Has any single person spent $44 billion on anything? I’ll answer that. Hell no.
Friday, Elon Musk plans on being a one-of-one – the first guy to spend the equivalent of what it would cost to purchase every single NHL team and still have $14 billion left over.
Let that sink in. Musk plans on closing the acquisition of Twitter Friday. That’s the message he gave his banking partners this week on a video conference call.
Musk is cashing in Tesla stock to come up with most of the $44 billion purchase price, and banks are kicking in $13 billion in debt financing. The dough is supposed to be held in escrow by Thursday.
The documents are being printed and signed, and there will be a new era in social media in a matter of hours.
To say that things will be different is the understatement of the decade. Musk plans to open Twitter up for, wait for it, “free speech.”
Censorship will be a thing of the past, most likely. Parag Agrawal, one of the most unqualified and limp CEOs of our lifetime, will walk away with a fortune. His brother in censorship, Jack Dorsey, will add to his ten-figure net worth.
It’s the homebound employees of Twitter who are sweating right now. Remember, Twitter was one of the early embracers of the “work from home” craze during the pandemic, telling all their employees they could buy a few extra pairs of sweats and pajamas and never come into the office again. Ever.
Thousands of overpaid, under-performing employees might never get that chance if rumors are accurate that Musk will gut the fat staff from 7,500 employees to 2,000.
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