Elon Musk Buys Twitter

[Paranoid Android]

We do provide far, far too much support for the wealthy at risk of losing their fortunes. Limited liability with corporations shouldn't exist; if your company does something ruinous enough to bankrupt it with liability left over, the owners and executives should 100% be pursuable to redress that damage, as individuals. While I agree that bankruptcy shouldn't leave one homeless, I do think it should be adjusted such that you don't get to keep a mansion, if you own one. Downgrading to a 3-bedroom 1.5 baths starter home in a middling suburb should be the expected standard. Etc.

Fucking about should 100% be able to result in you going from billionaire status to having to work as night assistant manager at your local Burger King to pay the bills.

Musk's companies that are doing well are the ones that started with little to no competition.

Social media market is one of the most competitive and cutthroat in the world. With two trillion dollars companies with virtually unlimited resources.

Let's not forget Elon's Tesla and SpacX was propped up by the government early on. Always amazing as stated the money corporations and subsequent billionaires get from tax dollars then all of sudden we spending too much money.

The gall of Elon to cry about too much spending and then the sheepish attitude of letting Elon do whatever he wants as far as running over people. Even him not having to worry about government interference, he is still crying.

What the government needs to do is tell Elon to "STFU" you wouldn't be anything w/o the government and start making demands on anymore government projects. As I stated he failed upward enough in the private sector and is no Too Big To Fail.

[AntiFascistVoter]

What is it about weirdo plastic statues that attract Confederacy and Aparthied fans?

Apperantly this is a real thing by a French Musk fan, driving around in Brownsville Texas.


I only imagine it tries to pay homage to Musk and this:

[Dontrike]

What is it about weirdo plastic statues that attract Confederacy and Aparthied fans?

Apperantly this is a real thing by a French Musk fan, driving around in Brownsville Texas.
[IMG]https://cdn.bsky.app/img/feed_thumbnail/plain/didlc:yn75hmwkitdshnylue6d3grk/bafkreiedalva7amjy72wxztg33zv5ar7673d33sjjlpsda55ejk2rii2yy@jpeg[/IG]

I only imagine it tries to pay homage to Musk and this:
[IMG]https://pyxis.nymag.com/v1/imgs/4b2/2ba/6dc632c2c1034c6be730676bec5e60e12e-nathan-bedford-forrest-statue-nashville-.2x.h600.w512.jpg[/IG]

Is that a Musk statue or a prop from Beetlejuice 2?

[AntiFascistVoter]

Musk's most successful businesses really took advantage of:

• A historic period of low rates and free money for rich "investors"
• Historic level of government handouts
• Bills crafted by Putin's favorite congressman to private entire economic sectors to his benefit
• Historic levels of deregulation and non-enforcement initiated by Bush 2.0

Hey kids, did you know the Bay Area askually has Indian Summers? tee hee
Meanwhile, just outside the Bay Area in Sacramento, where all the plebes have to live.....
The NTSB is investigating that Tesla Semi crash that closed I-80 for 16 hours, due to toxic fumes from the burning battery.

EMIGRANT GAP, Calif. —
The National Transportation Safety Board has opened a safety investigation into the crash and fire involving a Tesla electric-powered big rig on Interstate 80 Monday.

The agency announced the investigation on Wednesday.

Watch previous coverage in the video above.

Fire crews were first dispatched to the crash site near the Emigrant Gap area of Placer County around 3:16 a.m. The big rig went off eastbound I-80 near the offramp for Laing Road and crashed into trees.

Drivers were being kept off the interstate for at least half a mile in both directions because the Tesla electric vehicle's battery was on fire, said Jason Lyman, a California Highway Patrol spokesperson. The toxic fumes are an inhalation danger, he said.

The closure impacted multiple businesses on Monday and the eastbound lanes of I-80 were closed for around 16 hours.

The fire also proved difficult for Cal Fire crews to extinguish. Battalion chief Nolan Hale told KCRA 3 on Tuesday it was a new incident for all of the agencies involved.

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“There's a reaction, an exothermic reaction, occurring within a battery cell that is contained and heavily contained by design,” Hale said. “It's very hard for us to access those.”

The NTSB is coordinating the crash investigation with the California Highway Patrol.

Tesla vehicles have surpassed the amount of fatalities per vehicle of the Ford Pinto. Ironic considering Ralph Nader's key roll in acellerating the rise of Gilded Age 2.0.

[Rasulis]

According to WSJ, Barclays cut the salary of their merger and acquisition team by 40% because of several hung deals. Of which, X is by far the largest.

[Edge-]

According to WSJ, Barclays cut the salary of their merger and acquisition team by 40% because of several hung deals. Of which, X is by far the largest.

Pour one out for the bros that won't get paid a ton to green-light executives buddies shitty ideas. That or they were just overpaid and astoundingly bad at their jobs, either or.

[diller]

I really hope he ends up selling it and all the weirdos movies to Truth Social instead because they are getting 'censored'.

[D Luniz]

I really hope he ends up selling it and all the weirdos movies to Truth Social instead because they are getting 'censored'.

Truth Social has yet to make a profit, and if Trump loses (ignoring the likely prison time) the little "value" it has lift evaporates and it likely gets added to the list of Trump bankruptcies
So they'll have to find something else to plague

[Jessicka]

Truth Social has yet to make a profit, and if Trump loses (ignoring the likely prison time) the little "value" it has lift evaporates and it likely gets added to the list of Trump bankruptcies
So they'll have to find something else to plague

Who would buy it anyway thinking they could detoxify it and expect people to go back? Especially when most of the world is looking to legislate for its failure of self regulation.

[AntiFascistVoter]

Truth Social has yet to make a profit, and if Trump loses (ignoring the likely prison time) the little "value" it has lift evaporates and it likely gets added to the list of Trump bankruptcies
So they'll have to find something else to plague

The game has changed with Truth Social. Big funds like Vanguard, State Street and BlackRock, have taken large positions in Truth Social.
Why are big brained investors sinking hundreds of millions in an unprofitable company?

Some people are saying that Elon will bail them all out by having Twitter over-pay <again> for TS.

[Edge-]

Some people are saying that Elon will bail them all out by having Twitter over-pay <again> for TS.

Eh, he'd be playing a game of chicken with what, Donald Trump and Devin Nunes? I hate to say it, but I think Elon could win that game of chicken.

- - - Updated - - -

Other than some banks, who else is left holding the bag for Elon's terrible $44 Billion purchase?

https://sfist.com/2024/08/22/elon-mu...n-diddy-combs/

But that secret list of investors was demanded by a judge in a lawsuit from jilted former employees who say they were denied severance and bonuses. Then last month, a journalists’ organization called Reporters Committee for Freedom of the Press filed a motion asking that judge to unseal the list and make it public. That US District Judge Susan Illston agreed to the motion.

And now the Washington Post has obtained the full secret list of Musk’s Twitter investors. The Post article happens to be written former Chronicle reporter Trisha Thadani, who is now with the Post, so that’s a fun local angle. Though you may be more amused by Rolling Stone's writeup, with the headline "Here Are the People Who Lost Millions Backing Musk’s Twitter Takeover."

https://www.washingtonpost.com/docum...line_manual_10

Court filing link.

The Post has made the full court filing public, though most of these are just generically named VC or investment firms whose names will not ring a bell. (27 of them are offshoots of the mutual fund company Fidelity Investments.)

But there is one shocker on the list — pop star and business mogul Sean “Diddy” Combs. Actually, it’s his investment firm Sean Combs Capital, LLC. But since recent allegations accused Diddy of sex trafficking, battery, and sexual assault, you can see how he and Musk may be peas in a pod.

I'm not shocked. You're not shocked. Somehow, nobody is shocked.

Another surprise inclusion on the list is Twitter co-founder Jack Dorsey, who now seems to regret having made the deal. Saudi Arabian Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud is also on the list. The list also includes a who’s-who of Silicon Valley types who’ve gone full-on Trumper: Larry Ellison, the VC firm Andreessen Horowitz, the 8VC fund from Palantir co-founder Joe Lonsdale, and the crypto firm Binance.

And much like the big banks that have lost money on their involvement in the deal, apparently these secret investors have too. We mentioned that Fidelity Investments was deeply involved. According to the Post, “Fidelity said in a January filing that one of its mutual funds that had valued its stake in X at nearly $20 million in 2022 now judged it to be worth much less, at $5.6 million.”

Some names we know, all Great People(TM). Also, lol @ Fidelity, enjoy the 75% reduction in value.

Bankers are so hilariously overpaid, yo.

[Poopymonster]

Truth Social has yet to make a profit, and if Trump loses (ignoring the likely prison time) the little "value" it has lift evaporates and it likely gets added to the list of Trump bankruptcies
So they'll have to find something else to plague

Once Trump passes 24 weeks, he's aborting all his stock and it'll crash and burn. Well, finish crashing and burning.

- - - Updated - - -

The game has changed with Truth Social. Big funds like Vanguard, State Street and BlackRock, have taken large positions in Truth Social.
Why are big brained investors sinking hundreds of millions in an unprofitable company?

Some people are saying that Elon will bail them all out by having Twitter over-pay <again> for TS.

Theory: IF they sink the money into Troof and IF Trump wins, favors fall like mana from heaven because "LOOK! We bought the bullshit you were selling!"
If Trump loses, the companies write off all the losses.

[Rasulis]

The game has changed with Truth Social. Big funds like Vanguard, State Street and BlackRock, have taken large positions in Truth Social.
Why are big brained investors sinking hundreds of millions in an unprofitable company?

Some people are saying that Elon will bail them all out by having Twitter over-pay <again> for TS.

I don't think that will happen. He does not need another money burning company. As it is, he likely will need to sell more Tesla stock to prop X. Tesla investors won't be happy about that. Because that will lead to drop in Tesla stock price.

[Gorsameth]

Truth Social has yet to make a profit, and if Trump loses (ignoring the likely prison time) the little "value" it has lift evaporates and it likely gets added to the list of Trump bankruptcies
So they'll have to find something else to plague

last quarter they had a revenue of ~800k. And a loss of 16 mil.
they would need to up their revenue by a factor of 20 to even begin to make even.

It will never make a profit.

[Kathranis]

Who would buy it anyway thinking they could detoxify it and expect people to go back? Especially when most of the world is looking to legislate for its failure of self regulation.

Unironically? Elon Musk.

- - - Updated - - -

I don't think that will happen. He does not need another money burning company. As it is, he likely will need to sell more Tesla stock to prop X. Tesla investors won't be happy about that. Because that will lead to drop in Tesla stock price.

Do you think Elon Musk is motivated by a sense of fiduciary responsibility? Because I really don't think that's the case.

[DarkTZeratul]

Do you think Elon Musk is motivated by a sense of fiduciary responsibility? Because I really don't think that's the case.

I think there's a good chance he gets ousted from Tesla if he continues fucking with their finances and he knows it.

[Edge-]

I think there's a good chance he gets ousted from Tesla if he continues fucking with their finances and he knows it.

Considering shareholders (well, the big ones) just re-greenlit his $50B pay package...nah. He'll just come up with some fancy new bullshit like "WE'RE A ROBOT COMPANY NOW" or "SELF-DRIVING TAXIES NEXT YEAR" and investors will, as always, irrationally believe him and boost the stock because they want their stock to be more valuable, too.

[DarkTZeratul]

Considering shareholders (well, the big ones) just re-greenlit his $50B pay package...nah. He'll just come up with some fancy new bullshit like "WE'RE A ROBOT COMPANY NOW" or "SELF-DRIVING TAXIES NEXT YEAR" and investors will, as always, irrationally believe him and boost the stock because they want their stock to be more valuable, too.

My impression was that only happened because he still has some of his acolytes on the board, and because he spent a ton of money doing an ad campaign for why he actually deserves to be paid a ridiculous amount. But he's pissing off the rest of the investors more and more (as evidenced by the fact that his absurd pay package got rescinded in the first place and he even had to do his big reinstatement campaign), and I think if he continues that it won't be too long before his acolytes aren't enough to save him. Investors, especially the big ones, really don't like when the guy in charge is actively costing them money.

[Edge-]

But he's pissing off the rest of the investors more and more (as evidenced by the fact that his absurd pay package got rescinded in the first place and he even had to do his big reinstatement campaign)

IIRC that was one shareholder suing, and the ruling wasn't because of the opinion of other investors. Investors, largely continue to be pretty happy at how overvalued the company and their shares of it are. And they want to keep it that way so they'll behave irrationally to keep it that way.

Investors, especially the big ones, really don't like when the guy in charge is actively costing them money.

Yes, but if they diamond hands hodl through the "market attempts to correct" then they can keep inflating the value of their shares : 3

It's funny how the stock market actively rewards irrational behavior like that : D

[Jessicka]

Unironically? Elon Musk.

Therein lies the problem.