Apple stock fell 3% today as it was hit by two headwinds — protests in China threatening iPhone production and claims of “censorship” lodged by new Twitter owner Elon Musk.
09.11.2022 - 08:53 / deadline.com
Elon Musk has sold nearly $4 billion worth of Tesla stock in the less than two weeks since he closed the deal to buy Twitter. That’s according to CNBC, citing SEC filings.
Musk, who purchased the troubled social media platform on October 27 for $44 billion, said that he was done selling roughly $7 billion in Tesla to fund the sale in August.
Musk’s purpose for the more recent selloff has not been disclosed but, unlike 2021 when he sold $22 billion worth of the then-surging Tesla, Tesla shares are off 46% this year, so his $3.95 billion decision unlikely to be about profit-taking.
Musk admitted late last week that Twitter was losing millions a day and said that was among the reasons he chose to cut its workforce roughly in half.
“Regarding Twitter’s reduction in force, unfortunately there is no choice when the company is losing over $4M/day,” wrote Musk late Friday afternoon. Earlier in the day, the self-proclaimed “Twitter Complaint Hotline Operator” pegged the savings from the move at $400 million a year.
In addition to pouring billions of his own capital into taking Twitter private, the Tesla CEO relied on Prince Alwaleed bin Talal bin Abdulaziz of Saudi Arabia to finance the deal. The Saudi prince’s $1.9 billion investment makes him the social media company’s second-largest shareholder, even as just weeks before the country had sentenced a U.S. citizen visiting the kingdom to 16 years in prison for tweets critical of the regime there.
Senator Chris Murphy (D-Conn) has called for an investigation into the national security implications of Saudi Arabia’s stake in Twitter.
Apple stock fell 3% today as it was hit by two headwinds — protests in China threatening iPhone production and claims of “censorship” lodged by new Twitter owner Elon Musk.
Stephen King is back at it again calling out Elon Musk. In his latest tweet, the “King of Horror” is taking jabs at the Tesla and Twitter owner.
Twitter owner Elon Musk said Thursday that beginning next week he will begin reinstating suspended accounts of users, who had been banned for offenses such as violent threats, harassment, abuse and misinformation.
An Ayrshire daughter has told sick vandals to 'hang their head in shame' after trashing a poppy wreath laid in memory of her late dad.
EXCLUSIVE: In step with domestic, Walt Disney Animation Studios’ Strange World will make its offshore theatrical debut this week, and is eyeing an overseas start in the $21M-$29M range. That’s lower than where a new animated movie from Disney might normally kick off, but the studio has taken a voluntary pass on more than 20 markets, choosing not to submit the film in countries where its LGBTQ+ content would have very likely forced demands for edits.
Elon Musk said on Saturday that Donald Trump will be reinstated to Twitter after holding an online vote of the platform’s users.
One of CBS’s West Coast subsidiaries has paused its postings and interactions on Twitter, in light of ongoing uncertainty over the future of the social media platform.
Who could resist an invitation like this: Twitter owner Elon Musk says comic Kathy Griffin can return to Twitter — but he misspelled her name as “Kathie.”
The crisis at Twitter has amplified as the social media giant told staff they are locked out of its offices until Monday (November 21).
Doja Cat is no longer called Christmas. That’s the big news today.The rapper changed her name on Twitter earlier this week to the prematurely festive moniker.
After recently laying off half of Twitter’s employees and on the same day that three of the company’s top security executives quit, the world’s wealthiest man reportedly told Twitter’s remaining product team members that the company he just bought could see “net negative cash flow of several billion dollars” in 2023 and “bankruptcy is not out of the question” if that happens.
New Twitter owner Elon Musk presided over a rambling, hourlong appeal to advertisers, defending the newly instituted $8-a-month blue-check verification program and vowing to make the social platform “a force for good.”
Bye to the bird app. Controversial entrepreneur Elon Musk’s takeover of Twitter has led to many polarizing opinions — and many stars’ departures from the social media platform.
Kathy Griffin was suspended from Twitter but found a way to return to the digital platform by using her deceased mother’s account.
Kathy Griffin lost her privilege of “free speech” on Twitter after her account was suspended. This was followed by a tweet from Elon Musk warning people about “engaging in impersonation.”
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.”
Twitter has reportedly sent out a company-wide email warning its estimated 7,500 employees that layoffs will start Friday.