Elon Musk’s Twitter Takeover Is Now the Worst Buyout for Banks Since the Financial Crisis
Elon Musk’s Twitter Takeover Is Now the Worst Buyout for Banks Since the Financial Crisis
Nearly two years after Elon Musk’s acquisition, X’s business is still struggling to climb out of the deep hole it fell into under his ownership.
The $13 billion that Elon Musk borrowed to buy Twitter has turned into the worst merger-finance deal for banks since the 2008-09 financial crisis.
The seven banks involved in the deal, including Morgan Stanley and Bank of America, lent the money to the billionaire’s holding company to take the social-media platform, now named X, private in October 2022. Banks that provide loans for takeovers generally sell the debt quickly to other investors to get it off their balance sheets, making money on fees.
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Morgan Stanley and BOA will find ever bigger suckers to sell those loans to once they've had a chance to repackage them.
It is long past time we got over our child-like worship of billionaires.
We'll never get over our worship of them, because it is engineered.
The media machines they own, including every market news site, fills every stream with deceptive articles of the 8 things billionaires do that made them rich and the 7 the plebs do that stop them from being billionaires, constantly defying them while shaming you for not being like or serving them better.
The natural state for any society where the elites live large while the masses struggle to survive is to DESPISE the elites, whether violent recourse would be suicide or not.
The love/deification for our elites by many of those they oppress is part of their engineered propaganda to keep it that way with their bully pulpit artificially, and that pulpit is more than loud enough to drown out and ruin the credibility of any prominent voices of reason. Easier for them to maintain the market capitalist machine like this than through overt slavery, they just convince the masses it's in their interests to self-enslave.