this post was submitted on 23 Jul 2023
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Guys, I’m starting to think this Elon guy isn’t as smart as he claims…
No rich person is actually smart, they are all addicted to money and can't get help over it. But their moves in the business world are all calculated, this guy is doing exactly what he wants to do and their goal is to make money not to lose them.
Smart people are more risk adverse. It seems like the only way to become mega wealthy is to haphazardly gamble. We only hear about the successes due to survivorship bias.
They really are just lucky bastards.
Lucky, or in Elmo's case, born with a platinum spoon in his mouth thanks to daddy's apartheid emerald mines.
That's a very big part of it.
When fucknugget wanted to start a company he had plenty of credit either on his own, with his name, or both. If he blew 50k in an attempt he could try again next week.
If I blew 50k I'd be homeless.
It's way easier to high stakes gamble when you won't notice you lost.
They are lucky because the average person won't even bother checking out on wikipedia how they become so rich
How does this make him money exactly? lol
He is literally just killing off his website.
My guess: the same way the now called Meta benefited from stalling facebook and moving people to their other platforms like instagram. These marketers perceive everything in market terms, twitter is old and they need to release a brand new product to hook people up
I'm waiting for the next step when he tries to add features to make X whatever he envisions. Oh, those devs I fired. Hey, why can't we hire anyone? No one wants to work.
Counterpoint: Warren Buffet.
Money are an addiction just like smoke, sex or drugs. If you can't cope with being addicted to gold at the end of the day you are dumber than some kids
He's like any other punk born into millions.
Depends.
If he thinks Twitter is irreperably dying, this may be a way, in which he can get out of repaying the loans he used to (partially) fund the buyout of twitter.
If you're thinking this an "artist formerly known as Prince" sort of thing where Prince got out of a contract, I'm sure all the debt holders have the proper legal verbiage to have agreements remain valid in the event of a name change.
How does that get him out of the loans?
The lenders lawyer arrives at the Twitter office:
The bonesaw Saudi lenders :)
That makes me think of the theory about Saudi Arabia and probably other countries have had it in for Twitter since Arab Spring.
So this is just Elon doing as instructed: "Make Twitter disappear, but make it look like an accident"
Absolutely
depends how the loans worked.
I was assuming his majority shares of X (ex Twitter) collateral.
And that that he could just go "yeah, go on, collect on your collateral, I don't mind", because it's not worth anything anymore.
But admittedly I have no Idea how the contracts were drawn up, if this is possible and if his other money would be available to collect on.
At some point some creditor should be desperate enough to do a margin call, since the loan collateral is next to worthless.
An insight that's coming a couple of years too late though.
It's a joke.
I should've added a smiley face myself, sorry. I thought you were joking.
No worries. I'm genuinely relieved you were joking too!!