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The New Coffee Room

  1. TNCR
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  3. Elon Musk buys a big chunk of Twitter

Elon Musk buys a big chunk of Twitter

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  • AxtremusA Offline
    AxtremusA Offline
    Axtremus
    wrote on last edited by
    #779

    https://www.nytimes.com/2023/11/17/technology/elon-musk-twitter-x-advertisers.html

    Advertisers flee X/Twitter again, this time because Elon allegedly endorsed an antisemitic x/tweet.

    1 Reply Last reply
    • jon-nycJ Online
      jon-nycJ Online
      jon-nyc
      wrote on last edited by
      #780

      Only non-witches get due process.

      • Cotton Mather, Salem Massachusetts, 1692
      1 Reply Last reply
      • jon-nycJ Online
        jon-nycJ Online
        jon-nyc
        wrote on last edited by
        #781

        (I think he really means ‘since the Obama Depression’)

        Only non-witches get due process.

        • Cotton Mather, Salem Massachusetts, 1692
        JollyJ 1 Reply Last reply
        • taiwan_girlT Offline
          taiwan_girlT Offline
          taiwan_girl
          wrote on last edited by
          #782

          `https://www.businessinsider.com/elon-musks-x-sued-120-million-worth-of-server-parts-2024-8?op=1

          Elon Musk's X is facing yet another possible legal battle, this time over $120 million worth of unpaid IT bills.

          Taiwanese tech firm Wiwynn is suing the social media giant formerly known as Twitter for $61 million over claims it refused to pay for around $120 million in server parts after Musk took over in 2022.

          and

          In addition to the Wiwynn lawsuit, Musk is facing lawsuits from several former Twitter executives, including former CEO Parag Agrawal, over $128 million in unpaid severance.

          X is also being sued by former Twitter chairman Omid Kordestani over $20 million worth of shares and other ex-Twitter staff over unpaid bonuses, with the growing number of legal fights unlikely to help the company's reportedly sagging revenues.

          1 Reply Last reply
          • jon-nycJ jon-nyc

            (I think he really means ‘since the Obama Depression’)

            JollyJ Offline
            JollyJ Offline
            Jolly
            wrote on last edited by
            #783

            @jon-nyc said in Elon Musk buys a big chunk of Twitter:

            (I think he really means ‘since the Obama Depression’)

            Works for me.

            "Own the language", the Demonrats said.

            “Cry havoc and let slip the DOGE of war!”

            Those who cheered as J-6 American prisoners were locked in solitary for 18 months without trial, now suddenly fight tooth and nail for foreign terrorists’ "due process". — Buck Sexton

            1 Reply Last reply
            • taiwan_girlT Offline
              taiwan_girlT Offline
              taiwan_girl
              wrote on last edited by
              #784

              https://futurism.com/mistake-elon-musk-begged-twitter-staff-turn-off-new-feature

              In late 2022, long before multi-hyphenate billionaire Elon Musk renamed Twitter to X, rumors swirled that he was getting ready to shake up the platform's verification system.

              His proposal: charge each subscriber for the privilege of being verified without ever doing the homework of actually verifying their identity — a short-sighted and ultimately disastrous decision that Musk reportedly regretted almost immediately.

              and

              The 2022 US midterm elections took place on November 8, a day before Musk started charging users for a blue checkmark.

              When the switch was made, all hell broke loose, with countless newly verified accounts masquerading as politicians, celebrities, and companies. One account parading as Nintendo shared a viral image of Super Mario giving the finger.

              Advertisers, who had gotten wind of the mayhem, started reaching out to Twitter's sales teams, threatening to pull their ads. According to Mac and Conger's sources, Nike executives threatened to never advertise on the platform again.

              And Musk was terrified of the prospect of losing hundreds of millions of dollars in advertising revenue.

              "Turn it off," he reportedly told an engineer. "Turn it off!"

              1 Reply Last reply
              • George KG Offline
                George KG Offline
                George K
                wrote on last edited by
                #785

                To his credit, he changed his mind after realizing it was a mistake.

                "Now look here, you Baltic gas passer... " - Mik, 6/14/08

                The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.

                jon-nycJ 1 Reply Last reply
                • AxtremusA Offline
                  AxtremusA Offline
                  Axtremus
                  wrote on last edited by
                  #786

                  Good thing nothing really important happens on Twitter; it’s not like he was messing with the nation’s critical infrastructures like, banking, utilities, or transportation.

                  George KG 1 Reply Last reply
                  • AxtremusA Axtremus

                    Good thing nothing really important happens on Twitter; it’s not like he was messing with the nation’s critical infrastructures like, banking, utilities, or transportation.

                    George KG Offline
                    George KG Offline
                    George K
                    wrote on last edited by
                    #787

                    @Axtremus said in Elon Musk buys a big chunk of Twitter:

                    Good thing nothing really important happens on Twitter

                    Is there a social media platform on which something important does happen?

                    "Now look here, you Baltic gas passer... " - Mik, 6/14/08

                    The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.

                    1 Reply Last reply
                    • George KG George K

                      To his credit, he changed his mind after realizing it was a mistake.

                      jon-nycJ Online
                      jon-nycJ Online
                      jon-nyc
                      wrote on last edited by
                      #788

                      @George-K said in Elon Musk buys a big chunk of Twitter:

                      To his credit, he changed his mind after realizing it was a mistake.

                      Yes but his best lawyers couldn’t get him out of the contract so he had to buy the company after all.

                      Only non-witches get due process.

                      • Cotton Mather, Salem Massachusetts, 1692
                      1 Reply Last reply
                      • jon-nycJ Online
                        jon-nycJ Online
                        jon-nyc
                        wrote on last edited by
                        #789

                        Only non-witches get due process.

                        • Cotton Mather, Salem Massachusetts, 1692
                        1 Reply Last reply
                        • taiwan_girlT Offline
                          taiwan_girlT Offline
                          taiwan_girl
                          wrote on last edited by
                          #790

                          https://mashable.com/article/elon-musk-x-more-advertisers-pull-back-in-2025

                          As Elon Musk struggled to rebuild X's ability to generate revenue, the site suffered a mass advertiser exodus late last year, and at least some of those departures were evidently due to pro-nazi content. A few months later, Musk told advertisers "go fuck yourself."

                          And this was all right before Musk shared that the former Twitter's revenue was already down by 60 percent from before his acquisition.

                          It looks like 2025 isn't going to be any better for X. A new report from UK market research firm Kantar found that 26 percent of marketers are planning to reduce their ad spend on Musk's platform next year.
                          According to Kantar's research, this was the "biggest recorded pullback" from any of the major global advertising platforms.

                          Doctor PhibesD 1 Reply Last reply
                          • taiwan_girlT taiwan_girl

                            https://mashable.com/article/elon-musk-x-more-advertisers-pull-back-in-2025

                            As Elon Musk struggled to rebuild X's ability to generate revenue, the site suffered a mass advertiser exodus late last year, and at least some of those departures were evidently due to pro-nazi content. A few months later, Musk told advertisers "go fuck yourself."

                            And this was all right before Musk shared that the former Twitter's revenue was already down by 60 percent from before his acquisition.

                            It looks like 2025 isn't going to be any better for X. A new report from UK market research firm Kantar found that 26 percent of marketers are planning to reduce their ad spend on Musk's platform next year.
                            According to Kantar's research, this was the "biggest recorded pullback" from any of the major global advertising platforms.

                            Doctor PhibesD Online
                            Doctor PhibesD Online
                            Doctor Phibes
                            wrote on last edited by
                            #791

                            @taiwan_girl said in Elon Musk buys a big chunk of Twitter:

                            https://mashable.com/article/elon-musk-x-more-advertisers-pull-back-in-2025

                            As Elon Musk struggled to rebuild X's ability to generate revenue, the site suffered a mass advertiser exodus late last year, and at least some of those departures were evidently due to pro-nazi content. A few months later, Musk told advertisers "go fuck yourself."

                            And this was all right before Musk shared that the former Twitter's revenue was already down by 60 percent from before his acquisition.

                            It looks like 2025 isn't going to be any better for X. A new report from UK market research firm Kantar found that 26 percent of marketers are planning to reduce their ad spend on Musk's platform next year.
                            According to Kantar's research, this was the "biggest recorded pullback" from any of the major global advertising platforms.

                            Didn't he sue some companies a while back for not advertising on X?

                            Because obviously that's going to bring them running back!

                            I was only joking

                            1 Reply Last reply
                            • jon-nycJ Online
                              jon-nycJ Online
                              jon-nyc
                              wrote on last edited by
                              #792

                              Only non-witches get due process.

                              • Cotton Mather, Salem Massachusetts, 1692
                              1 Reply Last reply
                              • KlausK Offline
                                KlausK Offline
                                Klaus
                                wrote on last edited by
                                #793

                                That data doesn't necessarily mean anything.

                                It doesn't include people using the X app.

                                It doesn't account for potential bot purges.

                                SimilarWeb does not have access to the actual data. They need to estimate it from various other data points, and that estimation can easily be off by a factor of 2.

                                1 Reply Last reply
                                • jon-nycJ Online
                                  jon-nycJ Online
                                  jon-nyc
                                  wrote on last edited by
                                  #794

                                  Fidelity has written 80% of the value off of its investment in X.

                                  https://techcrunch.com/2024/09/29/fidelity-has-cut-xs-value-by-79-since-musk-purchase/

                                  Only non-witches get due process.

                                  • Cotton Mather, Salem Massachusetts, 1692
                                  1 Reply Last reply
                                  • HoraceH Offline
                                    HoraceH Offline
                                    Horace
                                    wrote on last edited by
                                    #795

                                    Has their user base really taken that much of a hit? Or maybe Fidelity is taking advantage of the illiquid private equity markets, which have recently tanked as per a story linked to here yesterday, for an advantageous tax write off.

                                    Education is extremely important.

                                    1 Reply Last reply
                                    • jon-nycJ Online
                                      jon-nycJ Online
                                      jon-nyc
                                      wrote on last edited by jon-nyc
                                      #796

                                      They’d need a valuation model that would survive an audit. I doubt they’re fucking with it. Doesn’t mean their model is perfect. Hard to imagine how to value it, it has meme stock potential and you can’t very well model that.

                                      Only non-witches get due process.

                                      • Cotton Mather, Salem Massachusetts, 1692
                                      1 Reply Last reply
                                      • taiwan_girlT Offline
                                        taiwan_girlT Offline
                                        taiwan_girl
                                        wrote on last edited by
                                        #797

                                        https://www.npr.org/2025/02/01/nx-s1-5283271/elon-musk-lawsuit-advertisers-boycott-new

                                        Elon Musk's X broadened an existing lawsuit on Saturday to include several major brands — accusing more companies of illegally boycotting the social media platform in 2022 following Musk's acquisition.

                                        The suit, which was filed last year in a federal court in Texas, initially targeted the boycott organizer, the World Federation of Advertisers, along with companies including CVS and video-streaming platform Twitch.

                                        But early on Saturday, Musk's lawyers filed an amended complaint, adding several new defendants, including Lego, Nestlé, Tyson Foods, Abbott Laboratories, Colgate-Palmolive, Pinterest and Shell International.

                                        1 Reply Last reply
                                        • taiwan_girlT Offline
                                          taiwan_girlT Offline
                                          taiwan_girl
                                          wrote on last edited by
                                          #798

                                          A group of investors led by Elon Musk is offering about $97.4 billion to buy the nonprofit behind OpenAI, escalating a dispute with the artificial intelligence company that Musk helped found a decade ago.

                                          and

                                          OpenAI CEO Sam Altman quickly rejected the unsolicited bid on Musk’s social platform X, saying, “no thank you but we will buy Twitter for $9.74 billion if you want.”

                                          https://apnews.com/article/elon-musk-openai-bid-chatgpt-sam-altman-b1ad37fe4fe70e3b5d283940bd3b8215

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