this post was submitted on 17 Aug 2023
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He has so thoroughly ruined Twitter that you can't help but wonder if that was his goal from the outset.
To what end, though? The man blew 44b on a site that apparently was only worth 5-10b, and that was before he ran it into the ground. He also destroyed his reputation and the mystique as "genius entrepreneur" which the world can now clearly see he never was.
I can't think of a single net positive. I think it's an age old tale with people with too much money: he fell victim to an over inflated ego and too many yes men aiming to please. He started to believe he really was brilliant.
Sad thing is the man has so much money he still can't fail, personally. He'll have destroyed Twitter and even more people will lose their jobs. And autocrats around the world will be pleased. Musk will just shrug, tell himself it wasn't his fault, "it was the libs" or something, and move on.
Eta: the only winners here, as per usual, are the shareholders.
44b sounds like a lot of money (it is!), but his net worth right now is 219b after this fiasco. At this point it's just a score between rich assholes who got the bigger number.
You could take 200b away from his evaluation and he could still retire on a yacht and not work a single day in the next 100 years. Same for his children and his children's children.
So yeah, "bad" financial investment, but it might be worth for him to kill one of the biggest platforms where he was called out for his bullshit.
That 44b had to be paid in real cash, not just the current theoretical value of the sum of his shares. He sold quite a lot of Tesla shares afaik to banks to give them a “small loan”.
Lol, "real cash", look it up what he actually did. He took a loan in the name of Twitter, so he didn't even use his own money. Pretty much financing half of the deal with the theoretical value of the company he just bought. And he took in extra money from Saudi investors, it's not all his money.
There was never a 44b "real cash" transaction.