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Elon Musk knew he made a bad bet on Twitter. He was right. (www.axios.com)

submitted 1 year ago by stopthatgirl7@kbin.social to c/technology@lemmy.world

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Friday is the one-year anniversary of Elon Musk's $44 billion takeover of Twitter, which he subsequently renamed X.

The big picture: Musk gets to benefit from the long-term nature of private equity. Which is good for him because, in the short term, this deal has been a steaming pile of blue bird poop.

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[–] Siddhartha-Aurelius@kbin.social 24 points 1 year ago

It was never a bet. It was him attempting to inflate the price by saying he would buy it above the share price at the time. It was an attempt at market manipulation and the SEC made him go through with it.