[bitt]

https://twitter.com/ClayTravis/status/1646149354959298562

Clay Travis
@ClayTravis

Elon Musk says
@twitter

only has 1500 employees now, down from 8000 when he bought the company and is now on track to break even on a cash flow basis as opposed to lose $3 billion. So Musk has fired roughly 80% of the company and the business is now better off. I wonder how many companies could do the same.

[thinden]

. I wonder how many companies could do the same.

Xxxxxxxxxxxxxxxxxxxxxxxxx

I wonder how many federal agencies could do the same

[Disestablishmentarian]

So Musk has fired roughly 80% of the company and the business is now better off. I wonder how many companies could do the same.

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I'm afraid we're about to find out. Thousands of companies have been living on cheap, easy-to-obtain debt. As these obligations roll over (to new bonds, new long-term credit facilities) these companies are seeing their financial houses of cards starting to collapse.

The timing of this credit crunch could not be worse, as many of these companies fattened up during the CV phase--people at-home and with unexpected government payments in their pockets leading to revenue windfalls which have now vanished as rapidly as they arrived.

I have talked to numerous people from different companies who have hit this same double-barreled financing & cash-flow crisis.