this post was submitted on 29 Mar 2025
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[–] The_Picard_Maneuver@startrek.website 343 points 3 days ago (2 children)
[–] Laser@feddit.org 169 points 3 days ago (6 children)

Well, not really. Twitter was his own private property that he bought with borrowed money secured against his Tesla shares. xAI on the other hand is financed by investors whose money he used to bail himself out at a price he made up himself since Twitter is no longer publicly traded. So this is, in my opinion, misuse of investor funds; the picture would be true if xAI used how own money to do this, but no.

On one hand,I think this is serious fraud. On the other, my understanding for anyone investing into his companies is very limited, there are so many red flags on so many levels.

[–] gencha@lemm.ee 35 points 3 days ago

To understand Musk/Trump investors, imagine the investment to be an NFT.

[–] HubertManne@piefed.social 14 points 3 days ago (2 children)

yes its a perfect setup for a payoff.

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[–] viking@infosec.pub 10 points 3 days ago

The investors have a seat in the board of directors in xAI, and for a shareholder deal you must have board approval. So at least more than 50% of the directors support this, meanings he is legally in the clear.

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[–] rxbudian@lemmy.ca 1 points 1 day ago

so... Who are xai's investors?
I can see its products but I don't see the investors on wikipedia

[–] skozzii@lemmy.ca 15 points 2 days ago

This might have the opposite effect he wants, xAI investors no longer have a clean AI investment and are now linked to a failing social media platform.

xAI is already losing bigtime vs other AI companies, this just makes it even less attractive.

[–] merdaverse@lemmy.world 27 points 2 days ago (1 children)

The combination values xAI at $80 billion and X at $33 billion ($45B less $12B debt)

Lol, he actually think the value of Shitter is still $45B, as when he bought it. That's cute.

[–] Redditsux@lemmy.world 12 points 2 days ago (1 children)
[–] Yoga@lemmy.ca 13 points 2 days ago

Wrote down not off.

https://www.theguardian.com/technology/2024/jan/02/x-twitter-stock-falls-elon-musk

Debt is written off when deemed unrecoverable.

Assets can be written down when the value is lower than expected. Often this is due to more rapid depreciation of capital assets due to damage or impairments to goodwill (brand failure).

But none of that matters because private equity valuations are all bullshit and mean nothing anyways.

https://www.wallstreetoasis.com/forum/private-equity/private-equity-is-a-joke

[–] Kwyjibo1@lemmy.myserv.one 25 points 2 days ago

Musk's slight of hand shell game to keep from losing his shirt if his Tesla stock keeps dropping and his X financiers come looking for money.

[–] Stalinwolf@lemmy.ca 160 points 3 days ago (2 children)

His juvenile enthusiasm for the letter X is so ten-year-old boy with sunglasses.

[–] Pandantic@midwest.social 170 points 3 days ago (2 children)
[–] Lemmyoutofhere@lemmy.ca 72 points 3 days ago* (last edited 3 days ago) (2 children)

“X” is also 88 in ASCII. 88 is a Nazi reference to “heil hitler”. Big surprise.

https://www.adl.org/resources/hate-symbol/88

[–] capybara@lemm.ee 28 points 3 days ago (1 children)
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[–] Pandantic@midwest.social 15 points 3 days ago

I did not know these things, but makes sense…

[–] cm0002@lemmy.world 46 points 3 days ago (2 children)

Who did that‽ It's so beautiful, it should be posted all over Xitter lol

[–] Tm12@lemmy.ca 29 points 3 days ago (1 children)

Just confirming Xitter is pronounced “shitter” right?

[–] SARGE@startrek.website 22 points 3 days ago (2 children)

That's how I've been pronouncing it in my head when I read it.

I still say "Twitter" though because that and the gulf of Mexico are the only things I feel are okay to deadname.

[–] CosmicTurtle0@lemmy.dbzer0.com 20 points 3 days ago

Until the Gulf of Mexico becomes sentient and tells me it prefers to be called the Gulf of America, I will continue to call it what the rest of the world calls it.

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[–] Pandantic@midwest.social 20 points 3 days ago* (last edited 3 days ago)

I made this one. Thanks for the compliment! 😅

Edit: btw proudly made in GIMP!!

[–] tigeruppercut@lemmy.zip 14 points 3 days ago (1 children)

He called the tesla models S3XY, and the 3 is only because Ford was gonna sue him if he used E.

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[–] ChicoSuave@lemmy.world 68 points 3 days ago (1 children)

Is this so the loans secured with X stock can't be called in, forcing Elon to sell the collateral to pay back the loan?

Sure seems like a bullshit business move to retain control of Tesla.

[–] vxx@lemmy.world 9 points 3 days ago* (last edited 3 days ago)

X is a private company, there's no stock. It was secured with Tesla stock.

[–] bitwolf@sh.itjust.works 51 points 3 days ago (1 children)

So hell get taxed for exchange of speculative assets right?... Right?!

[–] OsrsNeedsF2P@lemmy.ml 47 points 3 days ago

No because it's a loss, so he'll actually get 10bln in tax credit

[–] expatriado@lemmy.world 87 points 3 days ago (1 children)

using AI hype to finance X loans?

[–] alvvayson@lemmy.dbzer0.com 60 points 3 days ago (9 children)

Correct.

It's actually a smart move.

The dumb money are those pouring hundreds of billions into the AI hype. This is .com bubble on steroids.

And sure, AI obviously is becoming an important market, but it will not be the current leaders who will dominate the tech. Like the internet, it's just too easy to catch up for competitors. Pouring $100B into AI today will only mean you lose out to the $1B startup in 2 years. The incumbents will go broke.

[–] cm0002@lemmy.world 22 points 3 days ago (1 children)

The incumbents will go broke.

Can't wait! Gonna stock up on some popcorn lmao

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[–] JohnDClay@sh.itjust.works 24 points 3 days ago (5 children)
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[–] random_character_a@lemmy.world 63 points 3 days ago (1 children)

So the bullshit machinery is now AI driven bullshit machinery. What if AI finds it too vile and deletes itself.

[–] SnotFlickerman@lemmy.blahaj.zone 24 points 3 days ago (3 children)

They doubtfully are giving it root access to self-delete.

[–] Arbiter@lemmy.world 21 points 3 days ago (6 children)

I mean, with an Elon company who knows.

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[–] Lucidlethargy@sh.itjust.works 18 points 3 days ago

Are the authorities aware? It's very illegal to sell exctacy in the US.

[–] SunshineJogger@feddit.org 41 points 3 days ago (1 children)

Very likely this will turn out to be a broken and bugged version of skynet, trained on X toxicity and the mental aptitude of a 12 year old.

It will proceed to try to enslave humanity, then try to kill us all but accidentally spend all its money on gender affirming care, then start to self hate and destroy itsself.

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[–] chooglers@midwest.social 37 points 3 days ago
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