this post was submitted on 06 Sep 2024
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Lemmy Be Wholesome
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And this is why good people who got rich don't stay rich and people who do are usually selfish assholes. Elon Musk bought Twitter for 44 billion, he could have literally built hundreds of amusement parks for disabled people with the same money. Or do literally a thousand other things to make life for other people better. Instead he bought a toxic social media platform to make it even more toxic.
Technically speaking he could have built 4,823 of these amusement parks and still be a billionaire after.
He bought twitter because he was trying to do a pump and dump with the stock. Then the SEC said we warned you once you better be serious this time. He decided buying twitter for a massive premium was better then possible prison time.
Maybe, but the fact of Saudi and Russian backing of his takeover and his turning twitting into (more of) a nazi propaganda shithole suggests that was the main purpose behind the acquisition - especially when the cost was an absolutely trivial fraction of his overall wealth.
That's why they loaned him the money. Most of his wealth is Tesla stock. He either needed loans or to sell a bunch of stock.