Guest Post by Alex Berenson
What was Elon Musk thinking?
I’m not asking rhetorically.
$44 billion is a lot of money. Almost surely more money than any individual has ever spent on anything. Ever. For $44 billion, Musk could have built homes – nice homes – for 100,000 families. He could have created a dozen permanently free universities across Africa. If he’d really wanted to bring joy to the masses, he could even have dragged the Knicks from Jim Dolan’s cold dead hands and fixed them. Just spitballing here, I’m sure you have your own ideas on how to spend $44,000,000,000.
But it’s not your money. Or mine. It’s Musk’s (a few billion dollars from outside investors notwithstanding).
And he chose to spend his $44 billion on a social media company that had about $5 billion in sales and no profits in 2021, and is constantly being sued by its users. He probably paid at least double fair market value for this gem, at a time when he was arguably the only realistic purchaser. (Though, to be fair, he couldn’t know how badly technology companies would perform in the months after he made his offer.)
Why?
