this post was submitted on 13 Nov 2024
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Why people cannot see that the core problem of twitter is not that it got bought by the asshole billionaire. It's that the asshole billionaire was able to buy it.
Wasn't he forced to do so after trying to back out, or am I either imagining that or thinking of someone else?
That isn't relevant to the comment though.
Okay.
It's a little more complex than that. He, like, was buying shares, blew past the 5% ownership disclosure point, failed to disclose, was forced to disclose his stake. He was then offered a seat on the board, didn't like the lack of control, and made a meme offer on the remaining stake to take the company private, tried to pull out, and was forced to buy the company he didn't want to buy by the board of directors who didn't want him to buy it.
He's the recent Adam Conover interview with the details: https://youtu.be/sxG2Y3E0uEY?si=r0VMY7s3iZ9uaP39
If I recall correctly he could have backed out but he would have had to pay I think 1billion as a penalty and worse admit things didnt go his way
300 Billion dollar portfolio, 34 Billion dollar loss (~22 Billion after he writes it off in "taxes") and he has his own right-wing media company chocked full of nutters.
I don't think he cares much about the individual Billions much these days. Half his Tesla stock is securing his debt.
He also bought 9% of it and didn’t disclose it, IIRC that had something to do with it as well.