Tag: 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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Elon Musk Tesla Share Sale: Billionaire Sells $3.95 bn Stock After Buying Twitter
9Nov By adminNo Comments
Technology

Elon Musk Tesla Share Sale: Billionaire Sells $3.95 bn Stock After Buying Twitter

[ad_1] Tesla CEO Elon Musk sold at least $3.95 bn of the electric-vehicle maker’s shares just days after closing his buyout of Twitter Inc. Tesla Inc. Chief Executive Officer Elon Musk sold at least $3.95 billion of the electric-vehicle maker's shares just days after closing his buyout of Twitter Inc.Musk unloaded 19.5 million shares, according to regulatory filings on Tuesday in New York, his first disposals since August. The documents didn't indicate that the transactions were pre-planned. The world's richest person followed through with his takeover of the social-media platform in October, after spending months trying to get out of it. In August, Musk had said he was done offloading Tesla stock and that it was important to avoid an “emergency sale” of the shares in case he was forc...
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Elon Musk launches crackdown against some Twitter handles
7Nov By adminNo Comments
Technology

Elon Musk launches crackdown against some Twitter handles

[ad_1] Elon Musk said that any Twitter handles that are found engaged in 'impersonation' without clearly specifying "parody" will be suspended. Elon Musk on Sunday said through a series of tweets that any Twitter handles found engaged in 'impersonation' without clearly specifying "parody" will be suspended permanently. "Going forward, any Twitter handles engaging in impersonation without clearly specifying "parody" will be permanently suspended," Musk tweeted. Twitter's new CEO further said that unlike before, no warning will be given now as widespread verification is being rolled out. "Previously, we issued a warning before the suspension, but now that we are rolling out widespread verification, there will be no warning. This will be clearly identified as a condition for signi...
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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’s Takeover of Twitter: Everything You Need to Know- Blow-By-Blow Account
2Nov By adminNo Comments
Technology

Elon Musk’s Takeover of Twitter: Everything You Need to Know- Blow-By-Blow Account

[ad_1] World’s wealthiest man now owns the influential social network, but the saga is far from over. Elon Musk is now the owner of Twitter Inc., capping months of speculation over whether he would complete the deal. It's been a wild ride for all involved, but after several fits and starts, the company is finally in the hands of the tech billionaire who also runs Tesla Inc. and SpaceX. Here's the timeline of how it came together.Jan. 31: Musk starts building his stake The year begins with Musk quietly acquiring Twitter shares. By March 14, he accumulates over a 5% stake, the point at which he's supposed to disclose the activity to the Securities and Exchange Commission — a misstep that later would trigger a shareholder lawsuit. March 24: Musk starts criticizing Twitter, on TwitterIn l...
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Elon Musk’s Role as ‘Chief Twit’ Knocks $10 Billion From Fortune
29Oct By adminNo Comments
Technology

Elon Musk’s Role as ‘Chief Twit’ Knocks $10 Billion From Fortune

[ad_1] In the hours before finalizing his acquisition of Twitter, Elon Musk said he bought the social-media platform to help humanity, not to make more money. In the hours before finalizing his $44 billion acquisition of Twitter Inc., Elon Musk said he bought the social-media platform to help humanity, not to make more money.Indeed, by finalizing the deal, the world's richest person, who now calls himself “Chief Twit,” took an instant $10 billion hit to his net worth, according to calculations by the Bloomberg Billionaires Index. Musk, 51, spent at least $25 billion to follow through on his agreement from April to buy Twitter for $54.20 a share, assuming he kept the external investors who'd committed $7.1 billion to the deal. But six months after Musk announced he would buy the compan...
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Twitter engineers can no longer make changes to code
28Oct By adminNo Comments
Technology

Twitter engineers can no longer make changes to code

[ad_1] Elon Musk asked engineers from Tesla to meet with product leaders at Twitter, moving swiftly to make a mark on the company he’s about to take private. Elon Musk asked engineers from Tesla Inc., the electric-car maker he runs, to meet with product leaders at Twitter Inc., moving swiftly to make a mark on the company he's about to take private, according to people familiar with the matter. Earlier Thursday in Twitter's San Francisco headquarters, product leaders showed Tesla engineers the company's code, so they could assess and explain to Musk what the company needs, according to one of the people. Twitter's engineers can no longer make changes to code as of noon in San Francisco, the people said. That's part of an effort to ensure that nothing about the product changes ...
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‘Chief Twit’ Elon Musk To Sack Twitter Employees? Scary? Here Is Truth
27Oct By adminNo Comments
Technology

‘Chief Twit’ Elon Musk To Sack Twitter Employees? Scary? Here Is Truth

[ad_1] Elon Musk is all set to take over the company and employees are running scared. Elon Musk told Twitter Inc. employees on Wednesday that he doesn't plan to cut 75% of the staff when he takes over the company, according to people familiar with the matter. Musk, whose $44 billion deal for Twitter is on track to close Friday, denied the previously reported number in an address to employees at the company's San Francisco office, said the people, who declined to be named because the information isn't public. The billionaire is still expected to cut staff as part of the takeover, causing anxiety among workers. Earlier on Thursday, Musk posted a video clip of himself walking into the offices carrying a kitchen sink. He changed his Twitter profile description to read “Chief Twit.” ...
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Elon Musk Pledges He Will Close Twitter Deal on This Day
26Oct By adminNo Comments
Technology

Elon Musk Pledges He Will Close Twitter Deal on This Day

[ad_1] Elon Musk pledged to close the acquisition of Twitter Inc. by Friday. Elon Musk pledged Monday to close the acquisition of Twitter Inc. by Friday in a video conference call with bankers helping fund the deal, according to people with knowledge of the matter.The banks, which are providing $13 billion of debt financing, have finished putting together the final credit agreement and are in the process of signing the documentation, one of the last steps before actually sending the cash to Musk, said the people, who asked not to be named discussing a private transaction. Twitter shares jumped on the news and traded as high as $53.18, approaching Musk's $54.20 acquisition price. The Wall Street lenders, led by Morgan Stanley, had already been preparing in recent weeks to fund the debt...
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