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.
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.
Consider whether Twitter was stifling some other growth. If you buy and burn down an advertising billboard, letting light into a market garden–perhaps that is beneficial.
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.
Could have just bought land in Kentucky and sat on it. Made a nature preserve. Give the beavers and deer a place to chill for a century or more. Pretty lazy way to do charity but it still would have been better.
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.
The horrific opportunity cost inherent to having a billionaire class.
Guillotine noises intensify
Definitely prefer the vanity projects of the past. Libraries, city halls etc
Yeah. X makes various things named “Rockafeller” seem downright “not a dumpster fire” in contrast.
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.
broken window fallacy
Consider whether Twitter was stifling some other growth. If you buy and burn down an advertising billboard, letting light into a market garden–perhaps that is beneficial.
aah, Social Media in a nutshell.
You make a great point. Let’s spend hours and hours discussing it to death here. ;)
The money isn’t gone, it’s just changed hands
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.
Could have just bought land in Kentucky and sat on it. Made a nature preserve. Give the beavers and deer a place to chill for a century or more. Pretty lazy way to do charity but it still would have been better.