Not sure if it was just Elon who was responsible for this, but the tweet shortly after that Tesla would accept BTC surely is the same as a potential pump and dump same.
We've seen so many finally being charged for this behavior, shouldn't Elon ?
My belief is that Musk’s primary motivation for buying Twitter is that during 2021 he saw how unreasonably effective the platform is for promoting crypto to retail, and he wanted to be the one who both decides which crypto goes up and also gets a cut on all the crypto cash inflows.
That’s why he talks about payments and a “super app”. It’s a dream of a crypto pump tax built into the promotional platform itself.
When making the offer in April 2022, I don’t think he anticipated the collapse of the ad sales at all.
The basic template probably looked like a typical private equity buyout: maintain existing revenue, cut costs to a minimum, load the company with debt to reduce the acquirer’s direct downside risk… And the crypto angle would be all personal upside on the short term, raking in the cash from token pumps that stripped-down Twitter wouldn’t be interested in policing.
When making the offer in April 2022, I don’t think he anticipated the collapse of the ad sales at all.
I'm more inclined to believe that he was aware of the macro-economic conditions in 2022 when making the offer. Besides, he gave numerous speeches proclaiming that he was making the offer not primarily to make Twitter a profitable business.[0]
raking in the cash from token pumps that stripped-down Twitter wouldn’t be interested in policing.
There isn't much meat on this bone.
For some perspective, Jeff Bezos bought Washington Post for $250M.[1]
Elon could afford without a sweat 3 or 4 such media organizations to manipulate information flow as he sees fit. With far better results than owning a social media platform.
Comments
Not sure if it was just Elon who was responsible for this, but the tweet shortly after that Tesla would accept BTC surely is the same as a potential pump and dump same.
We've seen so many finally being charged for this behavior, shouldn't Elon ?
My belief is that Musk’s primary motivation for buying Twitter is that during 2021 he saw how unreasonably effective the platform is for promoting crypto to retail, and he wanted to be the one who both decides which crypto goes up and also gets a cut on all the crypto cash inflows.
That’s why he talks about payments and a “super app”. It’s a dream of a crypto pump tax built into the promotional platform itself.
For far less than $40B he can create his own token like SBF and pump & dump it to the end of time.
And crypto adoption is not at a level where he can even hope to break even on $40B off micro transaction charges at any point in his lifetime.
When making the offer in April 2022, I don’t think he anticipated the collapse of the ad sales at all.
The basic template probably looked like a typical private equity buyout: maintain existing revenue, cut costs to a minimum, load the company with debt to reduce the acquirer’s direct downside risk… And the crypto angle would be all personal upside on the short term, raking in the cash from token pumps that stripped-down Twitter wouldn’t be interested in policing.
I'm more inclined to believe that he was aware of the macro-economic conditions in 2022 when making the offer. Besides, he gave numerous speeches proclaiming that he was making the offer not primarily to make Twitter a profitable business.[0]
There isn't much meat on this bone.
For some perspective, Jeff Bezos bought Washington Post for $250M.[1]
Elon could afford without a sweat 3 or 4 such media organizations to manipulate information flow as he sees fit. With far better results than owning a social media platform.
[0] https://www.youtube.com/watch?v=cdZZpaB2kDM
[1] https://www.reuters.com/article/us-washingtonpost-bezos-idUS...
And if it was a major investor and close friend, who promised some benefits to Musk if TSLA was to accept BTC? Good luck proving the connection.
It was Michael Saylor, it's all public information.
Bitcoin is a volatile instrument, so any change under a few years doesn't have much information content.