28
votes
An Australian project management company is suing Twitter for $700,000 in unpaid bills
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- Title
- Twitter is facing a $700,000 lawsuit over unpaid bills for work including clearing out its Australian office and fitting-out its Singapore location
- Published
- Jul 3 2023
- Word count
- 404 words
Richest man in the world and doesn't even pay his bills. As someone who grew up in the 90's, everything just feels so hopeless and like a giant "fuck you" anymore.
He's only rich on paper, and the most of it is tied to his tesla stake, which he promised to not sell more of as he already did.
If tesla crashes immensely he will be left with bills he might not be able to pay anymore.
It's obviously hyperbole and he will have some diversified investments, but wouldnt it be great to watch him falls from richest man in the world to poorer than myself in the span of only a couple of years?
He'll never be "poor" by any standard for a whole slew of reasons. Once you're over a certain line it's nearly impossible to fall below it. Still he does stand to lose the attention/influence he craves. I think it's unlikely though since he restructured the debt he took on with Twitter (to my limited understanding). I'm still curious to see what happens when the first major payment comes due.
Twitter (or whoever holds that debt) is likely to file for bankruptcy in the coming 1-2 years, and it's going to send ripple effects through the financial world when it happens because huge banks are stuck with debt. They tried to sell it off but couldn't find buyers.. Musk appears to have made a shell company to hold the debt, I can only imagine it's to further insulate himself and his other holdings from the risk.
Musk is talking a big game, and just a few months ago he was claiming Twitter was just months from profitability. But last month it appears ad sales were down 59%. I guess only time will tell, but since Musk took the company private he can essentially run the company silently at a loss for as long as he wants assuming he can make the debt payments and not get caught blatantly breaking the law.
Right. My theory at first was the twitter deal could wreck him, just because it could force him to sell the tesla stock he backed it with, but with the restructure to the shell company i'm guessing he's going to get to dodge that bullet.
Really interesting to see the bank issue. I assumed the reason they backed the deal (since one of his few outs was if they balked at it) was because they were certain they'd get to carve SOMETHING up if it (or rather when it) goes to hell.
Oh I think bankruptcy was certain ever since he opened his big mouth signed papers he shouldn't have. I just figured Musk would be waaay more on the hook for the resulting disaster because the banks couldn't be THAT stupid to just let him chapter whatever his way out of this.
That said, sure looks like that's what's going to happen.