Posted on 10/31/2022 12:31:34 PM PDT by simpson96
“If you didn’t hire them, fire them.”
Sage advice about entering a hostile business environment.
“A rather amazing fact about Elon Musk that most people don’t know. The richest man in the world is literally homeless”
In an interview Musk said it was a waste of time and money for him to own a home. He said he isn’t in one place long enough to justify the expenses of buying and keeping up a residence. Refreshing compared to the athletes and movie stars with multiple mansions and cars filling up multiple garages.
Musk is the El Supremo of Twitter. There’s a reason he pulled 44 billion in cash out of his back pocket to pay for Twitter. He answers to no one.
It was, but no more.
Please buy CNN next.
Not any more. His agreement to buy Twitter included buying all shares at a given price, around $54 each. Stock sales frozen, shares converted to cash upon demand. Since Musk already owned over 10 percent, he rounded up major shareholders who were in agreement with him - so all he had to do is get funding to buy out the remaining shareholders. The $44 billion takeover cost him much less, covered by bank loans from several banks loaning $7.5 billion each and other sources. Since he owned 10 percent, he is essentially paying himself with the purchase. All done with smoke and mirrors. Now it's a private company owned by some billionaires and indirectly by banks as collateral.
The ones funding the takeover of Twitter:
$5.2 billion from investment groups and other large funds, including from Larry Ellison, the co-founder of software company Oracle.
Qatar Holding, which is controlled by Qatar’s sovereign wealth fund, the Qatar Investment Authority, has also tossed capital into the pot.
And Prince Alwaleed bin Talal of Saudi Arabia transferred to Musk the nearly 35 million shares he already owned (about $1.89 billion).
Musk paid about $27 billion of his own money, a large part of that coming from loans backed by shares of his Tesla stock so he doesn’t have to sell more than he already did earlier. He already owned 9.6 percent of Twitter stock market shares.
Bank loans from Morgan Stanley, Bank of America, Japanese banks Mitsubishi UFJ Financial Group and Mizuho, Barclays and the French banks Societe Generale and BNP Paribas.
These loans are guaranteed by Twitter, and it is the company, not Musk himself, which will assume the financial responsibility to pay them back.
When you’re a billionaire, you learn to use other people’s money to finance your companies.
a privately owned company doesn’t need a board of directors ...
Elon Musk has dissolved Twitter’s board of directors.
Fun!
Why pay those Leties another dime? Bum’s rush out the curb…
lol
Yes and is Twitter really worth 44 billion? For what?
Excellent!
Hahahahahahahahahahahahahahahahahahahahaha!
(ow, my side...)
Hahahahahahahahahahahahahahahahahahahahaha!
(I was able to reuse this from another Musk/Twitter thread!
I’m recycling! How Green! How Global!)
So Twitter is de-listed? or is there just no float available?
I f***ing love this guy.
Twitter’s stock will be delisted from the New York Stock Exchange on November 8, according to a new filing with the U.S. Securities and Exchange Commission.
Musk’s subsidiary X Holdings I, Inc. will now own all the stock of the social network.
👍🏻
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