this post was submitted on 20 Aug 2024
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Nearly two years after Elon Musk’s acquisition, X’s business is still struggling to climb out of the deep hole it fell into under his ownership.

The $13 billion that Elon Musk borrowed to buy Twitter has turned into the worst merger-finance deal for banks since the 2008-09 financial crisis.

The seven banks involved in the deal, including Morgan Stanley and Bank of America, lent the money to the billionaire’s holding company to take the social-media platform, now named X, private in October 2022. Banks that provide loans for takeovers generally sell the debt quickly to other investors to get it off their balance sheets, making money on fees.

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[–] [email protected] 110 points 3 weeks ago (1 children)

Guess the saying is true, if you owe the bank $1000, that's your problem. If you owe the bank $13 billion, its the bank's problem.

[–] [email protected] 38 points 3 weeks ago (2 children)

Hmm... How do I get them to lend me $13B??

[–] [email protected] 46 points 3 weeks ago (1 children)
[–] [email protected] 7 points 3 weeks ago (1 children)

Align with the value of international finance, e.g. think that the poor exist to be exploited for greater inequality.

[–] [email protected] 7 points 3 weeks ago (1 children)

They already covered that with 1. And 2.

[–] [email protected] 5 points 3 weeks ago (1 children)
  1. Be rich and get richer
  2. Don't be poor and punish the poor for being poor
[–] [email protected] 1 points 3 weeks ago (1 children)

Shit, best I can do is be poor and punish other poors for being poor

[–] [email protected] 2 points 3 weeks ago

Ah the local redneck business owner. I lucked into a niche where I can sit back and let some country boys work and print money for me. I'll look down on everyone else in town from my swanky nouveau riche cowboy boots.

[–] [email protected] 23 points 3 weeks ago (1 children)

The key is to have $60 billion.

[–] [email protected] 9 points 3 weeks ago

The key is to become famous and create hype around your gambling bet so other people artificially inflate the value so that you have a "theoretical" $60 billion.