Twitter As A Piggy Bank 🐷 🏦

Sir, I invested my entire savings in the great company TESLA! When will it be going back up to the normal price?

— Josh Marshall (@joshtpm) November 9, 2022

Context:

In August, we reported on Musk selling another massive $6.9 billion chunk of his Tesla (TSLA) stake and at the time, the CEO claimed that he was “done selling Tesla stocks” for the Twitter acquisition. 

However, a week after officially acquiring the company and reportedly having some serious revenue issues after advertisers pulled their spending on the platform, we now learn that Musk is again selling Tesla stocks. 

In new SEC disclosure tonight, Tesla has disclosed that Musk unloaded almost 20 million shares worth about $3.9 billion on the public market over the last few days. 

It started with a massive 9.6 million shares worth about $2 billion on Friday, followed by over 5 million shares worth over $1 billion on Monday, and another 4.4 million shares worth $850 million. 

Musk’s selling pressure on Tesla’s stock has contributed to the company losing about 30% of its value over this period, which is actually more value than Musk’s entire $44 billion Twitter acquisition.

What’s it all about, Alfie?

Despite his incredible exploits at Tesla and SpaceX, Musk is losing his credibility at a rapid pace over this Twitter situation and how he is reacting to it.

Elmo didn’t innovate shit, anymore than Bezos did after selling Amazon (which was innovative, think of it what you will). Space X is NASA without the budget or the purpose. Tesla is flammable cars sold to gullible people , with literally half the lifespan of modern non-electric vehicles, and all the problems of disposal of those massive dead batteries.

Elmo isn’t so much losing credibility as proving he’s been in the spotlight too long.

Musk right now casually walking through his grand payments vision for Twitter:

Users could link their online bank account to Twitter, he says. Then the company will offer "extremely compelling money market account to get extremely high yield on your balance". Add debit cards etc

— Hannah Murphy (@MsHannahMurphy) November 9, 2022

He’s going to make Tesla bigger than Apple; put self-driving cars on the road any day now; market autonomous robots which function like humans they can drive the self-driving cars?); colonize Mars (oh, wait, he got bored with that); solve traffic congestion with hyper loops (no, got bored with that, too); market a Tesla truck with shatterproof glass (nope); and turn Twitter into an international bank 🏦 because…he needs the money?

Yeah, he’s not losing his credibility. He’s making it plain he never had any. More fool us for thinking he did.

"We fired all our security engineers. Now give us access to your bank account. Better yet your easy to steal cryptocurrency." https://t.co/oHuwzpRoDN

— emptywheel (@emptywheel) November 9, 2022