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Workers are getting stiffed even as top execs at the company who pushed for the overpriced deal are angling for massive payouts. To make matters worse, big advertisers have been fleeing the app amid Musk’s antics, which included his posting and then deleting an article detailing an unfounded conspiracy theory about the attack on House Speaker Nancy Pelosi’s husband, Paul. Those include ex-CEO Parag Agrawal, who was set to bag $38.7 million before Musk fired him “for cause” in an apparent bid to thwart the payout. It’s a classic nightmare scenario in the world of leveraged buyouts, sources added - with workers getting stiffed even as top execs at the company who pushed for the overpriced deal are angling for massive payouts. Subtract the interest and capital expenditures from Twitter’s EBITDA and the company is $700 million in the red. On top of the punishing interest payments, Twitter typically spent about $600 million on capital expenditures, a banker said. AFP via Getty Images Interest payments on the massive trove of debt that Elon Musk used to finance the $44 billion buyout deal will unleash a torrent of red ink. “That’s why he is laying people off.” Big advertisers have been fleeing the app amid Musk’s antics. “The interest expense is higher than the EBITDA,” a banker close to the deal said. That’s more than Twitter’s typical yearly yield of $1.2 billion in earnings before interest, taxes, depreciation and amortization, or EBITDA - a key measure of profitability used by Wall Street. Specifically, Twitter will be forced to pay interest expenses on its nearly $13 billion in new loans that will amount to $1.3 billion per year, one banker close to the situation said. While the struggling social network posted a modest loss last year, interest payments on the massive trove of debt that Musk used to finance the $44 billion buyout deal will unleash a torrent of red ink at the struggling social network in the coming year, sources close to the situation said. Paul Gosar ripped for tweeting ‘Russia is not our enemy’Įlon Musk’s drastic decision to lay off half of Twitter’s workforce on Friday was driven by the company’s dire finances - with the now-private company on track to lose $700 million in 2023 if he hadn’t slashed costs, The Post has learned. Supreme test in ‘terror-death posting’ case: Can Big Tech be blamed?Īriana DeBose becomes a meme after ‘cringe’ BAFTA performance We must end the lethal loophole of Section 230
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