He deserves to lose every dollar, it's the most arrogant business move in history and he disrupted thousands of lives of workers with good jobs in the process. Unfortunately it's only like 10% of his net worth, he's the one who will suffer the least relatively speaking.
That's not exactly how billionaires work, they don't keep their money as cash, they keep it as equity. So if the value of his companies fall fast enough, he could lose all of his wealth.
Also when you own as much of a company like he does, and try to cash out, you cause the stock to plummet rapidly as you increase the available amount of shares. Basic supply and demand.
It was quite dramatic as he was selling shares to buy Twitter.
Whatever number gets thrown around as his wealth is just a paper number. It's a fraction of that if he sold it all.
Yup, and he'd have to get approvals for any stock sales since he's in an executive position, and he also has an obligation to not tank the stock price either. So a lot of his wealth is inaccessible.
He's still super rich, but if Tesla tanks, he'd be a lot less rich.
I still feel like the way he sold all that stock for Twitter on the open market wasn't in the best interest of the shareholders.
Why didn't he try to negotiate a sale with Blackrock or someone and give them a 25% discount or something and do a large block sale.
Pretty sure something like that is an option if done right. It still would have hurt the stock price, but the Twitter sale was pretty brutal with it going on for weeks.
There's only so much you can do to move $40B of stock, and he didn't think Twitter would actually accept, so he had to scramble a bit. He was caught between various SEC rules, which was his own doing, but it does explain the behavior.
I was trying to find active users since he took over. But the only numbers I can find are numbers provided by Musk, who is a well known liar.
I know Lemmy and Mastodon are niche communities, and that people put up with a lot of garbage from Big Tech, but I have to believe that a lot of users have left Twitter, or least that usage is down. I also assume bots are way up, because Musk wants his numbers to be up regardless of the source (save for people with an opposing opinion).
Hopefully Musk's shitty little empire crumbles...soon.
I also left it for the most part (only there to squat my user handle - I have some enemies), and I'm better without it. Even before the Muskrat overtake, its algorithm often bought the worst out of me, and I had to realize that wasn't me. After that, it became worse than the forums from the late 2000's that were overtaken by a few moderators to turn them into "free speech zone", except they liked to harass people for having "dumb opinions", one of which was not liking racism, and those admins also liked to claim PoC robbing whites are a "race motivated crime".
I like the smaller communities of the Fediverse, I even started to remember usernames and avatars here on lemmy (and before that, kbin) without having a follow function I know of. When I was on Reddit, I felt massively alienated, didn't know anyone there really, and the place got more and more dominated by a select few toxic individuals.
"If you’re trying to reach senior decision makers, if you want to reach the most influential people in the world," Musk told Read, "the X platform is by far the best."
I think he greatly overestimates how influential Nazis are.
When I wonder what heaven is like I imagine going a day without thinking about this Elon Musk motherfucker, then I imagine doing that every day forever and I feel a little closer to Jeebus.
