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Tag: jack dorsey

  • Twitter co-founder Jack Dorsey slams Elon Musk’s management of the company

    Twitter co-founder Jack Dorsey slams Elon Musk’s management of the company

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    Twitter’s advertising struggles


    Twitter faces advertising struggles as revenue drops

    04:30

    Twitter co-founder and former CEO Jack Dorsey, once a strong supporter of Elon Musk’s purchase of the social media platform, now has some harsh words for the company’s new boss.

    A year ago, Dorsey called the billionaire’s proposed takeover a “singular solution” for Twitter, writing that “I trust his mission to extend the light of consciousness.” But when a user of fledgling social network Bluesky recently asked Dorsey if Musk has proved to be the right person to lead Twitter, Dorsey was blunt.

    “No. Nor do I think he acted right after realizing his timing was bad,” Dorsey wrote on Bluesky. “Nor do I think the board should have forced the sale. It all went south.”

    Musk reached a deal to buy Twitter in April 2022 for $44 billion, then changed his mind, ultimately ending up in court and completing the acquisition in October.


    Elon Musk addresses Twitter controversies

    01:59

    Since the purchase, the Tesla CEO has slashed Twitter’s staffing by about three-quarters and presided over a series of dizzying changes, including reinstating accounts that were banned for rule violations, then re-banning some of them when they broke the rules again; requiring users to pay for “verified” status; and leaning into the subscription model. Musk has also said the company is on the verge of bankruptcy and vowed to step down as CEO of Twitter once a replacement is found.

    Dorsey wrote that “we did everything to avert” Twitter’s failure, but that ultimately he was powerless to stop the sale.

    “If Elon or anyone else wanted to buy the company, all they had to do was name a price that the board felt was better than the company could do independently,” he wrote. “Was I optimistic? Yes. Did I have final say? No.”

    “He should have walked away”

    Dorsey also said Musk should have dropped the acquisition deal and paid a $1 billion penalty.

    “I think he should have walked away and paid the $1b,” Dorsey wrote. 

    However, many experts said at the time that abandoning the deal would have cost Musk much more than a $1 billion penalty written into the agreement.

    Dorsey started backing Bluesky, a decentralized social application, in 2019, when he was still CEO of Twitter. The new social app is currently in private beta.


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  • Jack Dorsey criticizes Elon Musk’s leadership at Twitter: ‘It all went south’

    Jack Dorsey criticizes Elon Musk’s leadership at Twitter: ‘It all went south’

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    Elon Musk has served August 22, 2022 former Twitter boss Jack Dorsey with a subpoena in a hunt for material to help him get out of buying the giant social media platform for $44 billion as agreed.

    Jim Watson | AFP | Getty Images

    Twitter‘s former CEO Jack Dorsey openly criticized Elon Musk’s leadership of the company in a series of social media posts Friday, writing that “it all went south” and Musk “should have walked away” from the acquisition.

    Users of Bluesky, a buzzy new social media platform that is being touted as a potential alternative to Twitter, prompted the discussion. They asked Dorsey if he believed Musk was the right leader for Twitter, to which Dorsey replied, “No.”

    “No. Nor do I think he acted right after realizing his timing was bad. Nor do I think the board should have forced the sale. It all went south,” Dorsey wrote. He added that he is glad new social media platforms like Bluesky are being built. Dorsey has backed Bluesky since 2019, when he was still serving as Twitter’s CEO.

    Dorsey previously called Musk the “singular solution” to take over Twitter. In a tweet from April 2022, Dorsey said he trusted Musk’s “mission to extend the light of consciousness” through the platform.

    But a year later, Dorsey’s opinion appears to have soured.

    Musk, who is also the CEO of Tesla and SpaceX, has drawn ire for his tumultuous takeover of Twitter, which he acquired for $44 billion late last year. Musk’s steep job cuts, sweeping policy and feature changes have shaken the confidence of advertisers, politicians and celebrities, among others.

    Many have publicly announced their decision to leave or reduce their use of the platform, including Elton John, Jim Carrey and MTA, New York City’s public transit agency.

    Soon after making a best-and-final bid to purchase Twitter for $44 billion, or about $54.20 per share, Musk tried to back out of the deal he made to buy the company.

    He would have had to pay a $1 billion penalty, otherwise known as a “breakup fee,” to do so and prove to a Delaware court that he had a good reason for walking away. While Musk did take the matter to court, he ended up going through with the deal anyway.

    Dorsey, who is still a Twitter shareholder, championed the deal at the time. But on Friday, he wrote that things should have gone differently. “I think he should have walked away and paid the $1b.” It is not clear that Musk, or Twitter, even had that option.

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  • Arrest made in stabbing death of Cash App founder Bob Lee, men reportedly knew each other

    Arrest made in stabbing death of Cash App founder Bob Lee, men reportedly knew each other

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    In a press conference on Thursday afternoon, San Francisco District Attorney Brooke Jenkins confirmed that an arrest has been made in the April 4 fatal stabbing of Cash App founder Bob Lee. Officials named Nima Momeni — a tech entrepreneur in the Bay Area — as the suspect.

    Authorities also said that Momeni knew the victim, though they would not comment on the motive. They also indicated that the investigation was ongoing.

    Momeni will be arraigned on Friday, and prosecutors said that they would be filing a motion to detain him without bail.

    Police made the arrest earlier on Thursday in Emeryville, California, a suburb 15 minutes outside San Francisco. Jail records say that the 38-year-old Momeni was booked on suspicion of murder at 9:19 a.m.

    News of the arrest was first reported by Mission Local, a local San Francisco news publication.

    In the press conference, Jenkins criticized early comments on the murder from pundits and celebrities that used the murder to paint San Francisco as a crime-ridden and violent city.

    San Francisco police officers found Lee, 43, with stab wounds at 2:35 a.m. in a deserted part of downtown San Francisco. He was taken to a hospital with life-threatening injuries and later died, police said at the time.

    Lee had been working as chief product officer for the cryptocurrency company MobileCoin. He previously served as chief technology officer of Square (now known as Block), a financial technology company co-founded by former Twitter chief Jack Dorsey. Lee went on to create Cash App, a money transfer service.

    He was also an investor in Elon Musk‘s SpaceX venture as well as other tech firms, such as the social audio app Clubhouse, according to his LinkedIn profile.

    He was widely praised by former colleagues, including MobileCoin CEO Joshua Goldbard, who said in a Twitter thread that Lee was a “brilliant” visionary with a “kaleidoscopic” mind.

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  • Jack Dorsey’s Block engaged in fraud, influential short seller alleges

    Jack Dorsey’s Block engaged in fraud, influential short seller alleges

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    Hindenburg Research is taking aim at Jack Dorsey’s Block, formerly known as Square, alleging that what the influential short seller called the payments company’s “magical” financial technology relied on something less enchanting: fraud.

    Shares of Block, co-founded by Dorsey in 2009, plunged $11.33, or 15.6%, to $61.32 in afternoon trading. 

    Hindenburg has raised concerns about other big companies, sometimes with devastating results. The firm, led by Nate Anderson, in 2020 alleged deceptive behavior at electric-vehicle maker Nikola, which eventually led to the resignation and, later, conviction of founder Trevor Milton on charges he had deceived investors. 

    More recently, Hindenburg has targeted Indian conglomerate Adani Group, alleging fraud. Adani denies the allegations, calling them “baseless.”

    Shares in the conglomerate have suffered massive losses since Hindenburg issued its report alleging fraud and other malfeasance. In trading Monday, the company’s Adani Enterprises gained 4.8% but shares in other Adani listed companies fell between 5% and 20%.

    Hindenburg typically works by publishing a negative report about a company, and then, as a short-seller, profiting when that company’s shares decline.

    In the case of Block, Hindenburg alleges the company “wildly overstated its genuine user counts and has understated its customer acquisition costs,” while failing to stop users who were engaged in fraud on its platform. Hindenburg said it based its report on dozens of interviews with former employees, partners and experts, Freedom of Information Act and public records requests, and regulatory and litigation records.

    “Core to the issue is that Block has embraced one traditionally very ‘underbanked’ segment of the population: criminals,” the report alleges. “The company’s ‘Wild West’ approach to compliance made it easy for bad actors to mass-create accounts for identity fraud and other scams, then extract stolen funds quickly.”

    Block denied the allegations in a statement on Thursday, calling Hindenburg’s claims “factually inaccurate and misleading.” The company said it intends to work with the U.S. Securities and Exchange Commission and that it will “explore legal action” against Hindenburg.

    “Hindenburg is known for these types of attacks, which are designed solely to allow short sellers to profit from a declined stock price,” Block said. “We have reviewed the full report in the context of our own data and believe it’s designed to deceive and confuse investors.”

    Block also noted it is subject to regulations and that, as a publicly traded company, regularly discloses information about its business.

    Cash App allegations

    Hindenburg — named after the airship that famously caught fire and crashed in New Jersey in 1937 — says it specializes in “forensic financial research.” In other words, it looks for corruption or fraud in the business world, such as accounting irregularities and bad actors in management.

    The firm’s allegations against Block focus on the company’s Cash App service, a mobile payment tool that lets people transfer money to each other via their phones. According to Hindenburg’s report, the Cash App service facilitates payments for criminal activity, including sex trafficking, as well as fraud. The service was also used in used in pandemic relief fraud, Hindenburg alleged.

    The report also claims that Block deliberately ignored evidence of fraud, permitting single accounts to accept unemployment payments on behalf of multiple people or from different states, without verifying addresses. In an another allegation, Hindenburg accused Block of “gouging merchants with elevated fees” and that it “regularly hypes other mundane or predatory sources of revenue as technological breakthroughs,” such as describing its Cash App instant deposit service as working “as if by ‘magic’.”

    “In sum, we think Block has misled investors on key metrics, and embraced predatory offerings and compliance worst-practices in order to fuel growth and profit from facilitation of fraud against consumers and the government,” Hindenburg alleged. 

    Hindenburg also took aim at Dorsey, who is Block’s chairman, and other top executives, claiming they have sold more than $1 billion in equity. 

    —With reporting by the Associated Press.

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  • Block shares plunge 19% after short seller Hindenburg says Jack Dorsey’s company facilitates fraud

    Block shares plunge 19% after short seller Hindenburg says Jack Dorsey’s company facilitates fraud

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    Shares of Jack Dorsey‘s Block plunged 19% after short seller Hindenburg Research announced Thursday that the payment company was its latest short position, alleging that Block allowed criminal activity to operate with lax controls and “highly” inflates Cash App’s transacting user base, a key metric of performance.

    Hindenburg described Block’s internal systems as a “‘Wild West’ approach to compliance.”

    “Our 2-year investigation has concluded that Block has systematically taken advantage of the demographics it claims to be helping,” Hindenburg said in its report. The research firm said Block’s Cash App thrived on serving “unbanked” customers.

    The report alleges those unbanked customers were involved in criminal or illicit activity. Hindenburg also alleged that Cash App’s compliance programs were deficient.

    As part of its two-year investigation, Hindenburg spoke with multiple former employees who described how internal concerns were suppressed and user concerns were ignored, even as alleged “criminal activity and fraud ran rampant on its platform.”

    The firm’s extensive report includes screenshots of internal systems and employee messages. It also highlighted alleged financial misreporting.

    Up to 35% of Cash App’s revenue is derived from interchange fees, Hindenburg alleged. That’s around $892 million in revenue that the short seller said should be capped by law.

    But Block, formerly known as Square, avoids that regulatory cap imposed on large financial institutions by routing the revenue through a small bank, Hindenburg alleged.

    The small-bank routing method is one employed by Block rival PayPal, Hindenburg claimed, and which prompted a Securities and Exchange Commission probe.

    “A Freedom of Information Act (FOIA) request we filed with the SEC indicates that Block may be part of a similar investigation,” Hindenburg wrote.

    PayPal did not immediately respond to a request for comment.

    Hindenburg took issue with Cash App’s practices during the Covid pandemic, when the government issued stimulus checks to qualified American adults. The report alleges that the lockdowns “posed an existential threat” to Block’s critical merchant services business.

    “CEO Jack Dorsey Tweeted that users could get government payments through Cash App ‘immediately’ with ‘no bank account needed’ due to its frictionless technology,” the report said.

    Just a few weeks into Cash App’s delivery of the first round of government payments, states were apparently trying to claw back suspected fraudulent payments — “Washington State wanted more than $200 million back from payment processors while Arizona sought to recover $500 million,” said Hindenburg, citing multiple former employees.

    Citing interviews with former employees, Hindenburg alleged that “pressure from management has resulted in a pattern of disregard for Anti-Money Laundering (AML) and Know Your Customer (KYC) laws.”

    The report notes that “this appeared to be an effort to grow Cash App’s user base by strategically disregarding Anti Money Laundering (AML) rules.”

    To test the theory, the short seller opened accounts in the name of former President Donald Trump and Tesla CEO Elon Musk, and then obtained a Cash App card, called the Cash Card, under the “obviously fake Donald Trump account,” the report said.

    The card bearing Trump’s name arrived “promptly” in the mail.

    “Former employees estimated that 40%-75% of accounts they reviewed were fake, involved in fraud, or were additional accounts tied to a single individual,” the report said.

    “In sum, we think Block has misled investors on key metrics, and embraced predatory offerings and compliance worst-practices in order to fuel growth and profit from facilitation of fraud against consumers and the government,” Hindenburg wrote.

    Block responded to the Hindenburg report later on Thursday. “We intend to work with the SEC and explore legal action against Hindenburg Research for the factually inaccurate and misleading report they shared about our Cash App business today,” the company said in a press release.

    “We are a highly regulated public company with regular disclosures, and are confident in our products, reporting, compliance programs, and controls. We will not be distracted by typical short seller tactics,” Block added.

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  • Decentralized ‘Twitter Killer’ Nostr Goes Live On Apple’s App Store

    Decentralized ‘Twitter Killer’ Nostr Goes Live On Apple’s App Store

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    Decentralized social networking protocol Nostr is now officially live on Apple’s app store.

    Nostr spiked in popularity after former Twitter CEO Jack Dorsey became an enthusiast of the technology, later making a 14 bitcoin donation to its creator. The enthusiasm caused the protocol’s most popular mobile app, Damus, to hit its beta testing limit of 10,000 users –– which would prompt its developers to apply for a formal listing on Apple’s app store. Today, Damus was approved, and a full release is now available on the App Store for anyone to download.

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    Namcios

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  • With its advertising business in crisis, Twitter eases ban on political ads | CNN Business

    With its advertising business in crisis, Twitter eases ban on political ads | CNN Business

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    CNN
     — 

    More than three years ago, Twitter prohibited political and issue-based ads amid broader concerns that politicians could pay to target social media users with false or misleading information.

    Now, under its new owner Elon Musk, the company is easing that ban, in a move that could provide Twitter a much-needed sales boost at a time when Musk is urgently searching for new revenue streams. But it comes with some risks: the policy change could expose users to threats the company has previously said it may not be able to address, including spreading AI-created deep fakes and other sophisticated attempts to manipulate the platform.

    On Tuesday, Twitter announced it would relax its ban on issue ads, saying “cause-based advertising can facilitate public conversation around important topics.” Twitter added that it would “expand the political advertising we permit in the coming weeks,” with a pledge to share “more details as this work progresses.” The company said its advertising policies going forward would resemble those of other media, including television.

    Political advertising has never been a significant source of revenue for the company — it made less than $3 million from political ads in 2018, the year before the ban took effect. But Musk needs every little bit of revenue he can find.

    Since his takeover of the company in October, numerous brands have paused their advertising on Twitter amid fears that Musk’s approach to content moderation could lead to ads appearing beside hate speech and other incendiary content. In November, as the company underwent mass layoffs to cut costs, Musk claimed that Twitter was losing $4 million a day.

    Musk, who has previously expressed his dislike of advertising generally, has tried to improve Twitter’s financial position by rushing out a controversial subscription option to pay for a verified account, among other paid perks. But advertising has historically made up nearly all of Twitter’s revenue, and replacing it could take a long time.

    Welcoming paid issue advocacy and political advertising to the platform once more could ease some of the effects of the advertiser revolt. It could also give new political candidates a leg up against established incumbents by allowing them to increase their exposure through paid promotion.

    But it may also lead to some of the unintended consequences former Twitter CEO Jack Dorsey warned about when he first announced the advertising restrictions in 2019.

    At the time, Dorsey said internet advertising is not at all like traditional forms of advertising because it enables new ways to target individuals with specific messages. It also opens up new opportunities for malicious actors to use technology to game the system.

    “Internet political ads present entirely new challenges to civic discourse: machine learning-based optimization of messaging and micro-targeting, unchecked misleading information, and deep fakes. All at increasing velocity, sophistication, and overwhelming scale,” Dorsey said.

    Until now, Twitter’s approach to political advertising diverged from that of Facebook, which has attracted widespread criticism for its policy exempting political ads from fact-checking — effectively allowing politicians to lie in ads. Now Twitter’s change could create an environment that’s more similar to Facebook’s.

    Misinformation and platform manipulation are not unique to social media or to political messaging, Dorsey previously argued, but allowing money into the equation will complicate efforts to limit the impact of those harms.

    Now, after Twitter has laid off big chunks of its staff, including those who handle trust, safety and content moderation, the company may be even less equipped to deal with the potential fallout.

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  • Twitter says it will relax ban on political advertising

    Twitter says it will relax ban on political advertising

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    Twitter says it will ease up on its 3-year-old ban on political advertising, the latest change by Elon Musk as he tries to pump up revenue after purchasing the social media platform last year.

    The company tweeted late Tuesday that “we’re relaxing our ads policy for cause-based ads in the US.”

    “We also plan to expand the political advertising we permit in the coming weeks,” the company said from its Twitter Safety account.

    Twitter banned all political advertising in 2019, reacting to growing concern about misinformation spreading on social media.

    At the time, then-CEO Jack Dorsey said that while internet ads are powerful and effective for commercial advertisers, “that power brings significant risks to politics, where it can be used to influence votes to affect the lives of millions.”

    The latest move appears to represent a break from that policy, which had banned ads by candidates, political parties, or elected or appointed government officials.

    Political advertising made up a sliver of Twitter’s overall revenue, accounting for less than $3 million of total spending for the 2018 U.S. midterm election.

    In reversing the ban, Twitter said that “cause-based advertising can facilitate public conversation around important topics” and that the change will align the platform’s advertising policy with those of “TV and other media outlets,” without providing further details.

    Facebook in March 2021 lifted its ban on political and social issue ads that was put in place after the 2020 U.S. presidential election.

    Musk bills himself as a free-speech warrior and bought Twitter because he apparently believed it wasn’t living up to its potential as a free speech platform. But the billionaire Tesla CEO has been forced to make huge cost cuts and scramble to find more sources of revenue to justify the $44 billion purchase.

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  • Time’s Up, Elon

    Time’s Up, Elon

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    On October 22, 2022, Elon Musk began his tyrannical reign over Twitter. Promising users that their voices matter – spoiler alert: they don’t – by letting them decide the fate of Twitter through polls, Elon’s TwitterVerse was decreed a “good thing.” However, it’s been anything but.


    Since the very moment Jack Dorsey handed Elon the keys to Twitter HQ, we’ve seen previously banned accounts reinstated for controversial public figures like Andrew Tate and Donald Trump – although Trump refuses to rejoin the platform. We’ve witnessed the arrival of Twitter Blue, where just about anyone can get verified for $9/month and impersonate your favorite public figure. It’s been…interesting.

    The sort of “Free Speech” Elon’s referring to actually means people have the freedom to spread hateful speech…and absolutely no one can Tweet negatively about Elon. Since Musk acquired Twitter, he’s publicly mocked the usage of pronouns despite having a transgender daughter and suspended a handful of journalists who actively investigate his behavior.

    Crazy, unattainable hours, a mass-quitting exodus at HQ, and an intense drop in the Tesla stock have resulted from this absolute disaster that is Elon’s Twitter. It’s the Fyre Fest of social media.

    Since Elon is so “For The People,” he’s heard your cries for help. Last night, 17 million people voted on a poll focused on whether or not Elon Musk should step down from Twitter on his own. The resounding consensus? Yes!

    Since he is an egotistical billionaire, I won’t be shocked if this Tweet gets swept under the rug. I fear for whomever steps up to take his place.

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    Jai Phillips

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  • The real revelation from the ‘Twitter Files’: Content moderation is messy | CNN Business

    The real revelation from the ‘Twitter Files’: Content moderation is messy | CNN Business

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    New York
    CNN
     — 

    Before then-President Donald Trump was banned from Twitter after the Capitol riot last January, there was a debate among some employees about what to do with the company’s most prominent and controversial user.

    Some employees questioned whether Trump’s final tweets on the platform actually violated the company’s policies, according to internal documents. Others asked if the tweets could be considered veiled (or “coded”) efforts to dodge Twitter’s rules and requested research to better understand how users might interpret them.

    The high-stakes debate among several employees, including several top execs, was revealed earlier this week in the latest edition of the “Twitter Files,” a tranche of internal company documents provided to and tweeted out by several journalists unaffiliated with major news organizations. The releases so far have focused on some of the social media company’s most high-profile, and controversial, content moderation decisions.

    The Twitter Files reports appear aimed at calling into question the integrity of Twitter’s former leadership and riling up the right-leaning user base that new owner Elon Musk has increasingly courted. The latest release, for example, appeared to imply that Twitter executives had sidestepped the platform’s rules when deciding to ban Trump and instead sought a justification to support a partisan decision they’d already made. That interpretation, while not fully supported by the documents, was echoed by Musk, who has cheered and seemingly sanctioned the release of the documents. But outside of Musk’s core base, reaction to the Twitter Files, which provide little new insight into the company’s policy and decision-making, has been largely muted.

    Strip away the spectacle and partisan discord and what the Twitter Files show is something that is arguably both far less explosive but nonetheless should give all users pause, regardless of where they sit on the political spectrum. In the absence of meaningful coordination or government oversight, a select few powerful tech platforms are left to make incredibly impactful and difficult decisions around content moderation — and, even when well intentioned, the people at these companies often struggle with how messy that process can be.

    In moments of crisis, platforms are generally on their own to determine how to weigh sometimes competing priorities — protecting speech versus protecting users — and often under immense public scrutiny and with pressure to act quickly. These companies have created extensive platform guidelines, set up content moderation councils, partnered with fact-checkers and invested heavily in artificial intelligence, but at the end of the day, it can still just be a group of employees trying to sort through unprecedented decisions such as whether or not to ban a sitting US president.

    “There’s no decision that’s cost free,” said Matt Perault, tech policy consultant and professor at University of North Carolina’s School of Information and Library Science. “The challenge is that any decision [social media companies] make, including the decision not to act, will have consequences and they need to figure out which consequences they’re comfortable with … I do think it is much harder than most people seem to think it would be.”

    The process doesn’t necessarily always yield the right result. Former Twitter head of trust and safety Yoel Roth has acknowledged the company may not have made the right call in how to handle the 2020 New York Post story about Hunter Biden’s laptop. And Twitter founder and former CEO Jack Dorsey reiterated in an online post Tuesday that he believes the company acted wrongly in removing Trump’s account.

    “We did the right thing for the public company business at the time, but the wrong thing for the internet and society,” Dorsey wrote, although he added, “I continue to believe there was no ill intent or hidden agendas, and everyone acted according to the best information we had at the time. Of course mistakes were made.”

    Monday’s Twitter Files released from journalist Bari Weiss appeared to present screenshots showing Twitter employees debating how to handle Trump’s tweets in the wake of the January 6, 2021, Capitol attack as proof that the company’s leadership wanted to sidestep its rules to ban Trump. But the screenshots could also be interpreted as showing a group of employees challenging each other to find the best possible way to apply the company’s rules during a critical moment that no one could have perfectly prepared for.

    The process of involving multiple staffers and teams and relying on research for high-profile decisions does not appear out of line with how Twitter and other social platforms make content moderation decisions, especially in crisis situations.

    “This is how the whole process went … this is not really out of the ordinary,” one former Twitter executive told CNN, noting that the various teams involved in content decisions would push each other to consider context and information they might not have thought of as they worked through how to handle difficult issues. “I think these conversations look like people were trying to be really thoughtful and careful,” the former executive said.

    It’s not just Twitter that wrestles with tough decisions, including around Trump. Meta also had a monthslong back-and-forth with its internal team and its external oversight board about its own decision to suspend Trump on Facebook and Instagram.

    The Files also point to several instances in which Twitter leaders changed, or considered changing, the company’s policies as evidence that they had ulterior motives. For example, there was a screenshot of a Slack message from an unnamed employee the day after Trump’s ban discussing a desire to address medical misinformation and “getting to a place of improved maturity in how our policies are actualized.” But examining emergent concerns and considering whether they might require new or updated policies seems to be precisely the job of social media trust and safety teams.

    The “Twitter Files” threads appear to have been written “with a very clear agenda,” the former executive said. “What they seem to have missed … is just how much power and influence was sitting on the shoulders of a very small number of people.”

    Even Dorsey in his Tuesday night post called for a radical overhaul of how social media works that would involve taking away the power of big social media platforms, including the one he co-founded. “I generally think companies have become far too powerful,” Dorsey said. He added that he is pushing for the growth of decentralized social media that is not controlled by any one corporation or individual, and where users can choose their own forms of content moderation.

    Still, the Twitter Files reports show just how many of the company’s employees and teams were involved in the deliberations over difficult content decisions. According to the former Twitter executive, that was by design. “Twitter’s process was designed to make sure that the decision doesn’t come down to just one person,” they said. “The alternative is that you wait until Jack Dorsey decides he doesn’t like somebody and you take it down.”

    And despite the often-charged rhetoric about the people making content decisions at social media companies, “the people who do this work are thoughtful, are skilled,” Perault said. “They’re deeply connected to the technology, to the products, to the social implications of their products.”

    The process under Musk now appears to be much different — the new Twitter owner has fired many of the employees that had been responsible for safety on the platform, he’s used easily-manipulated Twitter polls to justify major content rulings, he’s done away with Twitter’s council of outside trust and safety experts and he’s based at least one decision on who to allow on the platform on his personal feelings.

    It’s hard to argue that process isn’t messy, too.

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  • Elon Musk is now working out of Twitter headquarters, thanks employees for long hours

    Elon Musk is now working out of Twitter headquarters, thanks employees for long hours

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    Elon Musk’s photo is seen through a Twitter logo in this illustration taken October 28, 2022.

    Dado Ruvic | Reuters

    On Friday, Twitter‘s new owner Elon Musk sent a companywide email to employees of the social media giant thanking them for working long hours since he took over on Oct. 28.

    Musk said he had personally stayed at Twitter’s headquarters office in San Francisco late on Thursday night as well. He then invited employees who have returned to the San Francisco office, and who survived last week’s 50% reduction in workforce, to come visit with him.

    Overnight, Twitter appeared to pause its $7.99/month Twitter Blue subscription service, which allowed users of the social network to pay to attain a blue verified-subscriber check mark. Many users abused the new subscriber badge to impersonate brands and famous people who acquired a blue check mark via the company’s original verification system.

    Among the brands that were impersonated were Eli Lilly, the pharmaceutical giant, video game multinational Nintendo, and Elon Musk’s electric vehicle company, Tesla.

    Two current Twitter employees told CNBC that they were fielding calls from colleagues and clients about all the changes to the platform.

    One said Twitter used to make product changes more slowly and carefully and that was because they had to balance user behavior, safety and revenue impact. The new more experimental approach that Musk is taking has troubled many including advertisers, and even the FTC.

    Employees also said they wanted more clarity about the company’s new time off and return to office policies and that Elon Musk’s e-mail left them with questions. Friday is a national holiday in the U.S., Veterans Day, and some workers did not expect they would have to come in, while others are wondering if they still have approved exceptions that will allow them to continue to work from home. Two employees told CNBC that they have not gotten formal guidance from the company’s human resources department on remote work.

    This week, Musk told Twitter employees that he was reversing the company’s previous “work from home forever” policy which had been enacted by his personal friend and collaborator, former Twitter CEO Jack Dorsey.

    Here’s the e-mail from Elon Musk to Twitter employees on Friday, transcribed by CNBC:

    From: Elon Musk

    Date: Nov. 11, 2022 [time stamp removed]

    To: Team at Twitter

    Subj. Being There (great movie)

    I was at Twitter HQ again until late into the night yesterday and would like to extend a note of appreciation to those who were there with me, as well as those working remotely, some of whom had been up even longer.

    To reaffirm, working remotely is fine if you cannot reasonably make it to the office and you are performing at an exceptional level. That said, I am a big believer in the esprit de corps and effectiveness of being physically in the same location.

    I will be in the office again today. Stop by the 10th floor if you’d like to talk about taking Twitter to the next level. The priority is near-term actions.

    Thanks,

    Elon

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  • Twitter users can soon get blue check for $7.99 monthly fee

    Twitter users can soon get blue check for $7.99 monthly fee

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    SAN FRANCISCO — Twitter has announced a subscription service for $7.99 a month that includes a blue check now given only to verified accounts as new owner Elon Musk works to overhaul the platform’s verification system just ahead of U.S. midterm elections.

    In an update to Apple iOS devices available in the U.S., Canada, Australia, New Zealand and the U.K., Twitter said users who “sign up now” for the new “Twitter Blue with verification” can receive the blue check next to their names “just like the celebrities, companies and politicians you already follow.”

    But Twitter employee Esther Crawford tweeted Saturday that the “new Blue isn’t live yet — the sprint to our launch continues but some folks may see us making updates because we are testing and pushing changes in real-time.” Verified accounts did not appear to be losing their checks so far.

    It was not immediately clear when the subscription would go live. Crawford told The Associated Press in a Twitter message that it is coming “soon but it hasn’t launched yet.” Twitter did not immediately respond to a message seeking comment.

    Anyone being able to get the blue check could lead to confusion and the rise of disinformation ahead of Tuesday’s elections, but Musk tweeted Saturday in response to a question about the risk of impostors impersonating verified profiles — such as politicians and election officials — that “Twitter will suspend the account attempting impersonation and keep the money!”

    “So if scammers want to do this a million times, that’s just a whole bunch of free money,” he said.

    But many fear widespread layoffs that began Friday could gut the guardrails of content moderation and verification on the social platform that public agencies, election boards, police departments and news outlets use to keep people reliably informed.

    The change will end Twitter’s current verification system, which was launched in 2009 to prevent impersonations of high-profile accounts such as celebrities and politicians. Twitter now has about 423,000 verified accounts, many of them rank-and-file journalists from around the globe that the company verified regardless of how many followers they had.

    Experts have raised grave concerns about upending the platform’s verification system that, while not perfect, has helped Twitter’s 238 million daily users determine whether accounts they get information from are authentic. Current verified accounts include celebrities, athletes and influencers, along with government agencies and politicians worldwide, journalists and news outlets, activists, businesses and brands, and Musk himself.

    “He knows the blue check has value, and he’s trying to exploit it quickly,” said Jennifer Grygiel, a social media expert and associate professor of communications at Syracuse University. “He needs to earn the trust of the people before he can sell them anything. Why would you buy a car from a salesman that you know has essentially proved to be chaotic?”

    The update Twitter made to the iOS version of its app does not mention verification as part of the new blue check system. So far, the update is not available on Android devices.

    Musk, who had earlier said he wants to “verify all humans” on Twitter, has floated that public figures would be identified in ways other than the blue check. Currently, for instance, government officials are identified with text under names stating they are posting from an official government account.

    President Joe Biden’s @POTUS account, for example, says in gray letters it belongs to a “United States government official.”

    Seven-time Formula One champion Lewis Hamilton, who has 7.8 million Twitter followers, told the AP, “I could actually just delete my Twitter account, I never use it. I find it really healthy to delete social media from my phone for periods of time.”

    “But it’s also a really powerful tool to connect with people, so I appreciate that and I try to use it as that and not as something that’s veering me off course of the journey that I’m on in life,” he said.

    The announcement comes a day after Twitter began laying off workers to cut costs and as more companies are pausing advertising on the platform as a cautious corporate world waits to see how the platform will operate under its new owner.

    About half of the company’s staff of 7,500 was let go, tweeted Yoel Roth, Twitter’s head of safety and integrity.

    He said the company’s front-line content moderation staff was the group the least affected by the job cuts and that “efforts on election integrity — including harmful misinformation that can suppress the vote and combatting state-backed information operations — remain a top priority.”

    Twitter co-founder and former CEO Jack Dorsey took blame for the job losses.

    “I own the responsibility for why everyone is in this situation: I grew the company size too quickly,” he tweeted Saturday. “I apologize for that.”

    Musk tweeted late Friday that there was no choice but to cut jobs “when the company is losing over $4M/day.” He did not provide details on the daily losses at Twitter and said employees who lost their jobs were offered three months’ pay as severance.

    He also said Twitter has already seen “a massive drop in revenue” as advertisers face pressure from activists to get off the platform, which heavily relies on advertising to make money.

    United Airlines on Saturday became the latest major brand to pause advertising on Twitter, joining companies including General Motors, REI, General Mills and Audi.

    Musk tried to reassure advertisers last week, saying Twitter would not become a “free-for-all hellscape” because of what he calls his commitment to free speech.

    But concerns remain about whether a lighter touch on content moderation at Twitter will result in users sending out more offensive tweets. That could hurt companies’ brands if their advertisements appear next to them.

    U.N. High Commissioner for Human Rights Volker Türk on Saturday urged Musk to “ensure human rights are central to the management of Twitter.” In an open letter, Türk said reports that the company’s whole human rights team and much of the ethical AI team were laid off was not “an encouraging start.”

    “Like all companies, Twitter needs to understand the harms associated with its platform and take steps to address them,” Türk said. “Respect for our shared human rights should set the guardrails for the platform’s use and evolution.”

    Meanwhile, Twitter cannot simply cut costs to grow profits, and Musk needs to find ways to raise more revenue, said Dan Ives, an analyst with Wedbush. But that may be easier said than done with the new subscription program for blue checks.

    “Users have gotten this for free,” Ives said. “There may be massive pushback.”

    He expects 20% to 25% of Twitter’s verified users to sign up initially. The stakes are high for Musk and Twitter to get this right early and for signups to work smoothly, he added.

    “You don’t have a second chance to make a first impression,” Ives said. “It’s been a train-wreck first week for Musk owning the Twitter platform. Now you’ve cut 50% (of the workforce). There are questions about just the stability of the platform, and advertisers are watching this with a keen eye.”

    ———

    AP Business Writer Stan Choe in New York and Associated Press Writer Jenna Fryer in Charlotte, N.C., contributed to this story.

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  • Twitter founder Jack Dorsey to remain invested in the company under Elon Musk | CNN Business

    Twitter founder Jack Dorsey to remain invested in the company under Elon Musk | CNN Business

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    New York
    CNN Business
     — 

    Twitter co-founder and former CEO Jack Dorsey stepped down from the company’s board earlier this year, but he’s staying involved with the social platform following its takeover by Elon Musk.

    Dorsey rolled over his more than 18 million shares in Twitter (a roughly 2.4% stake) into the new Musk-owned company as an equity investor, rather than receiving a cash payout, according to a Thursday securities filing.

    The transfer means that Dorsey effectively contributed just under $1 billion to Musk’s $44 billion Twitter purchase. It also makes him one of the largest investors in the new company, behind Saudi Prince Alwaleed bin Talal and Qatar’s Investment Authority.

    The decision by Dorsey makes him one of the few stakeholders in Musk’s Twitter with ties to prior leadership. Almost immediately after taking over the company, Musk dissolved Twitter’s board of directors. Much of the company’s C-suite has also either been fired or resigned in recent days.

    Dorsey and Musk have long had a billionaire bromance. In 2020, Dorsey called Musk at an employee conference and asked his advice about improving Twitter. Later that year, Musk defended Dorsey when he was facing pressure from an activist investor, saying on Twitter, “I support @Jack as Twitter CEO. He has a good ❤️.”

    After the Telsa CEO initially agreed to buy Twitter in April, Dorsey tweeted that he doesn’t “believe anyone should own or run Twitter,” explaining that he believes it should be a public good. “Solving for the problem of it being a company, however, Elon is the singular solution I trust,” he added.

    Dorsey stepped down as Twitter CEO last November and left its board of directors in May. He has publicly criticized the company’s former board, and has also privately questioned the company’s future.

    In text messages with Musk in March, after the world’s richest man had built up a large stake in Twitter but before announcing it publicly, Dorsey said, “a new platform is needed. It can’t be a company. This is why I left.” Musk responded by asking what the platform should look like. Dorsey explained his view that it should be “an open source protocol” and not rely on “an advertising model,” as Twitter currently does.

    Dorsey added that Twitter “should never have been a company,” saying, “that was the original sin,” according to the text messages, which were revealed last month in court filings.

    “I think it’s worth both trying to move Twitter in a better direction and doing something new that’s decentralized,” Musk told Dorsey.

    Dorsey earlier this month launched a beta test of a new, decentralized social media app called Bluesky that could eventually compete with Twitter. As of Oct. 20, the app had a wait list of more than 30,000 people, it said on Twitter.

    In April, after Musk agreed to buy the company, Dorsey pledged his support for the takeover. “I appreciate you. This is the right and only path. I’ll continue to do whatever it takes to make it work,” the Twitter founder told Musk.

    Dorsey has not publicly commented on Musk’s takeover since the deal closed last week.

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  • Twitter users can soon get blue check for $7.99 monthly fee

    Twitter users can soon get blue check for $7.99 monthly fee

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    SAN FRANCISCO — Twitter has announced a subscription service for $7.99 a month that includes a blue check now given only to verified accounts as new owner Elon Musk works to overhaul the platform’s verification system just ahead of U.S. midterm elections.

    In an update to Apple iOS devices available in the U.S., Canada, Australia, New Zealand and the U.K., Twitter said users who “sign up now” for the new “Twitter Blue with verification” can receive the blue check next to their names “just like the celebrities, companies and politicians you already follow.”

    But Twitter employee Esther Crawford tweeted Saturday that the “new Blue isn’t live yet — the sprint to our launch continues but some folks may see us making updates because we are testing and pushing changes in real-time.” Verified accounts did not appear to be losing their checks so far.

    It was not immediately clear when the subscription would go live, and Crawford did not immediately respond to a message to clarify the timing. Twitter also did not immediately respond to a message for comment.

    Anyone being able to get the blue check could lead to confusion and the rise of disinformation ahead of Tuesday’s elections, but Musk tweeted Saturday in response to a question about the risk of impostors impersonating verified profiles — such as politicians and election officials — that “Twitter will suspend the account attempting impersonation and keep the money!”

    “So if scammers want to do this a million times, that’s just a whole bunch of free money,” he said.

    But many fear widespread layoffs that began Friday could gut the guardrails of content moderation and verification on the social platform that public agencies, election boards, police departments and news outlets use to keep people reliably informed.

    The change will end Twitter’s current verification system, which was launched in 2009 to prevent impersonations of high-profile accounts such as celebrities and politicians. Twitter now has about 423,000 verified accounts, many of them rank-and-file journalists from around the globe that the company verified regardless of how many followers they had.

    Experts have raised grave concerns about upending the platform’s verification system that, while not perfect, has helped Twitter’s 238 million daily users determine whether accounts they get information from are authentic. Current verified accounts include celebrities, athletes and influencers, along with government agencies and politicians worldwide, journalists and news outlets, activists, businesses and brands, and Musk himself.

    “He knows the blue check has value, and he’s trying to exploit it quickly,” said Jennifer Grygiel, an associate professor of communications at Syracuse University and an expert on social media. “He needs to earn the trust of the people before he can sell them anything. Why would you buy a car from a salesman that you know has essentially proved to be chaotic?”

    The update Twitter made to the iOS version of its app does not mention verification as part of the new blue check system. So far, the update is not available on Android devices.

    Musk, who had earlier said that he wants to “verify all humans” on Twitter, has floated that public figures would be identified in ways other than the blue check. Currently, for instance, government officials are identified with text under names stating that they are posting from an official government account.

    President Joe Biden’s @POTUS account, for example, says in gray letters it belongs to a “United States government official.”

    The announcement comes a day after Twitter began laying off workers to cut costs and as more companies are pausing advertising on the platform as a cautious corporate world waits to see how it will operate under its new owner.

    About half of the company’s staff of 7,500 was let go, tweeted Yoel Roth, Twitter’s head of safety and integrity.

    He said the company’s front-line content moderation staff was the group the least affected by the job cuts and that “efforts on election integrity — including harmful misinformation that can suppress the vote and combatting state-backed information operations — remain a top priority.”

    Twitter co-founder and former CEO Jack Dorsey took blame for the job losses.

    “I own the responsibility for why everyone is in this situation: I grew the company size too quickly,” he tweeted Saturday. “I apologize for that.”

    Musk tweeted late Friday that there was no choice but to cut jobs “when the company is losing over $4M/day.” He did not provide details on the daily losses at Twitter and said employees who lost their jobs were offered three months’ pay as severance.

    He also said Twitter has already seen “a massive drop in revenue” as advertisers face pressure from activists to get off the platform, which heavily relies on advertising to make money.

    United Airlines on Saturday became the latest major brand to pause advertising on Twitter, joining companies including General Motors, REI, General Mills and Audi.

    Musk tried to reassure advertisers last week, saying Twitter would not become a “free-for-all hellscape” because of what he calls his commitment to free speech.

    But concerns remain about whether a lighter touch on content moderation at Twitter will result in users sending out more offensive tweets. That could hurt companies’ brands if their advertisements appear next to them.

    U.N. High Commissioner for Human Rights Volker Türk on Saturday urged Musk to “ensure human rights are central to the management of Twitter.” In an open letter, Türk said reports that the company’s whole human rights team and much of the ethical AI team were laid off was not “an encouraging start.”

    “Like all companies, Twitter needs to understand the harms associated with its platform and take steps to address them,” Türk said. “Respect for our shared human rights should set the guardrails for the platform’s use and evolution.”

    Meanwhile, Twitter can not simply cut costs to grow profits, and Musk needs to find ways to raise more revenue, said Dan Ives, an analyst with Wedbush. But that may be easier said than done with the new subscription program for blue checks.

    “Users have gotten this for free,” Ives said. “There may be massive pushback.”

    He expects 20% to 25% of Twitter’s verified users to sign up initially. The stakes are high for Musk and Twitter to get this right early and for signups to work smoothly, he added.

    “You don’t have a second chance to make a first impression,” Ives said. “It’s been a train-wreck first week for Musk owning the Twitter platform. Now you’ve cut 50% (of the workforce). There are questions about just the stability of the platform, and advertisers are watching this with a keen eye.”

    ———

    AP Business Writer Stan Choe contributed from New York.

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  • Jack Dorsey apologizes to Twitter employees after thousands laid off:

    Jack Dorsey apologizes to Twitter employees after thousands laid off:

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    The founder and former CEO of Twitter apologized on Saturday to the social media company’s employees a day after thousands were laid off. In a series of tweets, Jack Dorsey wrote that he “grew the company size too quickly.”

    “Folks at Twitter past and present are strong and resilient,” he wrote. “They will always find a way no matter how difficult the moment. I realize many are angry with me. I own the responsibility for why everyone is in this situation: I grew the company size too quickly. I apologize for that.”

    “I am grateful for, and love, everyone who has ever worked on Twitter,” he added. “I don’t expect that to be mutual in this moment…or ever…and I understand.”

    Since Elon Musk purchased the company for $44 billion a week ago, his team has made a series of changes. On Friday, the company wrote an email to its employees, saying job reductions were “necessary to ensure the company’s success moving forward.” According to reports from Reuters and other media outlets, Musk was looking to lay off as much as half of Twitter’s roughly 7,500 employees as he seeks to make the social media platform profitable. 

    Several of Twitter’s top executives, including CEO Parag Agrawal, were also fired after Musk took control.

    Musk is considering adding a fee for accounts with the blue verification badge. The new strategy, he said, would give Twitter a revenue stream to reward content creators. Opponents of the approach say it will make it easier for users to spread disinformation or to impersonate someone else on Twitter. Congresswoman Alexandria Ocasio-Cortez mocked the idea of Musk charging user fees.

    Many worry that overhauling Twitter will lead to an explosion of hate speech and spam on the platform. Under Musk’s ownership, Twitter has seen a significant spike in hate speech, according to a new study. Researchers from Montclair State University found that the 12 hours immediately following Musk’s ascension to ownership saw a much more “hostile” environment on Twitter. 

    “These issues aren’t new, and the people targeted by hateful conduct aren’t numbers or data points. We’re going to continue investing in policy and technology to make things better,” Yoel Roth, Twitter’s head of safety and security, tweeted on Monday.

    Musk has not explicitly said what will be tolerated on the platform since the surge began, although he retweeted Roth’s statements about the surge. Last week, Musk said that Twitter will form a “content moderation council with widely diverse viewpoints” and that no major content decisions would be made before that council can convene. 

    “Twitter will not allow anyone who was de-platformed for violating Twitter rules back on platform until we have a clear process for doing so, which will take at least a few more weeks,” Musk said Tuesday night. “Twitter’s content moderation council will include representatives with widely divergent views, which will certainly include the civil rights community and groups who face hate-fueled violence.”

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  • Jack Dorsey apologies for massive layoffs at Twitter, takes responsibility

    Jack Dorsey apologies for massive layoffs at Twitter, takes responsibility

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    Twitter co-founder Jack Dorsey on Saturday took responsibility for mass layoffs at the company under Elon Musk.

    Dorsey, in a tweet, apologised and said, “Folks at Twitter past and present are strong and resilient. They will always find a way no matter how difficult the moment. I realize many are angry with me. I own the responsibility for why everyone is in this situation: I grew the company size too quickly. I apologize for that.”

    He further added, “I am grateful for, and love, everyone who has ever worked on Twitter. I don’t expect that to be mutual in this moment…or ever…and I understand.”

    This update comes a day after massive layoffs were reported at Twitter offices from around the world.

    At Twitter India, over 50 per cent of the staff was laid off without prior intimation. Meanwhile, in the US, several employees received a mail saying, “If on way to office, please return home.”

    Musk confirmed the layoffs in a tweet, “Regarding Twitter’s reduction in force, unfortunately, there is no choice when the company is losing over $4M/day.”

    Musk assured that all who have exited the company have been offered 3 months of severance.

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  • Bracing For A Recession, Twitter Cutting Costs And Moving To Subscription Based Model

    Bracing For A Recession, Twitter Cutting Costs And Moving To Subscription Based Model

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    Elon Musk isn’t losing time revamping Twitter. One of Musk’s first moves at the company was the firing of four key executives, as well as the entire board of directors, with plans reportedly in the works to lay off thousands of employees.

    Although the company had already planned a major staff reduction, Edward Chen, a data scientist formerly in charge of Twitter’s
    TWTR
    spam and health metrics and currently CEO of Surge AI (a content moderation start-up), told the Washington Post the proposal cited in the media to cut roughly 75% of employees was unimaginable. He said it would put users at risk of hacks and exposure to child pornography and other offensive content.

    Still, with a recession looming, tough decisions must be made and Musk is moving quickly to make sure the social media company isn’t reliant as much on advertising revenue, which tends to tank during an economic downturn. At the same time, he is dramatically cutting costs to try and get Twitter’s margins moving rapidly upwards.

    Despite being a private company, the billionaire did convince Twitter co-founder Jack Dorsey to roll his nearly $1 billion 2.4% stake in the public Twitter into the new private Twitter, and Saudi Prince Alwaleed confirmed that he also rolled his $1.9 billion position into the company, making him the second largest shareholder. Alwaleed and Kingdom Holding now own approximately 4% of Twitter.

    In addition, Musk convinced a number of high-profile investors to put billions in the company, so he is under pressure to make changes quickly.

    One proposed change which didn’t go over very well with users was a planned implementation of a $20/month charge so that high-profile users can keep their blue check mark showing that they are a verified account. In essence, it’s a way to avoid fake news because consumers and the media can quickly find out if the comments are from the actual person.

    Musk defended the $20/month charge but later back-tracked to an $8/month charge after a backlash from some users, although he did note that the cost would vary by country. A survey sent out by Jason Calacanis, a longtime start-up investor who encouraged Musk to buy Twitter, asked how much they would pay to have the blue check mark. Of the 1.9 million who responded, more than 80% said they wouldn’t pay anything. The second most popular was $5/month, which got 10% of the votes.

    Many people will have an adverse reaction, even those who can well afford it like author Stephen King who tweeted last October, “$20 a month to keep my blue check? Fuck that, they should pay me. If that gets instituted, I’m gone like Enron.”

    “We need to pay the bills somehow! Twitter cannot entirely rely on advertisers. How about $8?” responded Musk. The Information’s Jessica Lessin responded with an article saying, “I’m far more interested in leaving that emotion aside and focusing on the business rationale of charging Twitter users $8 a month to be “verified” and for other features, like seeing fewer ads. Many commentators have pointed out that this subscription tier isn’t likely to net Twitter much money. There are 423,700 users verified currently. If they all paid, that would be $41 million in new revenue.”

    However, Musk seems to be targeting a more broad adoption of the monthly fee, tweeting “Twitter’s current lords & peasants system for who has or doesn’t have a blue checkmark is bullshit.”

    FiveThirtyEight political writer Nate Silver had a similar reaction to Stephen King. “I’m probably the perfect target for this, use Twitter a ton, can afford $20/mo, not particularly anti-Elon, but my reaction is that I’ve generated a ton of valuable free content for Twitter over the years and they can go fuck themselves,” he wrote on Twitter.

    Musk is also planning to convert the $4.99 premium service called Twitter Blue, which has a function allowing you to edit your tweets 30 minutes after posting them as well as test new features before they are rolled out, into a required subscription for those who want to keep their verified status. He reportedly told employees to get the program in place by November 7 or they are fired. The price point on the revamped service is set to rise from $4.99/month to $7.99/month.

    Another issue Musk is facing is getting advertisers on board. Both Havas Media and Interpublic Group
    IPG
    have told their clients they should temporarily stop advertising on Twitter due to concerns over the company’s ability to monitor its content.

    Also weighing heavily on Musk’s mind must be data which was exclusively reported by Reuters that heavy tweeters—which account for less than 10% of users but 90% of all tweets and half of global revenue—have been in “absolute decline since the pandemic.” This came from an internal document entitled “Where did the Tweeters Go?” which was obtained by Reuters.

    Heavy tweeters are defined as those who login six or seven days a week and tweet about three to four times a week. Unfortunately, news, sports and entertainment, all attractive to advertisers, are in decline amongst English-speaking heavy tweeters while cryptocurrency and “Not Safe For Work,” NFSW (which includes nudity and pornography), are rising rapidly for this group. Adult content comprises 13% of content on twitter and is not popular with most advertisers.

    This is certainly a challenge short-term as Musk has said that anyone previously removed from the service for violating its rules won’t be allowed back onto the platform until the company has a clear process in place, which will be at least a few weeks.

    He said, “Twitter’s content moderation council will include representatives with widely divergent views, which will certainly include the civil rights community and groups who face hate-fueled violence.”

    This may be leaving ad agencies and advertisers scratching their heads as to what the product will look like and which advertisers it will be attractive to. Elon Musk is very quick to change course so it may be wise for advertisers to sit on the sidelines to wait and see how the social media platform evolves.

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    Derek Baine, Contributor

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  • Twitter Founder Jack Dorsey Launching Test Of Rival Social Network

    Twitter Founder Jack Dorsey Launching Test Of Rival Social Network

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    The app, Bluesky, is gearing up for a test run just after Musk plunked down $44 billion to buy Twitter. It already has a waiting list of users waiting to try out the app’s beta version.

    It’s not yet clear what Blueksky will eventually look like or how it will function, but it has been noted as a rival to Twitter.

    Bluesky’s “AT Protocol” is being touted as the critical element of a revolutionary “federated social network” that integrates ideas from the latest “decentralized technologies into a simple, fast, and open network,” according to a company blog. Users will presumably be able to move between several social media platforms using a single browser — Bluesky.

    As for being a potential Twitter competitor, Dorsey tweeted earlier this month that it’s a rival to “any company trying to own the underlying fundamentals for social media or the data of the people using it.”

    (But some critics believe Bluesky could be part of a stealth collaboration between Dorsey and Musk.)

    Twitter customers could be in the market for a new place to land even as Musk has tried to calm concerns about what Twitter might become under his helmsmanship. He told potential advertisers in a message earlier this week that Twitter will not become a completely uncensored “free-for-all hellscape,” as he has indicated in the past. But his latest actions hint that might be exactly what he’s creating.

    Musk quickly repeated that he doesn’t support lifetime Twitter bans, no matter how appalling users’ messages and attacks.

    And Kanye West, now legally known as Ye, is already back on Twitter after he was bounced for appalling antisemitic screeds. But Musk claims he played no role in the rapper’s return and that his account was restored before he finalized the Twitter purchase.

    Several high-profile celebrity users have already announced they’re quitting Twitter now that Musk is in charge.

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  • Twitter is now owned by Elon Musk — here’s a brief history from the app’s founding in 2006 to the present

    Twitter is now owned by Elon Musk — here’s a brief history from the app’s founding in 2006 to the present

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    In this photo illustration, former U.S. President Donald Trump’s archived Twitter account is shown on a phone screen with the Twitter logo in the background.

    Sheldon Cooper | Lightrocket | Getty Images

    A decade ago, Twitter’s future was looking bright. The company was benefiting from a flood of funding into the social-networking space, eventually leading to an IPO in 2013 that raised $1.8 billion.

    Now the company is back in private hands. And they happen to be the hands of Elon Musk, the richest person in the world and one of the app’s most high-profile provocateurs.

    It’s a massive moment. Twitter has become a key place for people to debate, joke and pontificate in their own circles of politics, sports, tech and finance. It’s also served as a platform that gives voice to the voiceless, helping protesters organize and express themselves in repressed regimes around the world.

    In recent years, however, Twitter and social media rivals like Facebook have been at the center of controversy over the distribution of fake news and misinformation, sometimes leading to bullying and violence.

    Investors had grown concerned about Twitter as a business. The company was generally unprofitable, struggled to keep pace with Google and Facebook, and often killed popular products with no real explanation.

    What follows is a brief history of Twitter, which — despite its many flaws — is one of the most iconic companies to come out of Silicon Valley in the past 20 years.

    2006

    In March, Jack Dorsey, Noah Glass, Biz Stone, and Evan Williams created Twitter, which was originally a side project stemming from the podcasting tool Odeo. That month, Dorsey would send the first Tweet that read, “just setting up my twttr.”

    2007

    In July, Twitter received a $100,000 Series A funding round led by Union Square Ventures. The app’s popularity started to explode after being heavily promoted by the tech community during the annual South by Southwest conference.

    2008

    Dorsey stepped down as CEO in October, and was replaced by Williams. According to the book “Hatching Twitter” by journalist Nick Bilton, Twitter’s board fired Dorsey over concerns about the executive’s management style and public boastings.

    2009

    Twitter’s popularity continued to soar, leading to a high-profile appearance from Williams on Oprah Winfrey’s talk show alongside celebrity Ashton Kutcher. Kutcher would also write about Williams and Stone as part of Time Magazine’s Time 100 issue. Twitter was now a mainstream phenomenon.

    2010

    Twitter reached space, with NASA Astronaut Timothy Creamer sending the first tweet live from outer orbit. Behind the scenes, however, management woes continued with Williams stepping down as CEO, replaced by operating chief Dick Costolo.

    2011

    Twitter became an essential social media tool used during the Arab Spring, the wave of antigovernmental protests throughout Egypt, Libya and Tunisia. Protesters used the site to post reports and to organize. As the Pew Research Center noted, Twitter’s role in “disseminating breaking news” was not “not limited to the Arab uprisings – the death of Whitney Houston, for example, was announced on Twitter 55 minutes prior to the AP confirming the story.”

    2012

    Twitter’s reach expanded to 200 million active users. Barack Obama used the “platform to first declare victory publicly in the 2012 U.S. presidential election, with a Tweet that was viewed approximately 25 million times on our platform and widely distributed offline in print and broadcast media,” according to corporate filings.

    2013

    Twitter went public in November. The combined wealth of Williams, Dorsey, and Costolo hit roughly $4 billion.

    “I think we’ve got a tremendous set of thoughts and strategies to increase the slope of the growth curve,” Costolo told CNBC at the time. “I would consider some of them tactics, some of them broader strategies, in service of doing what I referred to as bridge the gap between the massive awareness of Twitter and deep engagement of the platform.”

    2014

    Slowing user growth led to several stock drops and analyst downgrades. Twitter also deemed 2014 the year of the “selfie.”

    2015

    Compared to rivals like Google, Facebook, and even LinkedIn, Twitter was starting to look like the runt of the Internet litter. Twitter was still unprofitable as its ad business struggled mightily against its larger competitors. Dorsey would also return as CEO of the company, while still maintaining the top job at his other company, Square (now Block).

    2016

    Rumors began circulating that Twitter was looking to be acquired, with Salesforce as a potential suitor. Meanwhile, Twitter and Facebook were criticized for their role in letting prominent users like Donald Trump, who would win the U.S. presidential election that year, spread misleading information without consequence.

    “Having the president-elect on our service using it as a direct line of communication allows everyone to see what is on his mind in the moment,” Dorsey said at the time. “We’re definitely entering a new world where everything is on the surface and we can all see that in real time and we can have conversations about it.”

    2017

    For a moment, Twitter appeared to be on the upswing. Its stock was finally trending upward as the company’s finances were improving. Meanwhile, Trump as president continued to use Twitter as his megaphone. According to Twitter’s own data, “Trump was the most-tweeted-about global leader in the world and in the United States” that year, CNBC reported.

    2018

    Dorsey and Facebook’s then-operating chief Sheryl Sandberg testified before the Senate Intelligence Committee about alleged interference by Russia-linked actors in the 2016 election. Trump and fellow Republicans became increasingly vocal about alleged political bias by Twitter and other social media sites.

    “In fact, from a simple business perspective and to serve the public conversation, Twitter is incentivized to keep all voices on the platform,” Dorsey said at the time.

    2019

    Analysts found correlations between President Trump’s voracious use of Twitter and various markets, including gold, underscoring the cultural power of Twitter. Trump met with Dorsey — a Twitter spokesperson said “Jack had a constructive meeting with the President of the United States today at the president’s invitation.”

    “They discussed Twitter’s commitment to protecting the health of the public conversation ahead of the 2020 U.S. elections and efforts underway to respond to the opioid crisis,” the spokesperson said.

    2020

    As Covid-19 spread across the globe, the spread of misinformation dominated the online conversation. And Twitter continued to struggle to grow its business. The service was also hacked that year, and miscreants gained access to over a dozen high-profile accounts, including those controlled by Joe Biden, Jeff Bezos, and Musk

    2021

    Twitter permanently banned Trump over inflammatory comments the president made during the U.S. Capitol riots in January that the company said could lead to “further incitement of violence.” Trump would allege that Twitter workers “coordinated with the Democrats and the Radical Left in removing my account from their platform, to silence me.” Later, Dorsey suddenly stepped down as CEO and was replaced by Parag Agrawal, the company’s chief technology officer.

    2022

    Musk took over Twitter after a protracted legal spat that would have culminated this week in a trial in Delaware’s Court of Chancery. The Tesla CEO agreed in April to pay $44 billion for Twitter, but then attempted to renege on the deal. He changed course and opted to proceed, walking into the company’s San Francisco office on Wednesday with what appeared to be a porcelain bathroom sink in his hands.

    “Entering Twitter HQ – let that sink in!” he tweeted, with a video of his entrance.

    Musk immediately began making changes, firing Agrawal, finance head Ned Segal, and head of legal policy Vijaya Gadde.

    WATCH: Billionaire Elon Musk steps into Twitter HQ, sink in hand

    Billionaire Elon Musk steps into Twitter HQ, sink in hand

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  • Timeline of billionaire Elon Musk’s bid to control Twitter

    Timeline of billionaire Elon Musk’s bid to control Twitter

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    On Oct. 4, Elon Musk reversed himself and offered to honor his original proposal to buy Twitter for $44 billion — a deal he had spent the previous several months trying to wriggle out of. He made the latest offer just two weeks before a Twitter lawsuit aimed at forcing Musk to go through with the deal was scheduled to go to trial in Delaware Chancery Court. After receiving Musk’s offer, Twitter said it intends to close the transaction.

    The two parties now have to close the deal Friday. If they don’t, the Delaware Chancery Court judge overseeing the case plans to reschedule the trial in November.

    If the case has your head spinning, here’s a quick guide to the major events in the saga featuring the billionaire Tesla CEO and the social platform.

    January 31: Musk starts buying shares of Twitter in near-daily installments, amassing a 5% stake in the company by mid-March.

    March 26: Musk, who has tens of millions of Twitter followers and is active on the site, says he is giving “serious thought” to building an alternative to Twitter, questioning the platform’s commitment to “free speech” and whether Twitter is undermining democracy. He also privately reaches out to Twitter board members including his friend and Twitter co-founder Jack Dorsey.

    March 27: After privately informing Twitter of his growing stake in the company, Musk starts conversations with its CEO and board members about potentially joining the board. Musk also mentions taking Twitter private or starting a competitor, according to later regulatory filings.

    April 4: A regulatory filing reveals that Musk has rapidly become the largest shareholder of Twitter after acquiring a 9% stake, or 73.5 million shares, worth about $3 billion.

    April 5: Musk is offered a seat on Twitter’s board on the condition he amass no more than 14.9% of the company’s stock. CEO Parag Agrawal said in a tweet that “it became clear to us that he would bring great value to our Board.”

    April 9: After exchanging pleasantries and bonding by text message over their love of engineering, a short-lived relationship between Agrawal and Musk sours after Musk publicly tweets “Is Twitter dying?” and gets a message from Agrawal calling the criticism unhelpful. Musk tersely responds: “This is a waste of time. Will make an offer to take Twitter private.”

    April 11: Twitter CEO Parag Agrawal announces Musk will not be joining the board after all.

    April 14: Twitter reveals in a securities filing that Musk has offered to buy the company outright for about $44 billion.

    April 15: Twitter’s board unanimously adopts a “poison pill” defense in response to Musk’s proposed offer, attempting to thwart a hostile takeover.

    April 21: Musk lines up $46.5 billion in financing to buy Twitter. Twitter board is under pressure to negotiate.

    April 25: Musk reaches a deal to buy Twitter for $44 billion and take the company private. The outspoken billionaire has said he wanted to own and privatize Twitter because he thinks it’s not living up to its potential as a platform for free speech.

    April 29: Musk sells roughly $8.5 billion worth of shares in Tesla to help fund the purchase of Twitter, according to regulatory filings.

    May 5: Musk strengthens his offer to buy Twitter with commitments of more than $7 billion from a diverse group of investors including Silicon Valley heavy hitters like Oracle co-founder Larry Ellison.

    May 10: In a hint at how he would change Twitter, Musk says he’d reverse Twitter’s ban of former President Donald Trump following the Jan. 6, 2021 insurrection at the U.S. Capitol, calling the ban a “morally bad decision” and “foolish in the extreme.”

    May 13: Musk declares his plan to buy Twitter “temporarily on hold.” Musk says he needs to pinpoint the number of spam and fake accounts on the social media platform. Shares of Twitter tumble, while those of Tesla rebound sharply.

    June 6: Musk threatens to end his $44 billion agreement to buy Twitter, accusing the company of refusing to give him information he requested about its spam bot accounts.

    July 8: Musk says he will abandon his offer to buy Twitter after the company failed to provide enough information about the number of fake accounts.

    July 12: Twitter sues Musk to force him to complete the deal. Musk soon countersues.

    July 19: A Delaware judge says the Musk-Twitter legal dispute will go to trial in October.

    August 23: A former head of security at Twitter alleges the company misled regulators about its poor cybersecurity defenses and its negligence in attempting to root out fake accounts that spread misinformation. Musk eventually cites the whistleblower as a new reason to scuttle his Twitter deal.

    October 5: Musk offers to go through with his original proposal to buy Twitter for $44 billion. Twitter says it intends to close the transaction after receiving Musk’s offer.

    October 6: Delaware judge delays Oct. 17 trial until November and gives both sides until Oct. 28 to reach agreement to close the deal.

    October 20: The Washington Post reports that Musk told prospective Twitter investors that he plans to lay off 75% of the company’s 7,500 employees.

    Wednesday, October 26: Musk posts a video of himself entering Twitter headquarters carrying a kitchen sink, indicating that the deal is set to go through.

    Thursday, October 27: In a message to advertisers, Musk says Twitter won’t become a “free-for-all hellscape.”

    Thursday, October 27: Musk ousts CEO Parag Agrawal along with other top executives and takes control of Twitter, according two people familiar with the deal.

    Thursday, October 27: Musk tweets “the bird is freed”

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