this post was submitted on 20 Aug 2024
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Nearly two years after Elon Musk’s acquisition, X’s business is still struggling to climb out of the deep hole it fell into under his ownership.

The $13 billion that Elon Musk borrowed to buy Twitter has turned into the worst merger-finance deal for banks since the 2008-09 financial crisis.

The seven banks involved in the deal, including Morgan Stanley and Bank of America, lent the money to the billionaire’s holding company to take the social-media platform, now named X, private in October 2022. Banks that provide loans for takeovers generally sell the debt quickly to other investors to get it off their balance sheets, making money on fees.

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[–] HootinNHollerin 80 points 3 months ago* (last edited 3 months ago) (28 children)
[–] Mikelius 83 points 3 months ago (5 children)

We were due for our yearly billionaire offering to Poseidon.

[–] Osito 23 points 3 months ago (1 children)

May the god of water take mercy on us with this wealthy sacrifice and place a harvest in our nets

[–] Aqarius 4 points 3 months ago (1 children)

And hold back sea level rise!

[–] AngryCommieKender 1 points 3 months ago

I would think that would be the god of Antarctica's bailiwick.

[–] Diplomjodler3 17 points 3 months ago

I don't think one is enough to placate Poseidon.

[–] [email protected] 9 points 3 months ago (1 children)

Either that or Jörmungandr has aquired a taste for richness. As a man who likes cheesecake I can respect it.

[–] AngryCommieKender 1 points 3 months ago (1 children)

My most requested recipe is: New York Style Cheesecake Stuffed, Chocolate covered, graham cracker rolled, strawberries.

[–] [email protected] 2 points 3 months ago (1 children)

That sounds great minus the strawberries, add more chocolate instead.

[–] AngryCommieKender 1 points 3 months ago (1 children)

The strawberries make it a "healthy dessert."

[–] [email protected] 2 points 3 months ago (1 children)

Bite me I want more chocolate, also if it can give me cavities it prolly aint healthy.

[–] AngryCommieKender 1 points 3 months ago (1 children)

You probably don't taste as good as the cheesecake and strawberries. I'll bite them, thanks. Cheers m8 :)

[–] [email protected] 2 points 3 months ago

If I taste as I smell then I taste like motor oil, old metal, and oranges. Which is fucken bizarre and I dont know what thatd taste like.

[–] [email protected] 3 points 3 months ago

I am deep in prayers so that Poseidon, Oceanus and every other sea related deity take our offerings of other billionaires and their yachts

[–] HootinNHollerin 2 points 3 months ago

This one is extra sweet to me as Morgan Stanley stole $4k of my funds, claiming it was abandoned when they never once sent me a message, notification on their site, letter, or call. It took me several months to get it back. All the while I was unemployed and really needed that money.

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