this post was submitted on 19 Sep 2023
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It was in fact hemorrhaging money. They have been cash flow negative for quite some time now, with steadily decreasing assets. While they recently have been decreasing their short term debts, they have also been accumulating long term debt to such a degree, that in Q1 2022 their cash/debt ratio became negative.
All this long term debt must be becoming an increasing problem during the current economic climate.
No matter what you think of Musk, radical changes were absolutely necessary.