this post was submitted on 04 Jul 2023
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He bought it because he got caught red handed trying to commit securities fraud and if he didn't make good on his offer, the SEC would've at the very least kicked him out of the markets, if not put in prison.
He is now trying to destroy it faster than it will destroy him. Social media is too expensive to run without a carousel of new investors. He can't get any since he took it private. He can't pull the plug on it or his existing investors will crucify him, they're just biding their time on a lawsuit already.
He over played his hand and he is suffering consequences for it. This doesn't make him smart, mind you. He's just scrambling to cover his ass from a blatantly poor and criminal decision.
Yeah, people tend to forget how this all started. He just wanted to see under the hood and he was told that the only way he could do that was if he bought the company.
He saw a big opportunity to both get what he wanted and to manipulate the stock market in a big way. So he made a credible offer thinking that he was smart enough to create a loophole that would give him a way out. His loophole didn't pan out although the stock market manipulation arguably did.
He got too far along in the process to back out and the SEC doesn't fuck around. There was no option other than to actually make good on his offer to buy the company. I don't think he ever truly wanted to own Twitter, but I never thought he would set the company ablaze in such a spectacular fashion.
While at the same time still performing a never-ending stream of the same fidgety, impulsive, entitled behavior and decisions that put him into this mess in the first place.
One wonders how big of a chunk of Tesla and/or SpaceX they've got their sights on, after they really get their knives out and go to Attorney Town on this narcissistic imbecile.