this post was submitted on 17 Aug 2023
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Considering that most of the market was stupidly overpriced, if you had 100b of worth in overpriced stock, and you had to choose between spending it or waiting for it to lose value over the next few months, what would you do?
I wouldn't buy Twitter, fire everyone, chase off a lot of the good people and then change the name. If I felt like Twitter was the only plan, I would have negotiated a fair price, worked with the people on what was already working and wasn't, kept everyone on until you knew how it ran, kept the worldwide, known name and probably paid my rent, lol. I'm not a "genius" in business, but I do know that this is probably the best I could have done.
Okay okay, now add the egotistical jerk trait and reevaluate the scenario?
You forget that it was an impulse offer, and he thought that most people that work at the company did not deserve to work there. He grossl overestimated how many new slave devs would be willing to replace the devs he fired. Experienced devs still get good pay and offers they don't need to grind for cheap for Elon.
Can't relate, I have no idea.
I just want to add he's used tweets to manipulate stock prices before and it put the SEC on his ass. He's familiar with how making public announcements like that can come across to the law at that point. Even though he wasn't punished he knew where he the line was drawn well before he "impulsively" crossed it. Twitter was a haven for actual journalism and journalists who live by ethics knowing damn well the consequences for libel and slander. The stories they pushed had a massive influence on undoing his image and it keeps going. Same with his Saudi co investor and Larry Ellison. These guys all know what it was really worth.
Tax write off perhaps?