this post was submitted on 17 Nov 2023
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How is it not obvious to everyone that he is trying to bankrupt X so he can skirt financial responsibility to his creditors?
The company is worth less than half of what he paid for it. He owes a billion dollars a year just to minimum payments. He knows he cannot make that money from a company that is unprofitable like Twitter/X.
His creditors include Saudi Arabia, Qatar, and allegedly parties with ties to Putin. I don't think they'll take kindly to losing their fortunes, even if you subscribe to the belief they will relish the collapse of Twitter/X for the general purpose of authoritarian reach. EM is gonna fall from a window at this rate.
Those parties got exactly what they wanted to buy. The death of their detractors' communication platform.
For 44 billion? That's a waste of money. They can keep DDOSing or filling the company with exploit writing informants for cheaper.
Don't get my hopes up
That's fair, but then why did he want to acquire it so bad?
Because he is not as smart as people think he is.
He did not invent Tesla. He did not create Twitter. He did not create SpaceX.
Musk has done nothing but use his family's emerald fortune to leverage wealth to create more wealth. He has not contributed to anything.
He didn't. He bought shares, then announced he'd buy it at a wildly inflated price to drive the stock price up so he could sell high. It was a pump and dump scheme and he never intended to actually buy Twitter. 3 days after Twitter agreed to be bought, he had already sold over 6 billion in Twitter stock.
The difference here was the Twitter board wasn't finna take that bullshit. They sued him and he was going to be forced to honor his disingenuous buyout offer, so he went through with it and has been hemorrhaging money.