The quintessential sports-owner type is about to be introduced to those that aren't into sports. There are a small number of wealthy people, but they don't bring out the personality in them like owning a professional sports franchise. Bill Gates doesn't fully embrace this world of excess, just the excess, but sports owners love swinging the weight of their net worths around.
We see it every time. The team owners are more interested in using their leverage to win confrontations than in ensuring a product that maximizes entertainment value. The billionaires approach negotiations like the playoffs, and their opponent will walk out on a cold evening with freezing tears on their cheeks.
Sports owners allow us to see into the spirit of the people who control the majority of the wealth of this country, and for those who aren't familiar with sports owners, they will get to see the type in action with Musk and his newest toy.
The owner of two companies has bought a website. The company said on Monday that it had been sold to Musk. After the announcement, the company's share price went up by $2.77 to $51.20 per share, and was worth $47 per share last Thursday. This is the wealthiest man in the world, and it's a bit overpay. He has an opportunity to slap the world in the face with his long net worth.
Wealthy people buy professional sports teams for their power and influence. Tilman Fertitta is an example. The owner of the Golden Nugget casinos and the Landry's Restaurants purchased the Houston Rockets in the way that only a man respected in the circles that the wealthy travel in would be able to purchase.
The Los Angeles Clippers were a dud of a team and he was a bit cash poor when he decided to purchase an NBA franchise. Three years before, after DonaldSterling's racist behavior became intolerable, the antonym to winning for most of their existence had to be sold. The Clippers sold for $2 billion. Fertitta had to borrow hundreds of millions of dollars and sell bonds in order to purchase the Astros.
Being rich is good. He may not be in the top 10 wealthiest people in the world, but who hasn't lost some zeros at a Golden Nugget? Shut up and Listen! was written by the author. Hard Business Truths will Help you Succeed was a good choice by the NBA. The way in which Fertitta bought the Rockets is similar to the way in which Musk bought the Dallas Cowboys.
According to Forbes, it's not like Musk can get all that money together with a series of withdrawals. ProPublica told us early in the year that the best way for the wealthiest to avoid paying taxes is to have little in liquid assets. The wealthiest person in the world paid less than $70,000 in taxes over the course of three years. He doesn't have much of a bank account that you might think he has. All of that wealth is tied up in investment shares and he can't tax them until they are sold. It is estimated that Musk has around $3 billion in cash and liquid assets. He front the rest. Credit.
He had $46.5 billion in financing to make the purchase. According to the company, Musk secured $26.5 billion in financing and the rest would come from a $21 billion equity commitment.
What would Musk want with the platform that Adam, Adrian, and Shams use to keep the sports news machine going? It's not like a person can salivate at new pictures of a crush in private without being considered weird. It's a word that's reposted viral TikToks. Sports franchise owners want Musk to say that he owns it.
Many of the owners aren't here for your silly civic pride, so people get frustrated at their favorite teams trading beloved players and lacking aggression in free agency. They are here to make as much money as they can off of it, and be more recognized at the parties that feature the secret door bookcases from the show. Mark Cuban became a billionaire after selling broadcast.com right on time, but if he stopped at business meetings he would be another guy wearing T-shirts. He bought the Dallas Mavericks, a team name that goes perfectly with his personality. He gets to pull April Fools prank with referees, argue with Skip Bayless, and use two of the most famous athletes in the history of Europe.
Musk isn't acquiring the most popular social media network, but he is acquiring the most efficient distributor of news. The NBA world reacts when Woj breaks news. The world weighed in when Donald Trump was allowed to use the internet. The man who has failed to deliver us the Hyperloop for almost a decade is going. Forget those electric cars you'll never be able to afford, he's about to have his paws on the most instant source of information in the world. Everyone will be affected by his beliefs on what free speech means if they use the platform.
Get ready people. You're about to see why people are so upset about the Miami Marlins and whoever is in charge of the team for a particular season and is selling its roster for parts. We are dealing with the man who named his child X and the man who randomly sent a picture of Bill Gates with a pot belly. Even if you don't think of New York Knicks as a team, you should feel like a fan over the last 20 years.
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