should be expected and the companies themselves should've really foreseen that and prepared for this adjustment. What is left still would be just the usual level of demand for their service; whatever the level of demand for their service that existed before covid should still stand provided that they continue to provide the high level of quality of service as before. So their share price has not completely crashed and is still retaining the level before covid and is now actually higher than what was pre-covid. So I wouldn't qualify this as a dot-com crash but rather a situational adjustment. All of these tech stocks have pretty much maintained the price level and are trading at an even higher level before covid.
Musk will easily get his monies back. He has fired top executives and thousands of employees will be laid off. Most of them, exorbitantly paid, woke censors. Who needs them? Now, all of them can find a job in the real world where qualifications do matter. Suddenly, Twitter is a much more leaner and more financially viable company. Shareholders I am sure, except, the woke, extreme liberal ones are going to support Elon Musk 100,000%, why wouldn't you?
IMO it is important to take a look at the Tech Sector as a whole. The entire sector is down near 40% over the past year; while the S&P 500 is only down 15%. Looking in at the Internet Index -- it is down over 52% over the past year. The picture is not pretty for the Tech / Internet sector and is very reminiscent of the first dot.com tech sector bust. The drop in technology spending by companies in the second half of this year --- coupled with fewer individuals using Zoom and other remote support technologies --- does not paint a good picture moving forward into the first half of 2023. This does not even touch on the significant drop in digital ad spending and the associated chaos at Meta, Twitter, and other social media firms. The drop in the Tech sector is structural and there will not be a quick rebound in the next six months. 40% down already and continuing. The situation is even worse with companies within the Internet sector. Many of these companies are not trading higher than they did before Covid.
He has Asperger's, impulse control problems and an unlimited bankroll. It was a troll buy and now he thinks he can treat it as a PE investment and go public after monetizing the traffic. I guarantee you they lose more users than they gain YoY. Nobody is going to pay to use TWTR as it's not monetizable like insta on the influencer level and they will lose big advertisers in droves. I use it for politics and fintwit and will be happy to walk away as it degenerates. He'll never be able to take it public for more than he paid. It's legit a $20 stock. Imagine where it would have traded if not in play.
The brilliant visionary took one too many bites out of the apple. Seems a few of Musk's competitors in the auto biz are a little apprehensive about continuing to advertise on Twitter (data collection kinda thing) - wait and see attitude for the moment.
There are 87,998 jobs with the keyword javascript right now on Indeed. If this is true then we should see a massive loss of jobs when it comes to front end development. All we have really had so far is a repricing of public tech stocks after getting into a stupid situation with the pricing of tech after covid. "Startup" hasn't become an ugly word and we are almost a year into this. I just don't see the value in modeling the current situation off of dotcom. It is just such a different situation. This isn't dotcom 2.0, this is its own thing as it always is.