Elon Musk’s new $44 billion toy (a small social network called Twitter) is making all right-wingers happy because apparently it’s all going to be ‘free speech’. Presumably, Lauren Boebert hasn’t had a better day than when someone first gave her a gun, and Tucker Carlson is already figuring out what it all means to him. Still, it’s not all fun and far-right rosy. Even though the deal will almost certainly go through without regulatory issues in the US, the EU sent a warning to Musk not to let moderation rules be too loose. And generally speaking, Tesla shareholders aren’t too excited about the “deal” news either.
Jack Dorsey might agree with all of that, but NPR reports that it turns out no one knows exactly where Musk will get that $44 billion, and it’s significantly affected Tesla’s market share. This week, shares of Tesla have fallen 12.2%, representing a loss in market value of $125 billion (although the stock has start to go up early Wednesday). Here’s how NPR sums it up money related fears:
When Musk announced he had secured the money to fund the deal, he said he would cover $21 billion himself, with banks helping to fund the other half.
What remains unclear is how he will come up with that money – whether he will sell some of the Tesla stock he owns, borrow against them, bring in additional investors, or all three.
Beyond this madness (buying something with astronomical ticket value and no idea how to finance it), shareholders apparently fear that Musk will become “distracted” by Twitter (it’s just because, already, the dude tweet a lot). And there’s a chance his crusade for “free speech” will ruffle the feathers of the Chinese government and affect operations at Tesla’s Gigafactory in Shanghai, where workers have apparently had to sleep on the ground amid the ongoing Covid shutdowns, which have already hampered production by around 50%.
Sleeping on the floor has nothing to do with stock price, but damn it, Musk has been in the weird sleep-related headlines lately. Even though the context is completely different, I can’t help but think of how Grimes recently revealed that Musk refused to replace a mattress with a giant hole. Hmm.
(Going through NPR)