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Tag: jack dorsey

  • ‘He is trying to please people’: What made Elon Musk fire Twitter CEO Parag Agrawal

    ‘He is trying to please people’: What made Elon Musk fire Twitter CEO Parag Agrawal

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    The biggest and what is touted to be the messiest deal of our times, the Twitter-Musk deal, is in its final episode. The deal has reportedly been closed and the world’s richest man now owns Twitter. However, no official confirmation is out on it yet. 

    The reports of the deal closing also say that Twitter’s top brass, including its Indian-origin CEO Parag Agrawal, have been sacked by the incoming owner.

    Elon Musk and Parag Agrawal started off great, however, their relationship went south dramatically as the deal talks progressed.

    A series of texts that were disclosed at Delaware court revealed that the two were cordial and excited to start working with each other, bonding over ‘engineering’ and their liking for the microblogging site, the BBC reported.

    As the months went by and Musk started with his due diligence in Twitter’s spam/bot accounts and voiced them unabashedly on Twitter, the duo started falling apart. In fact it was a tweet from Musk that did not go well with Agrawal. 

    Musk on April 9 asked on his Twitter if the social media site was dying as “most of its top accounts rarely tweet.” 

    Before this tweet, Musk and Agrawal seemed to bond well. In fact, in March when it became clear that Musk intends to buy Twitter shares, Agrawal texted him saying that he would love to chat. Eventually, by March 31, the two met for a dinner in San Jose at an Airbnb near a farmyard. 

    Musk described the dinner as, “wins for the weirdest place I’ve had a meeting recently”. Agrawal too, thought it was “memorable.”

    On April 5, the decision to appoint Musk on board was made and announced.  Musk replied to Agrawal’s tweet saying how he was excited to work with Twitter and Agrawal, to make significant improvements. 

    Then came the April 9 tweet on the “most popular accounts” and if Twitter was “dying” that led to the downfall of this brimming bond between the two engineers.

    On April 11, Agrawal took Twitter to announce that Musk has decided not to join the board.

    Just three days after this, Twitter in an SEC filing, revealed Musk’s offer to buy the company for $44 billion. However, there were murmurs Twitter would resist the takeover.  

    In between, a mutual friend tried to come to the rescue. Jack Dorsey, former Twitter top boss, tried to patch up the relationship between Musk and Agrawal but didn’t succeed. 

    The next day, Jack Dorsey made another attempt to patch up the relationship between the two. He organised a call but it didn’t go well, the BBC reported. 

    Musk then texted Dorsey saying, “Parag is just moving far too slowly and trying to please people who will not be happy no matter what he does.”

    Dorsey replied: “At least it became clear that you can’t work together,” the BBC reported.

    Also read: CEO Parag Agrawal leaves Twitter office after getting fired, won’t return: Report

    Also read: ‘Good riddance’: Netizens celebrate Parag Agrawal’s ouster as Twitter CEO

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  • Elon Musk lugs sink into Twitter HQ as $44 billion deal deadline looms

    Elon Musk lugs sink into Twitter HQ as $44 billion deal deadline looms

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    Elon Musk posted a video Wednesday showing him strolling into Twitter headquarters ahead of a Friday deadline to close his $44 billion deal to buy the company.

    Musk also changed his Twitter profile t o refer to himself as “Chief Twit” and his location as Twitter’s San Francisco headquarters, a building that he once wondered should be closed and converted into a homeless shelter because so few employees were coming into the office under the company’s remote work policy. The video showed him carrying a sink through a lobby area.

    “Entering Twitter HQ – let that sink in!” he tweeted.

    The Delaware Chancery Court had given both sides until Friday close the deal or face a November trial that could end the same outcome, only with a judge forcing Musk to go forward with the original deal.

    Despite Musk’s splashy entry to headquarters, it wasn’t clear whether his purchase of Twitter had been finalized. Twitter confirmed that Musk’s video tweet was real but wouldn’t comment further. Alex Spiro, Musk’s lead lawyer, didn’t immediately return a request for comment.

    Robert Anderson, a law professor at Pepperdine University, said he fully expects the deal to close by Friday’s deadline but didn’t make much of Musk’s video.

    “I think he’s just visiting the headquarters, and I don’t see anything unusual about it, other than that he brought a sink,” Anderson said.

    Musk had been expected to visit Twitter this week and is expected to return again Friday if the deal is finalized, according to an internal memo cited in a report by Bloomberg News.

    Prelude to layoffs?

    The Washington Post reported last week that Musk told prospective investors that he plans to cut thre-quarters of Twitter’s 7,500 workers when he becomes owner of the company. The newspaper cited documents and unnamed sources familiar with the deliberation.


    Elon Musk reportedly plans to gut Twitter’s workforce

    03:02

    One of Musk’s biggest obstacles to closing the deal was keeping in place the financing pledged roughly six months ago.

    A group of banks, including Morgan Stanley and Bank of America, signed on earlier this year to loan $12.5 billion of the money Musk needed to buy Twitter and take it private. Solid contracts with Musk bound the banks to the financing, although changes in the economy and debt markets since April have likely made the terms less attractive. Musk even said his investment group would be buying Twitter for more than it’s worth.

    Less clear is what’s happening with the billions of dollars pledged to Musk by investors who would get ownership stakes in Twitter. Musk’s original slate of equity partners included an array of partners ranging from the billionaire’s tech world friends with like-minded ideas about Twitter’s future, such as Oracle co-founder Larry Ellison, to funds controlled by Middle Eastern royalty.

    The more equity investors kick in for the deal, the less Musk has to pay on his own. Most of his wealth is tied up in shares of Tesla, the electric car company that he runs. Since April, he has sold more than $15 billion worth of Tesla stock, presumably to pay his share. More sales could be coming.

    Musk is the world’s richest person, with a fortune estimated at $210 billion, according to the Bloomberg Billionaires Index.

    “Radically better”

    Musk, 51, has shared few concrete details about his plans for the social media platform. While he’s touted free speech and derided spam bots since agreeing to buy the company in April, what he actually wants to do about either remains a mystery.

    Although Musk’s tweets and statements have been cryptic, technology analysts have speculated that Musk wants to use Twitter to help re-create a version of China’s WeChat service, which allows users to do video chats, message, stream video, scan bar codes and make payments.

    He gave a little more detail during Tesla’s annual shareholder meeting in August, telling the crowd at a factory near Austin, Texas, that he uses Twitter frequently and knows the product well. “I think I’ve got a good sense of where to point the engineering team with Twitter to make it radically better,” he said.

    Musk’s flirtation with buying Twitter appeared to begin in late March. That’s when Twitter said he contacted members of its board — including co-founder Jack Dorsey — and told them he was buying up shares and was interested in either joining the board, taking Twitter private or starting a competitor.

    Then, on April 4, he revealed in a regulatory filing that he had become the company’s largest shareholder after acquiring a 9% stake worth about $3 billion.

    At first, Twitter offered Musk a seat on its board. But six days later, CEO Parag Agrawal tweeted that Musk would not be joining the board after all. His bid to buy the company quickly followed.

    Inside Twitter, Musk’s offer was met with confusion and falling morale, especially after Musk publicly criticized one of Twitter’s top lawyers involved in content-moderation decisions.

    In July, Musk abruptly reversed course, announcing that he was abandoning his bid to buy Twitter. His stated reason: Twitter hadn’t been straightforward about its problem with fake accounts he dubbed “spam bots.” Twitter sued Musk in Delaware Chancery Court to force the deal through. Two weeks before a 5-day trial was scheduled to begin, Musk changed his mind again, saying that he wanted to complete the deal after all.

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  • Twitter under Musk? Most of the plans are a mystery

    Twitter under Musk? Most of the plans are a mystery

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    SAN FRANCISCO — A super app called X? A bot-free free speech haven? These are some of Elon Musk’s mysterious plans for Twitter, now that he may be buying the company after all.

    After months of squabbling over the fate of their bombshell $44 billion deal, the billionaire and the bird app are essentially back to square one — if a bit worse for wear as trust and goodwill has seemed to erode on both sides.

    Musk, the CEO of Tesla Motors and SpaceX and Twitter’s most high-profile user since former President Donald Trump was booted from it, has shared few concrete details about his plans for the social media platform. While he’s touted free speech and derided spam bots since agreeing to buy the company in April, what he actually wants to do about either is shrouded in mystery.

    He could own one of the world’s most powerful communications platforms with 237 million daily users in a matter of weeks, though the deal is not final. The lack of clear plans for the platform are raising concern among Twitter’s constituencies, ranging from users in conflict regions where it offers an information lifeline to the company’s own employees.

    “Both users and advertisers are — understandably — anxious about whether the move will fundamentally change the culture of the platform,” said Brooke Erin Duffy, a professor at Cornell University who studies social media. “And so, Musk will need to decide whether he wants to quash their concerns by retaining core features (the content moderation system, for instance) and keeping the company public — or whether he will undertake a full-scale overhaul.”

    Muddling things further, on Tuesday Musk tweeted that “Buying Twitter is an accelerant to creating X, the everything app,” without further explanation.

    Although Musk’s tweets and statements have been cryptic, technology analysts have speculated that Musk wants to re-create a version of China’s WeChat app that can do video chats, messaging, streaming, scan bar codes and make payments.

    He gave a little more detail during Tesla’s annual shareholder meeting in August, telling the crowd at a factory near Austin, Texas, that he uses Twitter frequently and knows the product well. “I think I’ve got a good sense of where to point the engineering team with Twitter to make it radically better,” he said.

    Handling payments for goods could be a key part of the app. Musk said he has a “grander vision” for what X.com, an online bank he started early in his career that eventually became part of PayPal, could have been.

    “Obviously that could be started from scratch, but I think Twitter would help accelerate that by three-to-five years,” Musk said at the August meeting. “So it’s kind of something that I thought would be quite useful for a long time. I know what to do.”

    For now, Twitter has immediate and pressing problems Musk will need to deal with if he takes ownership of the company. Its social media rivals are struggling with declining stock prices and some, like Snap, even announced layoffs. Government regulation and attracting younger users away from TikTok are also challenges. And Musk’s vision of a free speech haven has social media and content moderation experts, as well as digital and human rights advocates, concerned.

    “When this all started in the spring, we had indicators and a strong sense of what Musk might do with the platform,” said Angelo Carusone of Media Matters, a watchdog group that opposes the takeover. “Because of the lawsuit, we know who he’s been talking to, what he’s been saying and the types of far-right ideological decision makers he wants to put in place. To put it bluntly, the worst fears have been confirmed.”

    Twitter employees, under former CEO Jack Dorsey and his predecessors, have spent years working to tame the platform once called the “free-speech wing of the free-speech party” where hate and harassment abound into something where all are welcome and safe. While it’s far from perfect, critics worry Musk’s ownership will mean turning back the clock on years of this work.

    “Musk made it clear that he would roll back Twitter’s community standards and safety guidelines, reinstate Donald Trump along with scores of other accounts suspended for violence and abuse, and open the floodgates of disinformation,” Carusone said.

    The company, for instance, was an early adopter of the “report abuse” button in 2013, after U.K. member of parliament Stella Creasy received a barrage of rape and death threats on the platform, echoing the experiences of other women over the years.

    In subsequent years, Twitter continued to craft rules and invest in staff and technology to detect violent threats, harassment and misinformation that violates its policies. After evidence emerged that Russia used their platforms to try to interfere with the 2016 U.S. presidential election, social media companies also stepped up their efforts against political misinformation.

    The big question now is how far Musk, who describes himself as a “free-speech absolutist,” wants to ratchet back these systems — and whether users and advertisers will stick around if he does.

    Aiming to tamp down such worries, Musk said in May he wants Twitter to be “as broadly inclusive as possible ” where ideally, most of America is on it and talking — a far cry from the far-right playground his critics are warning against.

    And while Musk has hinted he’d consider reinstating Trump’s account, it’s not clear the former president, who has since launched his own social media platform, would return.

    Then there’s the matter of Twitter’s employees, who’ve been living with uncertainty, high- (and low-) profile departures and a potential owner who’s publicly derided them on their own platform. Musk has also targeted Twitter’s work-from home policy, having once called for the company’s headquarters to be turned into a “homeless shelter” because, he said, so few employees actually worked there.

    As a hyper-frequent Twitter user with over 100 million followers, Musk does know how to use the platform. During an all-hands staff meeting Musk attended in June, he said his goal was to make it “so compelling that you can’t live without it.” If he’s able to realize this, it could finally put Twitter in the big leagues of social media, with TikTok and Meta’s Facebook and Instagram, where users are counted in the billions, not mere millions.

    Of course, Musk is also well known for predictions that are delayed or may not come true, such as colonizing Mars or deploying a fleet of autonomous robotaxis.

    “This is not a car manufacturer where, good enough, all you have to do is beat General Motors. Sorry, that isn’t really that hard,” said David Kirsch, a professor of strategy and entrepreneurship at the University of Maryland who’s studied Twitter bots’ effect on Tesla’s stock price. “You are dealing here with all of these other companies (that) also have very sophisticated AI programs, very sophisticated PhD programmers…everyone is trying to crack this nut.”

    Krisher reported from Detroit.

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  • Elon Musk’s texts show how his relationship with Twitter went sideways | CNN Business

    Elon Musk’s texts show how his relationship with Twitter went sideways | CNN Business

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    CNN
     — 

    Days before publicly announcing his investment in Twitter, Elon Musk texted with Jack Dorsey. The former Twitter CEO suggested he no longer believed in the company he founded, according to new court filings in the legal battle between Musk and Twitter.

    Musk had begun quietly building up a large stake in Twitter

    (TWTR)
    in January. In a text on March 26, Dorsey told Musk, “a new platform is needed. It can’t be a company. This is why I left.”

    Musk, an avid Twitter user who was often seen as friendly with Dorsey, 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.”

    Musk expressed interest in advancing the idea. In a later text that day, he said: “I think it’s worth both trying to move Twitter in a better direction and doing something new that’s decentralized.”

    The private exchanges between Dorsey and Musk are among the many text messages released in court filings this week, offering new insight into the Tesla CEO’s agreement to buy Twitter for $44 billion and his attempt later to back away from the deal. The messages also offer a unique window into Silicon Valley deal-making, as a rotating cast of billionaires and industry execs — from Larry Ellison and Marc Benioff to members of the Murdoch family — slide into Musk’s text messages to discuss Twitter and, in some cases, casually offer financial backing for the deal.

    In the days following his private chat with Dorsey, Musk met with Twitter’s board and leadership. On April 5, Musk agreed to join the company’s board, a move that Dorsey championed publicly and privately. In a text exchange with Musk later that day, Dorsey expressed confidence in Parag Agrawal, his successor as Twitter’s CEO. Agrawal also expressed excitement in private texts about Musk joining the board.

    But the relationship between Musk and the Twitter CEO appeared to sour quickly.

    On April 9, Musk tweeted a question: “Is Twitter dying?” Agrawal followed up that day with a text letting Musk know such comments would make the CEO’s life difficult.

    20220930-HP-Quotes-Twitter_2

    “You are free to tweet ‘is Twitter dying?’ or anything else about Twitter,” Agrawal said in the text to Musk, “but it’s my responsibility to tell you that it’s not helping me make Twitter better in the current context. Next time we speak, I’d like you to provide [your] perspective on the level of internal distraction right now and how [it’s] hurting our ability to do work … I’d like the company to get to a place where we are more resilient and don’t get distracted, but we aren’t there right now.”

    Musk responded tersely: “What did you get done this week?” In two follow-up texts, he rescinded his agreement to join the board, saying, “I’m not joining the board. This is a waste of time.” He added: “Will make an offer to take Twitter private.”

    In a separate exchange on the same day with Twitter’s board chair Bret Taylor, Musk said: “Fixing Twitter by chatting with Parag won’t work,” Musk said. He added in a follow up text: “Drastic action is needed.”

    20220930-HP-Quotes-Twitter_3

    Musk and Twitter announced an acquisition agreement on April 25. A little more than two months later, Musk said he wanted out of the deal, citing concerns about the number of bot and spam accounts on the platform. Twitter then sued Musk to compel him to follow through with the deal.

    The two sides are set to go to trial over the deal next month.

    After Musk’s initial investment in Twitter was made public, and with speculation mounting about a possible takeover deal, the billionaire began to receive input from some prominent outside voices.

    In a text on April 23, two days before the deal was announced, the controversial podcast host Joe Rogan said to Elon Musk: “I REALLY hope you get Twitter. If you do, we should throw one hell of a party.”

    Musk also messaged with bankers and potential investors such as his brother, Kimbal Musk, and Ellison, the billionaire founder of Oracle, in an effort to line up financing for the deal, as well as potential leaders for the new company if his acquisition bid succeeded. Musk and investor Jason Calacanis discussed the latter becoming a strategic advisor or board member. Someone identified in Musk’s texts as “BL Lee” suggested venture capitalist Bill Gurley as Twitter’s new CEO.

    In the days after the acquisition deal was announced, Musk discussed ideas for the platform with a host of characters, including LinkedIn co-founder Reid Hoffman, Microsoft CEO Satya Nadella and tech investor David Sacks. Sacks suggested that former Michigan congressman Justin Amash should be involved in Twitter’s content moderation efforts.

    Musk’s banker Michael Grimes suggested crypto billionaire wunderkind Sam Bankman-Fried as an investor who could also help advance Musk’s vision of a Twitter built on the blockchain, the technology underpinning cryptocurrencies.

    The new filing also includes a text from Musk to Grimes that was referenced in a hearing earlier this month by Twitter lawyers, who claim that Musk exited the deal not because of his worries about bots but because he was concerned about the stock market decline and geopolitical issues, neither of which would be legitimate reasons to terminate the agreement.

    In a May 8 message to Grimes, Musk said that the deal process should “slow down just a few days” ahead of a speech by Russian President Vladimir Putin the following day that many worried could escalate the war in Ukraine to other countries. “It won’t make sense to buy Twitter if we’re headed into WW3,” Musk said.

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  • Why Jack Dorsey’s First-Tweet NFT Plummeted 99% In Value In A Year

    Why Jack Dorsey’s First-Tweet NFT Plummeted 99% In Value In A Year

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    In December 2020, Jack Dorsey created a non-fungible token (NFT) out of his first-ever Twitter post. He turned a static image of a five-word tweet into a digital file stored on a blockchain, and voila, an NFT was born. A few months later, the image sold for a stunning $2.9 million. Yet in an auction this past week, no one bid more than $280 for it. And even current bids on OpenSea only amount to about $10,000, a 99% drop in value. What happened?

    Dorsey’s NFT initially garnered little interest, with some people bidding a few thousand dollars in December 2020—a time when NFTs still had few believers. But in March 2021, the market entered hype mode, with monthly sales on OpenSea jumping to nearly $150 million, up from just $8 million two months prior. Iranian crypto entrepreneur Sina Estavi got swept up in the frenzy, buying Dorsey’s NFT for $2.9 million. He tells Forbes he paid such a hefty sum due to the NFT’s uniqueness and association with such a valuable company as Twitter.

    While you could argue that Dorsey’s first-tweet NFT has historical significance, the $2.9 million price tag is nearly impossible to justify. The bubble price Estavi paid epitomizes the greater fool theory at work. “What is the utility of that NFT? Does Jack Dorsey take you out to dinner in Silicon Valley?” says Mitch Lacsamana, an NFT collector and head of marketing for an NFT trading group. “What is the real value proposition here? I think time has probably told us, and it’s probably nothing.”

    On April 5, Estavi put the NFT up for auction for 14,969 ether, or about $50 million. Embarrassingly, no one bid more than $280. Estavi says “no one knows” why the bids came in so low. It seems that few people took it seriously. “Bidders just realized what it was–a publicity stunt. A way to get exposure,” says Blake Moser, an NFT collector who has nearly 400 NFTs. “I do think Sina Estavi accomplished what he was looking for–exposure to his NFT.”

    Estavi has indeed gotten attention, but he seems severely out of touch with the rapidly changing NFT market. “The market isn’t ready to jump into literally anything that a celebrity or someone of high stature might release,” Lacsamana says. “I think last year was a really good time for that, but a lot of people have grown weary of cash-grab tactics.”

    While the failed auction shows that NFT hype has waned, the market is still very active, with trading volume hovering around $2 to $3 billion a month on OpenSea, up from $150 million a year ago. Prices for some NFT collections like the Bored Ape Yacht Club remain near all-time highs.

    Estavi’s NFT saga seems to be a case of an ill-advised $2.9 million purchase, buyer’s remorse and a new bid for attention. Estavi himself has a sketchy history. His startup, Oracle Bridge, says it will allow blockchain platforms to ingest data more easily, but today it seems to be little more than a white paper. Estavi also claims he was arrested last year in Iran and had to shut down the company for nine months while he was in prison. “They accused me of disrupting the economic system,” he says vaguely. Now he’s trying to start the company up again.

    Over the past day, bids for the Dorsey tweet NFT have risen to about $10,000. Estavi says he won’t sell for anything less than $50 million.

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    Jeff Kauflin, Forbes Staff

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  • Twitter’s former CEO has a new app that looks a lot like Twitter | CNN Business

    Twitter’s former CEO has a new app that looks a lot like Twitter | CNN Business

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    CNN
     — 

    The buzzy new social media app of the moment looks so much like Twitter it’s almost hard to distinguish the two. The profiles, timelines and colors are nearly identical. Even the creator is the same.

    But under the hood, Bluesky, developed by Twitter co-founder and former CEO Jack Dorsey, is vastly different.

    The app, which launched in a closed beta on iOS in February and on Android this month, runs on a decentralized network which provides users with more control over how the service is run, data is stored, and content is moderated.

    In recent days, it’s gained traction among journalists, politicians and celebrities, from Democratic Rep. Alexandria Ocasio-Cortez to model Chrissy Teigan and the 90s band Eve 6.

    Here’s what you should know:

    Bluesky calls itself “a new social network for microblogging.” With the app, users can post and follow short updates on a timeline, just as they would on Twitter, though with some differences. There are currently no hashtags – a central feature on Twitter – and no direct messages.

    Bluesky was formed independently of Twitter while Dorsey was serving as CEO but it was funded by the company until it became an independent organization in February 2022. In a tweet introducing the idea in 2019, Dorsey said it also plans to “build an open community around it, inclusive of companies & organizations, researchers, civil society leaders,” but warned “this isn’t going to happen overnight.”

    In a tweet last year, Dorsey said the “biggest issue and my biggest regret is that [Twitter] became a company.” He later clarified that if a service was a protocol it “can’t be owned by a state, or company.”

    If the idea of a decentralized social network sounds familiar, it’s likely because of Mastodon, another Twitter alternative that also gained attention late last year.

    Like Mastodon, Bluesky appeals to a number of Twitter users who are frustrated with the direction of the platform under owner Elon Musk. In the six months since Musk took over Twitter, he has made a number of controversial changes to its features and policies, including the removal of blue check marks from prominent users.

    Some of the same high-profile users now testing out Bluesky have also been openly critical of Musk’s moves at Twitter.

    According to data.ai, the company formerly known as App Annie, Bluesky has been downloaded more than 375,000 times from the Apple App Store and the waitlist continues to be flooded with signup requests. On the Google Play Store, Bluesky is described as having been downloaded more than 100,000 times. (By comparison, Twitter reported having more than 200 million monetizable daily active users last year before Musk completed his acquisition.)

    Bluesky did not immediately respond to a request for comment.

    It’s unclear if Bluesky has staying power or will lose steam as Mastodon did. But Mark Bartholomew, a professor at the University at Buffalo School of Law who writes about online privacy, said the early shift toward Bluesky is a positive one, as it gives social media users more choice over where they spend their time.

    “Competition might actually help users find the product features they want, like greater privacy protection, portability, and more significant content moderation,” he said. “Social media platforms have features that users dislike but they still feel like they must accept them to just be in the online space where everyone else is.”

    All it took, he said, was Musk taking stepsto sabotage his own platform.”

    For now, Bluesky is invite-only as it ramps up support for the implementation of its network. Existing users get one invite code to share with someone for every two weeks they’re on the app. Not surprisingly, the sense of exclusivity has only added to the excitement of joining Bluesky.

    As Eve 6 wrote on Twitter: “Bluesky invite codes are the new blue check.”

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  • Jack Dorsey no longer thinks Elon Musk is the right person to run Twitter | CNN Business

    Jack Dorsey no longer thinks Elon Musk is the right person to run Twitter | CNN Business

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    Washington
    CNN
     — 

    Former Twitter CEO Jack Dorsey backtracked Saturday on his earlier endorsement of Elon Musk as the right choice to lead the company, speaking out against the billionaire who, for the past six months, has led Twitter through a series of largely self-inflicted crises.

    Asked on Bluesky, Dorsey’s new Twitter-like social media venture, whether he believed Musk has been the best possible steward of Twitter, Dorsey said flatly: “No.”

    Dorsey added that Musk “should have walked away” from acquiring Twitter for $44 billion, and faulted Twitter’s board in hindsight for trying to compel Musk to follow through with the deal despite Musk’s attempts to back out of the purchase last year.

    “It all went south,” Dorsey said. “But it happened and all we can do now is build something to avoid that ever happening again.”

    Twitter, which has cut much of its public relations team under Musk, didn’t immediately respond to a request for comment.

    Under Musk, Twitter has slashed most of its staff, suffered frequent service disruptions and made a number of controversial changes to its policies and features, including a recent decision to remove blue checks from VIP users who don’t pay to be verified.

    Dorsey’s reflections, outlined in Bluesky posts reviewed by CNN, highlight the Twitter founder’s growing disillusionment with Musk. They also come after numerous exchanges in recent months where Dorsey has publicly questioned some of Musk’s decision-making.

    A year ago, Dorsey was quick to heap praise on Musk. When Musk’s deal to purchase Twitter was first announced, Dorsey said that so long as Twitter had to be owned by a single person or company, “Elon is the singular solution I trust.”

    “I trust his mission to extend the light of consciousness,” Dorsey proclaimed at the time.

    Dorsey also 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 securities filing after the deal was completed.

    Now, though, Dorsey appears to believe Musk was an imperfect choice. Confronted by criticism from other Bluesky users that Twitter could have gone in a different direction, Dorsey argued that there was nothing stopping someone else from outbidding Musk.

    “If Elon or anyone wanted to buy the company, all they had to do was name a price that the board felt was better than what the company could do independently,” he said. “This is true for every public company.”

    Asked whether he felt any responsibility for the role he played in the transaction, Dorsey, who served on Twitter’s board at the time, said he was not the only person who authorized the deal and that Twitter’s “only alternative” to Musk was an acquisition by “hedge funds and Wall Street activists.”

    “The company would have never survived as a public company,” Dorsey claimed, adding: “I wish it were different,” but that some of Twitter’s revenue initiatives prior to Musk’s takeover “would not have mattered given market turn.”

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  • Tired of Elon Musk? Here are the Twitter alternatives you should know about | CNN Business

    Tired of Elon Musk? Here are the Twitter alternatives you should know about | CNN Business

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    CNN
     — 

    When Elon Musk took over Twitter in October and began upending the platform, there weren’t many viable alternatives for frustrated users. Now, there may be too many.

    A growing number of services have launched or gained traction in recent months by appealing to users who are uncomfortable with Musk’s decisions to slash Twitter’s staff, overhaul the verification process, reinstate numerous incendiary accounts and most recently impose temporary read limits on tweets.

    Bluesky, Mastodon and Spill are among the many social apps vying for users over the last several months, with services that look and feel strikingly similar to Twitter. But now this increasingly crowded marketplace may be disrupted by the most dominant social media company: Meta.

    Meta’s Twitter clone, Threads, launched Wednesday and amassed more than 70 million sign-ups as of Friday morning thanks to a decision to tie the app to Instagram. Its user base is already far more than newer rivals and puts Threads on pace to rapidly catch up to Twitter, which had 238 million active users last year before Musk took the company private.

    In interviews, some other Twitter competitors took jabs at Meta’s effort and expressed confidence in their ability to grow and maintain an audience, even if it ends up being much smaller than what Mark Zuckerberg’s company can attract.

    “Threads leans heavily on celebrities and people with large Instagram followings, and therefore risks being more of a megaphone for the established, rather than something for everyone,” Sarah Oh, a former Twitter employee and founder of rival app T2, told CNN in an email.

    Spill co-founder and CEO Alphonzo Terrell said the company is “thrilled to see so much innovation in the social space” and remains “confident in our roadmap.”

    Here’s what you should know about the current crop of services trying to take on Twitter.

    Threads is Meta’s long-anticipated answer to Twitter and the biggest threat to the social network Musk bought for $44 billion. Threads is intended to offer a space for real-time conversations online, a function that has long been Twitter’s core selling point, and it’s doing so in part by adoption many of Twitter’s most recognizable features.

    The app has already attracted a long list of celebrities, brands and other VIP users, as well as many who clearly appear to be frustrated with Musk’s Twitter. And Zuckerberg isn’t just looking to catch up to Twitter; he wants to build a service that’s far larger.

    “It’ll take some time, but I think there should be a public conversations app with 1 billion+ people on it. Twitter has had the opportunity to do this but hasn’t nailed it,” Zuckerberg wrote on Threads. “Hopefully we will.”

    Launched by former Twitter employees, Spill says it strives to be a “visual conversation at the speed of culture.”

    The site is visual heavy and pushes GIFs, memes and video, making it more of a destination for creative communities. Spill has also emerged as a haven for Black Twitter users and marginalized communities seeking a safe space online.

    While the traction for Threads was unique, Spill has gained recently, too. Last weekend, amid renewed chaos at Twitter over the read limits, Spill gained “hundreds of thousands of new users,” according to Terrell, the CEO.

    T2, another service created by former Twitter employees, offers a social feed of posts with 280-character limits. The key selling point that sets it apart from others is its focus on safety, according to Oh, the founder.

    “We really do want to create an experience that allows people to share what they want to share without fearing risk of things like abuse and harassment, and we feel like we’re really well positioned to deliver on that,” Oh told CNN in February.

    In a statement this week, Oh doubled down on safety as a possible differentiator with Threads as well, raising the question of whether Meta had “learned from their past mistakes” after years of scrutiny on its struggles to police its own platforms.

    Bluesky, a service backed by Twitter co-founder Jack Dorsey, looks identical to Twitter, with one key difference. The app runs on a decentralized network, which provides users more control over how the service is run, the data is stored, and the content is moderated.

    Bluesky was formed independently of Twitter while Dorsey was serving as CEO but it was funded by the company until it became an independent organization in February 2022. In a tweet introducing the idea in 2019, Dorsey said it also plans to “build an open community around it, inclusive of companies & organizations, researchers, civil society leaders,” but warned “this isn’t going to happen overnight.”

    This week, Dorsey appeared to acknowledge that the market is now flooded with “Twitter clones.”

    Also built on decentralized networks, Mastodon launched before Musk took over Twitter but skyrocketed in popularity after the acquisition.

    Mastodon lets users join a slew of different servers run by various groups and individuals, rather than one central platform controlled by a single company like Twitter or Instagram. Mastodon is also free of ads. It’s developed by a nonprofit run by Eugen Rochko, who created Mastodon in 2016.

    After joining, users pick a server, with options from general-interest servers such as mastodon.world; regional servers like sfba.social, which is aimed at people in the San Francisco Bay Area; and ones aimed at various interests (many servers review new sign-ups before approving them.)

    Launched publicly in June 2022, Cohost offers a text-based social media feed with followers, reposts, likes and comments, similar to Twitter. However, the product is chronologically based with no ads, no trending topics and no displayed interactions (think hidden like counts and follower lists).

    Part of Cohost’s goal is to create a less hostile space for open dialogue, according to the website.

    “People who hear ‘Facebook has a Twitter replacement now!’ and don’t immediately run for the hills are unlikely to be interested in anything we’re doing,” said Jae Kaplan, co-founder of anti-software software club, the company that develops cohost. “We’re in separate market niches. I doubt they’re going to do anything to try and appeal to our users, and we’re not going to do anything to try and appeal to their users.”

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