Musk raised $7.1 billion of the $44 billion purchase price from 19 prestigious partners.
Elon Musk convinced pals Marc Andreessen, Changpeng Zhao and Prince Al Waleed to invest in Twitter. They’re down 67%, according to a new Fidelity filing
Are they still pals? Would they invest in another Musk venture?
I’d never bet against Musk, but I would never, ever bet on him either. He’s had some major, undeniable success but his list of failed projects/promises is quite long and some of his broken promises are pretty major. Telsa Semi, Boring Company/hyperloop projects, FSD (including taking deposits), Tesla Robot, taking Tesla private at $420, robotaxis, etc.
Then there’s a whole litany of bonkers stuff he’s been wrong about. Both business projections and other things, like claiming COVID would be the same as flu, his promise to fix Flint’s water crisis, the minisub, Bitcoin, Dogecoin, crazy claims about Mars, and so on.
Some his crazier ideas might have just been him speculating out loud, but not all of it. He’s promised tons of timelines that have come and gone with no results, which makes it sound like something concrete is in the works, yet nothing becomes of it. Like promising Telsa would no longer require rounds of funding, which was followed up by many more rounds of funding.
But people are enamored enough by Musk’s successes they ignore the crazy stuff. “That’s just Elon being Elon.” But I don’t think you can separate crazy Elon from genius Elon. The fundamental problem with Twitter is that by nature it is hard for advertisers to engage with users who are just there to quickly read and Tweet. There might be a fix, but it isn’t simple or obvious. And I don’t think Musk is smart enough to figure it out.
Careful with BTC and Eth. This is just the early beginnings of another crazy bull run.
I’ll be super careful. I’ll keep BTC and ETH at the far end of a ten foot pole.
If this is not the beginning of a bull run we will find out by August but by December it will be a bull run.