Following the purchase of Twitter for $44 billion, Elon Musk, CEO of Tesla Inc, has reportedly sold Tesla shares worth $4 billion.
The Verge, reports that Musk has offloaded almost $20 billion from Tesla to mainly finance the Twitter deal which was worth $44 billion.
In April and August, Elon Musk has sold a combined $15.4 billion worth of Tesla shares, with $8.4 billion in April and around $6.9 billion in August. However, after these sales, he said that there were no more sales planned.
With regards to these sales, Musk also tweeted, “No further TSLA sales planned after today.”
His takeover of Twitter has also invited drastic measures like the sacking of almost 50 per cent of Twitter’s workforce, a verification fee.
According to a Reuters report, Musk’s net worth also dropped below $200 billion on Tuesday as investors dumped Tesla’s shares on fears of the Chief Twit being more preoccupied with Twitter. The report reads, “Now Wall Street fears that Musk has stretched himself too thin at a time when the EV maker is ramping up production and faces rising competition.”
Musk now has a net worth of $197.4 billion, according to Forbes, with a big share of that coming from his nearly 15 percent stake in Tesla, which has a market value of $622billion.
After taking over Twitter, the least is yet to be seen of what changes Elon Musk will bring to the microblogging platform.
TheNewsGuru.com (TNG) reports Musk to have said on Monday that “Twitter rules will evolve” under him while adding that they will remain the same in the interim.
Twitter rules bother on safety, privacy, authenticity, enforcement and appeals and third-party advertising in video content.
It is yet to be known which aspects of the Twitter rules Musk will change. But the platform’s rules are to ensure all people can participate in public conversation freely and safely.
Twitter rules will evolve over time, but they’re currently the following: https://t.co/Ut1tXuefso
Twitter will permanently suspend users who impersonate authentic accounts on the social media platform, new owner Elon Musk has revealed.
“Going forward, any Twitter handles engaging in impersonation without clearly specifying ‘parody’ will be permanently suspended,” Musk tweeted.
“Previously, we issued a warning before suspension, but now that we are rolling out widespread verification, there will be no warning.”
Musk also said any name change at all will cause temporary loss of the verified checkmark.
The move came after the platform allegedly suspended users who had changed their user names to Elon Musk, including U.S. comedian Kathy Griffin and actor Rich Sommer.
After Griffin’s suspension, Musk tweeted that she had been banned “for impersonating a comedian.”
“But if she really wants her account back, she can have it for eight U.S. dollars,” he wrote.
Musk completed his 44-billion-dollar takeover of the platform last week, immediately cutting the workforce and implementing a monthly subscription fee for users to be verified on the platform.
Elon Musk, the new owner of Twitter, has revealed that users who impersonate authentic accounts on the social media platform will be permanently suspended.
“Going forward, any Twitter handles engaging in impersonation without clearly specifying ‘parody’ will be permanently suspended,” Musk tweeted.
“Previously, we issued a warning before the suspension, but now that we are rolling out widespread verification, there will be no warning.”
Musk also said any name change at all will cause temporary loss of the verified checkmark.
The move came after the platform allegedly suspended users who had changed their user names to Elon Musk, including U.S. comedian Kathy Griffin and actor Rich Sommer.
After Griffin’s suspension, Musk tweeted that she had been banned “for impersonating a comedian.”
“But if she really wants her account back, she can have it for eight U.S. dollars ,” he wrote.
Musk completed his 44-billion-dollar takeover of the platform last week, immediately cutting the workforce and implementing a monthly subscription fee for users to be verified on the platform.
As part of its premium service to be rolled out, Twitter has planned to charge nearly 20 dollars a month for users to stay verified on Twitter.
Elon Musk, who took over as the CEO of the social media platform, disclosed this on his Twitter handle on Sunday, October 30. According to him, “The whole verification process is being revamped right now,”
The company also plans to raise its optional $4.99-a-month premium subscription called Twitter Blue to $19.99 a month. However, that price is subject to change, The Verge reported, citing internal correspondence and people familiar with the matter.
Twitter will add more features, including verification, to bring its subscription up to par with the cost hike.
Elon Musk plans to make verified users pay money to keep their verified status.
Existing verified users have 90 days to subscribe to the new Twitter Blue after its launch or they’ll lose their blue checkmarks, according to The Verge.
The current Twitter Blue launched about a year ago and offers subscribers a way to view ad-free articles from some publishers as well as additional customization settings.
Musk has been outspoken about his desire to grow subscription numbers to account for half of Twitter’s revenue as well as his eagerness to overhaul the platform’s verification process.
After months of legal drama, Tesla CEO, Elon Musk, on Thursday night, closed his $44 billion acquisition of Twitter, as he fires top Twitter execs including CEO.
Musk, the richest person in the world, according to Forbes, ousted a handful of top executives, CEO Parag Agrawal included, in the process.
Musk reportedly fired CFO Ned Segal, Head of Legal, Policy, and Trust Vijaya Gadde and General Counsel Sean Edgett right out of the gate. Though it’s still an aggressive and abrupt day-one move, Agrawal was inevitable given his well-documented clashes and a failed virtual meeting with Musk. It’s also no surprise that Gadde was among the first to go.
TheNewsGuru.com (TNG) reports that the road to taking Twitter private has been a rocky one. Musk first began flirting with the idea of owning Twitter in early April, when he bought 9.2% of the company for $3 billion.
Twitter sued Musk over the summer to force the Tesla and SpaceX CEO to follow through with the deal. Musk countersued Twitter in response, making unfounded claims that the company mislead him about the number of automated accounts on the platform — a number that is critical for advertisers and brands who want human eyeballs on their paid ads.
As litigation between Musk and Twitter ramped up, Delaware Chancery Court Judge Kathaleen McCormick made it clear that she wasn’t here to humor Musk’s erratic shenanigans. In early October when Musk announced, again, that he would buy Twitter if he could kill the upcoming trial, Judge McCormick only agreed if Musk could close the deal by Friday, October 28. If he had missed the deadline, we’d all be looking at a fresh Musk/Twitter trial date set for November.
On this, the first day that Elon Musk officially owns Twitter, it’s also not clear what direction Musk plans to take the platform. The chaotic and often contradictory billionaire has in the past promised to restore former President Trump’s account, rid the platform of all automated bots, which personally bother him as one of the most followed users on the platform (good luck), and touted Twitter’s potential as a neutral ground square and a counterbalance to his complaints about traditional media outlets, which at times do not report on his goings-on favorably.
In reality, Twitter is a struggling yet incredibly prominent platform, one where heads of state and hardcore porn regularly intermix and one that, after a long phase of stagnation, had finally begun to introduce improvements to its products and policies.
It remains to be seen if Musk will turn back the clock on those experiments or see some through while claiming to reinvent the wheel (monetizing creators, certainly an original idea!), but it’s difficult to imagine how he can accomplish any of his goals while potentially gutting the company’s workforce.
Musk’s denial of reports that he plans to cut 75% of Twitter’s staff is far from reassuring considering that laying off a third or half of employees would still cost thousands of workers their jobs.
Tesla CEO Elon Musk has proposed to proceed with a deal to buy Twitter at the original price of 44 billion U.S. dollars, according to a financial filing.
The offer came ahead of a trial scheduled at the Delaware Chancery Court on Oct. 17, in which Twitter
is set to seek an order directing Musk to close the deal for 44 billion dollars.
In a letter sent to Twitter, Musk offered to continue the deal if the court can adjourn the trial and all other related proceedings.
In a statement, Twitter said it received the letter and intends to close the transaction at the original share price offered by Musk’s team.
In April, Musk announced the 44 billion-dollar acquisition of Twitter.
Later in May, he said the deal was temporarily on hold as he asked for details on the number of the social platform’s spam and fake accounts.
Musk terminated the deal in July, blaming the company for withholding information on its number of spam and fake accounts.
Musk’s lawyer claimed that Twitter failed to comply with its obligations in the merger agreement and was “in material breach of multiple provisions” of the agreement signed in April.
Tesla CEO, Elon Musk, has revealed a new reason why he exit Twitter deal, as both parties in a legal suit on Tuesday threw more accusations at each other.
This development was seen in the latest round of legal filings over Musk’s efforts to rescind his offer to buy the social media platform.
Musk filed more paperwork in his bid to terminate the deal, this time based on information in a whistleblower complaint filed by Twitter’s former head of security.
Twitter fired back by saying Musk’s attempt to back out is “invalid and wrongful.”
In a filing with the Securities and Exchange Commission, Musk said his legal team notified Twitter of “additional bases” for ending the deal on top of the ones given in the original termination notice issued in July.
Twitter has sued Musk, asking the Delaware Chancery Court to force him to go through with the $44 billion deal. A high-stakes trial is set to start the week of Oct. 17.
In a letter to Twitter Inc., which was included in the filing, Musk’s advisors cited the whistleblower report by former executive Peiter Zatko — also known by his hacker handle “Mudge.”
Zatko, who served as Twitter’s head of security until he was fired early this year, alleged in his complaint to U.S. officials that the company misled regulators about its poor cybersecurity defenses and its negligence in attempting to root out fake accounts that spread disinformation.
The Musk letter, addressed to Twitter’s Chief Legal Officer Vijaya Gadde, said Zatko’s allegations provide extra reasons to end the deal if the July termination notice “is determined to be invalid for any reason.”
Elon Musk
Billionaire Musk has spent months alleging that the company he agreed to acquire undercounted its fake and spam accounts, which means he doesn’t have to go through with the deal.
In a separate SEC filing, Twitter responded to what it called Musk’s latest “purported termination,” saying it’s “based solely on statements made by a third party that, as Twitter has previously stated, are riddled with inconsistencies and inaccuracies and lack important context.”
Zatko received a subpoena Saturday from Musk’s team compelling him to testify in what Zatko’s lawyers emphasized would be an “involuntary” deposition ahead of the coming courtroom battle between Twitter and Musk.
“He did not make his whistleblower disclosures to the appropriate governmental bodies to benefit Musk or to harm Twitter, but rather to protect the American public and Twitter shareholders,” Zatko’s lawyers wrote in a prepared statement.
Twitter is likely to amend its lawsuit to include Zatko’s allegations, so the court can decide on both the bot and cybersecurity issues. That could delay the trial because Musk will say he needs more time to prepare, said Brian Quinn, a law professor at Boston College.
The court will have to decide whether the bot or cybersecurity issues are a “material adverse effect” that will harm Twitter’s business for years — a difficult legal bar to clear, Quinn said.
The bot issue, which Twitter disclosed in filings with the SEC, seems to be an issue that Twitter would win on, Quinn said. Cybersecurity problems raised by Zatko may not be such an easy victory, he said.
“This is more grist for the mill,” Quinn said. “It’s not as obvious for the most part that this is a winner for Twitter. But once you start to analyze these closely, it’s still an uphill battle for Musk.”
Business mogul, Elon Musk has dismissed his earlier Twitter post announcing that he would be buying English Premier League giant Manchester United as a joke saying he didn’t mean it.
This latest withdrawal is unlikely to go down well with the Manchester United fans.
The majority shares of the club are in hands of the Glazer family in the US, and there is widespread anger among the fans at what they perceive to be the fall of a once-great footballing institution. There is rising anger and resentment at the ownership, leading to protests at matches.
Manchester United are currently facing a big problem with the club side not being impressive in their recent outings, losing its first two games for the first time in many years.
The club has used about 5 coaches since 2013 when Alex Fergusson retired.
Ferguson announced his retirement back in 2013 after winning as many as 13 Premier League titles and two Champions League trophies. Nine years after calling time on his 26-year spell at Old Trafford, Ferguson is earning two million pounds per year as a Manchester United ambassador,
Business mogul Elon Musk has hinted that he would likely acquire Premier League giant, Manchester United from its present owners.
The American businessman who wanted to acquire Twitter at some point has again made his intention known to dabble in football business after tweeting that he’s buying the Red Devils.
His Tweet reads: “Also, I’m buying Manchester United ur welcome”.
Musk is worth around $260 billion, meaning that he could easily afford to buy the Old Trafford outfit.
Meanwhile, the Red Devils fans are no longer comfortable with the current club’s owners, the Glazer family, and have been protesting, asking them to go.
Manchester United are rooted to the bottom of the EPL table after losing their first two games of the season first time in a long while.
The club had a market capitalization of over 2 billion dollars as of this Tuesday’s stock market, according to Reuters.
Also as of May, Forbes had Manchester United valued at around 4.6 billion dollars, with a revenue of over $633 million in the last year.
Manchester United’s next game is against Liverpool at Old Trafford next week Monday and the Red Devils will be hoping to use the match to redeem their image.
Liverpool has defeated Manchester United in their last 4 encounters in the Premier League.
However, Manchester United inflicted a 4-0 bashing on Liverpool in a pre-season game that was held in Bangkok.
Both Liverpool and Manchester United are winless in their first two games of the current season.
