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submitted 10 months ago by gedaliyah@lemmy.world to c/news@lemmy.world

Musk’s repeated outbursts against advertisers have dried up the main source of revenue for the loss-making company formerly known as Twitter. A recent decision to sue them for heeding his own advice to not buy ads on the platform hasn’t helped. At some point, he will have to provide a fresh infusion of cash to salvage his $44 billion takeover.

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[-] FlyingSquid@lemmy.world 299 points 10 months ago

I believe the appropriate thing to say to Elon here is, "go fuck yourself."

[-] LEDZeppelin@lemmy.world 115 points 10 months ago

Let me be very clear 👌go fuck yourself 👌

[-] raoul@lemmy.sdf.org 55 points 10 months ago

👎 𝓰ℴ 𝒻𝓾𝒸𝓴 𝔂ℴ𝓾𝓇𝓼ℯ𝓵𝒻, 𝓮𝓁𝓸𝓃 🖕

[-] dogsnest@lemmy.world 21 points 10 months ago

Interesting  🤔

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[-] gedaliyah@lemmy.world 184 points 10 months ago

Free market capitalism will say to let it fail.

[-] dogsnest@lemmy.world 34 points 10 months ago
[-] Potatisen@lemmy.world 15 points 10 months ago
[-] dohpaz42@lemmy.world 37 points 10 months ago
if (mode(FREE_MARKET_CAPITALISM) == TRUE) {
    big();
}
[-] tabarnaski@sh.itjust.works 20 points 10 months ago

You don't need " == True" except if it's the name of a variable that's not boolean, in which case it wouldn't make sense to name it "True".

-1

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[-] Protoknuckles@lemmy.world 164 points 10 months ago

If he sells enough Tesla stock, he may save both companies!

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[-] Spitzspot@lemmings.world 84 points 10 months ago
[-] dohpaz42@lemmy.world 65 points 10 months ago
[-] snooggums@midwest.social 66 points 10 months ago

What an unfunny dipshit. He actually thought that was clever.

[-] pennomi@lemmy.world 38 points 10 months ago

It might’ve been funny if he was remotely likable. Turns out that humor depends highly on not being an asshole.

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[-] takeda@lemmy.world 17 points 10 months ago

Yeah, he is sinking it.

[-] some_guy@lemmy.sdf.org 62 points 10 months ago

That’s because it is almost exclusively tied up in his various corporate holdings that include everything from rocket builder SpaceX and brain chip company Neuralink to his latest startup, xAI.

None of these investments are easily fungible. Only Tesla is a publicly traded company. So the easiest solution at his fingertips is to liquidate a portion of his remaining 12% stake.

Let it fucking burn.

[-] rsuri@lemmy.world 59 points 10 months ago* (last edited 10 months ago)

He'll probably just get tesla shareholders to gift him the money. They've shown they'll sign off on pretty much anything he asks for.

[-] Laser@feddit.org 43 points 10 months ago

Musk: How about a multiple billion dollar pay package?
Sane people: You've already had it.
Musk: I've had one, yes. What about a second multiple billion dollar pay package?

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[-] GiddyGap@lemm.ee 58 points 10 months ago* (last edited 10 months ago)

Stop buying Teslas! Many other great or better EV choices out there.

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[-] Valmond@lemmy.world 52 points 10 months ago

Why is this news...

Some rich guy might do something that doesn't really change anything for anyone.

[-] Voroxpete@sh.itjust.works 40 points 10 months ago

Because it will affect Tesla's share price (negatively), just like it did last time, and Fortune's job is to report on things that affect share prices.

There is also a public interest element, because Musk is currently the richest man on earth - which affords him massively undue power and influence - but he won't be if he manages to crash the Tesla stock price with a massive sell-off.

Tesla is exceedingly overvalued right now which makes it a very volatile stock. We already saw the price crater the last time he sold stock to keep Twitter afloat, and it only really recovered when he pinkie swore not to do it again.

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[-] Zier@fedia.io 45 points 10 months ago

2 4 1 deal, how to trash 2 companies at once. Good job space karen!

[-] ArugulaZ@lemmy.zip 43 points 10 months ago

Maybe if he was smart, he'd just give up on the social network and sell it off to someone else. But he's not smart, so he'll keep sinking money into it until cooler heads in the company prevail. The era of social media dominance, I'm sorry to say, is over.

[-] ChairmanMeow@programming.dev 27 points 10 months ago

He'll definitely keep it until after the election at least.

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[-] irreticent@lemmy.world 40 points 10 months ago

"A recent decision to sue them for heeding his own advice to not buy ads on the platform hasn’t helped."

Gotta love it. He told advertisers to fuck off, they fucked off, now he's even more mad at them.

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[-] Thebeardedsinglemalt@lemmy.world 32 points 10 months ago
[-] auzy@lemmy.world 21 points 10 months ago

The problem with Tesla really is Elon.

If he sells his majority stake, I suspect it would be a lot better.

The biggest reason against buying them is him. They also make more than cars (their powerwalls seem alright).

If X fails though, I suspect all those bigots will flood over to here (Facebook and X seem to be distracting them for now).

Let them have their nazi prison. Just make it not profitable

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[-] Talaraine@fedia.io 29 points 10 months ago

Why do you think he strongarmed Teslas shareholders into that big pay day? He's known this was coming, y'all. Tesla's just paying for his misadventure.

[-] Sgt_choke_n_stroke@lemmy.world 29 points 10 months ago

Whats interesting is the NRA spent billions in TV propaganda running a news channel and that venture ended up bankrupting the whole organization. It looks like musk is falling in the same trap

[-] xmunk@sh.itjust.works 26 points 10 months ago* (last edited 10 months ago)

He won't. He bought the company using leverage so he wouldn't have any personal financial investment in it.

My personal theory is that he bought it to destroy it to lash out at Grimes but, honestly, who the fuck even knows.

[-] elgordino@fedia.io 22 points 10 months ago

Maybe the Saudis and Qataris will chip in some more cash to help him out.

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[-] SmokumJoe@lemmy.world 19 points 10 months ago

I don't understand how you can sue a company that doesn't want to advertise on your platform

[-] catloaf@lemm.ee 30 points 10 months ago* (last edited 10 months ago)

You can sue anyone for anything. It's just a matter of how long you fight it before it gets thrown out.

[-] tabarnaski@sh.itjust.works 15 points 10 months ago

Apparently, in this case it didn't take long.

[-] CarbonIceDragon@pawb.social 15 points 10 months ago

From what I understand, they're trying to (mis)use a law to the effect that companies cant all get together and boycott a competitor in order to try to drive it out of the market. If my understanding is correct then, for example, if say Ford and GM and such happened to also run electric taxi businesses, and those taxi businesses bought cars off the open market where in theory they should buy whatever they think gives them what they need at the best price, even if from another car maker, then it wouldnt be legal for them to all go and say "we make electric cars, and Tesla does too, so lets not buy anything from Tesla, regardless of how cheap or good their products are, so they lose business" (Assuming that the Teslas in question would in fact be perfectly suitable for said taxi companies needs that is). They're trying to sue an advertising industry group, claiming that they've done this kind of thing. Except the members of the group in question arent really competitors to Twitter, and in any case, the quality of advertising is thought to diminish if the ads are next to objectionable and bigoted content, since its thought to hurt the advertised company's image, so if my understanding is correct, it should be simple enough for them to argue "We're not colluding to hurt your company, your product just isnt up to our standards so we arent buying it"

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[-] zbyte64@awful.systems 19 points 10 months ago

Notice he isn't going to put his SpaceX shares up for sale.

[-] SpraynardKruger@lemmy.world 19 points 10 months ago* (last edited 10 months ago)

I don't know much about trading stock, but I do know SpaceX is not a publicly traded company. That means his buyers for those shares are super limited, so each potential buyer would likely be super wealthy and would have more say over the company than any one individual in the horde of public buyers that would buy up the Tesla stock. Plus, him needing to divest from Tesla might actually drive Tesla stock up a little (eventually), since he won't have as much control of the company as he did before. It seems he would still be the largest shareholder after the selloff, but this would close the gap between him and the next largest shareholder. He owns over 3x more Tesla stock than the next largest shareholder.

www.investopedia.com/articles/insights/052616/top-4-tesla-shareholders-tsla.asp#:~:text=Tesla%20is%20the%20world's%20most,%2C%20Vanguard%2C%20and%20State%20Street

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[-] ulkesh@lemmy.world 18 points 10 months ago

Aww, poor rich asshole.

[-] x3x3@lemm.ee 17 points 10 months ago
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[-] Draegur@lemm.ee 17 points 10 months ago

Or maybe he'll just have to sell Twitter.

Or maybe Twitter's debtors can place a lien and sell it right out from under him.

Kinda curious about what if Twitter were nationalized...? Like, make it a service of the USPS or something? Force it to become accountable to its users?

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this post was submitted on 17 Aug 2024
758 points (100.0% liked)

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