Elon Musk’s treasury has lost $100 billion
Since the billions of billions of Elvan Musk have purchased the short-term service Twitter, it is increasing. Now its effect is also on the wealth and property of Elon Musk and they are not the richest of the world
According to analysts, investors’ distrust of Tesla boss Elon Musk is waning and this is also affecting Tesla’s shares. Shares of Tesla fell more than five percent on Tuesday, bringing the company to around $158 a share, its lowest level in two years.
Surprisingly, inflation in the US has come down and the US technology index ‘Nasdaq’ has also gone up yesterday, but it has had a negative impact on Tesla shares. At the beginning of this year, the price of one share of Tesla was about 400 dollars.
Investors fear Musk’s tweets will hurt the Tesla brand, says Dennis Dick, an analyst at broker Triple D Trading.
One stock marketer commented, “Many are steering clear of Tesla because they don’t want to endorse the CEO’s message.” According to Robert Pavlik, a portfolio manager at wealth management company Dakota Wealth, Tesla stock has been under pressure since Musk bought the Twitter company in a “sloppy” fashion.
Elon Musk’s Decline in Wealth
This has now also affected Musk’s personal money hoard. Along with the maker of electric cars and space rockets, Elon Musk, the head of Twitter, has come second in the ranking of the world’s richest people. Elon Musk was ranked first last year by both Bloomberg Billionaires and Forbes and has now moved to second place.
The new richest person in the world
France’s Bernhard Arnaud is now on the first place in the ranking of the richest people in the world.
Musk’s personal wealth has fallen by $100 billion since January, leaving him with about $163.6 billion, according to Bloomberg estimates. On the other hand, Berenhar Arno’s wealth is estimated to be around $170.8 billion. Bernhard Arnault, 73, is the chairman of the French luxury empire LVMH, which includes fashion icons such as Dior and Louis Vuitton and champagne brands such as Mouettes
Twitter announced to lay off its employees today
Twitter said in an email that all of its offices will be temporarily closed and the badges used to access them will be suspended. By nine o’clock Friday morning, employees will be informed whether they are being laid off or not
After nearly a week of uncertainty over Elon Musk’s future after becoming the new owner of Twitter, the company’s employees will be told on Friday whether they are being fired. During this time, all offices of the company will be temporarily closed and employees will not be able to access them.
The American newspaper Washington Post and New York Times have claimed that half of Twitter’s 7,500 employees will be laid off.
Bad news for users with a blue tick on their Twitter account
The social media company said in an email to staff on Thursday that it would notify employees of the layoffs by 9 a.m. Friday, according to Reuters.
Why are employees being laid off?
“In an effort to get Twitter back on a healthy path, we will be going through the difficult process of reducing our workforce worldwide on Friday,” the email seen by Reuters said.
Twitter said its offices will be temporarily closed and all badge-based access will be suspended to help ensure the security of every employee, Twitter system and user data. .
Twitter filed a lawsuit against Elon Musk for terminating a multi-billion dollar contract
The social media platform said that employees who will not be fired will be notified on their email addresses. And the employees who have been relieved will be told the future course of action on their personal email address
Cost reduction
Elon Musk has implemented a new aggressive work ethic at the social media company, emphasizing Twitter’s cost-cutting.
He has already fired its chief executive, finance and legal affairs officers and senior-ranking officials as soon as he took control of the company.
Apart from them, other people from the advertising, marketing and human resource departments of the company also left in the last one week.
As soon as the email arrived in Twitter employees’ inboxes, hundreds of people took to the company’s Slack channels to say goodbye, two employees told Reuters. Sources said that someone also invited Elon Musk to join the channel.
“If you are in or on your way to an office, please go home,” Twitter said in an email sent out Thursday.
Elon Musk Terminates $44 Billion Contract, Twitter Announces Legal Action
Elon Musk has directed teams at Twitter Inc to cut infrastructure costs by up to $1 billion a year, according to two sources familiar with the matter and a message seen by Reuters.
After taking control of Twitter, Elon Musk said he wanted to ‘defeat’ spambots on Twitter. And they aim to prevent the platform from becoming a breeding ground for hate and division while limiting self-censorship.
Elon Musk terminated the $44 billion contract with Twitter
Tesla CEO Elon Musk has said he is ending his $44 billion deal to buy Twitter. Twitter has indicated legal action against him.
The ongoing debate over buying Twitter for $44 billion ended when the world’s richest businessman, Tesla and SpaceX chief executive Elon Musk, sent a letter to the social media company’s board informing them that he would Terminating the contract to be carried out.
Twitter said it will sue Musk to complete the company’s merger and is confident of success.
Twitter board chairman Brett Taylor said in a tweet, “The board is committed to completing the transaction at the price and terms agreed upon with Elon Musk. And plans to take legal action to enforce the agreement.”
Musk has promised to pay Twitter $1 billion in fees if they end the deal.
The real story behind the deal
The drama between Twitter and the world’s richest man began in March when Musk announced he wanted to buy the social media company, which he said had not lived up to its promise of promoting freedom of expression. has been
He also revealed that he is in discussions with Twitter’s top executives, including co-founder Jack Dorsey. They want to buy shares of Twitter to gain control over the company.
However, the following weeks saw several ups and downs. Musk has sometimes expressed his commitment to buy the company and sometimes has hinted at walking away from the deal
According to the lawsuit filed in court, Elon Musk’s lawyers claim that Twitter breached the contract because it failed to provide information about fake or spam accounts, which is critical to evaluating the company’s performance. are
It further states that Twitter has materially breached several provisions of the agreement.
Shares of Twitter fell 6 percent after Musk’s announcement.
Legal experts fear a long legal battle between Twitter and Elon Musk
“If we don’t get an answer, cancel the contract”, Musk threatened on Twitter
According to the DW report, Elon Musk says that he has repeatedly asked Twitter management for details on the number of fake and autoresponder accounts on his platform, but has yet to receive a satisfactory response.
American billionaire businessman Elon Musk has threatened to back out of his multibillion-dollar bid to buy Twitter. He has given this threat in a letter sent by his lawyers. Since Elon Musk announced his intention to buy Twitter in April, he and Twitter management have been at loggerheads over the past few weeks.
Text of the letter
In a letter to the Securities and Exchange Commission, Elon Musk said that he has repeatedly asked Twitter management for details on the number of fake accounts and automated answering machines on its platform. So far no satisfactory answer has been given to them. According to Elon Musk’s legal team, Twitter has offered to provide details on how the company estimates the number of fake accounts. According to Musk’s lawyers, “Twitter’s offer amounts to a denial of Elon Musk’s request to provide data.” Violation’ has been declared. Elon Musk’s legal team added that their clients “reserve the right to not pay the agreed amount and to cancel the contract”.
There was no immediate comment from Twitter. However, Twitter said in an earlier statement that Elon Musk had not shown interest in the issue of fake accounts when he expressed his intention to acquire ownership of Twitter. “Musk did not request any confidential information from Twitter,” according to a statement released by a Twitter sub-account related to investors.
This is the first time Elon Musk has publicly threatened to back out of his decision to buy Twitter.
Why does Elon Musk need data?
This American billionaire says he wants to make his own estimate of the number of fake Twitter accounts. Twitter management, on the other hand, has consistently maintained that less than five percent of its 229 million users are fake or autoresponder accounts. Elon Musk has questioned the accuracy of these figures, claiming that the number of fake accounts on Twitter could be as high as 20 percent. The issue of fake accounts on Twitter has long been a topic of interest for Elon Musk. He has a celebrity status on Twitter and also uses Elon Musk’s name and images for currency fraud by setting up multiple automated accounts.
What happens if Musk withdraws from the deal?
Elon Musk said last week that he was unilaterally putting his deal with Twitter on hold. In response, Twitter could seek legal help from the courts to force Musk to fulfill or back out of the deal. If Elon Musk unilaterally pulls out of the deal, he will have to pay $1 billion in damages.
Musk’s threat to quit Twitter comes shortly after he said he plans to cut 10 percent of his salaried workforce at Tesla, the maker of electric cars. The price of Tesla’s shares rose from $100 to $1000 during the Covid-19 pandemic, and the massive increase made Elon Musk the richest man in the world.
Self-proclaimed “free speech advocates” on Twitter are known for blocking and disparaging Musk’s critics. He is also against Twitter’s ban on former US President Donald Trump. Twitter permanently banned Trump from using the social media platform in January 2021 for allegedly posting inflammatory tweets following the attack on the US House of Representatives.
(Translator Mufti Ziya Qasmi)