Elon Musk merging Twitter into X didn’t absolve X from child safety fine.
  • CaptainBasculin@lemmy.mlEnglish
    145·
    2 个月前

    hello guys i’ve recently changed my name, why should i be responsible for the 400.000$ debt related to my old name? The name doesn’t relate to me anymore.

  • twinnie@feddit.ukEnglish
    92·
    2 个月前

    $400,000 isn’t even that much for a company like this, it might’ve cost that much just trying to fight this.

    • Voroxpete@sh.itjust.worksEnglish
      742·
      2 个月前

      Twitter’s revenue has cratered hard, and because its privately owned, every dollar Twitter loses is a dollar that Elon has to come up with.

      Because his wealth is entirely in overinflated Tesla stock, and because he’s already massively overleveraged from buying Twitter, coming up with that money means selling Tesla stock, and because the Tesla stock price is based on dreams and unicorn farts any amount he sells tends to sink the price.

      This means that for Elon to cover $400,000, that could easily lose him tens of millions in net worth. And there’s no telling when the Tesla stock price will just collapse entirely as investors finally start valuing it like a car manufacturer, and not like kind of predestined savior of the human race (for context, Tesla in its entirety is currently valued at $800bn. Ford is currently valued at $40bn. And Ford sell a LOT more cars than Tesla).

        • Voroxpete@sh.itjust.worksEnglish
          10·
          2 个月前

          Exactly. Right now Tesla are being priced like they’re the next Amazon, but this is largely on the belief that they’ll somehow end up licensing self driving software to every company in the world that deals in transit or transport. It’s a total fantasy. While Tesla does have some competitive advantages (such as owning the accepted standard for EV charging) they’re not worth anywhere close to what their stock price says. At this point they’re basically turning into a new South Seas Company.

      • Tja@programming.devEnglish
        136·
        2 个月前

        This is mostly incorrect.

        First he’s not overleveraged from buying Twitter. He bought it with Russian, Saudi, and 400 other investor’s money. There was aist recently published.

        Second, he doesn’t need to put any personal money to pay Twitter’s fines, Twitter has its own money/debts and accounting.

        Third, even if it was his own money, he would sell stock, he could borrow against it, avoiding selling it.

        Fourth, even if all of the above was true (which it isn’t) for a hundred-billionaire, losing tens of millions doesn’t register. It’s like someone with a couple million bucks in the bank losing a few hundred. It’s like a nice dinner.

        • Voroxpete@sh.itjust.worksEnglish
          71·
          2 个月前

          Point four I’ve already answered; the need to liquidate stock amplifies any costs, with a potential to create a catastrophic snowball that could lead to a significant collapse in his fortune (nothing could ever make Musk “poor” by any sane standard, but he could become significantly poorer, which I’m sure to him would be the end of the world).

          Point three is answered by him being overleveraged. He took on a lot of debt to buy Twitter, which makes taking on additional debt significantly harder. You’ve both tried to dispute this, while simultaneously confirming it. We’ll get to that with point one.

          Point two is misleading. While Twitter does have its own accounts, those coffers are bare. Either Musk foots the bill out of his own pocket, or the company goes bankrupt. Either way, he’s still on the hook for about $800,000,000 a year in interest payments on the debt it took to buy it.

          Which brings us to point one; you’ve tried to dispute this point by offering the evidence that confirms it. As your correctly state, Musk went into business with a murderers row of the kind of merciless loan sharks that you only do business with if the banks all laughed at you. As I mentioned previously the interest on the debts he took on to buy Twitter is $800 million a year. You don’t accept those kinds of financing terms if you have better options. The fact that he did is all the proof you need that his credit is shit. The banks know damn well how precarious his wealth is. And if further evidence was needed, consider this; why did he trigger a significant collapse in Tesla’s stock price last year selling off stock to service those debts if he had the option of simply borrowing against his assets as you claim?

          • Tja@programming.devEnglish
            17·
            2 个月前

            Twitter is it’s own entity. Musk is not in debt, Twitter is. And if their coffers are empty they can take more debt, in Twitter’s name. I’m sure a Saudi bank would oblige as long as it’s useful. However Twitter could go bankrupt and Musk would just lose his initial investment, which was a couple of billions max. Saudis, Russians and the Peter Thiels of the world would lose their investments as well, which I’m sure they would see as a small price to pay to kill a platform so inconvenient for them as Twitter was.

            Tesla? Last year all tech stocks took a dive. Tesla’s price is based on unicorns and rainbows, so it tracks the tech bubble more than real companies like Ford. Same like OpenAI and others.

            • Voroxpete@sh.itjust.worksEnglish
              51·
              2 个月前

              Edit: I wrote a different response here, but there’s no point. You refuse to acknowledge basic facts that undercut your whole argument. You don’t understand this situation a fraction as well you think you do. I’m not going to sit here and argue with you about your fantasy version of reality.

        • bbuez@lemmy.worldEnglish
          5·
          2 个月前

          Then WHY fight something that would’ve been pennies and now will at least be dimes? As much as I want to believe musk is close to insolvency, I don’t think its quite possible yet. But then why die on these stupid little hills?

    • Hotdog Salesman@programming.devEnglish
      10·
      2 个月前

      The fine increases for every day they don’t comply.

      The fine was issued last October, though I’m unsure if legal proceedings put a halt to the counter

  • HeIsHarsh@lemmy.worldEnglish
    721·
    2 个月前

    Lol, Elon Musk thinks that the USA justice system runs on crack so the World justice system must too. 🤣🤣

    • magikmw@lemm.eeEnglish
      19·
      2 个月前

      I doubt Musk even knows about this case. X has lawyers for this type of pedestrian issues, and they come up with defense strategy.

    • Fedizen@lemmy.worldEnglish
      9·
      2 个月前

      we coddle our billionaires here which is why they can’t make it overseas. Its time we took a tough love approach to billionaires in the US; the billionaire herd needs thinning.

  • fluxion@lemmy.worldEnglish
    66·
    2 个月前

    Just think, this brilliant mind could soon be administrating vast swaths of the US government!

  • Kazumara@discuss.tchncs.deEnglish
    41·
    2 个月前

    Wheelahan found that under Nevada law, merging Twitter into X turned Twitter into a “constituent entity,” which then transferred all of Twitter’s legal consequences to X Corp.

    Isn’t that how it works everywhere? What where they even arguing for?

    • kalleboo@lemmy.worldEnglish
      23·
      2 个月前

      Like, if that worked, wouldn’t every company just sell itself to a new shell company once a year and drop every kind of legal liability?

      • AeonFelis@lemmy.worldEnglish
        7·
        2 个月前

        Which is weird, because SovCits are a cargo cult who try to mimic the legal miracles top lawyers sometimes manage to pull off. Musk should be different - he does have access to these top lawyers who do have deep understanding of the law.

        Unless Twittex’ lawyers got the same treatment the engineers got?

  • Random_Character_A@lemmy.worldEnglish
    12·
    2 个月前

    Is this “gotta try anything instead of submission” thing or just “new level of stupid” thing?

    Was there actually some hope for this to work or was this just something the man baby cooked up and his layers just thought “fuck it, I’m getting paid for this and he won’t listen anyway”.

  • NocturnalEngineer@lemmy.worldEnglish
    121·
    2 个月前

    I don’t get why twitter wouldn’t just comply & implement measures the moment it knew it’s platform was being used to distribute CSAM.

    • Llamatron@lemmy.worldEnglish
      201·
      2 个月前

      The fines are no doubt cheaper than actually doing something about it. Plus if they do something and are even moderately successful then he’d have less of an excuse for doing nothing about Russian disinformation and other bullshit.

    • Samvega@lemmy.blahaj.zoneEnglish
      5·
      2 个月前

      Because they care about money, not harming children. This is why we live in a world where there isn’t enough effort put into keeping children safe by rich people, because they prefer money to chlidren.

    • Geobloke@lemm.eeEnglish
      3·
      2 个月前

      Well now we know that Twitter doesn’t care that there csam on their platform. Like couldn’t even do the bare minimum standard of compliance

  • InfiniteGlitch@lemmy.dbzer0.comEnglish
    46·
    2 个月前

    Sometimes I’m perplexed how someone can be so smart and immensely stupid at the same time.

    Dude became one of (if not the most) richest person in the world and yet his attitude, behavior and speech are immensely stupid.

    • Deceptichum@quokk.auEnglish
      431·
      2 个月前

      When has he ever been “so smart”?

      Dude used his dads wealth to buy a founders role in a company.

      • flamingo_pinyata@sopuli.xyzEnglish
        72·
        2 个月前

        He really is/was smart about some things - marketing and self-promotion. He started with millions and ended up with hundreds of billions, all thanks to his marketing skills, and knowing how to be in the right place at the right time.
        Being good at one thing doesn’t automatically mean he’s good at other things - like running a company, or being an engineer as he likes to imagine himself.

        • latenightnoir@lemmy.worldEnglish
          10·
          2 个月前

          Honestly, it’s not that hard to make a truckload of money if you start off with a busload of money (in this analogy, the truck’s bigger). Capitalism is pretty much built to ensure that the rich will either stay rich or get richer unless they’re completely irresponsible with said riches.

          And paying attention to trends isn’t a stroke of genius, either. As for marketing, the ‘fresh rebel tech magnate’ turned out to be just a shitposter without the proper context in which to “shine,” nothing more.

        • atrielienz@lemmy.worldEnglish
          6·
          2 个月前

          "Because his wealth is entirely in overinflated Tesla stock, and because he’s already massively overleveraged from buying Twitter, coming up with that money means selling Tesla stock, and because the Tesla stock price is based on dreams and unicorn farts any amount he sells tends to sink the price.

          And there’s no telling when the Tesla stock price will just collapse entirely as investors finally start valuing it like a car manufacturer, and not like kind of predestined savior of the human race (for context, Tesla in its entirety is currently valued at $800bn. Ford is currently valued at $40bn. And Ford sell a LOT more cars than Tesla)."

          This is a quote from a comment above. What he’s “smart” about is being a conman. Which doesn’t really take intelligence. It just takes some trial and error and enough money starting out to make mistakes.