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I do not get the rush. He’s clearly not thought any of it out, which is obnoxious by how piecemeal the rollout was.
The second largest market for Twitter is Japan. The legal entity for it in Japan is Twitter Japan. So, seems like they’d charge it to X Japan, right?
Well, no. Because the trademark for X Japan is owned by the very famous over here rock band X Japan. One of the founding members, Yoshiki, already tweeted in English and Japanese that the name is trademarked. So what are they going to call it? ¯_(ツ)_/¯ That’s something so basic even a rudimentary Google search would have said the name was unavailable in the second largest market, but Elon couldn’t even be bothered to have any of the grunts still stuck working for him look into the actual logistics of using the name he’s stuck on.
The only reason I can think of that’s not Elon’s manic drug bender wearing off of the idea I’ve seen floating around that he’s trying to force through the face charge to get out of legal and contractual problems by making it so “Twitter” as a compact doesn’t exist so greed not on the hook for any payments Twitter owes. At this point, both ideas seem just as likely.
JapanX!
True, perhaps he's trying to pass all of twitter's assets to X, then have Twitter, Inc declare bankruptcy. It's hard to imagine he'd have any problem with that ethically.
First of all, what assets?
Second of all, "disappearing" your assets like that will only piss off a judge and possibly land you in jail. Ask any divorce lawyer.
Third, Elon personally paid for half of Twitter. If Twitter goes away, his $20 billion goes away with it.
For one, the Twitter trademark which he recently transferred to X, Inc. I’m sure they have other things like patents which could be considered assets, a huge ad customer list, and a lot of data.
As far as the legal consequences of doing that, I’m not a massive douchebag from South Africa to go bought Twitter, so don’t ask me. The idea that a billionaire would go to prison in the US is hilarious.
He has what, $240 billion which fluctuates constantly. If he lost $20 billion the effect on his life would be basically nothing.
A pissed off judge can do more than just send someone to jail. They can claw back any illegitimate transfers and give them to someone else, like pissed off creditors. That's what would happen to any Twitter assets in the event of bankruptcy, even if they technically no longer belonged to Twitter.
Bankruptcy isn't just something you declare, like in an episode of The Office. It means opening up all your books to the courts and to your creditors. It's like an IRS audit, except instead of a bored IRS agent you will face multiple openly hostile lawyers.
And if Elon actually didn't care about losing $20 billion, then why go through the trouble of all these dangerous shenanigans? All the "Elon is masterminding the death of Twitter" simultaneously assume that he doesn't care about losing his investment and he is desperately trying to cash in assets that belongs to other investors.
This entire thing has been one inexplicable stupid move after the other, starting with offering a ridiculously high price then trying to back out. The branding change is just the latest. There are two possibilities: he’s either incredibly stupid or it’s part of a scheme. I suppose we’ll find out.