Alex Kirshner in Slate:
Through a stroke of good fortune, Elon Musk’s otherwise disastrous purchase of Twitter has turned into one of the great business acquisitions of all time. Buying control of a president was a start. What if the deal bought him something even more valuable?
Musk’s purchase of Twitter, which closed in the fall of 2022, has undergone an odyssey. It was clear from the moment Musk made the deal that it was a terrible idea, on business terms. (“Elon Musk Just Impulse-Bought a $44 Billion Pain in the Ass,” our headline read.) Musk realized that soon enough and tried to nuke the deal with specious arguments about bots and mismanagement. When he finally relented, Musk was stuck with a money-losing property. The company’s prospects were so bad that the banks that loaned Musk billions couldn’t even off-load the debt. Nobody wanted to own a piece of a car fire.
More here.
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