this post was submitted on 21 Jun 2023
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My question is: Why? When he was just focused on spaceX and Tesla very few times I would hear about this behavior (I might just live under a rock). But now that he is focused on Twitter it's like he decided to be a piece of shit even more.
Because he’s largely been removed from the day-to-day for those companies due to his ineptitude .
Twitter is his biggest public image failure and unlike being viewed positively like he once was for SpaceX/Tesla, he’s copped a lot of negative feedback from Twitter users and is lashing out in a tantrum.
That makes sense
Has he invented self-driving cars? Has he put a man on Mars?
Are either of those companies any closer to achieving those hypebeast goals today than they were 5 years ago?
He's always been a clown, you were just really entertained by his balloons before.
It's been happening but on a lesser scale, last one I recall was this, but with Tesla he didn't have an active debt to pay off.
Twitter does
Twitter has three large pieces of debt with interest coming due: $6.5 billion that was meant to be sold to leveraged-loan investors, and $6 billion of bridge loans, split equally between a secured and unsecured tranche, that banks had planned to sell in the form of junk bonds.Source: https://www.bloomberg.com/news/articles/2023-01-18/elon-musk-has-more-to-lose-if-he-tries-to-skip-twitter-debt-payment
The rumor I read was that he wants to be as poor at business as possible for the small things, so that when he has to refinance billions of dollars re: his loan w/ the banks, creditors will see how he's been operating as of late and are more likely to negotiate with him or reframe how much they think they can recoup.
So, stiff people for hundreds of thousands here and there in the hopes that you can shave a few billion off of the more important debt
Imagine thinking Musk is some 5d chess expert and not just a fucking dumbarse with too much money.
That doesn't make any sense. He's lost 10's of billions on Twitter. Nor do banks operate in that way This is just who he is.
Why would being an idiot incline the bank to lend at more favorable terms? If anything this kind of behavior is a red flag for lenders.