Musk offers to buy Twitter

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I've been on Twitter since 2011 and I had never witnessed so many people in my TL planning for the end of the platform. I don't know if all the doom talking will turn out to be true, but the feeling is there.
 
The Eli Lilly spoof and far worse was bound to happen. I'd not be surprised if they take Twitter down for a couple days or stop taking new accounts until they figure out if they can keep a platform running. I don't mean when you click on your bookmark you get a 404 but rather some kind of page that says "Yeah we havin' some problems, back soon with updates."
 
I've been on Twitter since 2011 and I had never witnessed so many people in my TL planning for the end of the platform. I don't know if all the doom talking will turn out to be true, but the feeling is there.
These kinds of things can be self-fulfilling.
 
You really gotta wonder if heads of the major banks and investment firms who leant money to Musk in this ego-driven exercise will lose their heads.
Quite literally he has obliterated billions of dollars of investors money and IMHO very unlikely to get it back.
If you’re Jack Dorsey you’re laughing all the way to the bank… in effect he has been funded to build a competitor to Twitter in Blue Sky AND he has the benefit of all these folks departing twitter owing to the douche-baggery of Musk!
You couldn’t make a fictional film that would sound as far fetched!
 
You really gotta wonder if heads of the major banks and investment firms who leant money to Musk in this ego-driven exercise will lose their heads.
Quite literally he has obliterated billions of dollars of investors money and IMHO very unlikely to get it back.
If you’re Jack Dorsey you’re laughing all the way to the bank… in effect he has been funded to build a competitor to Twitter in Blue Sky AND he has the benefit of all these folks departing twitter owing to the douche-baggery of Musk!
You couldn’t make a fictional film that would sound as far fetched!
well that Arab guy who had the journalist killed can afford it. its like couch change to him.
 
well that Arab guy who had the journalist killed can afford it. its like couch change to him.

Uh, just to be clear: the Saudi who co-invested his own and his company's former Twitter stakes in Musk's private Twitter is not Crown Prince MBS but rather his cousin, Prince Al Waleed. Their grandfather was founder and first monarch of Saudi Arabia.

And yeah it could be just couch change to Al Waleed... although it's not clear to westerners how exactly his wealth may have been downsized by the crown prince. Al Waleed was one of the princes that MBS installed in the Ritz Hotel under "house arrest" for awhile during a so-called anti-corruption drive. He spent three months there and exited after making some kind of settlement. He's no longer on the list of the world's billionaires because no one is sure how much of his $40B or so is still under his control.
 
And now this.


Twitter owner Elon Musk told employees on Thursday that he is not sure how much run rate the company has and that bankruptcy is not out of the question, the Managing Editor of tech newsletter Platformer tweeted.

Musk is participating in an all-hands meeting with Twitter employees, a source told Reuters.

Twitter did not immediately reply to an emailed request for comment from Reuters.
 
And now this.


Twitter owner Elon Musk told employees on Thursday that he is not sure how much run rate the company has and that bankruptcy is not out of the question, the Managing Editor of tech newsletter Platformer tweeted.

Musk is participating in an all-hands meeting with Twitter employees, a source told Reuters.

Twitter did not immediately reply to an emailed request for comment from Reuters.
Well, they already achieved *moral* bankruptcy, so …
 
Well, they already achieved *moral* bankruptcy, so …

Still, Musk is in it for whatever his 9.6% of publicly traded Twitter was worth at point of the deal consummation, plus around 15 billion or so out of his Tesla holdings, why does he set fire to all that and the co-investors' money and leave the banks looking to get $13B out of the ashes if it goes into bankruptcy.

There must be some angle I don't get or else he's just connecting to the fact that he messed up and sorta shrugging it off.

The senior leadership has fled the place -- they have no risk or compliance managers-- and the FTC wants to know what the heck is gong on, the engineers are predicting dire cumulative impact on functionality of the platform due to departed knowledge bank and senior coders...

Sure, "no one is indispensable" but if your whole kitchen staff walks out, your restaurant has to put up a "CLOSED" sign for awhile because you have no product. This is the case even if it's also true that the place was about to be ding'd by the health department, seized by the IRS or handed over to some court-appointed receiver.
 
And now this.


Twitter owner Elon Musk told employees on Thursday that he is not sure how much run rate the company has and that bankruptcy is not out of the question, the Managing Editor of tech newsletter Platformer tweeted.

Musk is participating in an all-hands meeting with Twitter employees, a source told Reuters.

Twitter did not immediately reply to an emailed request for comment from Reuters.
man He took twitter down faster then trump took his Casino down.
 
I'm wondering what sort of collateral Musk had to put up for his loans? Anybody know? A deed of trust with the Tesla factory as security?

Or did he have the cash?
 
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I'm wondering what sort of collateral Musk had to put up for his loans? Anybody know? A deed of trust with the Tesla factory as security?

Or did he have the cash?

He had a 9.6% stake in Twitter so he would have rolled that in, and he sold Tesla to make up the rest. I think I read he had a total of around 27 billion of his own money in it.

EDIT: oh i misread your post. For the $12.5B loans, I dunno what the deal on collateral was. The banks were going to sell the debt on but in the blink of an eye they ended up stuck with it on balance sheets.

EDIT: ok here's what CNBC had to say awhile back. So he's really in pretty deep if the thing just goes south.


According to his SEC filings, Musk’s financing plan includes $13 billion in bank loans and $21 billion in cash, likely from selling Tesla shares. It also includes a $12.5 billion margin loan, using his Tesla stock as collateral. Because banks require more of a cushion for high-beta stocks like Tesla, Musk will need to pledge about $65 billion in Tesla shares, or about a quarter of his current total, for the loan, according to the documents.
 
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