Elon Musk may have to sell billions in Tesla stock to rescue X
Elon Musk may have to sell billions in Tesla stock to rescue X
Plunging U.S. revenue at X risks opening up a "massive hole" on its balance sheet that Musk needs to plug to stave off its financial collapse.
Musk’s repeated outbursts against advertisers have dried up the main source of revenue for the loss-making company formerly known as Twitter. A recent decision to sue them for heeding his own advice to not buy ads on the platform hasn’t helped. At some point, he will have to provide a fresh infusion of cash to salvage his $44 billion takeover.
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Maybe if he was smart, he'd just give up on the social network and sell it off to someone else. But he's not smart, so he'll keep sinking money into it until cooler heads in the company prevail. The era of social media dominance, I'm sorry to say, is over.
He'll definitely keep it until after the election at least.
I seriously think his decision to brand it "x" was to protect the name "twitter" from his unpopularity and inevitably devaluation of the platform.
I would agree except for two things.
- He's shown hes not that savvy.
- The X thing has long been a dream of his.
https://www.theverge.com/23814989/elon-musk-banking-x-paypal