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 1 year ago (1 children)

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

[–] WhatAmLemmy 6 points 1 year ago* (last edited 1 year 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 1 year 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 1 year 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.

[–] kbotc 1 points 1 year ago

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

[–] cheese_greater 1 points 1 year ago (1 children)
[–] [email protected] 1 points 1 year 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.

[–] Zron 5 points 1 year 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 1 year ago

If they aren't, I am.