Plunging U.S. revenue at X risks opening up a "massive hole" on its balance sheet that Musk needs to plug to stave off its financial collapse.

Musk’s repeated outbursts against advertisers have dried up the main source of revenue for the loss-making company formerly known as Twitter. A recent decision to sue them for heeding his own advice to not buy ads on the platform hasn’t helped. At some point, he will have to provide a fresh infusion of cash to salvage his $44 billion takeover.

  • @IphtashuFitz@lemmy.worldEnglish
    13•3 months ago

    Not to mention that if he sells enough Tesla shares he could lose majority control of it. If that happens and enough shareholders band together they could force all the Elon sycophants off of the board of directors, then the new board could force him out as CEO.

    • @jonne@infosec.pub
      15•3 months ago

      A lot of shareholders have drunk the Elon kool-aid tho, look at the recent shareholder vote about Elon’s ridiculous pay package.

      There’s a lot of true believers that treat it like a meme stock and don’t look at the fundamentals.

      It’s going to go down eventually, but it might take longer than you’d expect based on the numbers.

      • @Voroxpete@sh.itjust.works
        3•3 months ago

        100%. Tesla shareholders are an almost entirely irrational market. Turns out buying into a stock that over-priced does not self-select for a healthy ability to assess risks.