Nearly two years after Elon Musk’s acquisition, X’s business is still struggling to climb out of the deep hole it fell into under his ownership.
The $13 billion that Elon Musk borrowed to buy Twitter has turned into the worst merger-finance deal for banks since the 2008-09 financial crisis.
The seven banks involved in the deal, including Morgan Stanley and Bank of America, lent the money to the billionaire’s holding company to take the social-media platform, now named X, private in October 2022. Banks that provide loans for takeovers generally sell the debt quickly to other investors to get it off their balance sheets, making money on fees.
This is why I stick with credit unions.
okay but he blames advertisers for ruining the company
Narcissists will never blame themselves for their screw ups.
Morgan Stanley has another problem right now too as Their CEO is missing in that yacht sinking
We were due for our yearly billionaire offering to Poseidon.
May the god of water take mercy on us with this wealthy sacrifice and place a harvest in our nets
And hold back sea level rise!
I am deep in prayers so that Poseidon, Oceanus and every other sea related deity take our offerings of other billionaires and their yachts
This one is extra sweet to me as Morgan Stanley stole $4k of my funds, claiming it was abandoned when they never once sent me a message, notification on their site, letter, or call. It took me several months to get it back. All the while I was unemployed and really needed that money.
Either that or Jörmungandr has aquired a taste for richness. As a man who likes cheesecake I can respect it.
My most requested recipe is: New York Style Cheesecake Stuffed, Chocolate covered, graham cracker rolled, strawberries.
That sounds great minus the strawberries, add more chocolate instead.
The strawberries make it a “healthy dessert.”
Bite me I want more chocolate, also if it can give me cavities it prolly aint healthy.
You probably don’t taste as good as the cheesecake and strawberries. I’ll bite them, thanks. Cheers m8 :)
I don’t think one is enough to placate Poseidon.
Lmao nice.
CEO or chairman?
Your right w chairman but honestly what’s the difference I don’t know. Chairman of the board?
I like this new tradition
Thats crazy I used IDOL for a decade. Good riddance.
Sounds like sacrificed a few billionaires this time.
I hope our watery god is satisfied, if not. I guess we have sacrifice a few more billionaires.
I think we should advertise small boat sailing to Elon, combined with the beauty of the Gibraltar strait area and the manliness of doing it alone.
We can give Poseidon a break and let the orcas have one.
Twist: The Orcas are working for Poseidon.
Yes, but delegation.
That’s why Poseidon is a god and I’m just a schlub.
Sounds like he found out what’s behind the implications.
I think we’re the tasty treats!
Out in the middle of nowhere on international waters. What’s he gonna do, say no? Of course not. Because of the implication.
Orcas are based.
Good fuck em. As if they totally havent made back any loss in recent years
You sweet summer child… You think this will affect anyone at the top? All the rich people will walk away unaffected as more layoffs roll down or they borrow from the gov/tax payers.
Wall Street Journal - News Source Context (Click to view Full Report)
Information for Wall Street Journal:
MBFC: Right-Center - Credibility: High - Factual Reporting: Mostly Factual - United States of America
Wikipedia about this sourceI thought the mod thread about this bot resoundingly agreed that it should go away?
OP did you forget to link the article?
Huh, that’s strange. Let me put it up now; thanks!
Cheers!
Needed to unpaywall it, so here’s an archive link for anyone who needs the same: https://archive.is/hokvj
Edit: hmm there isn’t actually much more there
Marketwatch link that isn’t paywalled:
Sounds like a they problem.
Yep, if you own a bank 10 thousand dollars, thats a you problem. If you owe a band 10 billion dollars, thats a them problem.
A problem partially funded by my mortgage 🙃
They are too big to fail?
Morgan Stanley and BOA will find ever bigger suckers to sell those loans to once they’ve had a chance to repackage them.
It is long past time we got over our child-like worship of billionaires.
We’ll never get over our worship of them, because it is engineered.
The media machines they own, including every market news site, fills every stream with deceptive articles of the 8 things billionaires do that made them rich and the 7 the plebs do that stop them from being billionaires, constantly defying them while shaming you for not being like or serving them better.
The natural state for any society where the elites live large while the masses struggle to survive is to DESPISE the elites, whether violent recourse would be suicide or not.
The love/deification for our elites by many of those they oppress is part of their engineered propaganda to keep it that way with their bully pulpit artificially, and that pulpit is more than loud enough to drown out and ruin the credibility of any prominent voices of reason. Easier for them to maintain the market capitalist machine like this than through overt slavery, they just convince the masses it’s in their interests to self-enslave.
The losses on banks’ balance sheets from the deal are also biting into potential bonuses for some bankers, the report said.
They should just be fired. This wasn’t a deal that looked like it had good potential but didn’t pan out. It was obviously a bad buy right from the start and the guy who was going to run the private enterprise was both spread too thin to run it well, was increasingly erratic in his behavior, and wasn’t any good at the business he was taking over. Everyone knew it was a bad deal at the time.
Yes, but have you considered: Tesla line go up. Elon CEO. When Elon CEO, Twitter line go up. Logic.
that is awesome
This makes me happy.
I can see a very real scenario where Drump gets elected, appoints Moron Musk as treasury secretary, and magically wipes off his Xitter debt never to be heard again
I’d say he can’t do that (the debt part) but apparently the US supreme court thinks a president can do whatever the fuck they want, so who knows at this point.
At the time, Musk himself had complained that the price for Twitter was too high, but he decided to go ahead with the deal after waffling over it for a while.
Mmmmmmmmm that’s not how I’d describe it, Marketwatch.
Guess they didn’t want to say that Musk shit posted so hard that he ended up being forced to buy the company.
I mean, he did have to decide if he wanted to pay the money and take the company, or just pay the money, as he’d signed a solid agreement. So there was a choice.
I’m retrospect, paying the money and not taking the company might actually have been the more sound financial decision.
