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Elon Musk may have to sell billions in Tesla stock to rescue X

Musk’s repeated outbursts against advertisers have dried up the main source of revenue for the loss-making company formerly known as Twitter. A recent decision to sue them for heeding his own advice to not buy ads on the platform hasn’t helped. At some point, he will have to provide a fresh infusion of cash to salvage his $44 billion takeover.

ArugulaZ ,

Maybe if he was smart, he’d just give up on the social network and sell it off to someone else. But he’s not smart, so he’ll keep sinking money into it until cooler heads in the company prevail. The era of social media dominance, I’m sorry to say, is over.

explodicle ,

You’re sorry to say?

Tom_Hanx_the_Actor ,

I seriously think his decision to brand it “x” was to protect the name “twitter” from his unpopularity and inevitably devaluation of the platform.

Stern ,
@Stern@lemmy.world avatar

I would agree except for two things.

  1. He’s shown hes not that savvy.
  2. The X thing has long been a dream of his.

www.theverge.com/…/elon-musk-banking-x-paypal

phoenixz ,

Don’t be sorry, that’s amazing and awesome! Social media was internets biggest mistake. It going down is great. It dragging the shit clown Musk with it is an absolute cherry on that cake

ChairmanMeow ,
@ChairmanMeow@programming.dev avatar

He’ll definitely keep it until after the election at least.

vga ,

Could he sell all of it? And then completely fuck off? br, tesla (car) owner

Nurgus ,

Who would buy it now, though? It can’t have much value left.

vga ,

Judging by the used car online sites, it has about as much value left as any other car with similar age and kilometers. If I had to buy a car right now, I’d probably take a hard look at the alternatives. But they’d have to actually be better, I usually make car purchase decisions based on the qualities of the car.

Although Musk is certainly trying to make such principles difficult.

Good thing my car is new enough that I don’t have to make this choice for several years. Perhaps the competition will have caught up by the time I need to get a new one.

haunte ,

From this article:

Ferguson based his assessment on internal second-quarter figures recently obtained by the New York Times. According to this report, X booked $114 million worth of revenue in the U.S., its largest market by far. This represented a 25% drop over the preceding three months and a 53% drop over the year-ago period.

From when he bought twitter:

Mr. Musk has set some ambitious goals for Twitter, which he has said he will transform into an “everything app” called X. In presentations to investors about the deal this spring, he said he anticipated that Twitter would reach annual revenue of $26.4 billion and have 931 million users by 2028.

Uhh, not even close Musk. I guess he still has 3 years and 4 months to turn it around though. lol. I was told this man was a business genius.

amorangi ,

I was told this man was a business genius.

Was the person who told you that Elon Musk?

nomous ,

Not just Elon, also people paid by Elon. And lots of people on the internet!

mokus ,

He would know, he’s a genius himself!

RememberTheApollo_ ,

“Everything app”?

Everything but successful.

billiam0202 ,

In Elmo’s defense, racists, Nazis, bots, white supremacists, Christian Nationalists, and feline feces are technically in the subset of “everything”.

Spitzspot ,
@Spitzspot@lemmings.world avatar

Let that sink in.

dohpaz42 ,
@dohpaz42@lemmy.world avatar

https://www.the-sun.com/wp-content/uploads/sites/6/2022/10/SC-Musk-Twitter-HQ-Breaker-OP-copy.jpg?w=1920

snooggums ,
@snooggums@midwest.social avatar

What an unfunny dipshit. He actually thought that was clever.

pennomi ,

It might’ve been funny if he was remotely likable. Turns out that humor depends highly on not being an asshole.

DxK ,

Nah, the problem is there’s just nothing humorous about it. Not even Robin Williams could’ve made that bit work, and everybody loves him. (RIP)

Deceptichum ,
@Deceptichum@quokk.au avatar

I thought everybody loves Raymond?

saltesc ,

His abusive wife clearly doesn’t .

takeda ,

We should at least Love Lucy.

ThePantser ,
@ThePantser@lemmy.world avatar

It is clever, he told everyone up front that he was there to sink the company.

pixelscript ,

I thought that actually was the joke of this stunt, and he was being sarcastic. Was that not it?

takeda ,

I think it was originally supposed to be “let that sink in” so they let it in.

But, yeah unless there’s some kind of 5D chess that I’m not seeing, he is sinking it.

haunte ,

Look at his smile, he’s so proud. As if he just invented the concept of the pun. “You get it guys? Sink in, but it also means, like, a sink you can wash your hands in? So funny. Hysterical. Guys, please laugh.”

takeda ,

Yeah, he is sinking it.

gedaliyah OP ,
@gedaliyah@lemmy.world avatar

Free market capitalism will say to let it fail.

dogsnest ,
@dogsnest@lemmy.world avatar

Big if true.

Potatisen ,

BIG

*if true

dohpaz42 ,
@dohpaz42@lemmy.world avatar 

<span style="color:#323232;">if (mode(FREE_MARKET_CAPITALISM) == TRUE) {
</span><span style="color:#323232;">    big();
</span><span style="color:#323232;">}
</span>
dogsnest ,
@dogsnest@lemmy.world avatar

This guy ifs.

xmunk ,

Maybe, or they else.

dohpaz42 ,
@dohpaz42@lemmy.world avatar

Why not both?

tabarnaski ,

You don’t need " == True" except if it’s the name of a variable that’s not boolean, in which case it wouldn’t make sense to name it “True”.

-1

dohpaz42 ,
@dohpaz42@lemmy.world avatar

You do realize this is a joke, right? That this is not a programming community, so a little clarity of said joke may be beneficial?

Sometimes it’s better to go with the flow, and not overthink things. 😊

luciferofastora ,

Some languages have nullable booleans where evaluating them directly may lead to errors. An example is PowerQuery M, which is designed for data queries and transformations, where “no value” may be distinct from “false”.

The syntax of the example most definitely isn’t M, but I’m just saying, such languages exist.

SteveFromMySpace ,

The market couldn’t bear his fragile, bigoted ego.

themeatbridge ,

Let it die

Maggoty ,

Oh that’s okay they’ll make an exception for him. He’s too rich.

Moah ,
@Moah@lemmy.blahaj.zone avatar

Alternatively, he could sell Twitter stock.

rsuri ,

He’ll probably just get tesla shareholders to gift him the money. They’ve shown they’ll sign off on pretty much anything he asks for.

Laser ,

Musk: How about a multiple billion dollar pay package?
Sane people: You’ve already had it.
Musk: I’ve had one, yes. What about a second multiple billion dollar pay package?

Gsus4 ,

He’s so close…sell everything, buy a private island. Retire in style, never be heard from again. Bliss for him and everyone.

dellish ,

Rich guys and private islands… I’m sure nothing bad has ever come of that.

elgordino ,

Maybe the Saudis and Qataris will chip in some more cash to help him out.

Gsus4 ,

Is there any basis to that conspiracy theory besides some grudge about the arab spring against twitter and its agitators?

jmcs ,

The Saudis are the second biggest shareholder of twitter, they bankrolled twitter’s acquisition by Musk, and even before that they had literal spies inside twitter.

timewarp ,
@timewarp@lemmy.world avatar

I have to give Musk credit. At least he help narrow my car buying decision to know at least one brand that I’ll never buy.

Atelopus-zeteki ,

Super Helpful!

Nollij ,

There are many reasons to avoid Tesla, regardless of Musk. The complete lack of independent repair was my deal breaker, but you’ll find your own. Their competition is looking pretty good these days, too.

tiredofsametab ,

He also removed an option for home battery storage solutions for me.

DesertCreosote ,

I was talking with a solar company about a solar install with battery storage last year, and they only offered the Powerwall as an option. I literally laughed at them and said there was no way I was tying an enormously expensive piece of home infrastructure to Tesla, because they couldn’t guarantee it’d keep working if Tesla decided to shift direction.

some_guy ,

That’s because it is almost exclusively tied up in his various corporate holdings that include everything from rocket builder SpaceX and brain chip company Neuralink to his latest startup, xAI.

None of these investments are easily fungible. Only Tesla is a publicly traded company. So the easiest solution at his fingertips is to liquidate a portion of his remaining 12% stake.

Let it fucking burn.

Kowowow ,

How close is this market manipulation?

xenoclast ,

The Venn Diagram is a circle. If billionaires were held accountable it’d be a problem for him. But it’s not

snekerpimp ,

Is this why he’s kissing trump’s ass? Does he think the orange sandwich has the ability to help him if orange shit stain becomes president?

xenoclast ,

Might try to convince the Trump cult to take it off his hands

xmunk ,

He won’t. He bought the company using leverage so he wouldn’t have any personal financial investment in it.

My personal theory is that he bought it to destroy it to lash out at Grimes but, honestly, who the fuck even knows.

Zier ,
@Zier@fedia.io avatar

2 4 1 deal, how to trash 2 companies at once.
Good job space karen!

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