The Twitter albatross around Elon Musk’s neck

Elon Musk is by no means stupid. No one who creates his own company and in the process becomes one of the world’s richest people can do so without having considerable acumen in some areas of life. But such people can be, and often are, jerks and narcissists who get carried away by their success in one area to think that they somehow have a general ability to succeed at whatever they do that they can apply anywhere. That is what seems to have happened with Musk. Musk was a highly successful user of the Twitter platform, having close to 100 million followers, and was able to use it to sway financial markets and bring attention to himself. This must have made it seem that he could easily run it even better and draw even more attention to himself and was why he rashly made an offer to pay $44 billion for it, a figure that analysts said was way too high. After he realized that, he tried to back out of the deal but was sued and had to go through with it. After being forced to buy Twitter, Musk said in a tweet that he did so not “to make more money. I did it to try to help humanity, whom I love”. And there was much laughter in the land.
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I clearly pay too much attention to the crazies

Last Tuesday turned out to be the best mid-term elections for the party in power in 20 years, thwarting the so-called Red Wave. Republicans, Trumpists, and election deniers had been salivating over the prospect of getting massive wins in the Senate and House of Representatives and state offices and that simply did not happen.

Some of those down ballot races for state offices were very important. Take Nevada. Democrat Cisco Aguilar, who had never run for elected office before, defeated Trump-endorsed election denier Republican Jim Marchant for the position of secretary of state. This is important because the secretary of state oversees state elections and Marchant was the founder of an organization called America First Secretary of State Coalition that consists of seven election deniers running for similar positions in other states that sought to restrict access to the ballot as part of their effort to make sure that Republicans win.

Aguilar, an attorney and first-time candidate, cast himself as a bulwark against Marchant, who had intimated that he would try to make it easier for Trump to win his state in a comeback run for president.

“When my coalition of secretary of state candidates around the country get elected, we’re going to fix the whole country and President Trump is going to be president again in 2024,” Marchant said at a Trump-hosted rally in Nevada in early October.

“The secretary of state’s job is to protect democracy by keeping our elections fair and transparent,” Aguilar said in his most-played general election TV ad.

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Democrats take control of the Senate, reduce gap in the House

So much for the red wave. Democrats have already won 50 seats in the US Senate even before the Georgia runoff to be held on December 6th, meaning that they retain control.

Nevada announced the results of their election for US senate and incumbent Democrat Catherine Cortez Masto was declared the winner over Republican Adam Laxalt Jr by 48.8% to 48.1%. When this is coupled with yesterday’s result in Arizona where Democrat Mark Kelly retained his seat, defeating Blake Masters fairly easily by the margin of 52% to 46%, that gives Democrats 50 seats, the same number that they had before the elections, and thus will retain control of the senate.
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In US elections, a draw can become a win

One of the most encouraging results of Tuesday’e elections have been the ballot measures in the various states that resulted in expanded access to abortion (even in deep-red Kentucky), voting, and legalized marijuana and increases in the minimum wage. Oregon also seems likely to pass measures to establish a right to health care and to require a permit to buy firearms and high-capacity magazines.

When it comes to elections for offices, in objective terms, the results of the mid-terms has been a draw. The results are so close that at this point, the final outcome of which party controls the House of Representative and the Senate is still up in the air though it seems likely that the Republicans will have a tiny majority in the former. Right now, there are four undecided senate races. Of those, the one in Alaska is guaranteed to return a Republican since the top two candidates Lisa Murkowski and Kelly Tshibaka are both from that party. It will take some time to get the results since Alaska has a system where the top four people in the open primary go on to the general election and the winner there is decided by ranked choice voting, which takes longer to tabulate.
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No red wave for Republicans

At the time of this writing, it looks like the big issue of the election, which party get majorities in the House of Representatives and the Senate, remains up in the air. Republicans had been hoping for a ‘red wave’ that would easily give them control but that has not materialized. The typical situation where the party that holds the presidency loses big in the mid-term elections, did not pan out, despite Joe Biden’s low approval ratings.

Another provisional interpretation is that Joe Biden has defied the odds again. Just some years ago he was written off as a 2020 presidential candidate after a poor showing in Iowa and New Hampshire only to rally and win the party nomination.

Now the president looks set to best his Democratic predecessors Bill Clinton, who lost 54 House seats in his first term in 1994, and Barack Obama, who lost 63 seats in his first term in 2010. With the congresswomen Abigail Spanberger and Jennifer Wexton having survived in Virginia, it seems there will be no “shellacking” this time.

This is not just a Democratic phenomenon. The Republicans lost 40 seats in. 2018, the mid-terms held during the Trump presidency.
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What I will be looking for in today’s election results

Election day has finally arrived, which I am sure is a relief to all those who have been plagued for the last few weeks, if not months, with TV ads, mailings, and online fundraising pitches that describe in apocalyptic terms the disasters that will inevitably unfold if the opponents win, something that can only be averted if you send money immediately. In the past, the fear was that Republicans would implement policies that were anti-choice, xenophobic, anti-poor, anti-minorities, and anti-LGBTQ. Now the fear is that they will actually subvert future elections, an even more ominous prospect.

For me, the main item of interest is to see how many people will vote for candidates who have signed on to the insane idea that the last election was rigged and that Trump won, along with all the other accompanying QAnon conspiracies. These people have got a lot of attention and this election will be a good measure of how far this mass delusion has actually spread. There are undoubtedly many traditional Republican voters who do not believe all that nonsense. The question is whether they are disgusted enough by this attempt to subvert democracy that they abandon their party loyalty and vote against such candidates or whether their party loyalty is so strong that they are willing to overlook the very real danger of electing such dangerous people to high office.
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What’s the point of prices marked as $X.99 cents?

Elon Musk has to somehow find ways to make his purchase of Twitter for $44 billion work as a business deal as opposed to an ego trip. He has borrowed $13 billion from banks, and analysts are saying that he and the banks are going to take a financial bath on this deal because Twitter is simply not worth the price he paid unless it can drastically cut costs and greatly increase revenues. This article lists the revenues and expenses from 2012 until 2021, and since Musk has taken it private, this may be the last chance we’ll get to look at the books.

The company, launched in 2006, has shown a loss for every year since 2012 except for 2018 and 2019, with 2021 having a $221 million loss. Its revenue has grown over the years and was $5 billion for 2021, with $4.5 billion coming from advertising and 0.5 billion from other sources such as data licensing. About half of its revenue comes from outside the US.
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