{"id":509492,"date":"2022-11-13T06:35:48","date_gmt":"2022-11-13T03:35:48","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/his-business-skills-put-to-the-test\/"},"modified":"2022-11-13T06:35:48","modified_gmt":"2022-11-13T03:35:48","slug":"his-business-skills-put-to-the-test","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/his-business-skills-put-to-the-test\/","title":{"rendered":"#His business skills put to the test"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3651394a101\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3651394a101\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/his-business-skills-put-to-the-test\/#%E2%80%9CHis_business_skills_put_to_the_test%E2%80%9D\" >&#8220;His business skills put to the test&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CHis_business_skills_put_to_the_test%E2%80%9D\"><\/span>&#8220;His business skills put to the test&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n<div class=\"inline-module inline-module--columnist inline-module--author\">\n<div class=\"inline-module--author__img\">\n            <img decoding=\"async\" width=\"76\" height=\"69\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/Gasparino_Charles_headshot.png?w=76&amp;h=69&amp;crop=1\" class=\"attachment-nyp_columnist size-nyp_columnist\" alt=\"Charles Gasparino\" loading=\"lazy\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/Gasparino_Charles_headshot.png?w=152 152w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/Gasparino_Charles_headshot.png?w=114 114w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/Gasparino_Charles_headshot.png?w=76 76w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/Gasparino_Charles_headshot.png?w=38 38w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/Gasparino_Charles_headshot.png 706w\" sizes=\"auto, (max-width: 76px) 100vw, 76px\"\/><\/div>\n<\/div>\n<\/aside>\n<aside class=\"single__inline-module alignleft\">\n<div class=\"inline-module inline-module--primary-tag inline-module--author\">\n<div class=\"inline-module--author__img\">\n            <img decoding=\"async\" width=\"76\" height=\"69\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/Gasparino_Charles_headshot.png?w=76&amp;h=69&amp;crop=1\" class=\"attachment-nyp_columnist size-nyp_columnist\" alt=\"Charles Gasparino\" loading=\"lazy\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/Gasparino_Charles_headshot.png?w=152 152w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/Gasparino_Charles_headshot.png?w=114 114w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/Gasparino_Charles_headshot.png?w=76 76w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/Gasparino_Charles_headshot.png?w=38 38w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/Gasparino_Charles_headshot.png 706w\" sizes=\"auto, (max-width: 76px) 100vw, 76px\"\/><\/div>\n<\/div>\n<\/aside>\n<p>Not all great business visionaries make great business leaders. Steve Jobs was certainly a great visionary, but his business skills were so lacking, he was booted from the company he created. He returned to <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">App<\/a>le years later and built a much better mousetrap, having spent time in those intervening years learning from his mistakes.\u00a0<\/p>\n<p>In the coming months, we will be able to determine if Elon Musk, the Tesla CEO and now owner of the influential but unprofitable <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social media<\/a> behemoth Twitter, has the ability to rise to Jobsian heights.\u00a0<\/p>\n<p>It won\u2019t be easy for many reasons, including the most formidable obstacle to Musk\u2019s success: Musk himself.\u00a0<\/p>\n<p>I know what you\u2019re saying: Hasn\u2019t Musk already proven himself to be the next Steve Jobs? At last count, he\u2019s the world\u2019s richest man. He built Tesla into an iconic brand in the growing electric-vehicle market while dabbling in a myriad of other successful \u00adpursuits.\u00a0<\/p>\n<p>Maybe, but his net worth has declined dramatically in the past six months as investors began to poke holes in Tesla\u2019s business model and Elon\u2019s mastery of simple \u00adinvesting.\u00a0<\/p>\n<p>Investor Doug Kass calls Tesla \u201cthe most overvalued company in history.\u201d For good reason: Based on its market cap of more than a $600 billion, its profit should be multiples of the roughly $5.5 billion it made last year.\u00a0<\/p>\n<figure class=\"wp-block-image size-large is-resized is-style-default\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/musk-tough-jobs-2.jpg?w=1024\" alt=\"Steve Jobs.\" class=\"wp-image-24635751\" width=\"618\" height=\"411\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/musk-tough-jobs-2.jpg?quality=75&amp;strip=all&amp;w=1233 1236w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/musk-tough-jobs-2.jpg?quality=75&amp;strip=all&amp;w=925 927w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/musk-tough-jobs-2.jpg?quality=75&amp;strip=all&amp;w=618 618w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/musk-tough-jobs-2.jpg?quality=75&amp;strip=all&amp;w=308 309w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/musk-tough-jobs-2.jpg?quality=75&amp;strip=all 1024w\" sizes=\"auto, (max-width: 618px) 100vw, 618px\"\/><figcaption>Steve Jobs learned from his mistakes before returning to the helm at Apple.<\/figcaption><figcaption><span class=\"credit\">Bloomberg via Getty Images<\/span><\/figcaption><\/figure>\n<p>EV subsidies, Environmental Social Governance investing trends, and lots of free money by the Fed contributed to Tesla\u2019s stratospheric valuation. Increased competition in the EV market now pressures Tesla\u2019s shares in the opposite direction, as do higher interest rates.\u00a0<\/p>\n<p>With a likely GOP House, ESG (and those Tesla subsidies) will come under scrutiny because \u00adRepublicans believe it pushes left-wing politics and oil companies to stop drilling.\u00a0<\/p>\n<p>\u2018The worst buyout.\u2019\u00a0<\/p>\n<p>Which brings us to Musk\u2019s purchase of Twitter. Like Kass, analyst Dan Ives gives this Musk venture a negative superlative, describing it as the \u201cworst LBO [leveraged buyout] in the history of tech.\u201d\u00a0<\/p>\n<figure class=\"wp-block-image size-large is-style-default\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/musk-tough-jobs-4.jpg?w=1024\" alt=\"Elon Musk.\" class=\"wp-image-24635773\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/musk-tough-jobs-4.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/musk-tough-jobs-4.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/musk-tough-jobs-4.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Elon Musk borrowed around $13 billion to purchase Twitter.<\/figcaption><figcaption><span class=\"credit\">Bloomberg via Getty Images<\/span><\/figcaption><\/figure>\n<p>The world\u2019s richest man didn\u2019t want to or maybe couldn\u2019t afford the entire $44 billion price tag on his own, so he borrowed \u2014 a lot, around $13 billion. The Musk-owned Twitter \u2014 which rarely makes money and has negative cash flow \u2014 will see its annual debt expense grow exponentially to around $1 billion.\u00a0<\/p>\n<p>Musk, by most estimates, overpaid by anywhere from $20 billion to $40 billion for his new toy, which is why he\u2019s firing people \u2014 even those he needs to keep the social media site up and running.\u00a0<\/p>\n<p>How could such a great executive do that? The reason was best explained to me by a banker who knows Musk well.\u00a0<\/p>\n<p>\u201cElon doesn\u2019t read balance sheets and financial statements,\u201d he said. \u201cIt\u2019s all gut for him.\u201d\u00a0<\/p>\n<p>\u201cGut\u201d told him to buy Twitter, waiving due diligence about the company\u2019s annoying bot problem, as markets and his own currency (Tesla stock) began to correct. Musk wanted to own the global public square. Sounds great until the bill came due and his gut told him to try to renege.\u00a0<\/p>\n<p>Not sure what his gut said when he suddenly reversed course again, but I\u2019m pretty sure his legal team told him to ignore it because he was facing a humiliating defeat in Delaware\u2019s Chancery Court.\u00a0<\/p>\n<p>Musk is still very rich \u2014 he\u2019s worth around $200 billion. But much of it is in Tesla stock, which has crashed about 50% from its highs. His net worth has declined by around $100 billion in recent months.\u00a0<\/p>\n<p>Add it all up, and you get the feeling that Elon has a ways to go before he is next Steve Jobs.\u00a0<\/p>\n<p>Still \u2018Ape\u2019 for AMC\u00a0<\/p>\n<p>AMC Theaters is a money-losing movie-house chain, but it has a cult-like investor base. They call themselves the \u201cApes.\u201d They love the stock despite the company\u2019s funky balance sheet (debt, and losses) and plans to dilute their holdings with new preferred shares.\u00a0<\/p>\n<figure class=\"wp-block-image size-large is-style-default\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/musk-tough-jobs-3.jpg?w=1024\" alt=\"Elon Musk.\" class=\"wp-image-24635782\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/musk-tough-jobs-3.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/musk-tough-jobs-3.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/musk-tough-jobs-3.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Elon Musk overpaid for Twitter by anywhere from $20 billion to $40 billion.<\/figcaption><figcaption><span class=\"credit\">REUTERS<\/span><\/figcaption><\/figure>\n<p>Their continued allegiance to the stock is worthy of Freudian analysis (which I won\u2019t get into here) because it\u2019s based on a easily disprovable conspiracy theory that\u2019s prominent on message board and social media.\u00a0<\/p>\n<p>Basically, the Apes believe if they hold the stock long enough, at some point shares will rise. Greedy Wall Street hedge funds who want to destroy AMC for no apparent reason are betting that shares will decline through short sales. Because of the Apes\u2019 strategy, the hedgies will be forced to cover their bets and shares will soar to $100 or even $1,000.\u00a0<\/p>\n<p>So far, just the opposite has happened. About 90% of AMC\u2019s value has evaporated since its highs of last year. Continued operating losses for third quarter and a weak slate of <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/watch-movies-tv-seriess\/\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Watch Movies &amp; TV Series\" target=\"_blank\" rel=\"noopener\">movies<\/a> mean the stock will remain under pressure. AMC shares popped Friday on some Ape-inspired euphoria over the strong box-draw of the latest \u201cBlack Panther,\u201d but they were valued (preferred plus common) at a paltry $8.81.\u00a0<\/p>\n<p>Maybe that\u2019s why company insiders, such as top executives, unloaded more than $100 million of AMC stock as the Apes were holding and buying.\u00a0<\/p>\n<p>Take CEO Adam Aron. Between November 2021 and early January 2022, Aron sold $43 million worth of his AMC shares at prices between $20 and $40, records show.\u00a0<\/p>\n<p>Aron is fond of telling the investing world how much he loves the support of his friends in the Ape community. It\u2019s obvious why. Their irrational exuberance helped bail out the company from likely bankruptcy after its pandemic closure, and blunted the impact of streaming on ticket sales. Plus, they made him rich.\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/11\/12\/elon-musks-tough-jobs-his-business-skills-put-to-the-test\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;His business skills put to the test&#8221; Not all great business visionaries make great business leaders. Steve Jobs was certainly a great visionary, but his business skills were so lacking, he was booted from the company he created. He returned to Apple years later and built a much better mousetrap, having spent time in those&#8230;<\/p>\n","protected":false},"author":1,"featured_media":509493,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/musk-tough-jobs-comp.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[135453,39394,91831,36402,10401],"class_list":["post-509492","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-11-12-22","tag-elon-musk","tag-steve-jobs","tag-tesla","tag-twitter"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/509492","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=509492"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/509492\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/509493"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=509492"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=509492"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=509492"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}