Elon Musk will buy Twitter for $44 billion, as we learned Monday. It sucks, and I’m not going to pretend otherwise. There seems to be two general theories going around simultaneously. One, Musk won’t have the time, inclination or ability to significantly change Twitter so people are freaking out over nothing. Two, Twitter is about to become a hellhole of re-platformed Nazis, fascists, bots and nutjobs. I’ve personally lost dozens of followers in recent days, and Twitter has said that they believe people are deleting their accounts in droves. Simultaneously, right-wing figures, fascists and Nazis have seen significant upticks in their follower numbers. Because everyone does know what Musk’s purchase means, that no matter what, fascist a–holes are happy about it so that means it’s really bad. Speaking of:
I am against censorship that goes far beyond the law.
If people want less free speech, they will ask government to pass laws to that effect.
Therefore, going beyond the law is contrary to the will of the people.
— Elon Musk (@elonmusk) April 26, 2022
“I am against censorship that goes far beyond the law.” Again, for morons like Elon Musk, a public company deplatforming Nazis is not censorship. Donald Trump was not censored, he was deplatformed for inciting a violent terrorist attack on the Capitol.
Anyway, while fascist douchebags are super-happy about Elon Musk’s purchase, it turns out that investors are not happy with Musk’s move:
Investors have wiped $126bn (£100bn) off Tesla’s value amid concern that Elon Musk may have to sell shares in the electric carmaker to fund his personal contribution to his $44bn acquisition of Twitter. Tesla stock has been targeted despite the company not being involved in the bid but Musk, its chief executive and largest shareholder, is part-funding the Twitter deal with $21bn of his own equity and a further $12.5bn loan secured against his Tesla stake.
The 12.2% drop in Tesla’s shares on Tuesday equated to a $21bn drop in the value of his Tesla stake, equal to the cash stake he committed to the Twitter deal.
Dan Ives, an analyst at the financial firm Wedbush Securities, said worries about upcoming stock sales by Musk and the possibility he is becoming distracted by the Twitter venture are weighing on the electric carmaker’s shares. “This [is] causing a bear festival on the name,” he said.
Ed Moya, an analyst at the online trading platform Oanda, said: “If Tesla’s share price continues to remain in freefall that will jeopardise his financing.”
The share fall also took place against a backdrop of difficult trading for tech stocks. The Nasdaq closed at its lowest level since December 2020 on Tuesday, as investors worried about slowing global growth and more aggressive rate increases from the US Federal Reserve.
[From The Guardian]
It would be amazing if Elon’s various Ponzi schemes came crashing down on him all because he wanted the Twitter people to think he’s cool.
So much for being “committed” to free speech. pic.twitter.com/iXsMQYq8v0
— Public Citizen (@Public_Citizen) April 26, 2022
Photos courtesy of Instar, WENN, Avalon Red.
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