Elon musk

Share to Twitter Share to Linkedin It was a rocky week for Tesla shares– until Musk’s early Friday tweet. That helped the electric vehicle maker regain some lost ground. With a single tweet at 5:44 AM Friday, Tesla and SpaceX chief Elon Musk simultaneously placed his $44 billion Twitter takeover on hold and demonstrated the platform’s power to move markets. Twitter shares, which plunged in pre-market trading early Friday, ended the day down 9.7%, while shares of Musk’s electric vehicle maker rallied 5.7% Friday to close an otherwise challenging week down 11.1%. The fortune of the world’s richest person–worth an estimated $232.5 billion–rose by $9.5 billion Friday. His losses for the week were cut to $23.4 billion. The divergent fortunes of Twitter and Tesla shareholders are no surprise to Columbia University law professor John C. Coffee, an expert on corporate governance. “The two stocks are logically inversely related, since what is good for Twitter … [Read more...] about Elon Musk’s Early Morning Tweet Sends Twitter Shares Crashing, But He Ends The Day Billions Of Dollars Richer

Share to Twitter Share to Linkedin Topline Twitter shares plummeted during pre-market trading on Friday morning after Elon Musk said his deal to buy the social media company is “on hold” until he gets more information on the number of fake and spam accounts on the platform. Key Facts Musk, whose offer to buy Twitter for $44 billion was accepted by the company’s board in April, said the takeover deal was “temporarily on hold” amid concerns over the number of fake and spam accounts on the site. The billionaire said he was waiting on details supporting the company’s calculation that fake or spam accounts made up less than 5% of its users. Twitter shares fell 25% in pre-market trading after the announcement. Around two hours from his first tweet, Musk added he was “still committed to acquisition.” Key Background Musk has previously said removing spam and fake accounts from Twitter will be one of his “top” priorities. … [Read more...] about Elon Musk Says Twitter Deal ‘On Hold’

Twitter employees can also choose to divide their time between working from office and home, CEO Parag Agarwal said. Twitter's India-born CEO Parag Agrawal has told worried employees that he doesn't know what direction this company will go in once the whopping USD 44 billion deal, which will take the social media giant private, closes with new owner billionaire Elon Musk. The remarks by Agrawal, who took over the helm of the social networking giant just five months ago, came during a meeting with Twitter employees on Monday afternoon after the company said it had accepted Musk's offer to buy it for about USD 44 billion. It's important to acknowledge that all of you have many different feelings about what is happening, The New York Times newspaper quoted Agrawal as saying. The American daily, which listened to the meeting, said that Agrawal told employees that he estimated the deal might take three to six months to complete. In this moment, we operate Twitter as we always … [Read more...] about Twitter CEO Parag Agrawal tells employees company is in the dark over future under Elon Musk

Elon Musk at the Tesla Giga Texas manufacturing "Cyber Rodeo" grand opening party in Austin, Texas, on April 7, 2022. Photographer: Suzanne Cordeiro/AFP/Getty Images Twitter users woke up April 4 and found the words “Elon” and “Elon Musk” trending on the site — not because the world’s richest, most-followed businessman had caused a stir with his futuristic companies, but because he’d disclosed a major stake in Twitter Inc. Suddenly, Musk was Twitter’s largest individual shareholder, with more than 9% of the company, and speculation swirled about how he would influence the network’s future. He’d been frequently tweeting ideas for revamping the social media platform. Over the next week, Musk would accept an offer to join Twitter’s board of directors and, in a sudden reversal, reject that offer five days later, leaving the company’s management, employees, investors and interested observers guessing about his plans. On April 25, Twitter and Musk said they’d reached an … [Read more...] about A timeline of Elon Musk’s takeover of Twitter

Elon Musk Photographer: Al Drago/Bloomberg Twitter Inc on Monday agreed to accept a $44 billion takeover bid from Elon Musk, giving the world's richest person control of the social media company once the deal closes. Here's a chronology of developments, including some tweets from Musk, that shed some light on his views of the company and free speech: Date Tweets and comments from company filing "Free speech is the bedrock of a functioning April 25, 2022 democracy, and Twitter is the digital town square where Close matters vital to the future of humanity are debated," Musk tweeted https://twitter.com/elonmusk/status/1518677066325053441?t=uZkgCtHZTcwmuGPkh3loDQ&s=19 after the deal was announced. "I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans." April 21, 2022 "If our twitter bid succeeds, … [Read more...] about What does Elon Musk want with Twitter? Check out his tweets for clues

Elon Musk It appears Twitter ’s board of directors finally warmed to Elon Musk ’ hostile bid and agreed to a sale but not before it took a severe beating from the Tesla and SpaceX billionaire, Twitter founder Jack Dorsey and other prominent users on their own social network. Musk, who on April 25, 2022, sealed a deal to buy Twitter for US$44 billion, criticized board members for owning almost no shares of the company they oversee. Dorsey, who will step down from his seat on Twitter’s board at the end of his term in May 2022, called it the dysfunction of the company. Conservative politicians derided the board as scared of free speech. Also Read: Elon Musk is the wrong leader for Twitter’s vital mission As experts on corporate governance, we believe this feud raises two important corporate governance questions: What purpose does a board of directors serve? Close Also Read: A timeline of Elon Musk’s takeover of Twitter And does it matter if a … [Read more...] about Elon Musk won’t have a board to watch him when he takes Twitter private does that matter?

Tesla Inc lost $126 billion in value on Tuesday amid investor concerns that Chief Executive Elon Musk may have to sell shares to fund his $21 billion equity contribution to his $44 billion buyout of Twitter Inc. Tesla is not involved in the Twitter deal, yet its shares have been targeted by speculators after Musk declined to disclose publicly where his cash for the acquisition is coming from. The 12.2% drop in Tesla's shares on Tuesday equated to a $21 billion drop in the value of his Tesla stake, the same as the $21 billion in cash he committed to the Twitter deal. Wedbush Securities analyst Daniel Ives said that worries about upcoming stock sales by Musk and the possibility that he is becoming distracted by Twitter weighed on Tesla shares. "This (is) causing a bear festival on the name," he said. Tesla did not immediately respond to a request for comment. To be sure, Tesla's share plunge came against a challenging backdrop for many technology-related stocks. The Nasdaq … [Read more...] about Tesla loses $126 billion in value amid Elon Musk Twitter deal funding concern

Elon Musk will have to pay Twitter Inc a fee of $1 billion if the billionaire terminates his $44 billion cash deal for the social media company, it said in a filing on Tuesday. One of the conditions for Musk's payment is if the deal falls through because the equity, debt and or margin loan financing needed is not funded, the filing said. Twitter said on Monday that Musk had secured $25.5 billion of debt and margin loan financing and is providing a $21 billion equity commitment. Twitter, which is subject to "no-shop" restrictions, will have to pay the same termination fee under specified circumstances, the filing said. The filing also disclosed that the deal could be terminated if not closed by Oct. 24. The date could be extended for another six months to meet certain closing conditions such as antitrust and foreign investment clearances. Close Download your money calendar for 2022-23 here and keep your dates with your moneybox, investments, taxes … [Read more...] about Twitter-Elon Musk deal includes $1 billion termination fee

(Illustration by Suneesh K.) So Elon Musk has bought Twitter, and you may ask: What’s the big deal? From a pure balance sheet point of view it does not make sense (now) to pour $44 billion into a venture that restricts its users to 280 characters at a time, and rips up a media frenzy more often than not. According to Data Reportal 2021, it is not even among the top 15 global social media platforms based on active users. What does Musk do with a media company? There are critics of Musk — and there are many of them — who while agreeing that he is a bold entrepreneur and has been instrumental in turning around the global automobile industry, say that the media business is different. Such critics are missing the woods for the trees. Twitter is not just a media company — it is a social media platform, and that’s a big difference. Even if Twitter is viewed as a pure media play, we live in an information overload era where the lines separating media and social media have … [Read more...] about With Twitter, Elon Musk exponentially increases his influence, and that’s not necessarily comforting

"How do I edit a typo on twitter? Oh right….,” Amazon boss Jeff Bezos said. Amazon boss Jeff Bezos has taken a dig at Twitter for not having an edit button yet, amid the commotion surrounding its deal with Elon Musk. Musk, whose deal to acquire Twitter is presently on hold, has advocated for the feature’s availability on the social network. On May 14, Bezos made an error while responding to a tweet about how companies should go about internal communications. “I see a lot of organizations relying too much on slide decks relative to actual written memos for their internal communications,” writer Matthew Yglesias wrote. “Presentations are great but prose has a unique value in clarifying thought and creating an unambiguous record.” In response, Bezos wrote: “Slide decks hide can shallow thinking. Narratively structured memos are harder to write because they require better thinking. It’s worth it.” Then, he realised his error but unfortunately could not fix it. “Help me out. … [Read more...] about Jeff Bezos’ edit button dig amid Elon Musk-Twitter deal developments