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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.

FlyingSquid ,
@FlyingSquid@lemmy.world avatar

I believe the appropriate thing to say to Elon here is, “go fuck yourself.”

dogsnest ,
@dogsnest@lemmy.world avatar

Interesting 🤔

LEDZeppelin ,

Let me be very clear 👌go fuck yourself 👌

raoul ,
@raoul@lemmy.sdf.org avatar

👎 𝓰ℴ 𝒻𝓾𝒸𝓴 𝔂ℴ𝓾𝓇𝓼ℯ𝓵𝒻, 𝓮𝓁𝓸𝓃 🖕

TransplantedSconie ,

Let me say it in Italian American

gestures wildly with hands with each word

“Why dont yos go fuck yoself, motha-fucka!”

dariusj18 ,

💩

ProfessorProteus ,
@ProfessorProteus@lemmy.world avatar

I nominate Steven Ogg for the task.

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.

Protoknuckles ,

If he sells enough Tesla stock, he may save both companies!

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.

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.

Zier ,
@Zier@fedia.io avatar

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

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.

Talaraine ,

Why do you think he strongarmed Teslas shareholders into that big pay day? He's known this was coming, y'all. Tesla's just paying for his misadventure.

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.

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”.

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?

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.

SmokumJoe ,

I don’t understand how you can sue a company that doesn’t want to advertise on your platform

catloaf ,

You can sue anyone for anything. It’s just a matter of how long you fight it before it gets thrown out.

tabarnaski ,

Apparently, in this case it didn’t take long.

CarbonIceDragon ,
@CarbonIceDragon@pawb.social avatar

From what I understand, they’re trying to (mis)use a law to the effect that companies cant all get together and boycott a competitor in order to try to drive it out of the market. If my understanding is correct then, for example, if say Ford and GM and such happened to also run electric taxi businesses, and those taxi businesses bought cars off the open market where in theory they should buy whatever they think gives them what they need at the best price, even if from another car maker, then it wouldnt be legal for them to all go and say “we make electric cars, and Tesla does too, so lets not buy anything from Tesla, regardless of how cheap or good their products are, so they lose business” (Assuming that the Teslas in question would in fact be perfectly suitable for said taxi companies needs that is). They’re trying to sue an advertising industry group, claiming that they’ve done this kind of thing. Except the members of the group in question arent really competitors to Twitter, and in any case, the quality of advertising is thought to diminish if the ads are next to objectionable and bigoted content, since its thought to hurt the advertised company’s image, so if my understanding is correct, it should be simple enough for them to argue “We’re not colluding to hurt your company, your product just isnt up to our standards so we arent buying it”

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.

Gingerlegs ,

Oh nooo 😂

ininewcrow ,
@ininewcrow@lemmy.ca avatar

Anyway

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