alt Hacker NewsThe fact that it had to be successively bailed out by xAI (which itself was funded by Tesla) and now SpaceX shareholders is exactly what makes the acquisition a failure.
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spikels • yesterday at 11:21 PM
A "bailout" is when a company rescued from bankruptcy. Common equity holders take large losses or are wiped out. This did not happen here.
We also know the Twitter buyout debt was sold at near par before the merger with xAI which is inconsistent with being near bankruptcy.
He spent other people's money (or maybe even imaginary money) he couldn't have used for himself (since selling off major stakes in your company is a big nono)