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Twitter To Rebrand As X
(www.theverge.com)
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this post was submitted on 23 Jul 2023
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Technology
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Guys, I’m starting to think this Elon guy isn’t as smart as he claims…
Depends.
If he thinks Twitter is irreperably dying, this may be a way, in which he can get out of repaying the loans he used to (partially) fund the buyout of twitter.
If you're thinking this an "artist formerly known as Prince" sort of thing where Prince got out of a contract, I'm sure all the debt holders have the proper legal verbiage to have agreements remain valid in the event of a name change.
How does that get him out of the loans?
The lenders lawyer arrives at the Twitter office:
The bonesaw Saudi lenders :)
That makes me think of the theory about Saudi Arabia and probably other countries have had it in for Twitter since Arab Spring.
So this is just Elon doing as instructed: "Make Twitter disappear, but make it look like an accident"
Absolutely
depends how the loans worked.
I was assuming his majority shares of X (ex Twitter) collateral.
And that that he could just go "yeah, go on, collect on your collateral, I don't mind", because it's not worth anything anymore.
But admittedly I have no Idea how the contracts were drawn up, if this is possible and if his other money would be available to collect on.
At some point some creditor should be desperate enough to do a margin call, since the loan collateral is next to worthless.