[woah]

It's messed up that Grok underwrote all those subprime mortgages in 2008

[bandrami]

I think the argument is that it's messed up that a large debt swap from xAI kept Musk's margin on Twitter from being called by his investors, and now that debt is being absorbed by SpaceX.

[andsoitis]

> Musk's margin on Twitter from being called by his investors,

Primary and largest investors in X are: Elon Musk, Saudi Prince Alwaleed bin Talal, Larry Ellison, Jack Dorsey.

I don't know that you need to worry about their financial well-being or that they are getting a raw deal.

[hayd]

I think people are more concerned about SpaceX getting the raw deal here.

[bandrami]

And specifically that if the music is about to stop SpaceX has an implicit government backstop

[wlesieutre]

It doesn't have to; the government's rescue of GM in 2008 killed a bunch of brands that they owned.

But given the current administration, I don't have a lot of faith in the government looking out for anyone else's interests here.

[bandrami]

And TARP destroyed 4 of the 5 largest investment banks in the US, but it still left a bad taste in a lot of people's mouths

[esseph]

Starlink is about to get billions and billions from the BEAD program, on top of this.

[andsoitis]

> SpaceX getting the raw deal here.

Have they complained?

[acdha]

You’re really asking whether anyone at a private company is publicly speaking up against the famously emotional and vindictive owner?

[andsoitis]

Yes. People are saying they’re worried that the poor private investors of SpaceX are getting the short end of the stick.

That seems like misplaced concerned for an investor class that really aren’t suffering.

[bandrami]

Well this was just announced, and I'll be surprised if nobody gripes about a $2T dilution of their equity.

[bandrami]

Yeah, the financial well-being of those investors is not what people are worried about here

[SilasX]

Whoa, I had to do a double-take on the Dorsey mention -- like, didn't he take the money and run while laughing at the folks that overpaid? But it seems he's retained a 2.4% ownership stake in Twitter/X, according to Wikipedia:

https://en.wikipedia.org/wiki/Jack_Dorsey#Twitter

Still, don't make the mistake I did, which was to read the above comment to mean "he put more money in at the time of the buyout", since he was called an "investor in X".