As Twitter employees face mass layoffs starting today, new overlord Elon Musk says the platform has seen “a massive drop in revenue, due to activist groups pressuring advertisers.”
20.10.2022 - 02:33 / deadline.com
Elon Musk gave a strong indication today that his purchase of Twitter is indeed on track in a reference to the tortured deal, not via tweet, but towards the tail end of an earnings’ call for Tesla. He said the social media platform he’s looking to acquire by a court-imposed Oct. 28 deadline is currently overvalued, but “has incredible potential.”
“Although, obviously, myself and the other investors are obviously overpaying for Twitter right now, the long-term potential for Twitter in my view is an order of magnitude greater than its current value,” the billionaire Tesla founder said after the electric automaker’s quarterly results.
He called Twitter an asset “that has sort of languished for a long time.”
“I am excited about the Twitter situation,” he said.
Musk agreed to buy the company in April for $44 billion, or $54.20 a share, but walked away from the deal in July. Twitter sued in Delaware Chancery Court followed by a blizzard of legal filings and some acrimonious hearings. As markets tanked this spring and summer, Musk started disparaging the company shortly after he agreed to buy it, at one point saying the deal was “on hold.” But with a trial date set for Oct. 17, Musk reversed course again early this month and agreed to the transaction at the original price. The judge stayed the trial and gave his camp until Oct. 28 to close.
Twitter shares nosed higher in late trading Wednesday, up 1.49% about $52.60.
On Monday, Twitter froze the equity awards accounts for its employees, according to news reports, as the deal deadline approaches.
Musk has sold Tesla shares to help fund the Twitter acquisition.
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As Twitter employees face mass layoffs starting today, new overlord Elon Musk says the platform has seen “a massive drop in revenue, due to activist groups pressuring advertisers.”
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Todd Spangler NY Digital Editor There’s a new wrinkle in the six-month-plus saga of Elon Musk’s mercurial attempt to buy Twitter. The multibillionaire is being investigated by federal authorities over his “conduct” in connection with his proposed Twitter acquisition, according to a letter from the company’s lawyers filed with the Delaware Chancery Court. The letter was filed Oct. 6 and released publicly Thursday. Twitter sued Musk in the Delaware court, demanding that he fork over the $44 billion he had agreed to under the binding pact reached in April. Twitter asserted that Musk’s legal team “exchanged substantive correspondence” with federal authorities — and that despite Twitter requesting copies of those documents “months ago” they had still not materialized. Twitter filed a motion seeking to have the court order Musk to produce the documents. Its letter cited drafts of a May 13 email to the SEC and a slide presentation to the FTC that Musk’s attorneys had identified as privileged documents.
Elon Musk is under federal investigation in connection with his long-aborning deal to buy Twitter, according to multiple credible reports which cite a legal filing today by the social media company. There were no specifics in the document beyond the indication that authorities are probing Musk’s “conduct” in relation to the deal which, to say the least, has been unusual.
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Elon Musk, who is poised to take control of Twitter, has raised a new round of questions about how the climate of social media could change with his revelation that he reached out to Kanye West after the rapper’s anti-Semitic tweets.
Elon Musk says he has spoken to Kanye West following a series of antisemitic posts the rapper made over the weekend.On Sunday (October 9), West had both his Twitter and Instagram accounts suspended after posting antisemitic comments. Twitter locked West’s account on Sunday and the social media platform later removed the tweet before locking his account.A spokesperson from Twitter told BuzzFeed News that “the account in question has been locked due to a violation of Twitter’s policies”.After welcoming Kanye back to Twitter earlier last week, Musk said he spoke to the rapper about his conduct, tweeting: “Talked to ye today & expressed my concerns about his recent tweet, which I think he took to heart.”Talked to ye today & expressed my concerns about his recent tweet, which I think he took to heart— Elon Musk (@elonmusk) October 11, 2022Following the comments, Ye has been widely condemned by many figures in the entertainment world, as well as several political figures and organisations that represent Jewish communities.Last night on stage in Missouri, Jack Antonoff became the latest musician to address West’s behaviour directly.
Financial Times. “It might as well be called Trumpet,” Musk said. Musk said that Truth Social is indicative of social media splintering into various politically charged silos.