- cross-posted to:
- technology@lemmy.world
- cross-posted to:
- technology@lemmy.world
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Is this so the loans secured with X stock can’t be called in, forcing Elon to sell the collateral to pay back the loan?
Sure seems like a bullshit business move to retain control of Tesla.
X is a private company, there’s no stock. It was secured with Tesla stock.
So hell get taxed for exchange of speculative assets right?.. Right?!
The combination values xAI at $80 billion and X at $33 billion ($45B less $12B debt)
Lol, he actually think the value of Shitter is still $45B, as when he bought it. That’s cute.
If I recall, fidelity wrote off most of its investment in twitter less than a year after the acquisition: https://www.forbes.com/sites/tylerroush/2024/09/30/elon-musks-x-is-now-worth-around-a-fifth-of-the-44-billion-he-paid-for-it-fidelity-says/
Wrote down not off.
https://www.theguardian.com/technology/2024/jan/02/x-twitter-stock-falls-elon-musk
Debt is written off when deemed unrecoverable.
Assets can be written down when the value is lower than expected. Often this is due to more rapid depreciation of capital assets due to damage or impairments to goodwill (brand failure).
But none of that matters because private equity valuations are all bullshit and mean nothing anyways.
https://www.wallstreetoasis.com/forum/private-equity/private-equity-is-a-joke
For reference, he bought it for $44B.
https://wikipedia.org/wiki/Acquisition_of_Twitter_by_Elon_Musk
This might have the opposite effect he wants, xAI investors no longer have a clean AI investment and are now linked to a failing social media platform.
xAI is already losing bigtime vs other AI companies, this just makes it even less attractive.
Are the authorities aware? It’s very illegal to sell exctacy in the US.
so… Who are xai’s investors?
I can see its products but I don’t see the investors on wikipediaHis juvenile enthusiasm for the letter X is so ten-year-old boy with sunglasses.
using AI hype to finance X loans?
So the bullshit machinery is now AI driven bullshit machinery. What if AI finds it too vile and deletes itself.
They doubtfully are giving it root access to self-delete.
I mean, with an Elon company who knows.
You think Elon actually does anything besides sign the check?
I mean, I think that’s their point, that Elon isn’t directly involved, and he’s constantly shitcanning important people who would prevent something like this happening.
Yeah, he yells at people to go faster and ignore industry best standards or be fired.
it probably runs as root… all things considered…
$33 billion, 3/4 what it was valued in 2022 when he bought it.
Honestly I’m surprised it’s still worth that much. (or rather, that’s he’s succeeded in claiming it’s worth that much).
You have to remember that he wasn’t alone in purchasing twitter. He brought others along with him. Now that value of twitter has gone down the tube, I’m sure he’s got a ton of unhappy investors on his hand screaming at every quarter’s results. He’s trying to recoup what they paid for by giving them shares in AI company. And in turn artificially raise the value of the AI company privately as well. It establishes a benchmark for AI company’s valuation for later private investors into that company.
xAI has raised maybe $12B from investors. And, supposedly, makes $100M/yr.
The valuations are absurd.
It dropped a lot lower than that but spiked back up once he became the leader of America
I’m surprised the Twitter investors would approve this. Their worthless Twitter stock is now worthless xAI stock. How does that help them?
I guess they’ll try to take xAI public with a massively overpriced IPO.
The whole point of buying Twitter was to take it private. IPO for xAI would hilariously undo that.
Phew. Just in time to avoid fraud charges on the loan.
I keep wondering what Elon wanted with all of our information from the government. He has who we are, our relatives, our net worth, where we live and have lived. Now he’s probably going to feed it into his AI. Why though?
Behavioral predictions. Squash any dissent before it starts. Welcome to the world of precrime.
