Elon Musk admits X 'may fail, as so many have predicted'
Elon Musk said Saturday "sad truth is that there are no great 'social networks' right now."
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And he'll get a huge tax write-off out of it, which likely could have been his intention in the first place.
Whatever.
I don’t know how rich people finance works but wouldn’t the write off net him substantially less than the $40 billion he put it into it.
He only put up about 1/3rd of the capital himself, the rest was financed with loans that were put against the company, not himself. So if twitter fails he loses about 13 billion, a bunch of people who stupidly trusted him lose the rest, and he gets the write off so he can duck 27ish billion of taxes spread across a few years
https://www.npr.org/2022/11/30/1139964806/how-elon-bought-twitter-with-other-peoples-money
He may be a moron in many ways but he didn’t get to 200ish billion by not knowing how to fuck people over and keep his money right; he absolutely knows how to come out ahead on this. It’s almost certainly why he’s so cocky despite running the company into the ground. Either the company succeeds and he then has a media empire that generates him healthy profit or it fails and he still comes out ahead. Either way he wins.
Wasn't some of that money lent by saudi princes? A group of people who tend to take revenge against those who wrong them.
They get their own write-off which will balance the billions in oil profits.
They just write it off 😃
