this post was submitted on 30 Nov 2023
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he said. “We’ll be gone, and it’ll be gone because of an advertiser boycott.”... eeer, no.

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[–] [email protected] 27 points 11 months ago (1 children)

They should learn not to give someone free money just because they have money already.

[–] WhatAmLemmy 6 points 11 months ago* (last edited 11 months ago) (3 children)

Pretty sure he's paying a massive amount of interest on those loans, and he would have to liquidate his other assets before he could declare bankruptcy and erase any of the debt... The banks are probably laughing.

[–] cyd 6 points 11 months ago (1 children)

No that's not how leveraged buyouts are structured. Musk isn't on the hook for the loans, Twitter the company is (basically, Twitter took on debt to help buy its former shareholders out).

[–] [email protected] 6 points 11 months ago (2 children)

Precisely, Musk has no personal risk for destroying Twitter. It's absolutely fucking insane how much free money we give rich people.

Oh, and one of the reasons Twitter will inevitably fail is because of the massive interest payments the company accepted during the purchase.

[–] cheese_greater 1 points 11 months ago (1 children)
[–] [email protected] 1 points 11 months ago

Lots of people lose their jobs, something that was once a public service is shut down... and Elon Musk's reputation takes a minor hit that's quickly forgotten.

[–] kbotc 1 points 11 months ago

Oh, no. Musk has $20b in Tesla stock guaranteeing the loans. He could lose control of Tesla if X fails.

[–] Zron 5 points 11 months ago

If you owe the bank $10,000, you’re in trouble. If you owe the bank 10,000,000,000 dollars, the bank is in trouble.

[–] [email protected] 0 points 11 months ago

If they aren't, I am.