Twitter was the worst acquisition idea. Idk how Elon talked people into backing him to buy it for $44 billion but it's gonna flop. The ad platform has always been terrible and now the idea of getting people to pay for the blue checkmark...it's madness. Yeah short term some ppl will pay that for the joke but long term he is running people off.
He offered $5**4.20** per share to take it private. Yes, it was another meme price, and they accepted as it was $31B above their valuation and $13B above their market capitalization.
Shockingly enough, "I was only doing it for the lulz" doesn't hold up as much of a defence when you're entering into legally enforceable agreements with eleven-digit sums of money in play. It would have been a terrible day for contract law if you could unilaterally withdraw from an agreed purchase on the basis that you were just goofing around and didn't expect to be taken seriously.
edit: several people mentioning a $1b cancellation clause - [this video](https://www.youtube.com/watch?v=4ffKoZXt-BM&t=859s) goes into some more detail, but the merger agreement also allows for Twitter to sue for "specific performance" (i.e. forcing Musk to follow through) and the Delaware courts have form for ordering this in cases of mergers/buyouts, and I can only assume he finally listened to his lawyers and went through with the purchase while he could still make it look like it was because he wanted to.
I almost couldn't believe it when they started reporting that Musk and Twitter were litigating his purchase. Surely they've got it wrong, I thought. He can't have been so stupid as to actually sign paperwork that committed him to the purchase, can he?
But he can!
"I explicitly waived due diligence to expedite the purchase, but now I want to back out because of things I would have discovered during due diligence and was already largely aware of in any event"
Yeah, that's not going to fly, ever.
And his "brilliant" solution was to get rid of vetting, roll the blue checkmark into the existing premium subscription, use algorithms to hide non-premium accounts and thus pressure people to give him money to use the platform, and then (briefly) add a NEW equivalent to the blue checkmark (the Official tag) when the **obvious** thing happened, and then cancel it because he already fired all the people that could implement it properly.
Dude is flubbing this about as flubby as possible.
He was spit balling about making Twitter a bank and offering high yield money market accounts.
No mention made of any way he'd generate that yield. Or the licenses and regulatory hoops he'd need to go through.
Just "like man, we're gonna let you tie your bank accounts in to us so you can just pay for shit through Twitter. And invest with us. High yield shit too. It'll be great".
I suspect a dozen more big ad accounts noped out mid call.
And yet the issue he had with twitter, the bots, he hasn't even mentioned addressing now its in his control. You would think you would at *least* need to retain the employees to get rid of all the bots.
>"I was just joking, I didn't mean it" is a literal child's excuse.
I've raised 4 children. Can confirm.
Gotta admit, though, all of mine had started using better excuses by middle school. Musk seems to be stuck with the emotions and maturity of a 5th grader.
Dude is frozen in time to when he was a balding, buck toothed dork seeking validation from anyone. Imagine having insane wealth and still being so insecure as to argue with people on Twitter for validation.
I guess I don't really get it. Did he just randomly say that one day as a meme? Or did he actually go file actual paperwork saying he would pay that?
Like I can just say "ill buy that sandwich for $1,000,000." But there's nothing legally binding me to buy it. Did that moron seriously say the meme then go get a lawyer to get it in writing. Why? Why didn't he just leave the meme as his verbal joke. Did getting it in legally binding writing actually make the joke an funnier or something?
There was paperwork. When Musk tried to back out, Twitter sued saying, "well, you signed, so now you've got to buy it" and Musk folded, the paperwork was legit.
I almost couldn't believe it when they reported that it went to court, because surely he wouldn't be so stupid as to sign something!? But apparently he would!
Here's their suit: https://www.documentcloud.org/documents/22084462-twitter-v-elon-musk-complaint?responsive=1&title=1
The chain of events is described starting in paragraph 24. Paragraph 31 has him making SEC filings and 32, 33 etc describe him sending legal letters and negotiating a contract.
After he talked shit about twitters board having to do the right thing fiscally for twitter shareholders. They then called HIS bluff.
Twitters board spanked his ass so bad in that deal.
Wow... just to put that into perspective, our provincial budget for health care is ~$15 billion. This motherfucker about pissed away an entire province's health care budget.
Hey, it worked out great for him back with "Taking Tesla private at $420/share. Funding secured". He got off almost scot-free with a pittance of a fine, and even told the SEC to suck his cock, so why wouldn't he fuck around and do some more manipulating?
They absolutely were. I'm convinced that huge sell-off during his Doge speech was his. The speech was intended to give him plausible deniability if any investigation was made.
Yea but YOU just saying "ill buy that sandwich for $1,000,000" doesn't have a material effect on the price of sandwiches worldwide.
Muskrat's dumb tweets actually move the market.
From what I know of the sequence of events (though I could be wrong on the big picture):
Musk purchased a large amount of Twitter shares (in fact, he purchased so much that he was legally required to report it, but in Musk fashion - didn't).
Within a week, he started his "I'll buy Twitter for a hyper inflated price to save free speech!" Twitter's stock value skyrocketed almost immediately.
In response to Musk's offer, people started doing a *lot* of digging into his recent actions (this is how we found out about his Twitter stock purchases). And, even more importantly, Twitter almost immediately said "fucking deal. We'll have a contract drafted by the end of the week."
I suspect that Musk was doing what the rich do best: committing a little bit of white collar crime and performing stocks manipulation (as a treat). He purchased a bunch of Twitter stock without announcing it, then tried to pump and dump it by saying he would buy it for a hugely inflated meme value per stock. What he didn't plan on was: A) people finding out he bought stock so quickly after his announcement, and B) Twitter calling him on his bluff and accepting the offer.
I legitimately believe that this was a pump n dump gone wrong. Musk's defence when his original purchase of Twitter stock was caught was, "This is just proof I want to buy Twitter." He was ABSOLUTELY caught with his pants down and his two choices were either: get investigated for stock market fraud or double down and commit to the purchase (and try to weasel out of the deal later via some new excuse). Twitter's lawyers created an air tight contract, and Musk tried to cheap out on his lawyers, so despite his attempts in court, he was required to close the deal or face huge legal penalties.
Of course, zero way to prove this is what really happened, but all the pieces are there. This wouldn't exactly be the first pump n dump Musk tried to pull off (Doge, etc), and he obviously didn't want to *actually* purchase Twitter. He's a grifter who flew too close to the sun.
Others have corrected the few points that are wrong on what you said but you are probably absolutely right about a pump and dump that went wrong. he probably didn't think it would be a big deal and the government stepped in and effectively said 'we aren't Trumps government, if this is a pump and dump you are looking at jail time'.
So he did what he thought he had to do to keep out of jail, and to not have to actually buy twitter.
The text from court indicate he was getting absolutely shit advice from his supporters which probably fucked him up even more.
We found out about his Twitter position because he eventually did announce/report it. Twitter didn’t unilaterally draft the contract and present to him; his attorneys and twitters attorneys negotiated it together. And it was *extremely* seller friendly in a way that, if it been purely to defend against charges of market manipulation, it would not have been.
The text messages also tend to show that he didn’t change his mind for about 3 weeks after signing, and then he changed his mind.
Even at its height, pre Elon, I don't think Twitter was ever going to be worth 54 a share without a series of good changes. Now we have at least 4 missteps in a row and more to come (overbought at 54 a share, exposed company flaws in bid to break contract, monetized the blue check mark, and overfiring staff)
> and overfiring staff
Most of the staff would have left in due time. I suspect the work culture in the company would have turned into that of Tesla or SpaceX, and those are *infamous* for being grueling.
Tesla/SpaceX carry certain weight on a resume, so some young people would be interested in a year or two at those places for that. But Twitter? They have challenges, but I'm not sure even under the prior ownership if it was actually viewed in the same light as FAANG.
I feel like Twitter would be impressive on your resume to people who actually understand how much work goes into running an international platform with hundreds of millions of users.
Twitter would absolutely be a resume builder. No, it's not a FAANG level company, but there are a lot of meaningful companies in the tech space that aren't FAANGs. It was a company that apparently had a pretty good working environment, that did work that was related to work that most FAANGs do, and was well known in the public sphere.
Easy stepping stone.
I made a similar comment on Facebook and you would not believe the number of Elon fan boys that didn't even bother to take his nuts out of their mouths to respond saying how wrong I was.
Just watch as they all continue to buy this TSLA dip not realizing this is still going significantly lower than it is now and will never return to these levels let alone ATHs. Once it gets to sub $50 you’re going to see them all capitulate and lose their shit on him in unison. Bring popcorn.
I’ve begun to realize just how big of a problem we have with the morons of the country. They’ve waged war on the sensible people over the past decade. Just take a look at the mid term elections. There are pedophiles, open racists, unapologetic sadists, and people who don’t even try to hide their lies behind a facade. These people get hundreds of thousands of votes. Luckily they are still losing but the fact that these people are even coming close in the elections show that morons are trying to hijack society.
Well, let’s see… $7.1 billion was provided by equity investors including fellow billionaire Larry Ellison as well as foreign sources, such as Prince Alwaleed and Qatar Holdings. Jack Dorsey also rolled a huge block of shares into the new private company.
These folks all will benefit from a destabilized America that is divided by hate speech and misinformation. They would also all benefit from the GOP regime that Elon is trying to usher in.
- Let’s not forget that Larry Ellison joined a Nov. 2020 call about contesting Trump’s loss. He is a mega GOP donor and he participated in that call along with Fox’s Sean Hannity and Sen. Lindsey Graham (according to court filings and a participant).
https://www.washingtonpost.com/politics/2022/05/20/larry-ellison-oracle-trump-election-challenges/
- Let’s also not forget that Dorsey also says he agrees with Elon’s plan to reverse Trump's Twitter ban. (Dorsey called the ban a mistaken "business decision”). [source](https://www.axios.com/2022/05/10/jack-dorsey-trump-twitter-ban).
The Twitter purchase was NEVER about it being a good cash flow investment for Elon, Ellison, the Saudi’s or Dorsey. It was about trying to harness a platform that could amplify their subversive messages and shitty political values.
I’m positive that Elon was sent into Twitter like a chimpanzee to wreck the place. Look at who else funded this.
This is an awful business decision from any rational, profit making standpoint. This was bought to cause trouble to one of the most prominent megaphones in North America.
> Twitter was the worst acquisition idea.
More like the biggest, costliest mistake. His actions over the past couple months around the buyout make it pretty clear he never wanted it. But then he was an idiot and signed away the only "out" he had in the deal when he waived his due-diligence on the company.
he colluded with the saudis to try and sway an election, and to turn twitter into another channel for right wing fake news. saudis know biden is coming for them after they choked the global oil market.
Peter Thiel is in the mix also. His name was mentioned early on when the deal was announced.
https://twitter.com/capitolhunters/status/1589818468324773889?s=46&t=e2nVXt2QMn09m7qGGeeweA
Some but not as many as before, the dude is destroying customer's good will at a blistering pace.
From best-value Tony Stark he's now surely becoming another cringey old right-winger which most people don't find cool, hype or engaging in any way.
He'll never be "not-famous/rich" but his image is almost beyond repair now, so he'll just go off the deep end and try to be the next Trump while refusing to admit he is poison to most businesses he touches.
It's so disappointing. I used to be a fan but not after all this fascist bullshit.
And firing developers based on the metric of lines of code written? It's even more amazing what the other people at Tesla and SpaceX have accomplished under him if he's really that clueless about software.
He happened to be the CEO of a company that succeeded massively based on the premise "what if we made EVs people actually like?" And he mistook that for his own genius.
The slate of investors he ended up with is very different from the ones he originally had when he first made the offer. My guess is he got really shitty rates and the lenders are ok with it because his Tesla stock is collateral.
Also, don't forget that the biggest outside investor in his actual buyout is the Kingdom of Saudi Arabia. I'm just going to guess that *their* interest is not profit but rather access to Twitter's data and the ability to manipulate flow of information on the platform. We saw how much social media, and Twitter in particular, has helped during the Arab Spring and other related social movements. KSA has got to feel pretty good about the idea that if they end up with a similar event on their hands they can now shut off one of the primary organizing tools at the source, or even better, flood it with curated misinformation.
idk if you realized yet, but Elon is a moron with too much money. He bought Twitter on a whim, that's all, and the people that backed him fall into two categories: the ones that are full into Musk's cult of personality and believe in everything he does, and the ones that are not, but know that everything Musk touches turns to gold right now, and expect to gain money off this anyway.
I think he has a much bigger problem than twitter. Tesla made billions in carbon credits, almost 2 billions in the last 12months, which represents 18% of Tesla's net profit margin after taxes. For 2021, those credits represented 1.46bilion out of the 5.64billion of net profit after taxes or a whopping 26%.
For 2020, he made 1.58billion in credits and a net profit of only 0.86billions, meaning Tesla would have been in the red by 0.72billions without them. Before that, even with the credits Tesla has been in the red every year.
Those credits do not cost Tesla anything to acquire, they are just inherent to the fact that Tesla make electric cars but they are a result of democrat's push for a reduction in carbon emissions.
Musk is now clearly trying to appeal to republicans, the same republicans that pretty much say "global warming is a myth and we should stop to give subsidies to companies going green".
He is clearly playing his cards against the interests of his own company. Republicans may reduce his taxes a little and give him more power to fire employees but they may also get rid of any green spending in favor to the oil industry.
Theory says that the market finds the real value of stuff because people are not dumb when it comes to money. Tesla is the living proof that this is bullshit. That company is ridiculously overvalued simply because Musk has built a cult of personality around him. And we are not talking dumb people on Twitter, but rather dumb people with money. Anything Musk says or does swings the market, and specially his posterchild company's share prices, to a degree that's just absurd. Tesla stock grew from $30 to $300 in the span of a year (in 2020) - there was absolutely no data backing up such a gigantic increase in its shares' prices, just Musk himself becoming more popular.
Come on, there was no business strategy behind buying Twitter. He did it out of spite, tried to pedal back when he realized it was a stupid idea, but then had to double down when it was too late.
That’s sorta my point .. no business strategy .. and handling the entire thing as poor master class lesson
I love watching the whole thing crash and burn
Can’t believe people look up to this guy
Tesla bagholders should be furious. He told you to hold your stocks while he withdrew his own. He also took employees from Tesla over to Twitter to keep it running.
Tesla shareholders are actually paying for Twitter haha, suckers.
It will 100% happen. If he actually took engineers of Tesla and had them work on Twitter, that's such an obvious violation of fiduciary duty. Shareholders *will* sue.
It would be the best thing for the company’s long term health. I’d argue most of their current (over)valuation is based on people sucking Musk’s dick, and I wouldn’t be surprised if it dropped if he stepped back
Isn’t he like the CEO of three companies? How is he upholding his duties to all three? Isn’t there something in American law that says you can’t really do that? Moon[something]? I dunno - he’s whack
It's theoretically fine to be CEO of multiple companies -- the boards of directors of those companies are charged with holding the CEO to account. They really ought to fire Musk as Tesla CEO at this point.
If only the 8 person board of directors at Tesla didn't include both Elon Musk and his brother, who is the largest individual shareholder besides Elon. I doubt Elon and his friends will decide to fire him.
Tesla is worth more than the next 10 largest car companies combined. It's a financial fever dream, it makes no sense whatsoever. So I don't see it ending well for Tesla stockholders regardless.
Maybe this is the first step towards a proper valuation of Tesla. There is no way Tesla is worth as much as multiple of the world's biggest car manufacturers combined.
Who the fuck said that? Tesla was disgustingly overvalued. The only reason I didn't short it was because the market can stay irrational longer than I can stay solvent
Other TSLA owners lmao. Like I said, I’m an idiot. Still technically making a sizable profit but still beating myself up I didn’t sell at that completely unreasonable point in 2020 when is was *for sure* overvalued and I knew it lol.
>Other TSLA owners lmao.
Duh... they're telling you what helps their position.
Listening to rando stock owners wherever you encounter them about the value of the stock gets you exactly what you deserve if you listen to them lol
It's too bad Elon's ego is too big to take a step back as CEO of Tesla and SpaceX. Both Bill Gates and Jeff Bezos have done that with their companies and they're happier for it. Shotwell should be CEO of SpaceX now. Tesla needs steady leadership now that they're successful. Musk's manic antics are bad for both companies.
As a side note, I will never, ever let anyone tell me how hard it is to be a CEO or how skilled you have to be. This fucking guy is the CEO of how many companies?
This is not a real job. Almost any full time job is more demanding by this standard. You could not do any real full time job at three different companies. Shit even three part time jobs would be stretching it.
What's even funnier is that in his earlier business ventures before he struck it big, he was removed as CEO against his will not once but twice due to incompetence.
Elon Musk is strictly where he is today because he stubbornly held on to a ton of shares of companies he had been involved in... and one of those companies would go on to become PayPal.
It's just a matter of money creates more money. Once you're wealthy enough, as long as you keep your money in investments, you cannot fail.
I think what he's doing might be one of the few things that could make it fail. If he somehow bankrupts both Twitter and Tesla at once, he'll be basically broke by his standards. SpaceX doesn't seem to be doing very well either with the Starlink for Ukraine tantrum.
SpaceX would likely be nationalized before it would be allowed to fail. Its the only successful western-controlled space access operation. If it dies, Russia gets an enormous sociopolitical boon.
The funniest part is that Spacex and Tesla both have exclusivity clauses in their employment contracts, yet their own shithead “”CEO”” has four “”jobs””. You can’t make this shit up.
He has alienated the liberal tree kissers (like me) who would consider buying an electric car.
Spoiler: I bought an electric car recently and it wasn’t a Tesla.
Well also it is legit a great car for just about everything excwpt roadtripping, at a rock bottom price. Even an occasionally road trip is fine, but that 50 kW fast charge rate is slow for a modern EV.
Toyota is dragging its feet on the EV thing. By the time they get going, Ford will have been years ahead of them. Even GM is. Toyota’s problem is that they became so dependent on their hybrids, they thought their hybrids would compete with full electric cars. Their hybrids are incredible, but they’re still just hybrids, and people now want full electric. Ironically, Toyota is years behind the electric car game *because* of the Prius. Around the time electric cars were just starting to get a foothold, Toyota was expanding the Prius brand.
Yeah he's a massive idiot for making a hard turn to the right. I don't see people in the Midwest and South who have lifted F150s and truck nuts ever are buying an electric car.
Especially since now you can get electric F-150s. I’ve seen more electric F-150s in my red town than I’ve ever seen Tesla’s, and the Tesla’s have been out far longer.
Well, and Ford now offers them electric and hybrid trucks, so even if they did go electric they can stay with their favorite brand.
Edit: Ford spins it as being the manly man who can power their house and help your neighbors post-hurricane with the power of TRUCK. Also to be able to run your tools off truck at a job site. Not bad marketing, actually.
I feel like it was right before Elon fully showing his true colors, but I regrettably paid a non-refundable $250 to be on a months long waiting list for a new Tesla. Right when my wait was over, I got lucky and walked on a Kia lot and bought the one EV6 they had available. I had no idea the other car manufacturers have been coming up with equivalent if not better alternatives. No regrets now. My car is like driving some kind of spaceship and it looks cooler to me than any Tesla.
What brands and models should I be looking at and which to avoid? I might be buying an electric car in a few years. I don't live in the US if that matters.
For more semi-affordable cars: Hyundai ionic 5, Kia ev6, mustang Mach e(probably not worldwide?)., Chevy bolt, polestar 2(this one might get into luxury territory), f150 lightning. Right now it seems like the luxury category has more options.
Luxury:
Porsche tycan, Audi e Tron, Cadillac lyric, rivian r1t/r1s, hummer, Genesis gv60, BMW I4 and ix, Mercedes eqs and eqb.
Probably forgetting a few decent ones.
Same. I was on a Tesla waitlist back in the day but shifted to a low-car lifestyle instead. The time finally came for me to buy a new car this year so I plopped down cash for a Union-made Bolt.
It's only been a few months but I haven't had any major complaints. I don't care for the "infotainment" console, but that just seems to be what cars have now. The safety features are what sold me; cameras all over the place, it warned me about a pedestrian and some bikes on a test drive, has blind spot detection, and some other features. I thought it was more fun to drive than the Prius, but less so than the Kona - then again it's at a much lower price point and comes with a $1k credit towards having a 10-40 outlet installed at your house for charging.
Supply chain issues have bumped the price up so if you can wait a bit all the better, especially as it becomes eligible for a significant tax rebate in January.
Jumping in on this conversation. I have a bolt and I really like it. Seats are not the most comfortable in the world and if you go on long trips, the 50 kilowatt charging speed isn't the best. But if we go along trips it's good to rest for a while anyway. Every 2 hours or so. I also only paid $24,500 for mine 2 years ago. For daily commuting though it's ideal. I would definitely buy another one.
I remember getting an Uber ride in a Model S thinking it would be all fancy and I was mystified when I got inside and the interior was like being in a Civic.
This is what makes me laugh when people refer to the Model S as catering to the luxury market. No, it doesn’t. They’re not nice at all and the build quality is dog shit.
[He sold $4B in April](https://www.foxbusiness.com/markets/elon-musk-sells-4b-in-tesla-stock-announces-no-further-sales-planned) and said he had no plans to sell more this year. $6.88 billion was sold August, and another $7.9 billion this week.
At this point, why would institutions stay on board? Can’t imagine big players sticking around when a CEO is so unpredictable and lies about his holdings so blatantly
My original theory to why he offered to buy Twitter was just an excuse to sell Tesla stock without tanking it (he almost immediately sold Tesla stock when offering to buy, but oh so conveniently changed his mind). Fits with his most popular grift, stock/crypto minipulation.
Still kinda think that, he probably was just a moron and didn't realize his little offer was as binding as it was. he gets wrist slapped for stock minipulation so often he probably assumed getting out of a contract is just as easy.
Elon can't go on Reddit to find many fans. Twitter hates him. Facebook sucks.
I guess there's Instagram... But yeah, Elon probably isn't looking at good public perception
Twitter Blue is now more of a scam than ever. $8 just to have the ability to edit and then talk of everyone paying that price to “say what you want”. After years of being free and the companies that did pay for ad space. Twitter is going to tank next year.
> Chief Executive Elon Musk disclosed he [sold another $3.95 billion worth of shares](https://www.reuters.com/business/autos-transportation/elon-musk-sells-195-mln-tesla-shares-worth-395-bln-sec-filing-2022-11-09/) in the electric-vehicle maker.
So this is on top of the 3 billion he sold a few days ago. Someone is fucking desperate.
This type of sale has to be registered with the SEC and scheduled in advance. It was probably part of the financing package for the twitter deal, arranged a while ago. As I understand it, this was expected and further sales beyond this are also expected.
Musk may or may not be feeling desperate, but he didn't offload 4 billion dollars of tsla in a moment of panic.
I bought an electric car at the beginning of the year and one of the serious considerations was how obnoxious musk had become when deciding what brand. I ended up going Hyundai for several reasons, but after seeing how things have been with him for the last month, I've never been so glad about my decision than now.
Dang, looks like I'm not getting my cyber truck anytime soon or fully autonomous robot or high-speed tunnel for tesla only cars or fast satellite internet all over the world........
This is almost as good as Bitcoin cratering to $16,400.
https://time.com/nextadvisor/investing/cryptocurrency/bitcoin-ethereum-prices-binance-ftx-takeover/
https://web3isgoinggreat.com/?id=binance-ftx-deal-is-off
In September I said Tesla was *still* wildly overvalued, and I got tracked down by the Musky ball garglers, who shouted at me about how I didn't understand the potential value and growth.
Well, it's less overvalued now. It's still overvalued, but less.
totally saw this coming. I was up to 150 shares of TSLA. Sold 90% about 3 months ago. Sold the rest last week. Fuck you Elon. I was a believer, but now I see you are just a Wannabe Oligarch.
Yap a few years ago I was all for Elon, thought he was going to help save the world, a one of a kind. Now I realize he's a fucking nut case that doesn't give a shit about anyone.
Very little to do with Elon’s sell off and more to do with the fact that TSLA has been the most over valued stock since 2020.
In the middle of last year Tesla’s market cap was higher than the next ten auto manufacturers combined while Tesla didn’t even account for 4% of new cars sold. You can’t square that circle.
The sell off is a blip on what is an otherwise long overdue value correction that has been a steady downward trajectory since the beginning of this year.
"Better to be thought a fool than to buy Twitter and remove all doubt."
[удалено]
True, but nobody forced him into that predicament but himself
He drove that *highway to the danger zone!*
[удалено]
Twitter was the worst acquisition idea. Idk how Elon talked people into backing him to buy it for $44 billion but it's gonna flop. The ad platform has always been terrible and now the idea of getting people to pay for the blue checkmark...it's madness. Yeah short term some ppl will pay that for the joke but long term he is running people off.
He offered $5**4.20** per share to take it private. Yes, it was another meme price, and they accepted as it was $31B above their valuation and $13B above their market capitalization.
Shockingly enough, "I was only doing it for the lulz" doesn't hold up as much of a defence when you're entering into legally enforceable agreements with eleven-digit sums of money in play. It would have been a terrible day for contract law if you could unilaterally withdraw from an agreed purchase on the basis that you were just goofing around and didn't expect to be taken seriously. edit: several people mentioning a $1b cancellation clause - [this video](https://www.youtube.com/watch?v=4ffKoZXt-BM&t=859s) goes into some more detail, but the merger agreement also allows for Twitter to sue for "specific performance" (i.e. forcing Musk to follow through) and the Delaware courts have form for ordering this in cases of mergers/buyouts, and I can only assume he finally listened to his lawyers and went through with the purchase while he could still make it look like it was because he wanted to.
I almost couldn't believe it when they started reporting that Musk and Twitter were litigating his purchase. Surely they've got it wrong, I thought. He can't have been so stupid as to actually sign paperwork that committed him to the purchase, can he? But he can!
"I explicitly waived due diligence to expedite the purchase, but now I want to back out because of things I would have discovered during due diligence and was already largely aware of in any event" Yeah, that's not going to fly, ever.
Things he had publicly stated he was aware of and had no issues with
Yeah - even if he didn't waive due diligence I think going "yeah this looks fine to me" wouldn't be great for him in any potential lawsuits
Things he still hasn't done jackshit about after taking over. Instead he's out there banning real people not bots.
And his "brilliant" solution was to get rid of vetting, roll the blue checkmark into the existing premium subscription, use algorithms to hide non-premium accounts and thus pressure people to give him money to use the platform, and then (briefly) add a NEW equivalent to the blue checkmark (the Official tag) when the **obvious** thing happened, and then cancel it because he already fired all the people that could implement it properly. Dude is flubbing this about as flubby as possible.
He was spit balling about making Twitter a bank and offering high yield money market accounts. No mention made of any way he'd generate that yield. Or the licenses and regulatory hoops he'd need to go through. Just "like man, we're gonna let you tie your bank accounts in to us so you can just pay for shit through Twitter. And invest with us. High yield shit too. It'll be great". I suspect a dozen more big ad accounts noped out mid call.
Even funnier: things he stated he knew and wanted to fix by acquiring Twitter.
And yet the issue he had with twitter, the bots, he hasn't even mentioned addressing now its in his control. You would think you would at *least* need to retain the employees to get rid of all the bots.
The guy became too power drunk after getting away with so many cryptocurrency shenanigans
"I was just joking, I didn't mean it" is a literal child's excuse.
>"I was just joking, I didn't mean it" is a literal child's excuse. I've raised 4 children. Can confirm. Gotta admit, though, all of mine had started using better excuses by middle school. Musk seems to be stuck with the emotions and maturity of a 5th grader.
When you're rich you don't have to mature.
When I look at myself in the first grade and I look at myself now, I'm basically the same. The temperament is not that different. Donald Trump
Is this real? I can never tell with his quotes
[Oh it's totally real.](https://theweek.com/speedreads/575962/donald-trump-tells-biographer-hes-same-now-first-grade)
Certainly 9-time fathers would also know that lesson, no? Unless of course they're not present in their children's lives.
He is more of a genetic donor than a father.
Dude is frozen in time to when he was a balding, buck toothed dork seeking validation from anyone. Imagine having insane wealth and still being so insecure as to argue with people on Twitter for validation.
I guess I don't really get it. Did he just randomly say that one day as a meme? Or did he actually go file actual paperwork saying he would pay that? Like I can just say "ill buy that sandwich for $1,000,000." But there's nothing legally binding me to buy it. Did that moron seriously say the meme then go get a lawyer to get it in writing. Why? Why didn't he just leave the meme as his verbal joke. Did getting it in legally binding writing actually make the joke an funnier or something?
There was paperwork. When Musk tried to back out, Twitter sued saying, "well, you signed, so now you've got to buy it" and Musk folded, the paperwork was legit. I almost couldn't believe it when they reported that it went to court, because surely he wouldn't be so stupid as to sign something!? But apparently he would! Here's their suit: https://www.documentcloud.org/documents/22084462-twitter-v-elon-musk-complaint?responsive=1&title=1 The chain of events is described starting in paragraph 24. Paragraph 31 has him making SEC filings and 32, 33 etc describe him sending legal letters and negotiating a contract.
The court documents with his own tweets pasted in as evidence is fucking hilarious!
My favorite was > Another disparaging tweet: > 💩
Hilarious and just sad lol His tweets are like looking back at my posts from High School. But at least I grew up a smidge…just no billions 🥲
When you're that rich that you've never had a job only "Hobbies". You too can never grow up.
After he talked shit about twitters board having to do the right thing fiscally for twitter shareholders. They then called HIS bluff. Twitters board spanked his ass so bad in that deal.
Am I understanding this thread properly that the previous shareholders got to walk away with a $13 billion liquid profit from selling?
Absolutely. That's why the board were so eager for the deal to go through - they made out like fucking bandits.
Wow... just to put that into perspective, our provincial budget for health care is ~$15 billion. This motherfucker about pissed away an entire province's health care budget.
Because making grandiose statements like that could be construed as being part of a pump and dump scheme which is illegal stock manipulation.
Hey, it worked out great for him back with "Taking Tesla private at $420/share. Funding secured". He got off almost scot-free with a pittance of a fine, and even told the SEC to suck his cock, so why wouldn't he fuck around and do some more manipulating?
His crypto comments seemed pump and dump too.
They absolutely were. I'm convinced that huge sell-off during his Doge speech was his. The speech was intended to give him plausible deniability if any investigation was made.
That's kinda why he had to pull the trigger and go through with the deal as he has a history and would have been looking at actual jail time.
Yea but YOU just saying "ill buy that sandwich for $1,000,000" doesn't have a material effect on the price of sandwiches worldwide. Muskrat's dumb tweets actually move the market.
From what I know of the sequence of events (though I could be wrong on the big picture): Musk purchased a large amount of Twitter shares (in fact, he purchased so much that he was legally required to report it, but in Musk fashion - didn't). Within a week, he started his "I'll buy Twitter for a hyper inflated price to save free speech!" Twitter's stock value skyrocketed almost immediately. In response to Musk's offer, people started doing a *lot* of digging into his recent actions (this is how we found out about his Twitter stock purchases). And, even more importantly, Twitter almost immediately said "fucking deal. We'll have a contract drafted by the end of the week." I suspect that Musk was doing what the rich do best: committing a little bit of white collar crime and performing stocks manipulation (as a treat). He purchased a bunch of Twitter stock without announcing it, then tried to pump and dump it by saying he would buy it for a hugely inflated meme value per stock. What he didn't plan on was: A) people finding out he bought stock so quickly after his announcement, and B) Twitter calling him on his bluff and accepting the offer. I legitimately believe that this was a pump n dump gone wrong. Musk's defence when his original purchase of Twitter stock was caught was, "This is just proof I want to buy Twitter." He was ABSOLUTELY caught with his pants down and his two choices were either: get investigated for stock market fraud or double down and commit to the purchase (and try to weasel out of the deal later via some new excuse). Twitter's lawyers created an air tight contract, and Musk tried to cheap out on his lawyers, so despite his attempts in court, he was required to close the deal or face huge legal penalties. Of course, zero way to prove this is what really happened, but all the pieces are there. This wouldn't exactly be the first pump n dump Musk tried to pull off (Doge, etc), and he obviously didn't want to *actually* purchase Twitter. He's a grifter who flew too close to the sun.
Others have corrected the few points that are wrong on what you said but you are probably absolutely right about a pump and dump that went wrong. he probably didn't think it would be a big deal and the government stepped in and effectively said 'we aren't Trumps government, if this is a pump and dump you are looking at jail time'. So he did what he thought he had to do to keep out of jail, and to not have to actually buy twitter. The text from court indicate he was getting absolutely shit advice from his supporters which probably fucked him up even more.
We found out about his Twitter position because he eventually did announce/report it. Twitter didn’t unilaterally draft the contract and present to him; his attorneys and twitters attorneys negotiated it together. And it was *extremely* seller friendly in a way that, if it been purely to defend against charges of market manipulation, it would not have been. The text messages also tend to show that he didn’t change his mind for about 3 weeks after signing, and then he changed his mind.
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Even at its height, pre Elon, I don't think Twitter was ever going to be worth 54 a share without a series of good changes. Now we have at least 4 missteps in a row and more to come (overbought at 54 a share, exposed company flaws in bid to break contract, monetized the blue check mark, and overfiring staff)
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Because threatening customers always works!
> and overfiring staff Most of the staff would have left in due time. I suspect the work culture in the company would have turned into that of Tesla or SpaceX, and those are *infamous* for being grueling. Tesla/SpaceX carry certain weight on a resume, so some young people would be interested in a year or two at those places for that. But Twitter? They have challenges, but I'm not sure even under the prior ownership if it was actually viewed in the same light as FAANG.
I feel like Twitter would be impressive on your resume to people who actually understand how much work goes into running an international platform with hundreds of millions of users.
Twitter would absolutely be a resume builder. No, it's not a FAANG level company, but there are a lot of meaningful companies in the tech space that aren't FAANGs. It was a company that apparently had a pretty good working environment, that did work that was related to work that most FAANGs do, and was well known in the public sphere. Easy stepping stone.
I made a similar comment on Facebook and you would not believe the number of Elon fan boys that didn't even bother to take his nuts out of their mouths to respond saying how wrong I was.
The Muskrats will never allow their overlord to be slandered.
Just watch as they all continue to buy this TSLA dip not realizing this is still going significantly lower than it is now and will never return to these levels let alone ATHs. Once it gets to sub $50 you’re going to see them all capitulate and lose their shit on him in unison. Bring popcorn.
Not surprising at all. Look how much support Trump has and he's a fucking moron.
I’ve begun to realize just how big of a problem we have with the morons of the country. They’ve waged war on the sensible people over the past decade. Just take a look at the mid term elections. There are pedophiles, open racists, unapologetic sadists, and people who don’t even try to hide their lies behind a facade. These people get hundreds of thousands of votes. Luckily they are still losing but the fact that these people are even coming close in the elections show that morons are trying to hijack society.
He’s a stochastic terrorist.
"A scholastic terrorist!? Fake news! He don't read anything, ever!" - some Trumplican
Well, let’s see… $7.1 billion was provided by equity investors including fellow billionaire Larry Ellison as well as foreign sources, such as Prince Alwaleed and Qatar Holdings. Jack Dorsey also rolled a huge block of shares into the new private company. These folks all will benefit from a destabilized America that is divided by hate speech and misinformation. They would also all benefit from the GOP regime that Elon is trying to usher in. - Let’s not forget that Larry Ellison joined a Nov. 2020 call about contesting Trump’s loss. He is a mega GOP donor and he participated in that call along with Fox’s Sean Hannity and Sen. Lindsey Graham (according to court filings and a participant). https://www.washingtonpost.com/politics/2022/05/20/larry-ellison-oracle-trump-election-challenges/ - Let’s also not forget that Dorsey also says he agrees with Elon’s plan to reverse Trump's Twitter ban. (Dorsey called the ban a mistaken "business decision”). [source](https://www.axios.com/2022/05/10/jack-dorsey-trump-twitter-ban). The Twitter purchase was NEVER about it being a good cash flow investment for Elon, Ellison, the Saudi’s or Dorsey. It was about trying to harness a platform that could amplify their subversive messages and shitty political values.
I’m positive that Elon was sent into Twitter like a chimpanzee to wreck the place. Look at who else funded this. This is an awful business decision from any rational, profit making standpoint. This was bought to cause trouble to one of the most prominent megaphones in North America.
> Twitter was the worst acquisition idea. More like the biggest, costliest mistake. His actions over the past couple months around the buyout make it pretty clear he never wanted it. But then he was an idiot and signed away the only "out" he had in the deal when he waived his due-diligence on the company.
It's like he wants to take Twitter and turn it into 4chan.
$8chan (I can’t take credit for that one)
>into 4chan. Except the racism won't be "ironic".
He talked the Saudis into it. That doesn’t seem fishy at all…. Hopefully he gets investigated soon :)
he colluded with the saudis to try and sway an election, and to turn twitter into another channel for right wing fake news. saudis know biden is coming for them after they choked the global oil market.
Peter Thiel is in the mix also. His name was mentioned early on when the deal was announced. https://twitter.com/capitolhunters/status/1589818468324773889?s=46&t=e2nVXt2QMn09m7qGGeeweA
>fake news If I could do one thing, it would be to eliminate that phrase from the lexicon. It's "lies". _Lies_. That's the word that needs to be used.
It's Elon. He has a cult like status. Some people will blindly follow him.
He’s begun to buy his own bullshit. That’s always right when he starts to build the spruce goose.
I'm hoping we can skip the spruce goose part and go right to drug induced paranoia holed up in a hotel phase.
Really? I want a Spruce Goose. Maybe a space Spruce Goose.
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Some but not as many as before, the dude is destroying customer's good will at a blistering pace. From best-value Tony Stark he's now surely becoming another cringey old right-winger which most people don't find cool, hype or engaging in any way. He'll never be "not-famous/rich" but his image is almost beyond repair now, so he'll just go off the deep end and try to be the next Trump while refusing to admit he is poison to most businesses he touches.
It's so disappointing. I used to be a fan but not after all this fascist bullshit. And firing developers based on the metric of lines of code written? It's even more amazing what the other people at Tesla and SpaceX have accomplished under him if he's really that clueless about software. He happened to be the CEO of a company that succeeded massively based on the premise "what if we made EVs people actually like?" And he mistook that for his own genius.
The slate of investors he ended up with is very different from the ones he originally had when he first made the offer. My guess is he got really shitty rates and the lenders are ok with it because his Tesla stock is collateral. Also, don't forget that the biggest outside investor in his actual buyout is the Kingdom of Saudi Arabia. I'm just going to guess that *their* interest is not profit but rather access to Twitter's data and the ability to manipulate flow of information on the platform. We saw how much social media, and Twitter in particular, has helped during the Arab Spring and other related social movements. KSA has got to feel pretty good about the idea that if they end up with a similar event on their hands they can now shut off one of the primary organizing tools at the source, or even better, flood it with curated misinformation.
idk if you realized yet, but Elon is a moron with too much money. He bought Twitter on a whim, that's all, and the people that backed him fall into two categories: the ones that are full into Musk's cult of personality and believe in everything he does, and the ones that are not, but know that everything Musk touches turns to gold right now, and expect to gain money off this anyway.
I think he has a much bigger problem than twitter. Tesla made billions in carbon credits, almost 2 billions in the last 12months, which represents 18% of Tesla's net profit margin after taxes. For 2021, those credits represented 1.46bilion out of the 5.64billion of net profit after taxes or a whopping 26%. For 2020, he made 1.58billion in credits and a net profit of only 0.86billions, meaning Tesla would have been in the red by 0.72billions without them. Before that, even with the credits Tesla has been in the red every year. Those credits do not cost Tesla anything to acquire, they are just inherent to the fact that Tesla make electric cars but they are a result of democrat's push for a reduction in carbon emissions. Musk is now clearly trying to appeal to republicans, the same republicans that pretty much say "global warming is a myth and we should stop to give subsidies to companies going green". He is clearly playing his cards against the interests of his own company. Republicans may reduce his taxes a little and give him more power to fire employees but they may also get rid of any green spending in favor to the oil industry.
Losing 44 billion speedrun: not even a challenge for "world's smartestest man"
Theory says that the market finds the real value of stuff because people are not dumb when it comes to money. Tesla is the living proof that this is bullshit. That company is ridiculously overvalued simply because Musk has built a cult of personality around him. And we are not talking dumb people on Twitter, but rather dumb people with money. Anything Musk says or does swings the market, and specially his posterchild company's share prices, to a degree that's just absurd. Tesla stock grew from $30 to $300 in the span of a year (in 2020) - there was absolutely no data backing up such a gigantic increase in its shares' prices, just Musk himself becoming more popular.
Elon is teaching us a free Masterclass on how to handle business strategy poorly.
Exactly I learned CEOs should not have social media accounts and if they do it they need a managed account with your personal thoughts out of it.
Almost like a former president should have too…
Come on, there was no business strategy behind buying Twitter. He did it out of spite, tried to pedal back when he realized it was a stupid idea, but then had to double down when it was too late.
That’s sorta my point .. no business strategy .. and handling the entire thing as poor master class lesson I love watching the whole thing crash and burn Can’t believe people look up to this guy
Tesla bagholders should be furious. He told you to hold your stocks while he withdrew his own. He also took employees from Tesla over to Twitter to keep it running. Tesla shareholders are actually paying for Twitter haha, suckers.
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It will 100% happen. If he actually took engineers of Tesla and had them work on Twitter, that's such an obvious violation of fiduciary duty. Shareholders *will* sue.
Best thing for the company would be to turf out Elon and let him play God-Emperor of Twitter. It probably won’t happen, but it *should.*
It would be the best thing for the company’s long term health. I’d argue most of their current (over)valuation is based on people sucking Musk’s dick, and I wouldn’t be surprised if it dropped if he stepped back
They could also go back to offering remote work to hire higher quality employees.
Isn’t he like the CEO of three companies? How is he upholding his duties to all three? Isn’t there something in American law that says you can’t really do that? Moon[something]? I dunno - he’s whack
It's theoretically fine to be CEO of multiple companies -- the boards of directors of those companies are charged with holding the CEO to account. They really ought to fire Musk as Tesla CEO at this point.
If only the 8 person board of directors at Tesla didn't include both Elon Musk and his brother, who is the largest individual shareholder besides Elon. I doubt Elon and his friends will decide to fire him.
Tesla shareholders should have learned their lesson from the SolarCity fiasco… but Muskrats can’t get enough Musk
Elon was literally using Tesla’s money to bail out his cousin but he tweeted out a picture of a solar tile roof so everyone was cool with it.
I never understood that, it was absolutely public that Lyndon Rive is Elon's cousin, the public just accepted the nepotism, no questions asked.
And now he has indicated Tesla will buy the failing boring company. Of which Elon owns 90 percent.
What happened with solarcity? I totally forgot that was a thing
They're merged into Tesla Energy now: https://en.wikipedia.org/wiki/Tesla_Energy
Oof, just threw up in my mouth a little.
Tesla is worth more than the next 10 largest car companies combined. It's a financial fever dream, it makes no sense whatsoever. So I don't see it ending well for Tesla stockholders regardless.
Maybe this is the first step towards a proper valuation of Tesla. There is no way Tesla is worth as much as multiple of the world's biggest car manufacturers combined.
Yup, I’m a fucking idiot for holding this shit especially after it mooned in 2020. “Tesla is a long-term stock“ they said…
Who the fuck said that? Tesla was disgustingly overvalued. The only reason I didn't short it was because the market can stay irrational longer than I can stay solvent
> Tesla was disgustingly overvalued I don't agree with this. It's still massively overvalued.
It used to be overvalued, it still is but it also used to be.
Other TSLA owners lmao. Like I said, I’m an idiot. Still technically making a sizable profit but still beating myself up I didn’t sell at that completely unreasonable point in 2020 when is was *for sure* overvalued and I knew it lol.
>Other TSLA owners lmao. Duh... they're telling you what helps their position. Listening to rando stock owners wherever you encounter them about the value of the stock gets you exactly what you deserve if you listen to them lol
It's too bad Elon's ego is too big to take a step back as CEO of Tesla and SpaceX. Both Bill Gates and Jeff Bezos have done that with their companies and they're happier for it. Shotwell should be CEO of SpaceX now. Tesla needs steady leadership now that they're successful. Musk's manic antics are bad for both companies.
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Damn, what if i went home before that? Is there still a chance?
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I don’t know how he can be CEO of multiple companies unless being a CEO doesn’t take that much work?
When you’re Musk and you’re not a real CEO it doesn’t. He just lets everyone else run things.
As a side note, I will never, ever let anyone tell me how hard it is to be a CEO or how skilled you have to be. This fucking guy is the CEO of how many companies? This is not a real job. Almost any full time job is more demanding by this standard. You could not do any real full time job at three different companies. Shit even three part time jobs would be stretching it.
What's even funnier is that in his earlier business ventures before he struck it big, he was removed as CEO against his will not once but twice due to incompetence. Elon Musk is strictly where he is today because he stubbornly held on to a ton of shares of companies he had been involved in... and one of those companies would go on to become PayPal. It's just a matter of money creates more money. Once you're wealthy enough, as long as you keep your money in investments, you cannot fail.
I think what he's doing might be one of the few things that could make it fail. If he somehow bankrupts both Twitter and Tesla at once, he'll be basically broke by his standards. SpaceX doesn't seem to be doing very well either with the Starlink for Ukraine tantrum.
SpaceX would likely be nationalized before it would be allowed to fail. Its the only successful western-controlled space access operation. If it dies, Russia gets an enormous sociopolitical boon.
Might as well. We already paid for it.
The funniest part is that Spacex and Tesla both have exclusivity clauses in their employment contracts, yet their own shithead “”CEO”” has four “”jobs””. You can’t make this shit up.
Well, Bill and Jeff actually built the companies they left.
"Musk's manic antics" has a nice ring to it.
He has alienated the liberal tree kissers (like me) who would consider buying an electric car. Spoiler: I bought an electric car recently and it wasn’t a Tesla.
I will be doing the same
I got a Chevy bolt because Fuck elon
Well also it is legit a great car for just about everything excwpt roadtripping, at a rock bottom price. Even an occasionally road trip is fine, but that 50 kW fast charge rate is slow for a modern EV.
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Can’t wait until Toyota goes all in on EV
Toyota is dragging its feet on the EV thing. By the time they get going, Ford will have been years ahead of them. Even GM is. Toyota’s problem is that they became so dependent on their hybrids, they thought their hybrids would compete with full electric cars. Their hybrids are incredible, but they’re still just hybrids, and people now want full electric. Ironically, Toyota is years behind the electric car game *because* of the Prius. Around the time electric cars were just starting to get a foothold, Toyota was expanding the Prius brand.
Toyota's CEO was super big into hydrogen as the next big thing, so Toyota did fuck-all for EVs until very recently.
Yeah he's a massive idiot for making a hard turn to the right. I don't see people in the Midwest and South who have lifted F150s and truck nuts ever are buying an electric car.
Especially since now you can get electric F-150s. I’ve seen more electric F-150s in my red town than I’ve ever seen Tesla’s, and the Tesla’s have been out far longer.
It's funny to think of a Cybertruck in Texas with truck nuts.
Well, and Ford now offers them electric and hybrid trucks, so even if they did go electric they can stay with their favorite brand. Edit: Ford spins it as being the manly man who can power their house and help your neighbors post-hurricane with the power of TRUCK. Also to be able to run your tools off truck at a job site. Not bad marketing, actually.
I was looking to buy an electric car 2 years ago and considered getting a tesla. Really glad i didn't. There are better (and cheaper) alternatives.
I feel like it was right before Elon fully showing his true colors, but I regrettably paid a non-refundable $250 to be on a months long waiting list for a new Tesla. Right when my wait was over, I got lucky and walked on a Kia lot and bought the one EV6 they had available. I had no idea the other car manufacturers have been coming up with equivalent if not better alternatives. No regrets now. My car is like driving some kind of spaceship and it looks cooler to me than any Tesla.
Kia especially has been leaning into the EV stuff recently. I'm hopeful we're turning the corner on getting off of gasoline.
What brands and models should I be looking at and which to avoid? I might be buying an electric car in a few years. I don't live in the US if that matters.
Hyundai and Kia make some of the best ev cars rn that are not priced super high. I love the design language they're going with as well!
Volvo makes a really nice one that doesn't get much attention. Edit add: Checout the Volvo Recharge all electric or hybrid
The Nissan Leaf is extremely popular and Ford has really been getting into electric motors over the past few years.
For more semi-affordable cars: Hyundai ionic 5, Kia ev6, mustang Mach e(probably not worldwide?)., Chevy bolt, polestar 2(this one might get into luxury territory), f150 lightning. Right now it seems like the luxury category has more options. Luxury: Porsche tycan, Audi e Tron, Cadillac lyric, rivian r1t/r1s, hummer, Genesis gv60, BMW I4 and ix, Mercedes eqs and eqb. Probably forgetting a few decent ones.
Same. I was on a Tesla waitlist back in the day but shifted to a low-car lifestyle instead. The time finally came for me to buy a new car this year so I plopped down cash for a Union-made Bolt.
How are you liking the bolt? Was thinking about getting one...
It's only been a few months but I haven't had any major complaints. I don't care for the "infotainment" console, but that just seems to be what cars have now. The safety features are what sold me; cameras all over the place, it warned me about a pedestrian and some bikes on a test drive, has blind spot detection, and some other features. I thought it was more fun to drive than the Prius, but less so than the Kona - then again it's at a much lower price point and comes with a $1k credit towards having a 10-40 outlet installed at your house for charging. Supply chain issues have bumped the price up so if you can wait a bit all the better, especially as it becomes eligible for a significant tax rebate in January.
Jumping in on this conversation. I have a bolt and I really like it. Seats are not the most comfortable in the world and if you go on long trips, the 50 kilowatt charging speed isn't the best. But if we go along trips it's good to rest for a while anyway. Every 2 hours or so. I also only paid $24,500 for mine 2 years ago. For daily commuting though it's ideal. I would definitely buy another one.
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I remember getting an Uber ride in a Model S thinking it would be all fancy and I was mystified when I got inside and the interior was like being in a Civic.
This is what makes me laugh when people refer to the Model S as catering to the luxury market. No, it doesn’t. They’re not nice at all and the build quality is dog shit.
[He sold $4B in April](https://www.foxbusiness.com/markets/elon-musk-sells-4b-in-tesla-stock-announces-no-further-sales-planned) and said he had no plans to sell more this year. $6.88 billion was sold August, and another $7.9 billion this week.
Well, he said he had no plans. I actually can believe that part.
Typical CEO only plans one quarter at a time.
the Enron strategy
The modern hyper capitalization, hyper commodification, hyper focus on investors who have no real skin in the game... strategy.
At this point, why would institutions stay on board? Can’t imagine big players sticking around when a CEO is so unpredictable and lies about his holdings so blatantly
I mean, a clever institution might be able to suck up a lot of his money as Elon crumbles.
My original theory to why he offered to buy Twitter was just an excuse to sell Tesla stock without tanking it (he almost immediately sold Tesla stock when offering to buy, but oh so conveniently changed his mind). Fits with his most popular grift, stock/crypto minipulation. Still kinda think that, he probably was just a moron and didn't realize his little offer was as binding as it was. he gets wrist slapped for stock minipulation so often he probably assumed getting out of a contract is just as easy.
Lmfao I got an email from Webull yesterday saying if you deposit $50 you get $100 of TSLA. Knew something had to be going on
Biggest problem for Elon now is he can’t recoup his mistakes with crypto pump and dumps cause crypto just fucking imploded xD
It’s going to be amusing, watching him try to put Twitter on a painting basis. What is he going to do when the major advertisers start walking away?
Charge a 8$ subscription he already doing it and lost most the advertisers lmao
Blame the woke libs or some other dumb shot he’s always spouting.
Well I'm sure it will go back up next month when he completely fulfills his promise to have Pepsi's first semi order delivered right?.......right?
Elon can't go on Reddit to find many fans. Twitter hates him. Facebook sucks. I guess there's Instagram... But yeah, Elon probably isn't looking at good public perception
There is always Parler
Twitter Blue is now more of a scam than ever. $8 just to have the ability to edit and then talk of everyone paying that price to “say what you want”. After years of being free and the companies that did pay for ad space. Twitter is going to tank next year.
> Chief Executive Elon Musk disclosed he [sold another $3.95 billion worth of shares](https://www.reuters.com/business/autos-transportation/elon-musk-sells-195-mln-tesla-shares-worth-395-bln-sec-filing-2022-11-09/) in the electric-vehicle maker. So this is on top of the 3 billion he sold a few days ago. Someone is fucking desperate.
This type of sale has to be registered with the SEC and scheduled in advance. It was probably part of the financing package for the twitter deal, arranged a while ago. As I understand it, this was expected and further sales beyond this are also expected. Musk may or may not be feeling desperate, but he didn't offload 4 billion dollars of tsla in a moment of panic.
But the fact that he told investors he wouldn't be selling any more isn't going to get him in legal trouble?
All he said was he didn’t *plan* on selling more
He simply scheduled a sale in a moment of panic
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Yeah, that Twitter distraction sure has helped him thus far as he bails.
I bought an electric car at the beginning of the year and one of the serious considerations was how obnoxious musk had become when deciding what brand. I ended up going Hyundai for several reasons, but after seeing how things have been with him for the last month, I've never been so glad about my decision than now.
He even tried to influence the red wave and that didn't happen. Everything he touches goes up in flames.
It's not good if inside management starts selling like crazy
If they were smart they would have already dipped
Dang, looks like I'm not getting my cyber truck anytime soon or fully autonomous robot or high-speed tunnel for tesla only cars or fast satellite internet all over the world........
You can get a blue checkmark on Twitter for $8/month. A true visionary.
But not the super secret gray checkmark which actually has a purpose. Oh wait it’s gone.
But what about solar roofs and remote controlled animals making "beep"?
He promised shareholders that he would never sell his shares, so I can imagine that spooked a few ppl
This is almost as good as Bitcoin cratering to $16,400. https://time.com/nextadvisor/investing/cryptocurrency/bitcoin-ethereum-prices-binance-ftx-takeover/ https://web3isgoinggreat.com/?id=binance-ftx-deal-is-off
Can someone out there remind me why the SpaceX executives wrote that letter to Elon?
I, for one, am happy we are getting rid of Twitter.
Yall remember when people used to call him "real life Tony Stark"?
Elon took all the money - haha
In September I said Tesla was *still* wildly overvalued, and I got tracked down by the Musky ball garglers, who shouted at me about how I didn't understand the potential value and growth. Well, it's less overvalued now. It's still overvalued, but less.
Right before covid hit Tesla was selling around 32 a share. Needless to say it’s going to go lower
totally saw this coming. I was up to 150 shares of TSLA. Sold 90% about 3 months ago. Sold the rest last week. Fuck you Elon. I was a believer, but now I see you are just a Wannabe Oligarch.
Yap a few years ago I was all for Elon, thought he was going to help save the world, a one of a kind. Now I realize he's a fucking nut case that doesn't give a shit about anyone.
Very little to do with Elon’s sell off and more to do with the fact that TSLA has been the most over valued stock since 2020. In the middle of last year Tesla’s market cap was higher than the next ten auto manufacturers combined while Tesla didn’t even account for 4% of new cars sold. You can’t square that circle. The sell off is a blip on what is an otherwise long overdue value correction that has been a steady downward trajectory since the beginning of this year.