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Theory : Musk destroys Xwitter for reduce his debts to banks
(www.businessinsider.com)
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this post was submitted on 30 Nov 2023
32 points (78.6% liked)
Enough Musk Spam
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I don't see how that's a viable strategy. If my house drops in value I don't get to pay less on my mortgage.
You destroy your house, one of many you own. The bank sees this and tries to sell the loan because the collateral for that loan is looking more shaky every day.
Banks dont like risk.
You being a wealthy guy, buy that loan through one of your companies at half price. Result: you win. You just payed 6b for 13b and have no more monthly payments.
Yes. The house is destroyed in the process. But you don't care, you bought it in a temporary lapse of judgement anyway. Fuck that house.
Maybe you can still sell the ground the house was built on and recoup some more. That would be awesome.
Its a hell of a bankshot for this to have been the 'plan'.
I think most everyone is missing the point and who was backing these deals.
Musk buying twitter was done to empower rightwing culture warriors and to keep the modern alt-right movement relevant.
It was never about making money, its about influencing elections.
I feel like that's a side effect, where it's being done because now he owns twitter and can.
Originally, I'm pretty sure the reasoning was less convoluted - it was just a pump and dump stock scheme. Which he has a history of doing. He bought a bunch of twitter stock, he posted memes about buying twitter, a bunch of his idiot supporters correspondingly bought twitter stock, which drove up the price.
Then he tried to back out of buying it, he got sued and the SEC got involved. Because he'd had an ongoing vendetta with the SEC they helped force him into buying it.
Then he was stuck being required to purchase an asset which was known to be nearly impossible to get a profit out of, with big loans from multiple parties.
I mean that's a story. Its not the one I believe, and I don't think my reasoning is that convoluted. Elon had to sell something to his backers and the argument that controlling these platforms is how you control the social fabric of the US is what I would have done for a pitch.
Like, he probably should have figured out Trumps contractual obligations to Truth social. Should we lay down a gentleman's bet on Twitter acquiring Truth social in the next 12 months? If he can deliver an election for the Saudis, it will have been well worth it from their perspective.