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This is Solar City all over again, but at least this time it's not with public investors money. He can now use the money raised by xAI, to pay off the debt of
by TheAlchemist 2y ago
This is Solar City all over again, but at least this time it's not with public investors money.
He can now use the money raised by xAI, to pay off the debt of X, which was bleeding money.
So today in corporate America we have:
- Trump pardoning one of the most obvious scammer of the past 10 years - Trevor Milton
- Trump pardoning some obvious crypto scammers
- Musk using investors money from one of his companies, to bail out his another company, at the valuation he himself set
Unprecedented times. The damage to the rule of law will be hard repair - it will take decades.
- tim333 2y ago>Trump pardoning some obvious crypto scammers who?
- TheAlchemist 2y agohttps://www.cnbc.com/2025/03/28/trump-pardon-bitmex-crypto-exchange-money-laundering.html https://www.cnbc.com/2025/03/28/trump-pardon-bitmex-crypto-e...
- rqtwteye 2y agoIs Bankman-Fried next?
- TheAlchemist 2y agoI would be shocked if he's not out within 3 months. If he's not, that would mean that he was an altruist after all...
- tim333 2y agoI wouldn't call the bitmex guys scammers. They were found guilty of not implementing proper anti money laundering regulations but didn't really steal money I think. They also invented perpetual futures which have been a very successful financial instrument. They were only sentenced to six months house arrest for Hayes and probation only for Delo, all served a while ago. SBF on the other hand did bad stuff and has only served one year out of a 25 year sentence and I'd be a little surprised if he's out in a hurry.
- stefan_ 2y agoYou forgot he commuted the sentence for the scammers impersonating that YouTube exec: https://archive.is/ODjP0 https://archive.is/ODjP0 White collar crime is legal, folks. (Donation required)
- javier2 2y agoAnd unfortunately, AI companies like xAI are relatively cheap to keep running, so it could take a while before it goes bankrupt.
- giorgioz 2y agoHow AI companies relatively cheap to keep running? Aren't they well known to spend a lot in GPUs for training? I always saw AI companies as actually quite relative expensive companies to keep running.
- javier2 2y agoThey are still cheap compared to building and supporting cars, space rockets and moderating social media and maintaining a ad delivery network.