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lol this explains quite a bit
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Nov 9, 2022 18:48
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lol at just careening from one cult to another to another
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Nov 9, 2022 19:08
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that's just sad. poor bastard needs to gtfo immediately
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Nov 9, 2022 19:13
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i've met more than one person who got out of a cult but clearly never repaired some of the damage it did them
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Nov 9, 2022 19:13
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raminasi posted:i've met more than one person who got out of a cult but clearly never repaired some of the damage it did them Hi
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Nov 9, 2022 19:15
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https://www.nytimes.com/2022/11/09/technology/twitter-payments-business.html musk's bringing back THE EVERYTHING APP
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Nov 9, 2022 19:19
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its not a tesla but this guy in a lucid air (the ceo made the model s for tesla) stopped in the middle of the road to take a phone call forcing me to go around him
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Nov 9, 2022 19:22
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opposable thumbs.db posted:https://twitter.com/holliplex/status/1590389130868903936 her husband is a crypto bro with an nft avatar https://twitter.com/bobcowherd
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Nov 9, 2022 19:23
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Nfcknblvbl posted:its not a tesla but this guy in a lucid air (the ceo made the model s for tesla) stopped in the middle of the road to take a phone call forcing me to go around him But you didn't right? Since that is a double yellow?
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Nov 9, 2022 19:27
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Xakura posted:But you didn't right? Since that is a double yellow? i waited a good while before going around. that guy refused to go, waving at me to do so like some entitled poo poo
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Nov 9, 2022 19:28
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Luigi Thirty posted:https://www.nytimes.com/2022/11/09/technology/twitter-payments-business.html quote:But Twitter lacks sophisticated payments systems, which could generate revenue for the company if Mr. Musk can build them and convince people to use them. The billionaire faces pressure to deliver immediate results at Twitter because he took out $13 billion in loans to finance the deal, which will require the company to pay more than $1 billion in interest annually. I want to know what magic makes twitter on the hook for $1b annually and not, you know, elon musk who took out the loan.
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Nov 9, 2022 19:29
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Nfcknblvbl posted:its not a tesla but this guy in a lucid air (the ceo made the model s for tesla) stopped in the middle of the road to take a phone call forcing me to go around him 
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Nov 9, 2022 19:30
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Nfcknblvbl posted:i waited a good while before going around. that guy refused to go, waving at me to do so like some entitled poo poo did you lay on the horn
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Nov 9, 2022 19:32
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RokosCockatrice posted:I want to know what magic makes twitter on the hook for $1b annually and not, you know, elon musk who took out the loan. the company took out the loan?
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Nov 9, 2022 19:33
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lol she doesn't have a checkmark either
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Nov 9, 2022 19:33
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RokosCockatrice posted:I want to know what magic makes twitter on the hook for $1b annually and not, you know, elon musk who took out the loan. i'm pretty sure that "elon musk borrowed $13b" is just reporting shorthand for "elon musk formed a shell company that borrowed $13b"
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Nov 9, 2022 19:34
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RokosCockatrice posted:I want to know what magic makes twitter on the hook for $1b annually and not, you know, elon musk who took out the loan. The previous owners had a "fiduciary duty" to accept such a high buyout offer, even though the transaction was only possible by creating debt held by the company. It seems pretty broken that the financial system allows this kind of disaster to go through. Like why can't I just make an offer to buy Lockheed Martin for $1 trillion dollars (funded by the company taking on $850 billion of debt), and then as new CEO I get to launch missiles at anybody I don't like.
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Nov 9, 2022 19:37
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RokosCockatrice posted:I want to know what magic makes twitter on the hook for $1b annually and not, you know, elon musk who took out the loan. the magic is called a "leveraged buyout" and it is the most absolute bullshit thing in the corporate raider playbook
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Nov 9, 2022 19:38
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Wonder if Elon is doing the same nightmare poo poo he does in Tesla like wiretapping workers' phones, having critics followed by PIs etc. He's such an absolute fuckman, you couldn't work for a worse person
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Nov 9, 2022 19:38
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Elon has a holding company that took the loan and collateralized it with his assets (Tesla shares)Phssthpok posted:The previous owners had a "fiduciary duty" to accept such a high buyout offer, even though the transaction was only possible by creating debt held by the company. you might be able to if you have 4-10x in assets to put up as collateral
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Nov 9, 2022 19:39
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Nfcknblvbl posted:its not a tesla but this guy in a lucid air (the ceo made the model s for tesla) stopped in the middle of the road to take a phone call forcing me to go around him you should have laid on the horn and/or honked it in time with the music you were listening to until he moved. don't let assholes get away with being assholes.
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Nov 9, 2022 19:39
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my favorite car brain thing I saw was a double parked guy who did the "go around" wave to a streetcar fortunately they have like 115db horns to scare the crap out of those people
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Nov 9, 2022 19:42
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qirex posted:my favorite car brain thing I saw was a double parked guy who did the "go around" wave to a streetcar hahahahahahaha
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Nov 9, 2022 19:48
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raminasi posted:i'm pretty sure that "elon musk borrowed $13b" is just reporting shorthand for "elon musk formed a shell company that borrowed $13b" I am fairly sure that since Musk used Tesla stock as collateral for the loan, he would be on the hook if Twitter defaults on that loan, though I could be wrong. The secret ingredient that makes this whole rich-man idiot-rear end hubris bonfire so lmao is that even if Musk magically figured out how to make twitter profitable, the company has been saddled with so much debt from the buy-out and lawsuit against Musk that the debt service payments would still break Twitter's back
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Nov 9, 2022 19:49
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Sagebrush posted:you should have laid on the horn and/or honked it in time with the music you were listening to until he moved. don't let assholes get away with being assholes. honestly the best part of driving is honking at someone who deserves it. getting to destinations is fine but not as satisfying
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Nov 9, 2022 19:50
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Chill Monster posted:I am fairly sure that since Musk used Tesla stock as collateral for the loan, he would be on the hook if Twitter defaults on that loan, though I could be wrong. there are two separate loans. the 13bn is the leveraged buyout thing, that debt is with twitter and musk isn't personally on the hook for it. as well as that, he borrowed money against his shares to help supply the rest of the 44bn price, and he is on the hook for that.
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Nov 9, 2022 19:54
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There were three buckets of funding for the acquisition: The loans to post-acquisition Twitter, the laons to Elon personally and collateralized by Tesla stock, and cash from Elon (and friends) directly. Like a month after the offer was signed he said oh nevermind to the TSLA collateralized loans and just put up the money himself (presumably by dumping a bunch of TSLA stock)
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Nov 9, 2022 19:57
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Qwertycoatl posted:there are two separate loans. he's not personally on the hook for it in the same way that you're not personally on the hook for your mortgage. if you default, the bank can seize your house. twitter can't make its debt payments, morgan stanley might end up owning it and elon is out the other ~30 billion he paid.
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Nov 9, 2022 19:58
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Qwertycoatl posted:there are two separate loans. He isn't on the hook for it directly, but the only way musk makes any of the 44bn back is if twitter starts making money (lol) or he sells it to someone else (lmao), and twitter being in crippling debt doesn't help either of those things.
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Nov 9, 2022 19:59
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lol
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Nov 9, 2022 20:11
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don't worry folks we have a solution to the twitter cash crisis https://twitter.com/alibreland/status/1590411665128198145?s=20&t=ld6Ytgon-hJvQ3upoRHXxw
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Nov 9, 2022 20:18
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full self depreciating
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Nov 9, 2022 20:18
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Luigi Thirty posted:don't worry folks we have a solution to the twitter cash crisis When all else fails, make a bank?
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Nov 9, 2022 20:19
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Zamujasa posted:full self depreciating full self dealing
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Nov 9, 2022 20:20
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i know a guy who bet his whole retirement on tesla stock he's currently 74
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Nov 9, 2022 20:20
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Luigi Thirty posted:don't worry folks we have a solution to the twitter cash crisis ah yes, the Do Kwon plan. i'm sure that'll work out as well as it did last time
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Nov 9, 2022 20:20
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Luigi Thirty posted:don't worry folks we have a solution to the twitter cash crisis hahahaha do it you stupid gently caress, do it
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Nov 9, 2022 20:24
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raminasi posted:i'm pretty sure that "elon musk borrowed $13b" is just reporting shorthand for "elon musk formed a shell company that borrowed $13b" No, as others have noted, the debt is owned by Twitter. This is just how leveraged buyouts work -- the debt used to buy the company goes on the company's books. Twitter wasn't even profitable before Musk added $1B/year in interest payments to its balance sheet. And he's killed a large portion of revenue by alienating advertisers. But on the flipside, Twitter's annual expenses are "only" $6B or so. If Musk wanted to, he could keep propping it up for years before it would make much of a dent in his net worth. Which, now that I think of it, is probably what will happen, at least until he gets bored or the platform is effectively emptied of users. It takes him years to admit he was wrong about something (e.g. solar rooves), if he can at all.
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Nov 9, 2022 20:25
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Luigi Thirty posted:don't worry folks we have a solution to the twitter cash crisis lol at a paypal mafia og proposing something that paypal did and backpedaled on hard is he snorting meth or something?
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Nov 9, 2022 20:37
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sounds like something someone with weird balls would do
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Nov 9, 2022 20:38
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