3 ms·

And then will leverage against that valuation for loans, acquisitions, etc. Self dealing. Nobody cares anymore.

by rco8786 2y ago

miohtama 2y ago
Good luck trying to get a bank to underwrite that loan, smells a bit risky.
- CamperBob2 2y ago
  "Nice bank you've got there. Would be a shame if ________" (Insert any number of orders that Musk can have his friends in the executive branch issue to make life miserable for the bank principals.) It's good to be the king. Even better to own him.
  - XorNot 2y ago
    Case in point: https://apnews.com/article/trump-law-firm-mueller-fc64fcda098b52756294c3d6a3b3d998 https://apnews.com/article/trump-law-firm-mueller-fc64fcda09... > A prominent international law firm reached a deal with President Donald Trump on Friday to dedicate at least $100 million in free legal services and to review its hiring practices, averting a punishing executive order like the ones directed at nearly a half-dozen other major legal institutions in recent weeks. This isn't theoretical. It's happening.
    - netsharc 2y ago
      Wow, I thought the sum was $40 million, but that's what the other law firm paid that showed a lack of principles and caved... And another law firm is being blackmailed because it used to employ someone who worked for Robert Mueller (of the Trump-Russia collusion investigation)... Geez Trump's team is actually busy, but busy settling old scores.
      - alabastervlog 2y ago
        They’re busy making sure the firms with the money and bench to try to fight the authoritarian take-over in court are all sidelined.
    - CamperBob2 2y ago
      Exactly, that was the case I had in mind.
  - netsharc 2y ago
    That makes me think of Jakob Fugger. He was so rich the pope borrowed money from him to build St. Peter's Basilica. And they got so desperate to pay it back they started selling indulgences, pissing off one Martin Luther and creating Protestantism: https://theconversation.com/the-man-who-gave-us-the-reformation-and-it-wasnt-martin-luther-85196 https://theconversation.com/the-man-who-gave-us-the-reformat...
    - Yoric 2y ago
      And that makes me think of the Knights Templar. They were so rich that everybody borrowed money from them. The one day, the King of France decided he didn't want to repay the loan. The story doesn't end well for the Templars.
- rco8786 2y ago
  Then he buys the bank. DOGE is in the SEC now. Elon Musk is the regulator. If he decides that a bank is doing “fraud” and wants to shut it down, is there anyone to stop him? Serious question.
- Analemma_ 2y ago
  You realize the current administration is shutting down law firms that criticize Trump, right? They'll have zero problems going "do this deal if you know what's good for you".
Workaccount2 2y ago
Trump pardoned Trevor Milton today, who scammed investors out of millions doing things like his now infamous "rolling a truck down a hill to make it looks functional" demo. Milton donated $1.8M to Trump, and Miltons lawyer's sister is Pam Bondi, the Attorney General. This is nakedly corrupt and a strong signal that you can get away with all manner of financial fuckery if you are on Trumps "good list".
- miohtama 2y ago
  Every democratic country deserves the government they get.
  - Workaccount2 2y ago
    At least we don't have to worry about trans kids swimming on the girls swim team. /s
    - Gagahala 2y ago
      [flagged]
    - DecentShoes 2y ago
      [flagged]
      - sapphicsnail 2y ago
        For how big of an advantage trans women supposedly have, they don't seem to win very often. People have been discussing this issue for decades but all of a sudden people are freaking out about it without doing any research or having any level of nuance.
        dzhiurgis 2y ago
        Same can be said about Trump government
        2y ago
tim333 2y ago
Musk gets away with a lot because he does deliver sometimes - the cars and the rockets have done well. The investors and lenders are not totally dumb.
- Zigurd 2y ago
  Would anyone say the same about Cathie Wood? Also, Starship "done well?"
whats_a_quasar 2y ago
It's all private capital. The only people who are exposed to this deal are the banks who make loans to Musk and Twitter, and the investors who put capital in to take Twitter private or to invest in xAI. If one of those entities is mad they will sue, and the legal system works pretty well for fights between different capital holders. Doesn't really matter what the general public's opinion is.
anigbrowl 2y ago
It's the new normal https://apnews.com/article/nikola-trevor-milton-fraud-trump-pardon-3fcebb0a3820cecb205656f2dc3f6764 https://apnews.com/article/nikola-trevor-milton-fraud-trump-...

And then will leverage against that valuation for loans, acquisitions, etc. Self dealing. Nobody cares anymore.

miohtama 2y ago

Good luck trying to get a bank to underwrite that loan, smells a bit risky.

CamperBob2 2y ago
"Nice bank you've got there. Would be a shame if ________" (Insert any number of orders that Musk can have his friends in the executive branch issue to make life miserable for the bank principals.) It's good to be the king. Even better to own him.
- XorNot 2y ago
  Case in point: https://apnews.com/article/trump-law-firm-mueller-fc64fcda098b52756294c3d6a3b3d998 https://apnews.com/article/trump-law-firm-mueller-fc64fcda09... > A prominent international law firm reached a deal with President Donald Trump on Friday to dedicate at least $100 million in free legal services and to review its hiring practices, averting a punishing executive order like the ones directed at nearly a half-dozen other major legal institutions in recent weeks. This isn't theoretical. It's happening.
  - netsharc 2y ago
    Wow, I thought the sum was $40 million, but that's what the other law firm paid that showed a lack of principles and caved... And another law firm is being blackmailed because it used to employ someone who worked for Robert Mueller (of the Trump-Russia collusion investigation)... Geez Trump's team is actually busy, but busy settling old scores.
    - alabastervlog 2y ago
      They’re busy making sure the firms with the money and bench to try to fight the authoritarian take-over in court are all sidelined.
  - CamperBob2 2y ago
    Exactly, that was the case I had in mind.
- netsharc 2y ago
  That makes me think of Jakob Fugger. He was so rich the pope borrowed money from him to build St. Peter's Basilica. And they got so desperate to pay it back they started selling indulgences, pissing off one Martin Luther and creating Protestantism: https://theconversation.com/the-man-who-gave-us-the-reformation-and-it-wasnt-martin-luther-85196 https://theconversation.com/the-man-who-gave-us-the-reformat...
  - Yoric 2y ago
    And that makes me think of the Knights Templar. They were so rich that everybody borrowed money from them. The one day, the King of France decided he didn't want to repay the loan. The story doesn't end well for the Templars.
rco8786 2y ago
Then he buys the bank. DOGE is in the SEC now. Elon Musk is the regulator. If he decides that a bank is doing “fraud” and wants to shut it down, is there anyone to stop him? Serious question.
Analemma_ 2y ago
You realize the current administration is shutting down law firms that criticize Trump, right? They'll have zero problems going "do this deal if you know what's good for you".

Workaccount2 2y ago

Trump pardoned Trevor Milton today, who scammed investors out of millions doing things like his now infamous "rolling a truck down a hill to make it looks functional" demo. Milton donated $1.8M to Trump, and Miltons lawyer's sister is Pam Bondi, the Attorney General. This is nakedly corrupt and a strong signal that you can get away with all manner of financial fuckery if you are on Trumps "good list".

miohtama 2y ago
Every democratic country deserves the government they get.
- Workaccount2 2y ago
  At least we don't have to worry about trans kids swimming on the girls swim team. /s
  - Gagahala 2y ago
    [flagged]
  - DecentShoes 2y ago
    [flagged]
    - sapphicsnail 2y ago
      For how big of an advantage trans women supposedly have, they don't seem to win very often. People have been discussing this issue for decades but all of a sudden people are freaking out about it without doing any research or having any level of nuance.
      - dzhiurgis 2y ago
        Same can be said about Trump government
      - 2y ago

tim333 2y ago

Musk gets away with a lot because he does deliver sometimes - the cars and the rockets have done well. The investors and lenders are not totally dumb.

Zigurd 2y ago
Would anyone say the same about Cathie Wood? Also, Starship "done well?"

whats_a_quasar 2y ago

It's all private capital. The only people who are exposed to this deal are the banks who make loans to Musk and Twitter, and the investors who put capital in to take Twitter private or to invest in xAI. If one of those entities is mad they will sue, and the legal system works pretty well for fights between different capital holders. Doesn't really matter what the general public's opinion is.

anigbrowl 2y ago

It's the new normal https://apnews.com/article/nikola-trevor-milton-fraud-trump-pardon-3fcebb0a3820cecb205656f2dc3f6764 https://apnews.com/article/nikola-trevor-milton-fraud-trump-...