this post was submitted on 23 Jul 2023
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Enough Musk Spam
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Considering a lot of his financial backing for the acquisition was from the saudis, and since he already was upset about people making fun of him on Twitter paired with him being an immature manchild kept afloat by generational wealth and public money it makes sense he simply bought the platform to destroy it. The Saudi autocrats didn’t like the free speech issues it caused for them, and Elon just wanted his critics under control the devaluation and destruction are not much of an issue for him.
Ribbit
I'm surprised that anyone is surprised. Elon fucked up making an offer for a company that was way too much. He was forced to buy a company for more than it was worth, and for more money than he had. Who would give him the money to do that except someone who wanted to own the platform for other reasons? And now he's transparently doing everything possible to kill the platform, and everyone is like "Oh wow, Elon is suddenly so bad at business!" He's always been a petulant manchild, but he's not this inept. These are deliberate, calculated choices meant to do exactly what is happening, namely to kill Twitter.
To be perfectly clear Elon has never been exactly good at business.
There's a reason why SpaceX, his most successful company, just treats him like a figurehead and Gwynne Shotwell actually runs things.
Very strong belief is rich = smart and the whole 4d chess excuse.
Where is this from?
I read it in some articles I don’t remember during the process, but a quick google search turned up this for example:
https://www.newsweek.com/elon-musks-twitter-takeover-faces-backlash-over-saudi-financing-1755606
Interesting. I was unaware of other investment groups gone into coalition to make it happen. I was aware of several banks that are on the hook for $44billion though. All of which will definitely not see that money. Morgan Stanley, Bank of America, Mitsubishi UFJ Financial Group, Mizuho, Barclays, Societe Generale, and BNP Paribas.
The fact that such massive loans were taken out to make it happen doomed twitter from the start. The interest alone on these loans makes any monetisation strategy impossible. The company was never going to be able to pay it back.