Megalomaniac and defective car maker Elon "Chief Twit" Musk had a bad day yesterday in the stock market. His Tesla company's stocks took a $65 billion haircut as Musk admitted to investors that higher interest rates would reduce company profits and that his bizarre looking Cybertruck would be having production problems and wouldn't reach any kind of profitable level without major work. As the Chief Twit said:
"We dug our own grave with Cybertruck," he told analysts. "It is going to require immense work to reach volume production and be cash flow positive at a price people can afford."
Just last month, according to Musk's own figuring, Twitter was estimated to have lost 90% of its value, after advertisers bailed out due to Musk's open door policy to anti-Semites and racists. Musk threatened the Anti-Defamation League (ADL) with a defamation lawsuit for pointing out his open door policy to advertisers, bringing more attention to the platform's problems:
"In Musk's reckoning, the ADL singlehandedly vaporized roughly $4 billion in X's 'value,' and that $4 billion accounts for around 10% of the entire decline in the franchise's worth. That formula puts the total fall at $40 billion. Since Musk and partners paid $44 billion including debt, he's implying that the platform would now change hands for $4 billion (the $44 billion purchase price minus the $40 billion in 'value destruction'), for a drop of 90%. In effect, he's saying that the $31 billion he and his partners invested in equity is totally gone, and a big portion of the debt from provided by the cream of Wall Street sits far underwater." (our emphasis)
It may be that Musk just can't figure percentages, but it's more likely that his brand of far-wing crazy has made him toxic to most Americans, who appear to be walking away from his products.
(photo: "You will bend at the knee when approaching me.")
