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Tag: Twitter Inc

  • Tesla shares tumble after company misses delivery target

    Tesla shares tumble after company misses delivery target

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    DETROIT — Shares of Tesla tumbled Tuesday on the first full day of trading since the company announced 2022 delivery numbers that fell short of targets.

    The electric vehicle and solar panel maker’s stock was down almost 13% in late afternoon trading and it’s down just under 70% since the start of last year. The stock hit its lowest point since August of 2020, and its market value slid to $334 billion, down from over $1 trillion as recently as April.

    Tesla said Monday that it sold a record 1.3 million vehicles last year, but the number fell short of CEO Elon Musk’s pledge to grow deliveries by 50% nearly every year.

    The 2022 figure topped the prior record of 936,000 vehicles delivered in 2021, but it was shy of the 1.4 million needed to reach the company’s 50% growth target. Sales grew 40% year over year, while production climbed 47% to 1.37 million.

    The shortfall came despite a major year-end sales push that included rare $7,500 discounts in the U.S. on the Models Y and 3, the company’s top-selling models. Analysts said that Tesla also offered discounts in China, leading some to question whether demand for the company’s vehicles is softening.

    Tesla Inc., based in Austin, Texas, also had to deal with rising cases of novel coronavirus in China, which hampered production at its Shanghai factory.

    Cowen and Co. analyst Jeffrey Osborne expected investors to focus on missing the delivery target, but he only saw modest negative reaction “following acute weakness the past few weeks on production cuts in China and discounting.”

    Investors will need to see stability in profit margins despite lower prices, and demand and order trends showing resumed growth this year for the stock to get further support, Osborne wrote in a note to investors early Tuesday.

    In an apparent effort to shore up the stock price, Tesla announced Monday that it would hold an investor day event on March 1 at its factory near Austin. Investors will be able to see Tesla’s production line, discuss expansion plans and see the platform that will go beneath Tesla’s next generation of vehicles.

    The Tesla stock decline also has cost Musk billions, bumping him out of the top spot for the world’s wealthiest person, according to Forbes.

    Also playing into the stock drop is Musk’s $44 billion purchase of Twitter and his sale of Tesla stock to help fund the purchase. Musk sold another $2.58 billion worth of Tesla stock last month and has sold nearly $23 billion worth of his car company’s shares since April, when he started building a position in Twitter.

    Many investors are worried that Musk has become too distracted as CEO of Twitter and isn’t paying enough attention to the electric vehicle company. Musk has said he would step down as Twitter CEO when he finds someone to run the social media platform.

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  • Tesla says it sold a record 1.3 million vehicles last year

    Tesla says it sold a record 1.3 million vehicles last year

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    AUSTIN, Texas (AP) — Tesla said Monday that sold a record 1.3 million vehicles last year, but the number fell short of CEO Elon Musk’s pledge to grow the company’s sales by 50% nearly every year.

    The 2022 figure topped the prior record of 936,000 vehicles delivered in 2021, but it was shy of the 1.4 million needed to reach the company’s 50% growth target. Sales grew 40% year over year, while production climbed 47% to 1.37 million.

    The shortfall came despite a major year-end sales push that included rare $7,500 discounts in the U.S. on the Models Y and 3, the company’s top-selling models.

    Tesla Inc., which is based in Austin, Texas, also had to deal with rising cases of the novel coronavirus in China, which cut into production at its Shanghai factory.

    With the extra U.S. push, Tesla delivered more than 405,000 vehicles worldwide in the fourth quarter. But that missed Wall Street projections. Analysts polled by data provider FactSet expected 427,000 deliveries from October through December and 1.33 million for the full year.

    “Thank you to all of our customers, employees, suppliers, shareholders and supporters who helped us achieve a great 2022 in light of significant COVID and supply chain related challenges throughout the year,” the electric vehicle and solar panel company said Monday.

    Tesla didn’t roll out any new models last year, and it’s facing increasing competition from legacy automakers and startups such as Lucid and Rivian, which are continually introducing new electric vehicles.

    But Musk has promised to start producing the long-awaited Cybertruck electric pickup this year. The company also has started delivering its electric semis.

    The discounts, offered during the last two weeks of the year, raised questions about whether demand was softening for Tesla products as the Federal Reserve raised interest rates to combat inflation.

    That, coupled with Musk’s behavior after his $44 billion purchase of Twitter, helped to push Tesla shares down more than 65% last year, bumping Musk out of the top spot for the world’s wealthiest person, according to Forbes.

    The company’s stock decline for the year, its worst ever, was more than triple the drop in the S&P 500, which was down 19.4%.

    Musk wrote on Twitter Dec. 30 that the company’s long-term fundamentals are strong, but “short-term market madness” is unpredictable.

    Some investors are worried that Twitter has distracted Musk from the car company. Musk said last month that he plans to remain as Twitter’s CEO until he can find someone willing to replace him in the job.

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  • Tesla says it sold a record 1.3 million vehicles last year

    Tesla says it sold a record 1.3 million vehicles last year

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    AUSTIN, Texas — Tesla said Monday that sold a record 1.3 million vehicles last year, but the number fell short of CEO Elon Musk’s pledge to grow the company’s sales by 50% nearly every year.

    The 2022 figure topped the prior record of 936,000 vehicles delivered in 2021, but it was shy of the 1.4 million needed to reach the company’s 50% growth target. Sales grew 40% year over year, while production climbed 47% to 1.37 million.

    The shortfall came despite a major year-end sales push that included rare $7,500 discounts in the U.S. on the Models Y and 3, the company’s top-selling models.

    Tesla Inc., which is based in Austin, Texas, also had to deal with rising cases of the novel coronavirus in China, which cut into production at its Shanghai factory.

    With the extra U.S. push, Tesla delivered more than 405,000 vehicles worldwide in the fourth quarter. But that missed Wall Street projections. Analysts polled by data provider FactSet expected 427,000 deliveries from October through December and 1.33 million for the full year.

    “Thank you to all of our customers, employees, suppliers, shareholders and supporters who helped us achieve a great 2022 in light of significant COVID and supply chain related challenges throughout the year,” the electric vehicle and solar panel company said Monday.

    Tesla didn’t roll out any new models last year, and it’s facing increasing competition from legacy automakers and startups such as Lucid and Rivian, which are continually introducing new electric vehicles.

    But Musk has promised to start producing the long-awaited Cybertruck electric pickup this year. The company also has started delivering its electric semis.

    The discounts, offered during the last two weeks of the year, raised questions about whether demand was softening for Tesla products as the Federal Reserve raised interest rates to combat inflation.

    That, coupled with Musk’s behavior after his $44 billion purchase of Twitter, helped to push Tesla shares down more than 65% last year, bumping Musk out of the top spot for the world’s wealthiest person, according to Forbes.

    The company’s stock decline for the year, its worst ever, was more than triple the drop in the S&P 500, which was down 19.4%.

    Musk wrote on Twitter Dec. 30 that the company’s long-term fundamentals are strong, but “short-term market madness” is unpredictable.

    Some investors are worried that Twitter has distracted Musk from the car company. Musk said last month that he plans to remain as Twitter’s CEO until he can find someone willing to replace him in the job.

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  • Rocky ride: Tesla stock on pace for worst year ever

    Rocky ride: Tesla stock on pace for worst year ever

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    LOS ANGELES — Owning Tesla stock this year has been anything but a smooth ride for investors.

    Shares in the electric vehicle maker are down nearly 70% since the start of the year, on pace to finish in the bottom five biggest decliners among S&P 500 stocks. By comparison, the benchmark index is down about 20%.

    While Tesla has continued to grow its profits, signs of softening demand and heightened competition have investors increasingly worried. And then there’s CEO Elon Musk’s acquisition of Twitter. Some of Musk’s actions since taking over the social media company, including doing away with a content moderation structure created to address hate speech and other problems on the platform, have unnerved Twitter’s advertisers and turned off some users.

    That’s stoked concerns on Wall Street that Twitter is taking too much of the billionaire’s attention, and possibly offending loyal Tesla customers.

    Musk’s acquisition of Twitter opened up a political firestorm and has caused Musk and Tesla’s brand to deteriorate, leading to a “complete debacle for the stock,” Wedbush analyst Dan Ives wrote in a research note this week.

    Musk has said that he plans to remain as Twitter’s CEO until he can find someone willing to replace him in the job.

    Despite Musk’s focus on Twitter, Tesla’s results have been solid this year. The Austin, Texas, company posted year-over-year profit and revenue growth through the first three quarters of 2022, including more than doubling its third-quarter profit from a year earlier.

    Still, electric vehicle models from other automakers are starting to chip away at Tesla’s dominance of the U.S. EV market. From 2018 through 2020, Tesla had about 80% of the EV market. Its share dropped to 71% in 2021 and has continued to decline, according to data from S&P Global Mobility.

    This month, in a rare move, Tesla began offering discounts through the end of the year on its two top-selling models, a sign that demand is slowing for its electric vehicles.

    Ives predicts that Tesla will likely miss Wall Street’s estimates when the company reports its fourth-quarter results, citing higher inventory levels, the recent price cuts and overall production slowdowns in China. He also expects a “softer trajectory for 2023.”

    “The reality is that after a Cinderella story demand environment since 2018, Tesla is facing some serious macro and company specific EV competitive headwinds into 2023 that are starting to emerge both in the U.S. and China,” Ives wrote.

    Still, Ives is optimistic that Tesla’s long-term prospects remain solid as the global market for electric vehicles grows — and Musk refocuses on Tesla.

    “However, any further Musk strategic missteps will be carefully scrutinized by the Street and further weigh on shares,” he wrote.

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  • Musk says Twitter in precarious position, defends cost cuts

    Musk says Twitter in precarious position, defends cost cuts

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    SAN FRANCISCO (AP) — Elon Musk is defending his massive cost-cutting at Twitter as necessary for the social media platform to survive next year, due in part to debt payments tied to his $44 billion takeover of the company.

    “This company is like, basically, you’re in a plane that is headed towards the ground at high speed with the engines on fire and the controls don’t work,” Musk told a late-night audience on a Twitter Spaces call Tuesday.

    That’s after Elon Musk said earlier on Tuesday that he plans on remaining as Twitter’s CEO until he can find someone willing to replace him in the job.

    Musk’s announcement came after millions of Twitter users asked him to step down in an online poll the billionaire himself created and promised to abide by.

    “I will resign as CEO as soon as I find someone foolish enough to take the job!” Musk tweeted. “After that, I will just run the software & servers teams.”

    Since taking over the San Francisco social media platform in late October, Musk’s run as CEO has been marked by quickly issued rules and policies that have often been withdrawn or changed soon after being made public.

    Musk said Tuesday night that he “spent the last five weeks cutting costs like crazy” and trying to build a stronger paid subscription service because otherwise Twitter might be operating with $3 billion in negative cash flow next year. He in part blamed the $12.5 billion in debt tied to his April agreement to buy the company, as well as the Federal Reserve’s recent interest rate hikes.

    Some of Musk’s actions have unnerved Twitter advertisers and turned off users. He has laid off more than half of Twitter’s workforce, released contract content moderators and disbanded a council of trust and safety advisors that the company formed in 2016 to address hate speech and other problems on the platform.

    The Tesla CEO has also alienated investors at his electric vehicle company over concerns that Twitter is taking too much of his attention, and possibly offending loyal customers.

    Even more unnerving for investors, Tesla shares are plummeting.

    Shares of Tesla are down 35% since Musk took over Twitter on Oct. 27, costing investors billions. Tesla’s market value was over $1.1 trillion on April 1, the last trading day before Musk disclosed he was buying up Twitter shares. The company has since lost 58% of its value, at a time when rival auto makers are cutting in on Tesla’s dominant share of electric vehicle sales.

    Shares fell Wednesday, as they have every day this week.

    A single share of Tesla that cost about $400 to start the year, can now be had for less than $140.

    Musk sought to defend some of his recent Twitter decisions on the Twitter Spaces call.

    “They may seem sometimes spurious or odd or whatever,” Musk said. “It’s because we have an emergency fire drill on our hands. That’s the reason. Not because I’m naturally capricious. Or at least, aspirationally, I’m not naturally capricious.”

    Musk, who also helms the SpaceX rocket company, has previously acknowledged how difficult it will be to find someone to take over as Twitter CEO.

    Bantering with Twitter followers earlier this week, he said that the person replacing him “must like pain a lot” to run a company that he said has been “in the fast lane to bankruptcy.”

    “No one wants the job who can actually keep Twitter alive. There is no successor,” Musk tweeted.

    As things stand, Musk would still retain overwhelming influence over platform as its owner. He fired the company’s board of directors soon after taking control.

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  • Tesla offers rare year-end discounts on 2 top-selling models

    Tesla offers rare year-end discounts on 2 top-selling models

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    DETROIT (AP) — Tesla Inc. is offering rare discounts through year’s end on its two top-selling models, an indication that demand is slowing for its electric vehicles.

    The Austin, Texas, company started offering a $3,750 incentive on its Model 3 sedan and Model Y SUV on its website earlier this month, but on Wednesday doubled the discount to $7,500 for those who take delivery between now and Dec. 31.

    The move comes ahead of a new federal tax credit of up to $7,500 that’s scheduled to take effect Jan. 1. Teslas weren’t eligible for a previous federal tax credit program because the company had reached a limit of 200,000 vehicles sold. Next year’s credits don’t have such a limit.

    “This is a sign of demand cracks and not a good sign for Tesla heading into the December year-end,” Wedbush analyst Dan Ives said in an e-mail. “EV competition is increasing across the board, and Tesla is seeing some demand headwinds.”

    Lower priced versions of the Models 3 and Y will be eligible for the federal tax credit come January due to limits on vehicle purchase prices outlined in the Inflation Reduction Act.

    Without the discounts, the Model 3 starts at just over $48,000 including shipping, while the Y has a starting price of just over $67,000. To be eligible for the federal tax credit, vehicles can’t have a sticker price of over $55,000 for sedans and $80,000 for trucks and SUVs.

    In a regulatory quirk, many vehicles like Teslas that are made in North America likely will be eligible for the full $7,500 tax credit from January into March because the Treasury Department is still working on rules requiring battery minerals and parts to come from North America. It’s likely that most of the vehicles will only be eligible for half the credit once the rules come out in March.

    Tesla may be offering the discounts to juice sales before the end of the year in an effort to meet a pledge to grow vehicle sales by 50%.

    On the company’s third-quarter earnings conference call in October, Tesla CFO Zachary Kirkhorn said Tesla will fall just short of its 50% sales growth target. But he later was contradicted by CEO Elon Musk.

    Musk predicted 50% annual production and delivery growth, but also pointed to logistical problems shipping vehicles.

    To reach the 50% sales growth target, Tesla must have a stellar performance in the fourth quarter.

    Through September the company delivered 908,573 vehicles, compared with just over 936,000 vehicles a year ago. To increase sales by 50% over last year, which would amount to about 1.4 million vehicles, the company would have to sell more than 490,000 vehicles in the fourth quarter.

    Industry analysts polled by data provider FactSet expect Tesla to deliver 431,000 vehicles in the fourth quarter, ending the year at 1,341 million.

    Tesla shares have lost more than 60% of their value since Musk announced in April that he had taken a large stake in Twitter. They fell nearly 9% in Thursday, closing at $125.35 after U.S. safety regulators said they would probe two more Tesla crashes possibly involving automated driving systems.

    Eventually Musk bought the social media site, and investors are worried about demand and that the CEO has been distracted from the car company.

    Musk said this week that he plans to remain as Twitter’s CEO until he can find someone willing to replace him in the job.

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  • Tesla offers rare year-end discounts on 2 top-selling models

    Tesla offers rare year-end discounts on 2 top-selling models

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    DETROIT — Tesla Inc. is offering rare discounts through year’s end on its two top-selling models, an indication that demand is slowing for its electric vehicles.

    The Austin, Texas, company started offering a $3,750 incentive on its Model 3 sedan and Model Y SUV on its website earlier this month, but on Wednesday doubled the discount to $7,500 for those who take delivery between now and Dec. 31.

    The move comes ahead of a new federal tax credit of up to $7,500 that’s scheduled to take effect Jan. 1. Teslas weren’t eligible for a previous federal tax credit program because the company had reached a limit of 200,000 vehicles sold. Next year’s credits don’t have such a limit.

    “This is a sign of demand cracks and not a good sign for Tesla heading into the December year-end,” Wedbush analyst Dan Ives said in an e-mail. “EV competition is increasing across the board, and Tesla is seeing some demand headwinds.”

    Lower priced versions of the Models 3 and Y will be eligible for the federal tax credit come January due to limits on vehicle purchase prices outlined in the Inflation Reduction Act.

    Without the discounts, the Model 3 starts at just over $48,000 including shipping, while the Y has a starting price of just over $67,000. To be eligible for the federal tax credit, vehicles can’t have a sticker price of over $55,000 for sedans and $80,000 for trucks and SUVs.

    In a regulatory quirk, many vehicles like Teslas that are made in North America likely will be eligible for the full $7,500 tax credit from January into March because the Treasury Department is still working on rules requiring battery minerals and parts to come from North America. It’s likely that most of the vehicles will only be eligible for half the credit once the rules come out in March.

    Tesla may be offering the discounts to juice sales before the end of the year in an effort to meet a pledge to grow vehicle sales by 50%.

    On the company’s third-quarter earnings conference call in October, Tesla CFO Zachary Kirkhorn said Tesla will fall just short of its 50% sales growth target. But he later was contradicted by CEO Elon Musk.

    Musk predicted 50% annual production and delivery growth, but also pointed to logistical problems shipping vehicles.

    To reach the 50% sales growth target, Tesla must have a stellar performance in the fourth quarter.

    Through September the company delivered 908,573 vehicles, compared with just over 936,000 vehicles a year ago. To increase sales by 50% over last year, which would amount to about 1.4 million vehicles, the company would have to sell more than 490,000 vehicles in the fourth quarter.

    Industry analysts polled by data provider FactSet expect Tesla to deliver 431,000 vehicles in the fourth quarter, ending the year at 1,341 million.

    Tesla shares have lost more than 60% of their value since Musk announced in April that he had taken a large stake in Twitter. They fell nearly 9% in Thursday, closing at $125.35 after U.S. safety regulators said they would probe two more Tesla crashes possibly involving automated driving systems.

    Eventually Musk bought the social media site, and investors are worried about demand and that the CEO has been distracted from the car company.

    Musk said this week that he plans to remain as Twitter’s CEO until he can find someone willing to replace him in the job.

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  • Musk says Twitter in precarious position, defends cost cuts

    Musk says Twitter in precarious position, defends cost cuts

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    SAN FRANCISCO — Elon Musk is defending his massive cost-cutting at Twitter as necessary for the social media platform to survive next year, due in part to debt payments tied to his $44 billion takeover of the company.

    “This company is like, basically, you’re in a plane that is headed towards the ground at high speed with the engines on fire and the controls don’t work,” Musk told a late-night audience on a Twitter Spaces call Tuesday.

    That’s after Elon Musk said earlier on Tuesday that he plans on remaining as Twitter’s CEO until he can find someone willing to replace him in the job.

    Musk’s announcement came after millions of Twitter users asked him to step down in an online poll the billionaire himself created and promised to abide by.

    “I will resign as CEO as soon as I find someone foolish enough to take the job!” Musk tweeted. “After that, I will just run the software & servers teams.”

    Since taking over the San Francisco social media platform in late October, Musk’s run as CEO has been marked by quickly issued rules and policies that have often been withdrawn or changed soon after being made public.

    Musk said Tuesday night that he “spent the last five weeks cutting costs like crazy” and trying to build a stronger paid subscription service because otherwise Twitter might be operating with $3 billion in negative cash flow next year. He in part blamed the $12.5 billion in debt tied to his April agreement to buy the company, as well as the Federal Reserve’s recent interest rate hikes.

    Some of Musk’s actions have unnerved Twitter advertisers and turned off users. He has laid off more than half of Twitter’s workforce, released contract content moderators and disbanded a council of trust and safety advisors that the company formed in 2016 to address hate speech and other problems on the platform.

    The Tesla CEO has also alienated investors at his electric vehicle company over concerns that Twitter is taking too much of his attention, and possibly offending loyal customers.

    Even more unnerving for investors, Tesla shares are plummeting.

    Shares of Tesla are down 35% since Musk took over Twitter on Oct. 27, costing investors billions. Tesla’s market value was over $1.1 trillion on April 1, the last trading day before Musk disclosed he was buying up Twitter shares. The company has since lost 58% of its value, at a time when rival auto makers are cutting in on Tesla’s dominant share of electric vehicle sales.

    Shares fell Wednesday, as they have every day this week.

    A single share of Tesla that cost about $400 to start the year, can now be had for less than $140.

    Musk sought to defend some of his recent Twitter decisions on the Twitter Spaces call.

    “They may seem sometimes spurious or odd or whatever,” Musk said. “It’s because we have an emergency fire drill on our hands. That’s the reason. Not because I’m naturally capricious. Or at least, aspirationally, I’m not naturally capricious.”

    Musk, who also helms the SpaceX rocket company, has previously acknowledged how difficult it will be to find someone to take over as Twitter CEO.

    Bantering with Twitter followers earlier this week, he said that the person replacing him “must like pain a lot” to run a company that he said has been “in the fast lane to bankruptcy.”

    “No one wants the job who can actually keep Twitter alive. There is no successor,” Musk tweeted.

    As things stand, Musk would still retain overwhelming influence over platform as its owner. He fired the company’s board of directors soon after taking control.

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  • Musk says he’ll be Twitter CEO until a replacement is found

    Musk says he’ll be Twitter CEO until a replacement is found

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    SAN FRANCISCO — Elon Musk said Tuesday that he plans on remaining as Twitter‘s CEO until he can find someone willing to replace him in the job.

    Musk’s announcement came after millions of Twitter users asked him to step down in an unscientific poll the billionaire himself created and promised to abide by.

    “I will resign as CEO as soon as I find someone foolish enough to take the job!” Musk tweeted. “After that, I will just run the software & servers teams.”

    Since taking over San Francisco-based Twitter in late October, Musk’s run as CEO has been marked by quickly issued rules and policies that have often been withdrawn or changed soon after being made public.

    He has also alienated some investors in his electric vehicle company Tesla who are concerned that Twitter is taking too much of his attention.

    Some of Musk’s actions have unnerved Twitter advertisers and turned off users. They include laying off half of Twitter’s workforce, letting go contract content moderators and disbanding a council of trust and safety advisors that the company formed in 2016 to address hate speech, child exploitation, suicide, self-harm and other problems on the platform.

    Musk, who also helms the SpaceX rocket company, has previously acknowledged how difficult it will be to find someone to take over as Twitter CEO.

    Bantering with Twitter followers last Sunday, he said that the person replacing him “must like pain a lot” to run a company that he said has been “in the fast lane to bankruptcy.”

    “No one wants the job who can actually keep Twitter alive. There is no successor,” Musk tweeted.

    As things stand, Musk would still retain overwhelming influence over platform as its owner. He fired the company’s board of directors soon after taking control.

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  • Elon Musk Twitter poll ends with users seeking his departure

    Elon Musk Twitter poll ends with users seeking his departure

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    Millions of Twitter users asked Elon Musk to step down as the head of Twitter in a poll the billionaire created and promised to abide by. But by Monday afternoon there was no word on whether Musk would step aside or who the new leader might be.

    Twitter has grown more chaotic and confusing under Musk’s leadership with rapidly vacillating policies that are issued, then withdrawn or changed.

    Among those voting with the “go” camp almost certainly were Tesla investors who have grown tired of the 24/7 Twitter chaos that they say has distracted the eccentric CEO from the electric car company, his main source of wealth.

    Musk also used his Tesla stock to partially fund the acquisition of Twitter.

    Shares of Tesla are down 35% since Musk took over Twitter on Oct. 27, costing investors billions. Tesla’s market value was over $1.1 trillion on April 1, the last trading day before Musk disclosed he was buying up Twitter shares. The company has since lost 58% of its value, at a time when rival auto makers are cutting in on Tesla’s dominant share of electric vehicle sales.

    “This has been a black eye moment for Musk and been a major overhang on Tesla’s stock, which continues to suffer in a brutal way since the Twitter soap opera began,” Wedbush analyst Dan Ives wrote Monday.

    If Musk’s tenure ends, it would be a major positive for Tesla stock and a sign that Musk is “finally reading the room that has been growing frustration around this Twitter nightmare,” Ives wrote.

    Musk attended the World Cup final Sunday in Qatar, where he opened the poll. Since the poll closed early Monday, Musk has been uncharacteristically silent on Twitter as he appeared to be flying back to the U.S.

    Musk has taken a number of unscientific polls on substantial issues facing the social media platform, including whether to reinstate journalists that he had suspended from Twitter, which was broadly criticized in and out of media circles.

    The polls have only added to a growing sense of tumult on Twitter since Musk bought the company for $44 billion, potentially leaving the future direction of the company in the hands of its users.

    Among those users are people recently reinstated on the platform under Musk, people who had been banned for racist and toxic posts, or who had spread misinformation.

    Since buying Twitter, Musk has presided over a dizzying series of changes that have unnerved advertisers and turned off users. He’s laid off half of the workforce, axed contract content moderators and disbanded a council of trust and safety advisors. He has dropped enforcement of COVID-19 misinformation rules and called for criminal charges against Dr. Anthony Fauci, the top U.S. infectious disease expert.

    Musk clashed with some users on multiple fronts and on Sunday, he asked Twitter users to decide if he should remain in charge, acknowledging he made a mistake in launching new restrictions that banned the mention of rival social media websites.

    The results of the online survey, which lasted 12 hours, showed that 57.5% of the 17.5 million respondents wanted him to leave, while 42.5% wanted him to stay.

    The poll followed just the latest significant policy change since Musk acquired Twitter in October. Twitter had announced that users will no longer be able to link to Facebook, Instagram, Mastodon and other platforms targeted for “prohibition.”

    Early Monday, the tweets from Twitter’s ‘Support’ account and the Twitter blog announcing the “prohibitions” disappeared without explanation. Twitter no longer has a press office so it was not possible to ask why.

    That decision had generated immediate blowback, including criticism from past defenders of Twitter’s new owner. Musk then promised that he would not make any more major policy changes to Twitter without an online survey of users.

    The action to block competitors was Musk’s latest attempt to crack down on certain speech after he shut down a Twitter account last week that was tracking the flights of his private jet.

    The banned platforms included mainstream websites such as Facebook and Instagram, and rivals Mastodon, Tribel, Nostr, Post and former President Donald Trump’s Truth Social.

    A growing number of Twitter users have left under Musk, or created alternative accounts on rival platforms and included those addresses in their Twitter profiles.

    Musk has advocated for free speech on Twitter, but shut down the jet-tracking account, calling it a security risk. He used that to justify the decision last week to suspend the accounts of numerous journalists who cover Twitter and Musk, among them reporters working for The New York Times, Washington Post, CNN, Voice of America and other publications. Many of those accounts were restored following an online poll by Musk.

    The Washington Post’s Taylor Lorenz was suspended over the weekend after requesting an interview with Musk in a tweet tagged to the Twitter owner.

    Sally Buzbee, The Washington Post’s executive editor, called it an “arbitrary suspension of another Post journalist” that further undermined Musk’s promise to run Twitter as a platform dedicated to free speech.

    “Again, the suspension occurred with no warning, process or explanation — this time as our reporter merely sought comment from Musk for a story,” Buzbee said. By midday Sunday, Lorenz’s account was restored, as was the tweet she thought had triggered her suspension.

    Musk was questioned in court on Nov. 16 about how he splits his time among Tesla and his other companies, including SpaceX and Twitter. He had to testify in Delaware’s Court of Chancery over a shareholder’s challenge to Musk’s potentially $55 billion compensation plan as CEO of the electric car company.

    Musk said he never wanted to be a CEO of any company, preferring to see himself as an engineer.

    In public banter with Twitter followers Sunday, Musk expressed pessimism about the prospects for a new CEO, saying that person “must like pain a lot” to run a company that “has been in the fast lane to bankruptcy.”

    “No one wants the job who can actually keep Twitter alive. There is no successor,” Musk tweeted.

    ——

    O’Brien reported from Providence, Rhode Island, while Chan reported from Whalley, England, and Krisher reported from Detroit. AP writer Brian P. D. Hannon contributed to this report.

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  • Musk polls Twitter users about whether he should step down

    Musk polls Twitter users about whether he should step down

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    Elon Musk is asking Twitter’s users to decide if he should stay in charge of the social media platform after acknowledging he made a mistake Sunday in launching new speech restrictions that banned mentions of rival social media websites.

    In yet another drastic policy change, Twitter had announced that users will no longer be able to link to Facebook, Instagram, Mastodon and other platforms the company described as “prohibited.”

    But the move generated so much immediate criticism, including from past defenders of Twitter’s new billionaire owner, that Musk promised not to make any more major policy changes without an online survey of users.

    “My apologies. Won’t happen again,” Musk tweeted, before launching a new 12-hour poll asking if he should step down as head of Twitter. “I will abide by the results of this poll.”

    The action to block competitors was Musk’s latest attempt to crack down on certain speech after he shut down a Twitter account last week that was tracking the flights of his private jet.

    The banned platforms included mainstream websites such as Facebook and Instagram, and upstart rivals Mastodon, Tribel, Nostr, Post and former President Donald Trump’s Truth Social. Twitter gave no explanation for why the blacklist included those seven websites but not others such as Parler, TikTok or LinkedIn.

    Twitter had said it would at least temporarily suspend accounts that include the banned websites in their profile — a practice so widespread it would have been difficult to enforce the restrictions on Twitter’s millions of users around the world. Not only links but attempts to bypass the ban by spelling out “instagram dot com” could have led to a suspension, the company said.

    A test case was the prominent venture capitalist Paul Graham, who in the past has praised Musk but on Sunday told his 1.5 million Twitter followers that this was the “last straw” and to find him on Mastodon. His Twitter account was promptly suspended, and soon after restored as Musk promised to reverse the policy implemented just hours earlier.

    Musk said Twitter will still suspend some accounts according to the policy but “only when that account’s (asterisk)primary(asterisk) purpose is promotion of competitors.”

    Twitter previously took action to block links to Mastodon after its main Twitter account tweeted about the @ElonJet controversy last week. Mastodon has grown rapidly in recent weeks as an alternative for Twitter users who are unhappy with Musk’s overhaul of Twitter since he bought the company for $44 billion in late October and began restoring accounts that ran afoul of the previous Twitter leadership’s rules against hateful conduct and other harms.

    Musk permanently banned the @ElonJet account on Wednesday, then changed Twitter’s rules to prohibit the sharing of another person’s current location without their consent. He then took aim at journalists who were writing about the jet-tracking account, which can still be found on other social media sites, alleging that they were broadcasting “basically assassination coordinates.”

    He used that to justify Twitter’s moves last week to suspend the accounts of numerous journalists who cover the social media platform and Musk, among them reporters working for The New York Times, Washington Post, CNN, Voice of America and other publications. Many of those accounts were restored following an online poll by Musk.

    Then, over the weekend, The Washington Post’s Taylor Lorenz became the latest journalist to be temporarily banned. She said she was suspended after posting a message on Twitter tagging Musk and requesting an interview.

    Sally Buzbee, The Washington Post’s executive editor, called it an “arbitrary suspension of another Post journalist” that further undermined Musk’s promise to run Twitter as a platform dedicated to free speech.

    “Again, the suspension occurred with no warning, process or explanation — this time as our reporter merely sought comment from Musk for a story,” Buzbee said. By midday Sunday, Lorenz’s account was restored, as was the tweet she thought had triggered her suspension.

    Musk’s promise to let users decide his future role at Twitter through an unscientific online survey appeared to come out of nowhere Sunday, though he had also promised in November that a reorganization was happening soon.

    Musk was questioned in court on Nov. 16 about how he splits his time among Tesla and his other companies, including SpaceX and Twitter. Musk had to testify in Delaware’s Court of Chancery over a shareholder’s challenge to Musk’s potentially $55 billion compensation plan as CEO of the electric car company.

    Musk said he never intended to be CEO of Tesla, and that he didn’t want to be chief executive of any other companies either, preferring to see himself as an engineer instead. Musk also said he expected an organizational restructuring of Twitter to be completed in the next week or so. It’s been more than a month since he said that.

    In public banter with Twitter followers Sunday, Musk expressed pessimism about the prospects for a new CEO, saying that person “must like pain a lot” to run a company that “has been in the fast lane to bankruptcy.”

    “No one wants the job who can actually keep Twitter alive. There is no successor,” Musk tweeted.

    ——

    AP writer Brian P. D. Hannon contributed to this report.

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  • Lorenz added to list of journalists banned from Twitter

    Lorenz added to list of journalists banned from Twitter

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    The Washington Post’s Taylor Lorenz became the latest journalist to be banned from Twitter, following a wave of suspensions by CEO Elon Musk.

    Lorenz said she and another Post technology reporter, Drew Harwell, were researching an article concerning Musk. She had tried to communicate with the billionaire during the week but the attempts went unanswered, so she tried to contact him Saturday by posting a message on Twitter tagging Musk and requesting an interview. The specific topic was not disclosed in the tweet.

    When she went back later Saturday to check whether there was a response on Twitter, Lorenz was met with a notification that her account was “permanently suspended.”

    “I won’t say I didn’t anticipate it,” Lorenz said in a phone interview early Sunday with The Associated Press. She said she wasn’t given a specific reason for the ban.

    Twitter last week suspended the accounts of journalists who cover the social media platform and Musk, among them reporters working for The New York Times, Washington Post, CNN, Voice of America and other publications. Many of those accounts were restored following an online poll by Musk.

    The wave of suspended news reporters followed Musk’s decision Wednesday to permanently ban an account that automatically tracked the flights of his private jet using publicly available data. That also led Twitter to change its rules for all users to prohibit the sharing of another person’s current location without their consent. Many of the banned reporters had been reporting on the situation.

    Lorenz said she hopes Musk will explain her suspension: “I would love to hear from Elon.”

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  • Lorenz added to list of journalists banned from Twitter

    Lorenz added to list of journalists banned from Twitter

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    The Washington Post’s Taylor Lorenz became the latest journalist to be banned from Twitter, following a wave of suspensions by CEO Elon Musk.

    Lorenz said she and another Post technology reporter, Drew Harwell, were researching an article concerning Musk. She had tried to communicate with the billionaire during the week but the attempts went unanswered, so she tried to contact him Saturday by posting a message on Twitter tagging Musk and requesting an interview. The specific topic was not disclosed in the tweet.

    When she went back later Saturday to check whether there was a response on Twitter, Lorenz was met with a notification that her account was “permanently suspended.”

    “I won’t say I didn’t anticipate it,” Lorenz said in a phone interview early Sunday with The Associated Press. She said she wasn’t given a specific reason for the ban.

    Twitter last week suspended the accounts of journalists who cover the social media platform and Musk, among them reporters working for The New York Times, Washington Post, CNN, Voice of America and other publications. Many of those accounts were restored following an online poll by Musk.

    The wave of suspended news reporters followed Musk’s decision Wednesday to permanently ban an account that automatically tracked the flights of his private jet using publicly available data. That also led Twitter to change its rules for all users to prohibit the sharing of another person’s current location without their consent. Many of the banned reporters had been reporting on the situation.

    Lorenz said she hopes Musk will explain her suspension: “I would love to hear from Elon.”

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  • Journalist suspensions widen rift between Twitter and media

    Journalist suspensions widen rift between Twitter and media

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    Elon Musk’s abrupt suspension of several journalists who cover Twitter widens a growing rift between the social media site and media organizations that have used the platform to build their audiences.

    Individual reporters with The New York Times, The Washington Post, CNN, Voice of America and other news agencies saw their accounts go dark Thursday.

    Musk tweeted late Friday that the company would lift the suspensions following the results of a public poll on the site. The poll showed 58.7% of respondents favored a move to immediately unsuspend accounts over 41.3% who said the suspensions should be lifted in seven days.

    The company has not explained why the accounts were taken down. But Musk took to Twitter on Thursday night to accuse journalists of sharing private information about his whereabouts, which he described as “basically assassination coordinates.” He provided no evidence for that claim.

    Many advertisers abandoned Twitter over content moderation questions after Musk acquired it in October, and he now risks a rupture with media organizations, which are among the most active on the platform.

    Most of the accounts were back early Saturday, with some exceptions and at least one new suspension.

    Washington Post reporter Taylor Lorenz confirmed in an email to The Associated Press that her Twitter account was suspended Saturday evening. Her online newsletter published on Substack said she was working on a story involving Musk and had sought comment from him through a Twitter post shortly before her account was suspended.

    Business Insider’s Linette Lopez was suspended Friday, also with no explanation, she told The Associated Press. Lopez published a series of articles between 2018 and 2021 highlighting what she called dangerous Tesla manufacturing shortcomings.

    Shortly before being suspended, she said she had posted court-related documents to Twitter that included a 2018 Musk email address. That address is not current, Lopez said, because “he changes his email every few weeks.”

    On Tuesday, she posted a 2019 story about Tesla troubles, commenting, “Now, just like then, most of @elonmusk’s wounds are self inflicted.”

    The same day, she cited reports that Musk was reneging on severance for laid-off Twitter employees, threatening workers who talk to the media and refusing to make rent payments. Lopez described his actions as “classic Elon-going-for-broke behavior.”

    Steve Herman, a national correspondent for Voice of America, told The Associated Press that his suspended Twitter account still hadn’t been fully restored as of Saturday afternoon because of his refusal to delete three tweets that the company flagged for purportedly sharing Musk’s whereabouts. Although Herman’s Twitter timeline is now visible to most users, he said he can’t see it himself nor can he post anything new until he removes the tweets that the company contends violate its revised terms of service.

    “I am in a new level of purgatory,” Herman said. “I do not believe anything I have tweeted violated any reasonable standard of any social media platform.”

    Alarm over the suspensions extended beyond media circles to the United Nations, which was reconsidering its involvement in Twitter.

    The move sets “a dangerous precedent at a time when journalists all over the world are facing censorship, physical threats and even worse,” U.N. spokesman Stephane Dujarric said.

    The reporters’ suspensions followed Musk’s decision Wednesday to permanently ban an account that automatically tracked the flights of his private jet using publicly available data. That also led Twitter to change its rules for all users to prohibit the sharing of another person’s current location without their consent.

    Several of the reporters suspended Thursday night had been writing about the new policy and Musk’s rationale for imposing it, which involved his allegations about a stalking incident he said affected his family Tuesday night in Los Angeles.

    The official Twitter account for Mastodon, a decentralized alternative social network where many Twitter users are fleeing, was also banned. The reason was unclear, though it had tweeted about the jet-tracking account. Twitter also began preventing users from posting links to Mastodon accounts, in some cases flagging them as potential malware.

    “This is of course a bald-faced lie,” cybersecurity journalist Brian Krebs posted.

    Explaining the reporter bans, Musk tweeted, “Same doxxing rules apply to ‘journalists’ as to everyone else.”

    He later added: “Criticizing me all day long is totally fine, but doxxing my real-time location and endangering my family is not.”

    ” Doxxing ” refers to disclosing someone’s identity, address, phone number or other personal details that violate their privacy and could bring harm.

    The Washington Post’s executive editor, Sally Buzbee, said technology reporter Drew Harwell “was banished without warning, process or explanation” following the publication of accurate reporting about Musk.

    CNN said in a statement that “the impulsive and unjustified suspension of a number of reporters, including CNN’s Donie O’Sullivan, is concerning but not surprising.”

    “Twitter’s increasing instability and volatility should be of incredible concern for everyone who uses Twitter,” the statement added.

    Another suspended journalist, Matt Binder of the technology news outlet Mashable, said he was banned Thursday night immediately after sharing a screenshot that O’Sullivan had posted before his own suspension.

    The screenshot showed a statement from the Los Angeles Police Department sent earlier Thursday to multiple media outlets, including the AP, about how it was in touch with Musk’s representatives about the alleged stalking incident.

    Binder said he did not share any location data or any links to the jet-tracking account or other location-tracking accounts.

    “I have been highly critical of Musk but never broke any of Twitter’s listed policies,” Binder said in an email.

    The suspensions come as Musk makes major changes to content moderation on Twitter. He has tried, through the release of selected company documents dubbed “The Twitter Files,” to claim the platform suppressed right-wing voices under its previous leaders.

    He has promised to let free speech reign and has reinstated high-profile accounts that previously broke Twitter’s rules against hateful conduct or harmful misinformation. He has also said he would suppress negativity and hate by depriving some accounts of “freedom of reach.”

    Opinion columnist Bari Weiss, who tweeted out some of “The Twitter Files,” called for the suspended journalists to be reinstated.

    “The old regime at Twitter governed by its own whims and biases and it sure looks like the new regime has the same problem,” she tweeted “I oppose it in both cases.”

    If the suspensions lead to the exodus of media organizations that are highly active on Twitter, the platform would be changed at the fundamental level, said Lou Paskalis, longtime marketing and media executive and former Bank of America head of global media.

    CBS briefly shut down its activity on Twitter in November due to “uncertainty” about new management, but media organizations have largely remained on the platform.

    “We all know news breaks on Twitter … and to now go after journalists really saws at the main foundational tent pole of Twitter,” Paskalis said. “Driving journalists off Twitter is the biggest self-inflicted wound I can think of.”

    The suspensions may be the biggest red flag yet for advertisers, Paskalis said, some of which had already cut their spending on Twitter over uncertainty about the direction Musk is taking the platform.

    “It is an overt demonstration of what advertisers fear the most — retribution for an action that Elon doesn’t agree with,” he added.

    On Thursday night, Twitter’s Spaces conference chat went down shortly after Musk abruptly signed out of a session hosted by a journalist during which he had been questioned about the reporters’ ousting. Musk later tweeted that Spaces had been taken offline to deal with a “Legacy bug.” Late Friday, Spaces returned.

    Advertisers are also monitoring the potential loss of Twitter users. Twitter is projected to lose 32 million users over the next two years, according to a forecast by Insider Intelligence, which cited technical issues and the return of accounts banned for offensive posts.

    Meanwhile, some Twitter alternatives are gaining momentum.

    Mastodon on Friday had more than 6 million users, nearly double the 3.4 million it had on the day Musk took ownership of Twitter. On many of the thousands of confederated networks in the open-source Mastodon platform, administrators and users solicited donations as disaffected Twitter users strained computing resources. Many of the networks, known as “instances,” are crowd-funded. The platform is designed to be ad-free.

    ———

    Associated Press writers Kelvin Chan in London, Frank Jordans in Berlin, Frank Bajak in Boston and Hillel Italie and Edith Lederer in New York contributed to this report.

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  • Journalist suspensions widen rift between Twitter and media

    Journalist suspensions widen rift between Twitter and media

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    Elon Musk’s abrupt suspension of several journalists who cover Twitter widens a growing rift between the social media site and media organizations that have used the platform to build their audiences.

    Individual reporters with The New York Times, The Washington Post, CNN, Voice of America and other news agencies saw their accounts go dark Thursday.

    Musk tweeted late Friday that the company would lift the suspensions following the results of a public poll on the site. The poll showed 58.7% of respondents favored a move to immediately unsuspend accounts over 41.3% who said the suspensions should be lifted in seven days.

    The company has not explained why the accounts were taken down. But Musk took to Twitter on Thursday night to accuse journalists of sharing private information about his whereabouts, which he described as “basically assassination coordinates.” He provided no evidence for that claim.

    Many advertisers abandoned Twitter over content moderation questions after Musk acquired it in October, and he now risks a rupture with media organizations, which are among the most active on the platform.

    Most of the accounts were back early Saturday. One exception was Business Insider’s Linette Lopez, who was suspended after the other journalists, also with no explanation, she told The Associated Press.

    Lopez published a series of articles between 2018 and 2021 highlighting what she called dangerous Tesla manufacturing shortcomings.

    Shortly before being suspended, she said she had posted court-related documents to Twitter that included a 2018 Musk email address. That address is not current, Lopez said, because “he changes his email every few weeks.”

    On Tuesday, she posted a 2019 story about Tesla troubles, commenting, “Now, just like then, most of @elonmusk’s wounds are self inflicted.”

    The same day, she cited reports that Musk was reneging on severance for laid-off Twitter employees, threatening workers who talk to the media and refusing to make rent payments. Lopez described his actions as “classic Elon-going-for-broke behavior.”

    Steve Herman, a national correspondent for Voice of America, told The Associated Press that his suspended Twitter account still hadn’t been fully restored as of Saturday afternoon because of his refusal to delete three tweets that the company flagged for purportedly sharing Musk’s whereabouts. Although Herman’s Twitter timeline is now visible to most users, he said he can’t see it himself nor can he post anything new until he removes the tweets that the company contends violate its revised terms of service.

    “I am in a new level of purgatory,” Herman said. “I do not believe anything I have tweeted violated any reasonable standard of any social media platform.”

    Alarm over the suspensions extended beyond media circles to the United Nations, which was reconsidering its involvement in Twitter.

    The move sets “a dangerous precedent at a time when journalists all over the world are facing censorship, physical threats and even worse,” U.N. spokesman Stephane Dujarric said.

    The reporters’ suspensions followed Musk’s decision Wednesday to permanently ban an account that automatically tracked the flights of his private jet using publicly available data. That also led Twitter to change its rules for all users to prohibit the sharing of another person’s current location without their consent.

    Several of the reporters suspended Thursday night had been writing about the new policy and Musk’s rationale for imposing it, which involved his allegations about a stalking incident he said affected his family Tuesday night in Los Angeles.

    The official Twitter account for Mastodon, a decentralized alternative social network where many Twitter users are fleeing, was also banned. The reason was unclear, though it had tweeted about the jet-tracking account. Twitter also began preventing users from posting links to Mastodon accounts, in some cases flagging them as potential malware.

    “This is of course a bald-faced lie,” cybersecurity journalist Brian Krebs posted.

    Explaining the reporter bans, Musk tweeted, “Same doxxing rules apply to ‘journalists’ as to everyone else.”

    He later added: “Criticizing me all day long is totally fine, but doxxing my real-time location and endangering my family is not.”

    ” Doxxing ” refers to disclosing someone’s identity, address, phone number or other personal details that violate their privacy and could bring harm.

    The Washington Post’s executive editor, Sally Buzbee, said technology reporter Drew Harwell “was banished without warning, process or explanation” following the publication of accurate reporting about Musk.

    CNN said in a statement that “the impulsive and unjustified suspension of a number of reporters, including CNN’s Donie O’Sullivan, is concerning but not surprising.”

    “Twitter’s increasing instability and volatility should be of incredible concern for everyone who uses Twitter,” the statement added.

    Another suspended journalist, Matt Binder of the technology news outlet Mashable, said he was banned Thursday night immediately after sharing a screenshot that O’Sullivan had posted before his own suspension.

    The screenshot showed a statement from the Los Angeles Police Department sent earlier Thursday to multiple media outlets, including the AP, about how it was in touch with Musk’s representatives about the alleged stalking incident.

    Binder said he did not share any location data or any links to the jet-tracking account or other location-tracking accounts.

    “I have been highly critical of Musk but never broke any of Twitter’s listed policies,” Binder said in an email.

    The suspensions come as Musk makes major changes to content moderation on Twitter. He has tried, through the release of selected company documents dubbed “The Twitter Files,” to claim the platform suppressed right-wing voices under its previous leaders.

    He has promised to let free speech reign and has reinstated high-profile accounts that previously broke Twitter’s rules against hateful conduct or harmful misinformation. He has also said he would suppress negativity and hate by depriving some accounts of “freedom of reach.”

    Opinion columnist Bari Weiss, who tweeted out some of “The Twitter Files,” called for the suspended journalists to be reinstated.

    “The old regime at Twitter governed by its own whims and biases and it sure looks like the new regime has the same problem,” she tweeted “I oppose it in both cases.”

    If the suspensions lead to the exodus of media organizations that are highly active on Twitter, the platform would be changed at the fundamental level, said Lou Paskalis, longtime marketing and media executive and former Bank of America head of global media.

    CBS briefly shut down its activity on Twitter in November due to “uncertainty” about new management, but media organizations have largely remained on the platform.

    “We all know news breaks on Twitter … and to now go after journalists really saws at the main foundational tent pole of Twitter,” Paskalis said. “Driving journalists off Twitter is the biggest self-inflicted wound I can think of.”

    The suspensions may be the biggest red flag yet for advertisers, Paskalis said, some of which had already cut their spending on Twitter over uncertainty about the direction Musk is taking the platform.

    “It is an overt demonstration of what advertisers fear the most — retribution for an action that Elon doesn’t agree with,” he added.

    On Thursday night, Twitter’s Spaces conference chat went down shortly after Musk abruptly signed out of a session hosted by a journalist during which he had been questioned about the reporters’ ousting. Musk later tweeted that Spaces had been taken offline to deal with a “Legacy bug.” Late Friday, Spaces returned.

    Advertisers are also monitoring the potential loss of Twitter users. Twitter is projected to lose 32 million users over the next two years, according to a forecast by Insider Intelligence, which cited technical issues and the return of accounts banned for offensive posts.

    Meanwhile, some Twitter alternatives are gaining momentum.

    Mastodon on Friday had more than 6 million users, nearly double the 3.4 million it had on the day Musk took ownership of Twitter. On many of the thousands of confederated networks in the open-source Mastodon platform, administrators and users solicited donations as disaffected Twitter users strained computing resources. Many of the networks, known as “instances,” are crowd-funded. The platform is designed to be ad-free.

    ———

    Associated Press writers Kelvin Chan in London, Frank Jordans in Berlin, Frank Bajak in Boston and Hillel Italie and Edith Lederer in New York contributed to this report.

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  • Elon Musk sells $3.58B worth of Tesla stock, purpose unknown

    Elon Musk sells $3.58B worth of Tesla stock, purpose unknown

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    DETROIT — Elon Musk sold another $3.58 billion worth of Tesla stock this week, but it wasn’t clear where the proceeds were being spent.

    The Tesla CEO, and new owner of Twitter, sold the shares from Monday through Wednesday, according to a filing posted Wednesday night by the U.S. Securities and Exchange Commission.

    Musk has sold nearly $23 billion worth of Tesla stock since April, with much of the money likely going to help fund his $44 billion acquisition of Twitter.

    The sale comes as shares of the electric vehicle and solar panel maker have collapsed, losing over half their value since Musk first disclosed in April that he was buying up Twitter stock.

    The falling shares have bumped Musk from his status as the world’s wealthiest person, with his net worth falling to $174 billion, according to Forbes. He was passed last week by French fashion and cosmetics magnate Bernard Arnault.

    The takeover of Twitter has not been smooth, and some big companies have halted advertising on the social media platform. Musk has said that Twitter had “a massive drop in revenue” due to the advertiser losses.

    Investors have been punishing Tesla stock of late as Musk has spent much of his time running Twitter, raising fears that he’s distracted from the car company.

    Wedbush analyst Dan Ives said Musk is now a villain in the eyes of Tesla investors. He said Tesla’s fundamentals remain healthy but his behavior with Twitter is hurting the company’s brand. “The Twitter overhang is a nightmare that is growing with no one but Musk to blame,” Ives wrote in an email.

    A message was left with Tesla Wednesday night seeking comment on the stock sale.

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  • Twitter relaunching subscriber service after debacle

    Twitter relaunching subscriber service after debacle

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    NEW YORK (AP) — Twitter is once again attempting to launch its premium service, a month after a previous attempt failed.

    The social media platform said it would let users buy subscriptions to Twitter Blue to get a blue check mark and access special features starting Monday.

    The company owned by billionaire Elon Musk has also started granting a new gold-colored check mark to businesses on the platform. The gold label began appearing Monday on the account profiles for Coca-Cola, Nike, Google and dozens of other big corporations.

    “The gold checkmark indicates that the account is an official business account through Twitter Blue for Business,” the company says on a support web page.

    Twitter’s blue check mark was originally given to companies, celebrities, government entities and journalists verified by the platform. After Musk bought Twitter for $44 billion in October, he launched a service granting blue checks to anyone willing to pay $8 a month. But it was inundated by imposter accounts, including those impersonating Nintendo, pharmaceutical company Eli Lilly and Musk’s businesses Tesla and SpaceX, so Twitter suspended the service days after its launch.

    The relaunched service will cost $8 a month for web users and $11 a month for iPhone and iPad users. San Francisco-based Twitter says subscribers will see fewer ads, be able to post longer videos and have their tweets featured more prominently. Twitter’s website doesn’t say if business accounts must pay extra for the gold label or if it is granted automatically.

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  • Musk’s Twitter disbands its Trust and Safety advisory group

    Musk’s Twitter disbands its Trust and Safety advisory group

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    Elon Musk’s Twitter has dissolved its Trust and Safety Council, the advisory group of around 100 independent civil, human rights and other organizations that the company formed in 2016 to address hate speech, child exploitation, suicide, self-harm and other problems on the platform.

    The council had been scheduled to meet with Twitter representatives Monday night. But Twitter informed the group via email that it was disbanding it shortly before the meeting was to take place, according to multiple members.

    The council members, who provided images of the email from Twitter to The Associated Press, spoke on the condition of anonymity due to fears of retaliation. The email said Twitter was “reevaluating how best to bring external insights” and the council is “not the best structure to do this.”

    “Our work to make Twitter a safe, informative place will be moving faster and more aggressively than ever before and we will continue to welcome your ideas going forward about how to achieve this goal,” said the email, which was signed “Twitter.”

    The volunteer group provided expertise and guidance on how Twitter could better combat hate, harassment and other harms but didn’t have any decision-making authority and didn’t review specific content disputes. Shortly after buying Twitter for $44 billion in late October, Musk said he would form a new “content moderation council” to help make major decisions but later changed his mind.a

    “Twitter’s Trust and Safety Council was a group of volunteers who over many years gave up their time when consulted by Twitter staff to offer advice on a wide range of online harms and safety issues,” tweeted council member Alex Holmes. “At no point was it a governing body or decision making.”

    Twitter, which is based in San Francisco, had confirmed the meeting with the council Thursday in an email in which it promised an “open conversation and Q&A” with Twitter staff, including the new head of trust and safety, Ella Irwin.

    That came on the same day that three council members announced they were resigning in a public statement posted on Twitter that said that “contrary to claims by Elon Musk, the safety and wellbeing of Twitter’s users are on the decline.”

    Those former council members soon became the target of online attacks after Musk amplified criticism of them and Twitter’s past leadership for allegedly not doing enough to stop child sexual exploitation on the platform.

    “It is a crime that they refused to take action on child exploitation for years!” Musk tweeted.

    A growing number of attacks on the council led to concerns from some remaining members who sent an email to Twitter earlier on Monday demanding the company stop misrepresenting the council’s role.

    Those false accusations by Twitter leaders were “endangering current and former Council members,” the email said.

    The Trust and Safety Council, in fact, had as one of its advisory groups one that focused on child exploitation. This included the National Center for Missing & Exploited Children, the Rati Foundation and YAKIN, or Youth Adult Survivors & Kin in Need.

    Former Twitter employee Patricia Cartes, whose job it was to form the council in 2016, said Monday its dissolution “means there’s no more checks and balances.” Cartes said the company sought to bring a global outlook to the council, with experts from around the world who could relay concerns about how new Twitter policies or products might affect their communities.

    She contrasted that with Musk’s current practice of surveying his Twitter followers before making a policy change affecting how content gets moderated.

    “He doesn’t really care as much about what experts think,” she said.

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  • Musk’s Twitter disbands its Trust and Safety advisory group

    Musk’s Twitter disbands its Trust and Safety advisory group

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    Elon Musk’s Twitter has dissolved its Trust and Safety Council, the advisory group of around 100 independent civil, human rights and other organizations that the company formed in 2016 to address hate speech, child exploitation, suicide, self-harm and other problems on the platform.

    The council had been scheduled to meet with Twitter representatives Monday night. But Twitter informed the group via email that it was disbanding it shortly before the meeting was to take place, according to multiple members.

    The council members, who provided images of the email from Twitter to The Associated Press, spoke on the condition of anonymity due to fears of retaliation. The email said Twitter was “reevaluating how best to bring external insights” and the council is “not the best structure to do this.”

    “Our work to make Twitter a safe, informative place will be moving faster and more aggressively than ever before and we will continue to welcome your ideas going forward about how to achieve this goal,” said the email, which was signed “Twitter.”

    The volunteer group provided expertise and guidance on how Twitter could better combat hate, harassment and other harms but didn’t have any decision-making authority and didn’t review specific content disputes. Shortly after buying Twitter for $44 billion in late October, Musk said he would form a new “content moderation council” to help make major decisions but later changed his mind.

    “Twitter’s Trust and Safety Council was a group of volunteers who over many years gave up their time when consulted by Twitter staff to offer advice on a wide range of online harms and safety issues,” tweeted council member Alex Holmes. “At no point was it a governing body or decision making.”

    Twitter, which is based in San Francisco, had confirmed the meeting with the council Thursday in an email in which it promised an “open conversation and Q&A” with Twitter staff, including the new head of trust and safety, Ella Irwin.

    That came on the same day that three council members announced they were resigning in a public statement posted on Twitter that said that “contrary to claims by Elon Musk, the safety and wellbeing of Twitter’s users are on the decline.”

    Those former council members soon became the target of online attacks after Musk amplified criticism of them and Twitter’s past leadership for allegedly not doing enough to stop child sexual exploitation on the platform.

    “It is a crime that they refused to take action on child exploitation for years!” Musk tweeted.

    A growing number of attacks on the council led to concerns from some remaining members who sent an email to Twitter earlier on Monday demanding the company stop misrepresenting the council’s role.

    Those false accusations by Twitter leaders were “endangering current and former Council members,” the email said.

    The Trust and Safety Council, in fact, had as one of its advisory groups one that focused on child exploitation. This included the National Center for Missing & Exploited Children, the Rati Foundation and YAKIN, or Youth Adult Survivors & Kin in Need.

    Former Twitter employee Patricia Cartes, whose job it was to form the council in 2016, said Monday its dissolution “means there’s no more checks and balances.” Cartes said the company sought to bring a global outlook to the council, with experts from around the world who could relay concerns about how new Twitter policies or products might affect their communities.

    She contrasted that with Musk’s current practice of surveying his Twitter followers before making a policy change affecting how content gets moderated.

    “He doesn’t really care as much about what experts think,” she said.

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  • Twitter relaunching subscriber service after debacle

    Twitter relaunching subscriber service after debacle

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    NEW YORK — Twitter is once again attempting to launch its premium service, a month after a previous attempt failed.

    The social media company said Saturday it would let users buy subscriptions to Twitter Blue to get a blue checkmark and access special features starting Monday.

    The blue checkmark was originally given to companies, celebrities, government entities and journalists verified by the platform. After Elon Musk bought Twitter for $44 billion in October, he launched a service granting blue checks to anyone willing to pay $8 a month. But it was inundated by imposter accounts, including those impersonating Musk’s businesses Tesla and SpaceX, so Twitter suspended the service days after its launch.

    The relaunched service will cost $8 a month for web users and $11 a month for iPhone users. Twitter says subscribers will see fewer ads, be able to post longer videos and have their tweets featured more prominently.

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