Yesterday, word spread over the internet that Twitter is offering its furnishings and bird logo for sale for a few more dollars. Today’s auctions were held, and the most unexpected purchase was the San Francisco office’s bird emblem, which brought in $100,000 for the business. Twitter was the day’s top earner.
Musk was fired along with the majority of the company’s top executives, and Twitter made the odd choice to sell off its office furnishings and equipment. Along with these significant products, Twitter also sold hundreds of thousands of protective masks, several phone booths, three beer storage barrels, a food dehydrator, and a pizza oven, all of which fetched over $10,000 each. more than $4,000
The auction was anticipated by many critics and pundits when Elon Musk tweeted in November that the company had seen a “sharp decline in revenue” after several advertisers pulled out. Although these sales are supposed to have a great impact on the company’s financial situation, it is questionable.
Twitter has allegedly failed to pay rent for offices around the world, including its headquarters in San Francisco, where the landlord is suing for non-payment. However, Nick Dow, a representative of Heritage Global Partners, the firm running the auction, told Fortune magazine that the sale of the bird logo has nothing to do with recouping the $44 billion purchase price.
“If anyone really thinks that the proceeds from selling a few computers and chairs will pay for the mountain there, then they are an idiot.”
No one can really understand the real reason for Musk’s call, as the several million Twitter proceeds from his office auction are pocket change compared to Musk’s vast fortune, even after his recent decline.
According to the Bloomberg Billionaires Index, Elon Musk’s net worth is currently $137 billion, good enough for him to be the second richest person in the world behind LVMH ( LVMHF ) chairman Bernard Arnault. But at its peak in November 2021, Musk’s net worth was $340 billion. This makes Musk the first person to lose $200 billion in wealth.
First, buying the social media platform for $54 billion didn’t do much for his net worth, and his other companies, including Tesla, Starlink, Nuralink, etc., are emptying Musk’s pockets instead of filling them.
Buyers are quickly losing interest in buying new Teslas, and that was evident last month after the company announced an unusual sale in an effort to clear inventory. Tesla offered two discounts for buyers who get the car before the end of the year, first a $3,750 discount and then doubling the discount to $7,500 in the two weeks remaining in 2022.