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this post was submitted on 23 Jul 2023
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Spez is trying to tie up what he thinks are loose financial ends to make (what he thinks) is an appealing IPO.
Elon is feeling the pinch as Twitter continues to bleed advertising partners and users and it becomes more apparent it will not make back either his purchase cost or Twitter's existing debt. He's the spoiled son of a rich mine boss and has no idea what he is doing. He is used to having far more capable people running his companies for him.
The mine went bankrupt in '89, just a few years after Errol bought shares in it. The boss was someone else.
*fall guy
Businesses do not become unprofitable in two years, they were always shells and someone sold it to a pansy.
Mines can absolutely become suddenly unprofitable. You don't know how much good stuff is in the ground until you dig it up.
I've seen people shoot gold into the walls of a mine to make it look like there's something left in there. Only those new to the industry would fall for it.
There are absolutely ways to find out the likelihood of how much is left. They're either patsies or idiots who didn't listen to their geologists.
Somehow I don't think Errol Musk knew that much about the geology. Allegedly he bought the shares on a whim without first visiting the mine, which was in a different country.