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this post was submitted on 20 Oct 2023
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I don't think that's what happened, with Twitter at least.
Elon pissed off the wrong people at the SEC and FTC playing stupid pump and dump games with stocks by using Twitter and his absurdly undeserved reputation as an unconventional super genius with his mega group of followers.
One of the biggest of these, was pumping and then dumping twitter stock by alleging that he'd buy the company. And the people he'd pissed off in government basically saw their opportunity to fuck him by literally forcing him to buy it at his stupidly overpriced valuation - that's why he played all sorts of dumb games dragging out the purchase and trying to get out of it.
And so now he's stuck with an unprofitable company he didn't want. I'm pretty sure he's running it into the ground on purpose so he'll be able to carry that loss balance forward eternally, using it to get out of paying taxes by writing off the loss.