Elon Musk buys a big chunk of Twitter
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`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.
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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.
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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.
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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!"
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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.
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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. -
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.@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!
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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.
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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/
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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.
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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.
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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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Morgan Stanley and other lenders to Elon Musk's Twitter takeover yesterday reportedly sold around $4.7 billion of X debt at face value.
This blows away expectations for the deal, in terms of both volume and pricing, and leaves creditors with only around $1.3 billion of their $12.5 billion outlay.
Original plans were to sell $3 billion of debt at a 10%-20% discount.
One explanation is that X has improved its finances, although that's still fuzzy. For example, WSJ recently reported that X's 2024 revenue includes "hundreds of millions of dollars" transferred from xAI, leaving unclear if there's been any organic top-line growth.
Better rationales are Musk's newfound proximity to power and the social media company's equity stake in xAI.
https://www.axios.com/2025/02/14/lenders-elon-musk-twitter-x-takeover
