The Real Owners of Twitter

oh Twitter I've been kind of on a [ __ ] on Twitter kick lately no I mean for a while because I just feel like it's so poorly run I would do want to remind everybody that whenever Elon Musk first bought X and you can find my wordss in the internet I said you know what I'm going to give him a chance because currently it's not run very well I said this verbatim I said you know what it can't get much worse I just want people to know that I didn't come in with an agenda it's you can go find the first video I was like you know what like I'm looking at the numbers Jack dorsy is absentee CEO they're not running this place very well can't get much worse and I've been so shocked at how bad he's is I don't know how people can defend I really don't know how someone like with a brain can look at like 83% down in value and be like you know this is this is really good this is well run but anyway a couple things happened he made some legal missteps trying to sue somebody and it ended up with their cap table their ownership list getting leaked not leaked but revealed so you can see who owns parts of Twitter other than Elon Musk it's like P Diddy a saudy prince I mean a lot of banks that are on the hook and then there was one other like bad one it was P didy Audi Prince and uh actually P didy yeah actually P didy owns and then yeah lots of different Fidelity funds which all bought into this stupid idea it's a it's a pretty nightmare blunt rotation to be correct yeah anyway what I wanted to follow up on that was uh this article came out from the Wall Street Journal which indicated that Elon musk's they they've You Know spoken to the banks and it's the worst buyout the banks have ever had since the financial crisis the $13 billion they loaned Elon to buy Twitter it's catastrophic and I want to kind of explain it's a hung deal and I want to explain that means so I made a little uh I made this I want you kind of explain what happens with banks right so let's say I loan you $5 and you tell me that you're going to pay me back $10 now I don't want to hold this IOU on my books I don't want the stress of knowing whether or not you'll pay me $10 later so I go to a third party and I sell your debt i b Al say hey give me $7 because chat owes me 10 I'll tell them to give it to you so this person gives me seven and then I give them your IOU and that way I made $2 right I made $2 clean profit and I'm out of the game I don't have to worry about whether you pay me back or not I lose the $3 difference but I'm out of the risk that is what banks want to do this is what all the banks are trying to do so when Banks loaned Elon Musk $13 billion they plan to go sell that to somebody else for you know 13 and a half 14 million and let that person collect all the interest and all the upside and they just wanted to get a little bit of profit and get out the problem is Banks cannot sell this debt they cannot find a single person at any even like discounted price who will buy this Elon Musk Twitter debt nobody thinks it'll get paid back so nobody's buying it so they cannot they cannot sell it it is what's called hung and not in the good way and the length of time this amount of money has been hung exceeds all of these terrible deals from the financial crisis like it's so much longer banks are rarely holding this much bad debt on their books for this long it's it's becoming like one of the worst deals ever and you know it's bad you know it's this bad on the banks books because Bankers are getting their bonuses cut and they never do that for any reason but it turns out that bankers and again I don't feel bad for them by the way they made a stupid busy job that's not I don't care but it's just it's funny that they're getting like 40% pay cuts at their top investment bankers because it's such a big L why get a bonus at all well they can't not get a bonus how's a beggar going to eat if they don't get a few million in bonuses but what's funny is they're all quitting so these Bankers do a terrible deal then they get their pay cut cuz they did such a bad job they go what I can't you can't cut my pay and they quit and they go somewhere else leaving the actual bank with the Hing with the debt it's so it's wild but I just wanted to I wanted to show that like while Elon Musk and Twitter have yet to miss an interest payments everyone is pretty confident that when the actual 13 billion comes due they're not going to pay it unless Elon Musk wants to personally sell a bunch of Tesla stock and pay for it like Twitter doesn't have the money and I think the deal is 5 years maybe on the on the on this 13th bill so they still have some time but the interest payments alone are like 1.5 billion a year and they're barely making it they had to cut the company to the Bone to make the interest payments it seems very unlikely they can pay this back and that's going to be a real Do or Die moment for the whole company does Twitter have any money Twitter loses money consistently they have you know a little bit of money from when Elon bought it but yeah but you can't put a price on free speech so true so true Elon my based King dude when you talk with Elon stands about it they vacillate between like he's doing it for free speech or they'll say no he wanted this he's it's all part of his plan to destroy Twitter that's the argument I see a lot they'll tell me to my face that like no it's all part of his plan he wanted it to fail he's trying to twiter and I'm like bro he can he can just he can shut it he owns it he can shut it down right now he doesn't need to bleed out over five years he can shut it down right now he owns it completely it's it's shocking if Twitter were declar bankruptcy and dissolve would Elon be on the hook for the debt still no not at all magic of the system the debt is all on Twitter's books if Twitter were to dissolve and declare bankruptcy the biggest losers would be the banks that load in money but basically the biggest Los would be the whooo who of uh investors I think poor p didy lose money oh not Diddy not the saudy wealth fund oh not a series of banks if it's no big loss if Twitter goes bank or X goes bankrupt some people that were desperate to follow Elon into anything will lose money and it will not be a big loss either way it's not a you I'm not too worried but it's just a little annoying because Twitter as poorly run as it was under Jack dorsy was like useful you know I could use it to keep up with news and it's just become so much more bot infested and uh and worse there's always truth social though huh am I right Patriots there's always truth social so I wanted to mention that other things I wanted to mention again these are like I kind of picked stories that I thought were not the biggest mainstreams you have already talked about oh Poland this is such a random story but so you guys know that Poland is like on a 30-year economic miracle I guess I've sort of been off the radar but Poland is like killing it you know this sounds crazy in all our societies now but like in Poland people have better lives than their parents like children are experiencing a better future than their parents that things are getting better they're seeing their wages go up and I didn't know it was allowed I didn't know it was possible but yeah Poland is like you know post World War to a complete [ __ ] hole completely destroyed hollowed out many bad years uh up through the Cold War and then over the past 30 they've like uh they've had just consistent steady reliable growth their GDP per capita almost tied with Japan which again is like the third largest economy in the world yeah Poland's I don't know they they're they're like relatively happy they're relatively I want to read more on on myself it's something I've only recently discovered I always thought Poland's greatest export was like weird shooter games I always thought like Poland only existed for like you know some like different developers to make odd shooter games but they're they're actually a pretty thriving economy so that's cool and then on the flip side economy who you might not know is doing so badly that you probably could guess is Nigeria and the reason I bring it up is because I read an interesting article this morning uh I was at the cafe reading my ft side note on that I go to a a very La hipster Cafe I'll just be honest with you and when I mean hipster I mean literally it is filled with hipsters you look around it's like people have chokers on people you know it's hipsters okay you're one of those people I would love to feel like I fit in there however when I sit my white ass down and flip open my financial times physical copy I feel like I don't belong I felt it today I literally felt I was looking around and I'm like bro I feel like I'm I'm reading a physical newspaper I feel like a suit a little bit everyone around me is always talking about their projects like their band or their I mean it's probably all rich kids there's no way they can live in LA and then they're at a cafe at you know 10:30 on a Monday anyway unrelated I'm reading interesting article about [ __ ] IA their president Bola tinbu ubu I'm sorry just bought his 12th plane with government money the people of Nigeria are not doing so well but the president decided that he needed a new Air Force One type plane and he wanted a good one a luxury one so they bought a 12th plane and people understandably are upset he's getting a lot of push back on the TW 11 was fine but by the 12th tenu was pushing it is the Ft subscription worth it is it getting delivered uh it's worth it for me and I do get it delivered it's worth it for me cuz it's my favorite hobby my favorite uh routine I wake up I walk to this Cafe with my dog and I read the paper and it makes me feel like I'm learning something and I get some sun and I like it however you probably I mean certainly don't need the physical copy like I often will find myself reading in the physical paper something I already read on my phone the night before that was in the digital version it's certainly not necessary but I I like it such a boomer thing to do on 35 it is it I have I have no defense for it I have literally no defense for it it's Boomer as all hell but it works for me and it sticks in my brain better and I like it I don't know the Boomers were on to something with that they cooked [Music]