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this post was submitted on 03 Jul 2023
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He can't write off 44 billion though, he would get a tiny fraction of that and there are debts to pay back to investors.
I don't think he's interested ingetting it back, just to no longer be on the hook for it. I'm sure there's no doubt various loopholes that he can use to wiggle out of the full consequences of his stupidity and hubris.
So when you do a write off you still are responsible for that money. It's not declaring bankruptcy, it's just lowering your taxable income due to loss. So "write-off" doesn't really make much sense in this context.
Maybe not the correct 'legal' term. But it's splitting hairs really.
He wants rid of his serious burden. And imagine he thinks that he can do that if he kills the platform. Instead of being on the hook for 44billion with the repayments and interest attributed to that every month, he can cut that down to a fraction.
I'm not saying I have any idea how it works, or even if it's possible. Mainly that I wouldn't be surprised if it was.
It's a write-off, Jerry
You can't just say write off and expect anything to happen