Buying Twitter made Musk "king of the sandbox," allowing him to promote free speech, but not at the cost of his own ego.
  • Elon Musk purchased shares of Twitter after unsuccessfully petitioning the CEO to remove a Twitter account tracking his private jet.
  • Musk’s personal gripes played a key role in his $44 billion acquisition of Twitter.
  • Musk banned the account after promising not to, highlighting his prioritization of getting his way over free speech.

Archive link: https://archive.ph/ttBv9

  • GoodEye8@lemm.eeEnglish
    202·
    9 months ago

    I think you’re giving him too much credit. The announcement that he owned Twitter shares already hiked the price. If he wanted to short pump and dump he should’ve just kept his mouth shut, get on the board and then sell his stocks. The initial hike to his 9% ownership was on par with his buy offer hike. If his plan was to pump the company he could’ve done it without the legal trouble. Also the second price hike was after he had already made a public bid for the company and the company had accepted the offer. At that point he was locked in to buying the company. There was speculation if such a deal is allowed to go through, but the reality is that unless someone else steps in Musk had two options, he either buys the company or he gets taken to court and is forced to buy the company.

    He had to buy the company, but not because he was risking going to jail. He had to buy it because he screwed himself over by making the bid in the first place. I don’t get the need to make him seem like an intelligent man. He didn’t have any grand schemes or ulterior motives or someone else footing the bill. He simply made a horrible move, probably because he’s a huge manchild who didn’t like that the CEO of Twitter didn’t completely lick his boot.

    • supercriticalcheese@lemmy.worldEnglish
      41·
      9 months ago

      He could had pulled out of the bid as well me thinks. Between presenting a bid and closing the deal there should be **due diligence **.

      This is what I understand Mr Musk failed to do, after that it would have been nearly impt to cancel the deal.

      • GoodEye8@lemm.eeEnglish
        11·
        9 months ago

        I don’t remember the specifics but I think it was a sort of a “no questions asked” kind of bid, where he chose to not do the due diligence. He did try to play the “My estimation of Twitter was misled because I wasn’t disclosed to vital information” card and it got him nowhere.

    • Serinus@lemmy.worldEnglish
      3·
      9 months ago

      He wasn’t trying to short Twitter. He was trying to pump and dump. Though the dumping probably would have been done more tactfully than the standard pump and dump. Musk getting publicity for holding the stock helps to keep the value up. Tesla’s been inflated forever, and he thought he could do the same with Twitter.

      Yes, the primary reason he bought Twitter is that he screwed up during his pump and dump scheme. There are several reasons he was looking at Twitter in particular, including the jet tracking, how much he loves Twitter anyway, his hate for being told what he can and can not post, etc. I also suspect he’s lost most of the people who will tell him the truth and is now surrounded by right-wing grifters (for politics and aiming his money, they’re smart enough to not try to take the money directly). All these reasons were part of why the pump and dump was plausible as something else, and why it was Twitter that it happened to. Probably not even Musk knows how much of the intent to buy was legit (though not for 44b) and how much of it was the pump and dump.

      He had a scheme; I don’t know that I’d call it grand.