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this post was submitted on 03 Jul 2023
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Buying Twitter and tanking it lets him write off a huge amount of money for 2023 and get his taxes back from the previous year.
Also he gets to leverage Tesla stock as the company is growing more fiscally viable... Why does that matter? Why sell before it takes off??
Elon bought Twitter with $12.5bn in loans... Secured with the same value of Tesla stock. He didn't sell it...
So it's almost free money. If the stock takes off he can make out like a bandit, pay the loan off with 1/2 the value of the real stock once it rises, but despite making money can still claim an overall loss on Twitter....
This is why he doesn't give a fark if Twitter lives or dies. If Twitter dies it's a write off, but because half the investment is literally a loan against Tesla stock he still treats it like free money...
There's a cap on loss deductions, billionaires don't care about deducting losses. Also he didn't buy it with Tesla stock, he put up Tesla stock as collateral.
Right....stock as collateral in a loan.
It's amazing what bullshit Billionaires can do.
Also those losses are per corporate entity so he gets to use those caps multiple times on each corporation and on himself.