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Elon Musk admits X 'may fail, as so many have predicted' (www.businessinsider.com)
submitted 1 year ago by gsa4555@lemm.ee to c/enoughmuskspam@lemmy.world
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[-] Wage_Slave@kbin.social 16 points 1 year ago

Oh no. This is terrible. Granted X was a safe place for assholes, haters, nazis and those who obviously have had violent and repeated harsh brain trauma that shouldn't have ever happened, but so much laughter comes from the bullshit Cusk has pulled I don't know if the internet will ever recover.

Everything this dude does turns to memes of failure.

[-] MushuChupacabra@lemmy.world 16 points 1 year ago

And how would the company be doing if he hadn't bought it?

[-] Buffalox@lemmy.world 15 points 1 year ago* (last edited 1 year ago)

A lot better, that's for sure. Just the extra $1.5B interest per year Musk put on day 1, makes it way worse. Even without all the other bullshit he has pulled.

Twitter was actually close to becoming profitable before Musk took over.

[-] girlfreddy@lemmy.ca 16 points 1 year ago

And he'll get a huge tax write-off out of it, which likely could have been his intention in the first place.

Whatever.

[-] PasswordIsTaco@infosec.pub 9 points 1 year ago

I don’t know how rich people finance works but wouldn’t the write off net him substantially less than the $40 billion he put it into it.

[-] quixotic120@lemmy.world 12 points 1 year ago

He only put up about 1/3rd of the capital himself, the rest was financed with loans that were put against the company, not himself. So if twitter fails he loses about 13 billion, a bunch of people who stupidly trusted him lose the rest, and he gets the write off so he can duck 27ish billion of taxes spread across a few years

https://www.npr.org/2022/11/30/1139964806/how-elon-bought-twitter-with-other-peoples-money

He may be a moron in many ways but he didn’t get to 200ish billion by not knowing how to fuck people over and keep his money right; he absolutely knows how to come out ahead on this. It’s almost certainly why he’s so cocky despite running the company into the ground. Either the company succeeds and he then has a media empire that generates him healthy profit or it fails and he still comes out ahead. Either way he wins.

[-] bloopernova@infosec.pub 6 points 1 year ago

Wasn't some of that money lent by saudi princes? A group of people who tend to take revenge against those who wrong them.

[-] girlfreddy@lemmy.ca 4 points 1 year ago

They get their own write-off which will balance the billions in oil profits.

[-] Igotz80HDnImWinning@kbin.social 13 points 1 year ago

That was always the plan: take out social media so people can’t organize against the oligarchy. See also: reddit ipo

[-] Username02@lemmy.world 11 points 1 year ago

No he's not that deep. He is just gen x trump with techno aesthetic. Stop over conspirizing.

[-] DirkMcCallahan@kbin.social 2 points 1 year ago

A rare moment of self reflection.

this post was submitted on 20 Aug 2023
75 points (94.1% liked)

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