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this post was submitted on 03 Jul 2023
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Elon's goal is to destroy twitter, per his wife.
You're gonna have to be more specific. Which wife?
In that case let's thank him for spending few billions doing that! Thank you Elon :p
Wait what
Probably some sort of rich person scheme that he can do whereby if his multi-billion dollar mistake ends up being a failure he can write it off and no longer be on the hook for it or something.
Like bankruptcy, but only for twitter and not himself.
He can't write off 44 billion though, he would get a tiny fraction of that and there are debts to pay back to investors.
It's a write-off, Jerry
You can't just say write off and expect anything to happen
I don't think he's interested ingetting it back, just to no longer be on the hook for it. I'm sure there's no doubt various loopholes that he can use to wiggle out of the full consequences of his stupidity and hubris.
So when you do a write off you still are responsible for that money. It's not declaring bankruptcy, it's just lowering your taxable income due to loss. So "write-off" doesn't really make much sense in this context.
Maybe not the correct 'legal' term. But it's splitting hairs really.
He wants rid of his serious burden. And imagine he thinks that he can do that if he kills the platform. Instead of being on the hook for 44billion with the repayments and interest attributed to that every month, he can cut that down to a fraction.
I'm not saying I have any idea how it works, or even if it's possible. Mainly that I wouldn't be surprised if it was.
Buying Twitter and tanking it lets him write off a huge amount of money for 2023 and get his taxes back from the previous year.
Also he gets to leverage Tesla stock as the company is growing more fiscally viable... Why does that matter? Why sell before it takes off??
Elon bought Twitter with $12.5bn in loans... Secured with the same value of Tesla stock. He didn't sell it...
So it's almost free money. If the stock takes off he can make out like a bandit, pay the loan off with 1/2 the value of the real stock once it rises, but despite making money can still claim an overall loss on Twitter....
This is why he doesn't give a fark if Twitter lives or dies. If Twitter dies it's a write off, but because half the investment is literally a loan against Tesla stock he still treats it like free money...
There's a cap on loss deductions, billionaires don't care about deducting losses. Also he didn't buy it with Tesla stock, he put up Tesla stock as collateral.
Right....stock as collateral in a loan.
It's amazing what bullshit Billionaires can do.
Also those losses are per corporate entity so he gets to use those caps multiple times on each corporation and on himself.