this post was submitted on 01 Jul 2023
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Mildly Infuriating
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This only makes sense when you understand that he’s intentionally trying to destroy Twitter.
But what's the end game? I seem to recall he fought pretty hard to prevent the purchase from going through and only when faced with a lengthy court battle that he would likely lose did he accept. And he is in for a fair amount of loss on that deal anyway.
Isn't it a simpler answer that he is just incompetent and somewhat like sand, the more he tries to squeeze the users for money the more it slips through his fingers? The strategies he's trying might work in other business types like the car industry but not one where it is wholly dependent on user content and engagement (and the ability to engender enough good will to sell ads)...
That’s exactly why. He didn’t want to go through with JT and I think devaluing the company might be a way for him to get out of it via bankruptcy. I remember reading that somewhere and thought it made the most sense. He’s a dude with a lot of money (at least on paper) and I’m sure he has people with a decent amount of financial acumen advising him what to do or at least trying to steer him in the right direction. I don’t think it’s any 6D chess or anything, just finance and tech bros playing finance and tech bro games.
I suspect that he's just bad at making business decisions in general, but it was harder to see that with SpaceX and Tesla.
He seems to take this whole Twitter thing personally as well, so I'm sure that's not helping. (i.e. he's not outsourcing decision-making to competent people)
But why? He spent so much money on it, why would he want to destroy it?
IIRC, causing its value to plummet is the easiest way for him to get out of this whole fiasco via bankruptcy (remember, he was basically forced into buying it). He played a stupid game and won a stupid prize and now he’s desperately trying to find a way out.
I still need a little guidance here so I can understand. Let's say Twitter did go bankrupt, then what would happen? Would Elon be off the hook for the billions of dollars he owes to his financers?
I don’t recall the specifics of the one article I read about this, but yes, I think being able to declare bankruptcy gives an out for at least some of the debt. I believe there was also some way that doing so protected Tesla but can’t recall exactly how that worked.
This just doesn’t seem like a “he’s just bad at running a company” situation. A company of Twitter’s age and maturity could have run itself for quite some time if Elon just let it continue on. He’s doing this intentionally for some self-serving reason.
Or maybe he was financed to run it down?