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Happy anniversary to the banks who saddled themselves with Musk's debt.
https://archive.ph/w4Shz
For a laugh, from that same Code conference: Twitter CEO Linda Yaccarino shows the main screen on her iPhone. Facebook and Instagram are there - but Twitter isn't.
There's an endearing belief among those who don't understand finance that this is somehow all going according to plan for Musk, who will swoop in and buy up the debt for pennies on the dollar.
What they're ignoring is that Musk doesn't have the readies to do that even if he wanted to (which I've never believed he does).
Look at how his fortune has fared recently. Tesla results and price tumult are killing the gains from Starlink and others.
He's not spending another cent on Twitter.
As I've said so often it makes me tired: This is between Twitter (the company) and the banks. Musk is not liable for it. At all.
@OutOnTheMoors he's not an alpha male, he's a sub-prime male.
@Loukas 
Little junkbond balls.
The WSJ readers' comments are hilarious. They show why this guy gets away with it. They STILL believe he is liquid, when he's mortgaged to the hilt.
Musk is the guy with the car and the house - both he's still paying off - who can't afford groceries.
@OutOnTheMoors it feels like as soon as anyone actually asks for their money back it'll all come tumbling down and he'll be revealed as another Bernie Madoff. This is what happened to a Swedish billionaire called Ivar Kreuger in 1932 and the entire country's economy was shaken. He was also an extremely persuasive bullshitter who was mortgaged to the hilt.
@Loukas Fervently hope so.
The recent awful results are seeing pressure from Tesla shareholders (and lenders who hold his paper there) to stop the Twitter shenanigans and focus on core businesses.
It might be the nudge that starts the dominoes tumbling.
@OutOnTheMoors a strike has just started at Tesla workshops in Sweden. Local management don't seem to understand how powerful Sweden's unions are, and they're talking about organising scabs. If Elon doesn't let them back down it could easily turn into a general strike in Sweden, against Tesla.
@Loukas It would be perfect if unions led the way.
@OutOnTheMoors whatever causes X/Tesla to fall, it'll involve Musk colliding with something he doesn't understand and which is more powerful than he realises. Nordic unions fit that description - although a lot of things do :)
@OutOnTheMoors I wonder if the people who vouched for him because "he's some kind of genius" are coping well these days?
@OutOnTheMoors
Masters of the universe they are. Moving capital where society needs it with all the cunning and intuition of a ham sandwich.
@OutOnTheMoors Maybe she uses the mobile web app.
@evan Maybe she wisely doesn't use Twitter away from her work desk - where she's obliged to
@OutOnTheMoors that’s the part so many billionaire stans don’t get: corporate debt is not personal debt. At all.
@OutOnTheMoors He could do the Howard Hughes thing, become a recluse and not be his own worst enemy
@OutOnTheMoors
I realize the debt isn't his personal debt, so forgive the wording, but I've never heard of someone buying their own debt. Negotiating forgiven principal is usually a part of a bankruptcy proceeding, no?
@the_etrain It's hella confusing, but this $13BN or so is not Musk's debt. It's TWITTER'S debt.
(The money went to pay former shareholders, it wasn't an investment in the company. It's a common feature of leveraged buyouts.)
Musk owns enough shares to own Twitter. So he owns the shares (in itself) that Twitter owns too.
He could buy up the debt cheaply to reduce the financial pressures on Twitter and clear the claims on the company.
But unless he's seriously trying to turn it around, there's zero incentive for him to do that.
@OutOnTheMoors
I get that. I've never heard of the controlling party buying the debt, the borrowing they initiated and negotiated, at a discount later down the road.
@the_etrain It's very rare. Why on Earth would they? They already own the company. Usually only done to prevent others buying the debt and foreclosing.
The suggestion seems to be wishcasting by people who still believe Musk's bullshit.
@the_etrain It reminds me of the cartoon meme of the person prodding something dead with a stick and encouraging it to act. There's a lot of people who subconsciously won't accept how awful Musk is.
Financial types (and the business media) are also horribly concerned because the banks hold a LOT of Musk's personal debt - which involves a lot of Tesla stock as collateral for loans.
@OutOnTheMoors
Yah, the whole borrowing using stock as collateral is insane to begin with. One of the biggest tax dodges there is.
@the_etrain It's all a house of cards
@OutOnTheMoors
Yah, we're on the same page here. It would set bad precedent for the bank.
@OutOnTheMoors But if they had invested that 13 gigadollars into a project to stabilise a bunch of homeless people's living conditions so they would in the future have a need for the banks' lucrative services, that would be a "moral hazard". 
@riley Your heart's in the right place, but that's not how banks work. They create "new money" through making loans, not through real investment.
@OutOnTheMoors No, I'm pretty sure that they create money by boring wormholes through the moneyspacetime with hollow bamboo drills and sucking future money into present.
@riley I'm trying to explain things. You need to understand the system that underpins his "fortune" before you can start to dismantle that empire of shit.
But, yeah, being a comedian in the mentions and obliging people to read your comments is a far better option.
@OutOnTheMoors You speak like you haven't been enjoying my evergreen stand-up routine on Quantum Pandanomics. 