TravisDec 22, 2022

The story of Musk is just an impossibly cringe comedy of errors, and not just his.

At the time of the twitter acquisition, Tesla had bought $1.5b worth of bitcoin at roughly 36k, holding it on their balance sheet for a massive loss. Truly hideous unforced error, done for memes.

Bankers nonetheless decided to underwrite the CEO who made this decision to the tune of $12b worth of unsecured debt to LBO a growth tech company, which is an equally absurd idea.
1/2

Show threadTrading Places ResearchDec 22, 2022
@coloradotravis The memes were super-important because it jacked up the stock price and triggered his share deal.
Show threadTravisDec 22, 2022

@TradingPlacesResearch Yep, whole thing was a con.

What I find particularly delicious is the fact he appears to have believed the con, and is getting his ass handed to him.

Show threadTrading Places Research
@coloradotravis That's what happens when you surround yourself with people who tell you every brain fart is genius.
Dec 22, 2022 at 3:43pmWeb
Show threadTravisDec 22, 2022

@TradingPlacesResearch

Indeed. One of the ways that success can beget failure if one doesn’t take care to keep oneself open to the naysayers.