Some chatter about SubStack v Twitter
A piece from Axios attacking the latest SubStack fund raiser
Substack gets writers to invest, but doesn't share new financial info (axios.com)
The author is “talking his book” as the authors on SubStack have far more interesting things to say about important issues – even the article looks like it could have been written and posted on SubStack!
“Substack was required to disclose financials for 2020 and 2021 only, which it did yesterday ($12m of 2021 gross revenue, $22m net loss and $55m of cash on hand). It could have added all or part of 2022 financials to the mix, but chose not to.”
"We're a private company, so we're releasing what we're required to release," explains Substack co-founder and CEO Chris Best.”
Enquiring minds might want to know what SubStack is going to do with 55m + 7.5m from the capital raise, but hey, trust is important in any relationship!
The author’s bottom line:
“Substack's greatest asset has always been its values-driven mission, including a deep respect for writers. Unfortunately, this crowdfunding round didn't show that same respect.”
Writers will see what their pledges amount to. Maybe shares in a company?
There is this piece also:
Shots Fired: The Twitter-Substack War & Matt Taibbi's Not-So-Good-Friday | ZeroHedge
“As the first Easter weekend in three years with the possibility of 'normality' in social interactions, 'Good Friday' turned into a 'No Good, Very Bad Friday' for many Substack-ers, including most notably Twitter Files-amplifying journalist Matt Taibbi.”
Taibbi reviewed “Twitter Files” supplied to him and others by Elon Musk, who owns Twitter.
Here is a response from Elon Musk.
Hopefully it is “clickable” and not blocked!!
SubStack was doing what? Ack!
Here is the view from ZeroHedge
Onwards!
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Musk is a classis predator: I think he is deliberately attempting to destabilise Substack so that he can acquire it cut price.
I have never trusted Musk, but even he knows that Twitter and Substack both feed off each other, to mutual advantage. Maybe he sees the metrics, and realises that the Substack model is vastly superior. Which it is. It is a paradigm shift, in that content creators are rewarded financially for their work: unlike almost all social media except the very niche 'Onlyfans' DIY porno site.
World's going to hell. But the last human left on earth's thumbs will still be busy posting it's latest opinion about totally irrelevant bs. The chattering classes have it. Keep tweeting, twittering, etc etc etc. Up there with Nero fiddling whilst Rome burned down to the ground.