BREAKING: Elon Musk buys social media platform X
- Thread starter Chittagong
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Robot Carnival
Gold Member
does it matter at this point? we're in "life is stranger than fiction" time these days.
Rentahamster
Rodent Whores
Forsete
Member
Laws do not apply to some people.
IDKFA
I am Become Bilbo Baggins
RJMacready73
Simps for Amouranth
Bless, have you been following the news
Dacvak
No one shall be brought before our LORD David Bowie without the true and secret knowledge of the Photoshop. For in that time, so shall He appear.
Didn’t he already own it? I think I’m missing something. (Admittedly I didn’t read the article and I’m a little Friday-night-lit)
Edit: Oh nevermind, I think I understand now. He had a huge round of funding for xAI, then used that money to buy X and presumably pay off the dept from the first purchase? Which seems questionably legal.
Edit: Oh nevermind, I think I understand now. He had a huge round of funding for xAI, then used that money to buy X and presumably pay off the dept from the first purchase? Which seems questionably legal.
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You sound like some woke EU commie! Never question the American way, no need to be jealous because Musk has outsmarted the NPCs once again.
Dr.Morris79
Member
I would
IntentionalPun
Ask me about my wife's perfect butthole
I mean it's all funny numbers until he does a real cash funding round to get a real valuation.
Seems like what he probably did was appease the not particularly happy X investors by merging with XAI and giving them a cut of the company they all could agree was worth something closer to what they originally put in.
Seems like what he probably did was appease the not particularly happy X investors by merging with XAI and giving them a cut of the company they all could agree was worth something closer to what they originally put in.
diffusionx
Gold Member
X is not a publicly traded company. It also had no funding rounds when Musk was running it. That number that the media kept touting was literally totally and completely fake and pulled out of their ass. It was based on nothing and made up by people who were predicting it would fall apart after he fired half the staff. So, next time, be more discerning.
poppabk
Cheeks Spread for Digital Only Future
It literally just had a funding round where the original investors invested more at a rate consistent with a valuation of $44 billion. And then days later he bought it with his own company for $45 billion giving all the investors the equivilant stock in the AI/X hybrid company.
diffusionx
Gold Member
Im talking about fake news like this:
IntentionalPun
Ask me about my wife's perfect butthole
That news (or rumor) is unlikely to be something separate from this announcement. The people who leaked that also said no cash changed hands.
IntentionalPun
Ask me about my wife's perfect butthole
So when Fidelity... an institutional shareholder in X, with every reason to say it's shares are worth a lot of money.. claims they consider them to be worth 80% less than what they paid for them, that's "Fake News"?
poppabk
Cheeks Spread for Digital Only Future
How is that fake news. It was a securities filing by Fidelity listing their valuation of the stock they owned.
Unknown Soldier
Member
For those who still can't understand why Elon would have one of his companies acquire another one of his companies, even though he explains it pretty thoroughly in his own post, there's also this
Plus there's this other side benefit
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diffusionx
Gold Member
why do you think CNN wrote that article? Get real.
And do you really think that X has somehow quadrupled in value in 6 months despite no material change to their business?
Unknown Soldier
Member
poppabk
Cheeks Spread for Digital Only Future
Doesn't really matter why CNN wrote that article, it was based off an investor making a securities filing with their valuation of their stock. There might be some convoluted reason why they would undervalue it but it seems unlikely.
And no I don't think it somehow quadrupled in value in 6 months, I think his AI company vastly overpayed on paper but as it was an all stock deal with stock from another private company, both valuations are likely bullshit.
Blitzkrieg!
Banned
The value of X has increased dramatically as the AI race has heated up. It’s a very potent tool for training AI.
IntentionalPun
Ask me about my wife's perfect butthole
CNN is just reporting what Fidelity filed with the government.
And today's news is that Elon Musk who had full control of XAI just bought X, which he also had full control over, and he came up with some evaluations without anyone injecting any cash.
Note: this post isn't really for you as you are fucking cooked bro, but hoping others read it.
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diffusionx
Gold Member
Fidelity can say whatever they want, it means nothing because they were basing this fake valuation on nothing as X stopped reporting the numbers that the valuation could be based on. They were wrong, and CNN was pushing a narrative about the inevitable failure of Twitter and has been since Musk bought it.
The correct answer to "what is X actually worth" has been "no damn clue" for years.
Illiterate Actual
Member
I think he should go to jail, this reminds of when Trump took out loans and then paid them back on time.
poppabk
Cheeks Spread for Digital Only Future
Fidelity were one of the investors. They weren't valuing X they were valuing their shares in X with information that isn't public.
IntentionalPun
Ask me about my wife's perfect butthole
Did you miss the part where Elon Musk can say whatever he wants when a company he fully controls buys another company he fully controls?
There is no outside entity or investor who decided what X was "worth" during this stock trade.
You seem to understand it takes a funding round to really set valuation (prove people are willing to pay cash for a share at X value), then are just ignoring that isn't what happened here.. it's just Musk.
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TheChadOfGaming
Member
yet_another_alt
Member
I bought $10 from myself but I only paid $5. I think I made easy money from the poor sucker. Or maybe the grifter conned me out my hard-earned cash.
Digital-Aftertaste
Member
Should not be legal in normal circumstances, but since he's in bed with Trump... I would not be surprised if there's more behind the scenes thing going on with the Trump family involved in bs dealings like this.
Boss Mog
Member
X isn't a publicly traded company, neither is xAI, they're both private. And anyway this isn't about money it's about Elon's dream "all-encompassing" app he wants to launch.
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Mattyp
Not the YouTuber
Love people saying this shouldn’t be legal lol, it’s his own companies not public can do whatever the fuck he wants. xAI is definitely worth that and now worth considerably more from twitter integration, makes no sense not to merge the two.
If he ever decides he needs liquidity for ever reason he can IPO the company for $100 billion and watch the stock surge.
After the headaches of Tesla I’m sure he prefers this and the SpaceX route however.
If he ever decides he needs liquidity for ever reason he can IPO the company for $100 billion and watch the stock surge.
After the headaches of Tesla I’m sure he prefers this and the SpaceX route however.
LegendOfKage
Member
MMaRsu
Gold Member
Musk cant ever do wrong everything else is fake news lalalala.i cant hear youuuu
Elon’s pure, altruistic dreams always seem to involve massive increases in net worth and consolidation of power entirely into his own hands.
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