- cross-posted to:
- technology@lemmy.world
- cross-posted to:
- technology@lemmy.world
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We don’t have billions of dollars to have to do shit like this ourselves, so it doesn’t seem real. 🤷🏻♂️
Is this so the loans secured with X stock can’t be called in, forcing Elon to sell the collateral to pay back the loan?
Sure seems like a bullshit business move to retain control of Tesla.
X is a private company, there’s no stock. It was secured with Tesla stock.
So hell get taxed for exchange of speculative assets right?.. Right?!
No because it’s a loss, so he’ll actually get 10bln in tax credit
The combination values xAI at $80 billion and X at $33 billion ($45B less $12B debt)
Lol, he actually think the value of Shitter is still $45B, as when he bought it. That’s cute.
If I recall, fidelity wrote off most of its investment in twitter less than a year after the acquisition: https://www.forbes.com/sites/tylerroush/2024/09/30/elon-musks-x-is-now-worth-around-a-fifth-of-the-44-billion-he-paid-for-it-fidelity-says/
Wrote down not off.
https://www.theguardian.com/technology/2024/jan/02/x-twitter-stock-falls-elon-musk
Debt is written off when deemed unrecoverable.
Assets can be written down when the value is lower than expected. Often this is due to more rapid depreciation of capital assets due to damage or impairments to goodwill (brand failure).
But none of that matters because private equity valuations are all bullshit and mean nothing anyways.
https://www.wallstreetoasis.com/forum/private-equity/private-equity-is-a-joke
Musk’s slight of hand shell game to keep from losing his shirt if his Tesla stock keeps dropping and his X financiers come looking for money.
This might have the opposite effect he wants, xAI investors no longer have a clean AI investment and are now linked to a failing social media platform.
xAI is already losing bigtime vs other AI companies, this just makes it even less attractive.
For reference, he bought it for $44B.
https://wikipedia.org/wiki/Acquisition_of_Twitter_by_Elon_Musk
YAAASSSS!! I love to think of him losing money without money his influence plummets
It’s almost better than losing money. He put up a certain amount of Tesla stock as collateral for the loan (essentially) to buy Twitter.
So if Tesla’s stock tanks, those creditors will be able to claw more stock away from him. If it tanks enough, he’s in hostile takeover territory.
I love it when you talk dirty 🤪
We enter hostile takeover territory around $115
He did it to escape Tesla stock. Because car companies are heavily cyclical.
He’s succeeding not failing, unfortunately.
Are the authorities aware? It’s very illegal to sell exctacy in the US.
Phew. Just in time to avoid fraud charges on the loan.
So what is he planning on doing? Make the worlds most corrupt porn Ai service? Or an AI political drama machine?
Companies are no longer requires to disclose that they are owned by a shell. This is the beginning of his ultimate grift.
I saw someone mention how It’s because he’s getting sued over on x and he’s trying to do shady shit like always
so… Who are xai’s investors?
I can see its products but I don’t see the investors on wikipediaWhat’s the point? Is it some sort of tax scheme?
Restructuration of ownership and debt so that if Tesla fails he get to keep his assets in his other non public companies. At one point Tesla stock was leveraged to buy Twitter, i think that Elon shielded his assets because Tesla is way too exposed.
So… computer programs can now own property. Interesting. Is this the first step in giving computers the vote?
AI dystopia
Well, not really. Twitter was his own private property that he bought with borrowed money secured against his Tesla shares. xAI on the other hand is financed by investors whose money he used to bail himself out at a price he made up himself since Twitter is no longer publicly traded. So this is, in my opinion, misuse of investor funds; the picture would be true if xAI used how own money to do this, but no.
On one hand,I think this is serious fraud. On the other, my understanding for anyone investing into his companies is very limited, there are so many red flags on so many levels.
To understand Musk/Trump investors, imagine the investment to be an NFT.
yes its a perfect setup for a payoff.
Ah shit so maybe not fraud but bribery.
yeah figure musk is a bit smarter so didn’t need to get the loans he never pays back like trump.
The investors have a seat in the board of directors in xAI, and for a shareholder deal you must have board approval. So at least more than 50% of the directors support this, meanings he is legally in the clear.
I suspect the government(s) that represent the bulk of the funds behind xAI threw the money out to continue operating exactly as he has been.
They thought all they were getting was a piece of the latest hype. Now they’ve got leverage over the entire govt of the United Fucking States!
How to get a lawyer to investigate…
His juvenile enthusiasm for the letter X is so ten-year-old boy with sunglasses.
He called the tesla models S3XY, and the 3 is only because Ford was gonna sue him if he used E.
Next one will be the Tesla Model 80085…
“X” is also 88 in ASCII. 88 is a Nazi reference to “heil hitler”. Big surprise.
Coincidence? I think not!
Omg I just realized 88 is also how old his melting body looks.
I did not know these things, but makes sense…
Who did that‽ It’s so beautiful, it should be posted all over Xitter lol
Just confirming Xitter is pronounced “shitter” right?
That’s how I’ve been pronouncing it in my head when I read it.
I still say “Twitter” though because that and the gulf of Mexico are the only things I feel are okay to deadname.
Until the Gulf of Mexico becomes sentient and tells me it prefers to be called the Gulf of America, I will continue to call it what the rest of the world calls it.
I’ve always pronounced it gzitter
I made this one. Thanks for the compliment! 😅
Edit: btw proudly made in GIMP!!
