this post was submitted on 17 Aug 2024
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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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[–] Valmond@lemmy.world 38 points 2 months ago (14 children)

Why is this news...

Some rich guy might do something that doesn't really change anything for anyone.

[–] Voroxpete@sh.itjust.works 41 points 2 months ago (9 children)

Because it will affect Tesla's share price (negatively), just like it did last time, and Fortune's job is to report on things that affect share prices.

There is also a public interest element, because Musk is currently the richest man on earth - which affords him massively undue power and influence - but he won't be if he manages to crash the Tesla stock price with a massive sell-off.

Tesla is exceedingly overvalued right now which makes it a very volatile stock. We already saw the price crater the last time he sold stock to keep Twitter afloat, and it only really recovered when he pinkie swore not to do it again.

[–] IphtashuFitz@lemmy.world 13 points 2 months ago (3 children)

Not to mention that if he sells enough Tesla shares he could lose majority control of it. If that happens and enough shareholders band together they could force all the Elon sycophants off of the board of directors, then the new board could force him out as CEO.

[–] MoonRaven@feddit.nl 9 points 2 months ago

So only good things.

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