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X/Twitter scraps feature letting users report misleading information
(www.theguardian.com)
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this post was submitted on 28 Sep 2023
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I don't think so, personally.
I can't imagine Elon spending over 40bn to buy up a company that he then desperately needs to enact measures in order to recoup the lost money in ways that just dig him a bigger hole.
I think he's really that dumb. He tried to devalue the company prior to purchasing by saying bots are rampant etc. The case against him said he needed to buy the company at the original price.
Until this point, his reputation had him as some kind of infallible tech messiah, so in order to not lose face, he bought it at the original price, knowing his plan backfired and he had to borrow billions in order to complete the sale.
Every decision he made after just attracted ridicule and caused the platform to fall further into a heaping mess. Once his reputation was revealed to be a petulant child, he just doubled down and destroyed it.
Elon, it turns out, just isn't as clever as he (or many of his backers/fans) thought...
People always forget he was literally sued into buying twitter. He never wanted to buy it, he was just playing stupid games like he always does.
Yeah, IMO he was trying to do a pump and dump in the same style of his crypto pump and dumps, but he managed to make some legally binding statements while doing the pump.
I mean.. only on terms of his PR team.
When you actually look at what Twitter has cost him, it's a lot more than the 44bn ticket price.
He had to sell off a LOT of Tesla stock in a very short period of time to fimance the deal. Tesla was already in a weird place where a lot k of investors were starting to worry that it was overpriced. The combination of the sudden sell-off and the reputational damage that came from him being outmanuevered by the Twitter board led to a huge slide in the stock price. Since the majority of Musk's fortune is Tesla stock, this absolutely annihilated huge amounts of his net worth.
On top of that those financial deals he made with the Saudis did not come with friendly terms. He's paying about $0.7billion a year in interest, plus Twitter's operating costs, which come direct from his pocket now. That requires more stock sell offs, which further depresses the Tesla share price.
In all, Musk is about 200bn poorer now as a result of this deal. It's probably one of the single most expensive things any one person has ever bought.
Tesla stock is massively overpriced. I mean Tesla stock is going for $246, meanwhile Ford and General Motors stocks are going for $12 and $33 respectively.
Which is exactly why Musk selling off large amounts of stock cratered the price so hard and so quickly.