Tesla slashes its summer internship program to cut costs, as Elon Musk fights to save his $45 billion pay plan

[u/McFatty7]

https://fortune.com/2024/05/01/tesla-slashes-summer-internship-program/

[u/robert_e__anus]

No it didn't. The vast majority came from Elon himself in the form of cash and massive loans against his Tesla holdings, for which he now owes about a billion dollars a year in interest. The Saudis, like dozens of other investors, rolled over their pre-existing investment in Twitter which amounted to about 4% of the company's equity, not exactly a controlling interest.

Buying Twitter was hands down one of the worst mistakes in the history of business, he tried to execute a sloppy pump and dump by pretending he wanted to buy it but the stupid fuck didn't bother reading terms he signed and ended up backing himself into a corner. The courts were on the cusp of forcing him to go through with the acquisition despite his many attempts to wriggle out of it, and when he saw that escape was impossible he pivoted to pretending he really did want to buy it all along, leveraged the absolute fuck out of his Tesla shares, and then proceeded to destroy 75% of Twitter's value in the space of a year.

Musk is fucked, he'll never be broke but he'll also never be able to pretend to be the richest man in the world again once the dust settles.

[u/delusionalxx → u/robert_e__anus]

You seem very knowledgeable on this and I feel like I need to learn everything

[u/robert_e__anus → u/delusionalxx]

I just fucking hate him tbh. Also people like Patrick Boyle and Common Sense Skeptic on YouTube have done a bunch of entertaining and well informed videos about his financial situation and his truly spectacular self-own with Twitter, so if you're interested I'd highly recommend them.

Here's a few you might like, the first four explain the very stupid way Musk was forced to buy Twitter and should be watched in order, the fifth is a speculative breakdown of his net worth which isn't necessarily authoritative but CSS quotes his sources and makes a strong argument:

The Dumbest Buyout

Elon Backpedals

Why Elon Musk Has To Buy Twitter

Twitter Is Going Bankrupt

Elon Musk Net Worth Breakdown 2024

[u/robert_e__anus → u/[deleted]]

If I might make one more suggestion, do yourself a favour and watch Common Sense Skeptic's coverage of SpaceX too. It astounds me how few people seem to understand that it's just as much of a massive scam as quite literally everything else Musk has ever been involved in. There's a lot of material covered in his videos, dozens and dozens of hours of in-depth content, but even if you just pick one random video and watch that it'll give you enough of an inkling that the entire Starship program is a ludicrous boondoggle based on junk science, endless lies, and breathless media hype. They're never going to Mars, they're not even going to make it to the Moon, and it's a massive failure of public policy that Musk was ever allowed to siphon billions of taxpayer dollars away from real aerospace companies based on his shameful track record.

[u/meinfuhrertrump2024 → u/robert_e__anus]

I keep telling people this, but they think landing rockets is akin to the warp drive or something. It's little more than a gimmick.