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Twitter is suing the law firm that used to represent Twitter. - The Verge
(www.theverge.com)
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this post was submitted on 08 Jul 2023
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Is he scraping the barrel or just short of loose change?
The interest payments on the loans he took out are $1.5 Billion. That's not accounting for any other costs that Twitter was already on the hook for.
Coincidentally, Musk stopped paying all of the costs that Twitter was on the hook for. Rent, data centers, janitorial service, everything.
And he's still not going to have enough money from twitter's operations to make even the basic servicing payment on the loan.
Which is why I still think something else was going on with the Twitter sale. It doesn't make sense for anyone financially.
Unless you imagine it's a bank giveaway to Musk, who will count Twitter as a loss carry forward for years to come when it goes bellyup.
It’s definitely not a bank giveaway - the bank group is likely furious. They are hung with $13bn of debt, that is not sellable, and worse, has virtually no pathway to be sellable in the near future. It’s tough to figure out where this debt would be marked, but I would guess the Street has unrealized losses in the $3-5Bn range.