this post was submitted on 26 Oct 2023
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Elon Musk knew he made a bad bet on Twitter. He was right. (www.axios.com)
submitted 2 years ago by stopthatgirl7@kbin.social to c/technology@lemmy.world
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Friday is the one-year anniversary of Elon Musk's $44 billion takeover of Twitter, which he subsequently renamed X.

The big picture: Musk gets to benefit from the long-term nature of private equity. Which is good for him because, in the short term, this deal has been a steaming pile of blue bird poop.

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[–] qooqie@lemmy.world 31 points 2 years ago (1 children)

It was never a bet, pretty sure it’s obvious to most everyone he did it to destroy it because he’s a child who can’t handle not being the center of attention.

[–] Siddhartha-Aurelius@kbin.social 24 points 2 years ago

It was never a bet. It was him attempting to inflate the price by saying he would buy it above the share price at the time. It was an attempt at market manipulation and the SEC made him go through with it.