Tag: Elon Musk-Twitter deal

Elon Musk’s X Is Worth Less Than Half of Price He Paid for Twitter
31Oct By adminNo Comments
Technology

Elon Musk’s X Is Worth Less Than Half of Price He Paid for Twitter

[ad_1] X, the platform formerly known as Twitter, is worth less than half of what Elon Musk paid for it a year ago. Restricted stock units awarded to employees value the company at $19 billion, or $45 a share, according to a person familiar with the matter. A year ago, Musk bought Twitter Inc. for $44 billion.  Since the takeover, most of Twitter's staff was laid off or resigned. Musk renamed the company X, changed some of its content rules and lost more than half of its advertising revenue. Fortune earlier reported on the valuation, citing an internal memo.  The company has struggled financially under Musk's ownership. At the time of the takeover, Twitter was valued at $44 billion, based on a mix of debt and equity. Musk's purchase saddled the company with $13 billion in debt and ove...
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A year after Musk’s Twitter takeover, X remains mired in turmoil
26Oct By adminNo Comments
Technology

A year after Musk’s Twitter takeover, X remains mired in turmoil

[ad_1] A year ago Elon Musk purchased X, formerly known as Twitter, taking the platform on a journey that has resulted in lost money, advertisers and trust. Musk closed the $44 billion deal on October 27, 2022, facing a lawsuit that held him to terms of purchase he was keen to escape. Here is a look back at Musk's first year as owner of the platform. - Family feeling gone -In the days after his purchase, Musk quickly fired executives who had been running Twitter and took the publicly traded company private. He also laid off most of the San Francisco-based company's workers, cutting ranks to fewer than 1,500 from 8,000. Twitter employees were asked to commit unconditionally to their jobs and forego any notion of telecommuting. Former project manager Esther Crawford, who wrote online ab...
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Elon Musk Says Twitter Is Taking Up Almost All His Time
17Nov By adminNo Comments
Technology

Elon Musk Says Twitter Is Taking Up Almost All His Time

[ad_1] Elon Musk told a judge he is spending almost all his time now reorganizing Twitter Inc. rather than on the other companies he oversees. Elon Musk, whose $55 billion Tesla Inc. pay deal is being challenged in court as too excessive for a part-time chief executive officer, told a judge he is spending almost all his time now reorganizing Twitter Inc. rather than on the other companies he oversees.Since acquiring Twitter for $44 billion in October, Musk testified Wednesday in Delaware that the lion's share of his time “for the past few weeks” has been at the social-media platform, though he said the “fundamental organizational restructuring” will be completed by the end of next week. Delaware Chancery Judge Kathaleen St. J. McCormick is hearing evidence in a trial to determine whet...
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Elon Musk “rehires Twitter employees who never worked there
16Nov By adminNo Comments
Technology

Elon Musk “rehires Twitter employees who never worked there

[ad_1] Elon Musk shared a picture of him posing with two people who seemed like his employees. "Welcoming back Ligma & Johnson!" he wrote along with the picture. Even though Twitter has recently seen mass layoffs and rollback of implemented decisions, one thing is for sure, the microblogging platform's new CEO Elon Musk is a man of wits for sure.On Wednesday, the billionaire took to Twitter and shared a picture of him posing with two people who seemed like his employees. "Welcoming back Ligma & Johnson!" he wrote along with the picture. In the next tweet, he added that it is "Important to admit when I'm wrong & firing them was truly one of my biggest mistakes." At first glance, it would seem as if Musk has welcomed back two of his employees whom he had sacked during the ma...
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Twitter Blue tick to make reappearance on November 29
16Nov By adminNo Comments
Technology

Twitter Blue tick to make reappearance on November 29

[ad_1] After it was hastily taken off, the 'Twitter Blue' service is planned to be reinstated on the microblogging site as revealed by Elon Musk. Twitter CEO Elon Musk took to the microblogging site to announce the return of the coveted "Twitter Blue" tick after it was made unavailable following an increase in fake verified accounts."Punting relaunch of Blue Verified to November 29th to make sure that it is rock solid", Musk tweeted. The tweet received a number of questions from users, with the Tesla CEO answering some of them, adding to the information about changes that will take place on the platform. One user asked, "So are legacy checkmarks for non corporate/government officials going away?"To this Musk said, "All unpaid legacy Blue checkmarks will be removed in a few months."Ano...
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Neutron Elon: Why Twitter’s Boss Is More Like Jack Welch Than You Think
11Nov By adminNo Comments
Technology

Neutron Elon: Why Twitter’s Boss Is More Like Jack Welch Than You Think

[ad_1] Massive layoffs, a cult following and the goal of complete domination: Musk and GE’s longtime chief have a lot in common, but is Elon’s star beginning to dim just as Welch’s has? Elon Musk's recent moves to put his stamp on Twitter Inc. call to mind another cult figure of corporate America — Jack Welch. Both men have achieved mythic status in capitalism, generating vast wealth and cultivating slavish devotion in the process. Welch, who helmed General Electric Co. from 1981 to 2001, became famous for massive layoffs, championing shareholders over staffers and for financial engineering that ultimately led to catastrophe after he left. The style earned him the nickname “Neutron Jack.” Musk has a Steve Jobs-ian ability to know what customers want before they do, which has made h...
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Irony of it all! Elon Musk Ties Tesla’s Fortunes to the Ad Business It has Long Eschewed
9Nov By adminNo Comments
Technology

Irony of it all! Elon Musk Ties Tesla’s Fortunes to the Ad Business It has Long Eschewed

[ad_1] If Twitter is unable to win back advertisers, Tesla’s CEO may have to keep selling shares. Elon Musk is fond of saying that fate loves irony. This go-to phrase now seems awfully prophetic. The Technoking of Tesla has long eschewed advertising, arguing the electric-car company is better off spending on product. Besides, who needs a multimillion-dollar Super Bowl spot when you can blast your cherry-red Tesla Roadster into space to the soundtrack of David Bowie's “Life on Mars”? In addition to staging stunts like that 2018 maiden voyage of SpaceX's Falcon Heavy rocket, Musk is a master at generating viral publicity for himself and Tesla using Twitter. Sure, his posts often can be counter-productive — he's joked about the company going bankrupt, falsely claimed to have secured...
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Anatomy of the week the Elon Musk tornado hit Twitter
7Nov By adminNo Comments
Technology

Anatomy of the week the Elon Musk tornado hit Twitter

[ad_1] The whirlwind week that Elon Musk took over Twitter began with sleepless nights for company engineers -- and ended with half the staff getting the axe. The whirlwind week that Elon Musk took over Twitter began with sleepless nights for company engineers -- and ended with half the staff getting the axe. "It was a strange week," said one former employee speaking on condition of anonymity. "Executives were getting fired or were resigning, but there was basically no official communication until 5 pm Thursday," some seven days after the deal was made official. The employees received a first email Thursday informing them that they would know their fate the next day. On Friday, the second email confirmed the rumors: 50 percent of the staff lost their jobs. The cull hit the mar...
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Elon Musk to Start Charging for Twitter Verification From Next Week?
3Nov By adminNo Comments
Technology

Elon Musk to Start Charging for Twitter Verification From Next Week?

[ad_1] Twitter aims to start selling blue verification badges for user profiles as soon as next week. Twitter Inc. aims to start selling blue verification badges for user profiles as soon as next week, part of a plan by new owner Elon Musk to fight fake accounts and squeeze revenue from the company he bought for $44 billion. The badges will be part of an $8-a-month subscription that could go live as early as Monday, according to people familiar with the plans. Users who already have a blue verification badge will have a multi-month grace period before they will either need to pay for the badge or lose it, said one of the people, who requested anonymity discussing plans that aren't public. The company also plans to expand access to its edit function. The edit feature, currently av...
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Elon Musk Finds Time to Attend a Ceremony for Space Force
3Nov By adminNo Comments
Technology

Elon Musk Finds Time to Attend a Ceremony for Space Force

[ad_1] Elon Musk, who’s been busy taking over Twitter Inc., took a break Wednesday to attend a Pentagon ceremony. Elon Musk, who's been busy taking over Twitter Inc., took a break Wednesday to attend a Pentagon ceremony. The event was a change-of-command ceremony at Andrews Air Force Base outside of Washington. It marked the retirement of General John Raymond, the first head of US Space Force, who singled out Musk by name for showing up. It reflects one of the billionaire's other interests as co-founder and chief executive of Space Exploration Technologies Corp. which he turned into a major contractor for the Defense Department's national security satellite launches. Raymond invited Musk and other executives of companies involved in space programs to the event, according to a P...
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