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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.

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!

RememberTheApollo_ ,

“Everything app”?

Everything but successful.

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

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!

ArchRecord ,

You get what you pay for.

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

breakfastmtn ,
@breakfastmtn@lemmy.ca avatar

Archive

TheFriar ,

Lol

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.

aloeTGL ,

Does anyone remember when musk said he’d buy twitter just so he could delete it?

cabron_offsets ,

lol cuck

PedroMaldonado ,

If teitter went away tomorrow…wed all get on with our lives.

BenLeMan ,

Or, or, hear me out: just close that cesspool right down to make the world a better place.

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