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  ·2022-11-08
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  Twitter’s Big Debt Bills Add Urgency to Musk’s Turnaround Plans
  Cutting spending could make it harder to raise the revenue needed to cover $1.2 billion in annual in
  Twitter’s Big Debt Bills Add Urgency to Musk’s Turnaround Plans
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your opinion about this news…","listText":"Share your opinion about this news…","text":"Share your opinion about this news…","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9987686967","repostId":"1168937707","repostType":2,"repost":{"id":"1168937707","kind":"news","pubTimestamp":1667887756,"share":"https://ttm.financial/m/news/1168937707?lang=&edition=fundamental","pubTime":"2022-11-08 14:09","market":"us","language":"en","title":"Twitter’s Big Debt Bills Add Urgency to Musk’s Turnaround Plans","url":"https://stock-news.laohu8.com/highlight/detail?id=1168937707","media":"Bloomberg","summary":"Cutting spending could make it harder to raise the revenue needed to cover $1.2 billion in annual in","content":"<html><head></head><body><p>Cutting spending could make it harder to raise the revenue needed to cover $1.2 billion in annual interest payments.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ac8c17520985cd894395ef74587e4eae\" tg-width=\"1000\" tg-height=\"750\" width=\"100%\" height=\"auto\"/><span>Photo illustration: 731; photos: Getty Images (5)</span></p><p>Elon Musk has wasted no time in transforming Twitter Inc. since buying the company for $44 billion on Oct. 27. He’s fired most of the senior executive team, including the chief executive officer and the chief financial officer; fired about half the staff over email; has told people at the company he’ll repeal its work-from-anywhere policy, forcing employees back to the office after years of remote work; and proposed changes to try to pull in significantly more revenue from the company’s fledgling subscription service.</p><p>There’s a reason for the urgency: Twitter has big new bills to pay. The deal was a leveraged buyout, with Musk using borrowed money that goes on Twitter’s balance sheet. Twitter’s debt load has jumped to about $13 billion, up from a pre-deal situation where it owed $1.7 billion on junk bonds, along with other types of debt that could be converted into stock. The effect of this shift is that Twitter will have annual interest payments approaching $1.2 billion, up from below $100 million in the pre-Musk era. The situation could get even more expensive for Twitter, because the interest rates on about half of that debt aren’t locked in and will rise with the market. The company hasn’t been profitable for a full calendar year since 2019, and things weren’t looking better this year. Twitter posted a net loss of $270 million in the second quarter and was projected to lose more than $200 million in the third quarter. (The deal closed before earnings were reported.)</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/03006b47901a343a4e7fd9df7334c812\" tg-width=\"1000\" tg-height=\"566\" width=\"100%\" height=\"auto\"/><span>Musk arriving at Twitter’s headquarters.Photographer: Twitter account of Elon Musk/AFP/Getty Images</span></p><p>Musk knows this, of course, which is why he suddenly appears to be offloading everything at Twitter that isn’t bolted to the floor. Slashing the head count is the easiest way to quickly eliminate major costs; stock-based compensation for Twitter employees accounted for $630 million last year, or 12% of total revenue. Musk is also planning to close offices and has demanded that the company find $1 billion in annual savings by cutting infrastructure costs, Reuters has reported. That would mean less money spent on things such as server space and cloud services.</p><p>Rapid cost cutting isn’t necessarily the best path to profitability, because it can hamper a company’s ability to develop better ways to earn money over time. The cuts included the almost complete elimination of the departments for marketing, communications, human rights and celebrity partnerships, which could make it harder for Twitter to attract and retain users and advertisers.</p><p>The chaos created by suddenly dismissing 3,700 people was also on display over the weekend, when the company began reaching out to dozens of fired workers to ask them to return. In some cases, they were fired by mistake. In other cases, management realized it needed them to help build the new features that Musk wants.</p><p>As it stands, Musk’s most notable plan to improve Twitter’s earning potential appears to be a monthly subscription service that will give users a handful of perks, including the coveted blue check verification badge, for $8 a month. He’s also asking employees to try to revive Vine, the short-form video app the company shut down in 2016, which could provide extra advertising opportunities. Twitter is also working on a separate product that would let users charge people to watch its videos—great for movie trailer releases or, you know, porn. But such video products would likely come with additional storage costs.</p><p>Musk badly needs those products to work in part because Twitter’s existing business model, advertising, suddenly looks vulnerable. The entire digital ad industry is struggling, and advertisers seem apprehensive about Musk’s ownership of Twitter. Big brands such as Volkswagen, Pfizer and General Mills have said they’ll halt Twitter ad spending at least temporarily, and Musk has acknowledged a “massive drop” in revenue as a result.</p><p>Advocacy groups are encouraging other brands to avoid Twitter if Musk pulls back on some of the company’s policies governing hate speech and misinformation, which he’s likely to do. The Twitter executives with the deepest relationships with advertisers—and who may have been in charge of soothing them or wooing them back—have been fired.</p><p>All this maneuvering puts a lot of pressure on Musk. He’s always been fond of moving fast. The debt and chaos he’s brought to Twitter ensures that he won’t have the luxury of operating any other way.</p></body></html>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Twitter’s Big Debt Bills Add Urgency to Musk’s Turnaround Plans</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTwitter’s Big Debt Bills Add Urgency to Musk’s Turnaround Plans\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-11-08 14:09 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2022-11-07/twitter-layoffs-could-hamper-elon-musk-s-turnaround-plans><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Cutting spending could make it harder to raise the revenue needed to cover $1.2 billion in annual interest payments.Photo illustration: 731; photos: Getty Images (5)Elon Musk has wasted no time in ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2022-11-07/twitter-layoffs-could-hamper-elon-musk-s-turnaround-plans\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","TWTR":"Twitter"},"source_url":"https://www.bloomberg.com/news/articles/2022-11-07/twitter-layoffs-could-hamper-elon-musk-s-turnaround-plans","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168937707","content_text":"Cutting spending could make it harder to raise the revenue needed to cover $1.2 billion in annual interest payments.Photo illustration: 731; photos: Getty Images (5)Elon Musk has wasted no time in transforming Twitter Inc. since buying the company for $44 billion on Oct. 27. He’s fired most of the senior executive team, including the chief executive officer and the chief financial officer; fired about half the staff over email; has told people at the company he’ll repeal its work-from-anywhere policy, forcing employees back to the office after years of remote work; and proposed changes to try to pull in significantly more revenue from the company’s fledgling subscription service.There’s a reason for the urgency: Twitter has big new bills to pay. The deal was a leveraged buyout, with Musk using borrowed money that goes on Twitter’s balance sheet. Twitter’s debt load has jumped to about $13 billion, up from a pre-deal situation where it owed $1.7 billion on junk bonds, along with other types of debt that could be converted into stock. The effect of this shift is that Twitter will have annual interest payments approaching $1.2 billion, up from below $100 million in the pre-Musk era. The situation could get even more expensive for Twitter, because the interest rates on about half of that debt aren’t locked in and will rise with the market. The company hasn’t been profitable for a full calendar year since 2019, and things weren’t looking better this year. Twitter posted a net loss of $270 million in the second quarter and was projected to lose more than $200 million in the third quarter. (The deal closed before earnings were reported.)Musk arriving at Twitter’s headquarters.Photographer: Twitter account of Elon Musk/AFP/Getty ImagesMusk knows this, of course, which is why he suddenly appears to be offloading everything at Twitter that isn’t bolted to the floor. Slashing the head count is the easiest way to quickly eliminate major costs; stock-based compensation for Twitter employees accounted for $630 million last year, or 12% of total revenue. Musk is also planning to close offices and has demanded that the company find $1 billion in annual savings by cutting infrastructure costs, Reuters has reported. That would mean less money spent on things such as server space and cloud services.Rapid cost cutting isn’t necessarily the best path to profitability, because it can hamper a company’s ability to develop better ways to earn money over time. The cuts included the almost complete elimination of the departments for marketing, communications, human rights and celebrity partnerships, which could make it harder for Twitter to attract and retain users and advertisers.The chaos created by suddenly dismissing 3,700 people was also on display over the weekend, when the company began reaching out to dozens of fired workers to ask them to return. In some cases, they were fired by mistake. In other cases, management realized it needed them to help build the new features that Musk wants.As it stands, Musk’s most notable plan to improve Twitter’s earning potential appears to be a monthly subscription service that will give users a handful of perks, including the coveted blue check verification badge, for $8 a month. He’s also asking employees to try to revive Vine, the short-form video app the company shut down in 2016, which could provide extra advertising opportunities. Twitter is also working on a separate product that would let users charge people to watch its videos—great for movie trailer releases or, you know, porn. But such video products would likely come with additional storage costs.Musk badly needs those products to work in part because Twitter’s existing business model, advertising, suddenly looks vulnerable. The entire digital ad industry is struggling, and advertisers seem apprehensive about Musk’s ownership of Twitter. Big brands such as Volkswagen, Pfizer and General Mills have said they’ll halt Twitter ad spending at least temporarily, and Musk has acknowledged a “massive drop” in revenue as a result.Advocacy groups are encouraging other brands to avoid Twitter if Musk pulls back on some of the company’s policies governing hate speech and misinformation, which he’s likely to do. The Twitter executives with the deepest relationships with advertisers—and who may have been in charge of soothing them or wooing them back—have been fired.All this maneuvering puts a lot of pressure on Musk. He’s always been fond of moving fast. The debt and chaos he’s brought to Twitter ensures that he won’t have the luxury of operating any other way.","news_type":1},"isVote":1,"tweetType":1,"viewCount":335,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"followers","isTTM":true}