Sure it’s his money but does anyone else feel legitimately frustrated at all the good that this money could have done?
Rich dudes have always had vanity projects, but there is no grand concert hall or library or university to come out of this. Just a ruined company with millions of wasted hours of effort. For nothing.
Definitely prefer the vanity projects of the past. Libraries, city halls etc
The nice thing about our economic system is that value is rarely completely destroyed, the money he paid for Twitter didn’t cease to exist, it went to former Twitter shareholders.
They may be using it in more productive ways than he ever would.
Just to add a little explanation to those who don’t get it: the man-hours spent by people working for then Twitter now X as well as resources used, uktimatelly for producing no wealth, could’ve instead been spent for something that did produce wealth.
Same amount of input money either way, but one produces wealth (in the economic sense of the word rather than merelly monetary) and the other just wastes manpower and resources.
millions of wasted hours of effort. For nothing.
aah, Social Media in a nutshell.
It doesn’t work that way. Almost all of the money in the world is debt owed to someone else. Very few things are bought with cash. It is really credit on credit on credit on credit. And all of that depends on trust. My company gets product from your company today with the promise to pay in a month, your company does the same…
When events like the Twitter buyout and burn happen it weakens trust. Which weakens credit. Which means the virtual money is gone.
