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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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  • Elon Musk ‘Chief Twit’ Visits Twitter HQ Ahead of Deal Deadline

    Elon Musk ‘Chief Twit’ Visits Twitter HQ Ahead of Deal Deadline

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    Elon Musk delivered innuendo about his Twitter deal — on Twitter — Wednesday afternoon, ahead of the October 28 deadline to acquire the company after he had tried to back out of the deal.

    He Tweeted a video of him entering what he said was Twitter’s San Francisco campus. “Entering Twitter HQ – let that sink in!” he wrote.

    Neither Musk nor Twitter had said if the deal is closed yet.

    Twitter confirmed that Musk’s video tweet was real to the AP, but didn’t comment.

    At some point, he also changed his bio to “Chief Twit.”

    Musk’s dealings with Twitter have spiraled into an epic public drama over the past several months. He bought up shares of the social media company, joined then un-joined its board, moved to acquire it in April, attempted to back out of the acquisition in July, and then faced a lawsuit from Twitter compelling him to complete it.

    In early October, Musk publicly stated he will move forward with the acquisition at its original price, about $44 billion. He said on a Q3 Tesla earnings call that he is “obviously overpaying” for the company.

    Twitter’s lawyers actually did not respond well to this comment, saying it was an “invitation to further mischief and delay.”

    Judge Kathaleen St. Jude McCormick of the Delaware Chancery Court gave Musk until October 28 to close the deal, at which point the billionaire is supposed to have re-pulled-together the billions needed to finance the acquisition. However, various outlets have noted that this is coming together in a much different economic environment than when the original buy was planned in April.

    Bloomberg reported Tuesday that Musk had told bankers he planned to close the deal and that the plans to move the money were in motion, per “people with knowledge of the matter.”

    Musk has discussed what could be in store for the platform, from railing against content moderation to laying off 75% of its staff to creating an everything app.

    Twitter did not immediately respond to a request for comment.

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    Gabrielle Bienasz

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  • EXCLUSIVE: India’s Twitter alternative Koo now reaches 4,800 towns and cities

    EXCLUSIVE: India’s Twitter alternative Koo now reaches 4,800 towns and cities

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    Serial entrepreneur Aprameya Radhakrishna, known for building ride-sharing company TaxiForSure (which was acquired by Ola for $200 million in 2015), started Koo — a language-focused microblogging platform — in early 2020. It was meant to be a homegrown, hyperlocal alternative to Twitter, and a step towards fulfilling the government’s grand ‘Atmanirbhar Bharat’ vision. Later that year, Koo went on to win MeitY’s Atmanirbhar App Innovation Challenge in the ‘Social’ category, and was also listed among Google Play Store’s “Everyday Essentials’ apps. 

    Within 20 months of its launch, Koo says it racked up 15 million downloads. “Our first 10 million downloads happened in about a year and a half, while the next five million users joined the platform in a quarter,” Koo Co-founder and CEO Aprameya Radhakrishna tells Business Today. “Currently, we have over 45 million downloads with 7,500 eminent accounts.”

    But what worked? How did Koo find its audience in a cluttered social media space where attention spans are diminishing by the day? Radhakrishna says Koo was the answer to India’s language diversity problem. “In a country like India, where more than 90 per cent of the population thinks and speaks in a regional language, the power of expression in one’s mother tongue is truly immense. We noticed that the majority of the conversations on existing global social media platforms were in English. The native language speakers needed an immersive experience in their mother tongue. Koo is a solution to that problem,” he explains. 

    This problem is not just India’s though. “80 per cent of the world doesn’t speak English either. They speak some native language,” he says. 

    Koo’s native language proposition managed to woo some of the top venture capitalists of the world. In a little over two years, the Bengaluru-based startup has raise $64.1 million in funding from the likes of Tiger Global, Mirae Asset Management, One4 Capital, Accel, Casper, and prominent angels, including Naval Ravikant, Balaji Srinivasan, Ashneer Grover, among others. Koo’s last funding round came in February this year, and its valuation stood at $263 million in June, according to Tracxn

    Radhakrishna says, “Running a language-based micro-blog is way more complex than a single language platform in multiple ways. Koo has built tech to support billions of interactions from millions of users. It has one of the most exhaustive and deep usage of language-based technologies. Right from translations to transliteration, context extraction, categorization to recommendations and personalization. The language dimension adds many complexities, apart from the fact that a lot of the language tech, especially Indian languages, is still nascent.”

    Today, Koo enables interactions in Hindi, Bengali, Assamese, Tamil, Telugu, Marathi, Kannada, Gujarati, and Punjabi, besides English. The platform allows creators to send their messages in real-time across languages while retaining the context and sentiment attached to the original text. “This enhances a user’s reach, as the message can be consumed by people across the country in a language of their choice,” says the founder.

    As a result of its deep language penetration, Koo claims to be reaching users in 4,800 towns and cities of India, with over 60 per cent of those coming from Tier 2 and Tier 3 regions. With growing mobile internet usage, more and more first-time users are now taking to social apps. However, Koo stakes a claim to several seasoned netizens as well. “The average age of users on Koo is between 23 to 35 years. These are not necessarily first-time internet users, but language users who didn’t have a platform to express themselves earlier,” Radhakrishna reveals. 

    Despite the positive indicators, Koo — like most other social media platforms of the world — continues to battle charges of hate speech and discrimiation. Its content moderation policies have come under the scanner too. The company says it follows the laws of the land. “Our structured content moderation practice complies with Indian law and leverages the expertise of both humans and machines to curb online hatred and facilitate a cleaner ecosystem. We also have a ‘Voluntary Self-Verification’ feature on the Koo app which helps to curb anonymity and the presence of nuisance creators,” the founder explains. 

    Interestingly, self verification is something Elon Musk (who’s close to completing his Twitter buyout) has been pushing for a while. In April, the Tesla CEO and Twitter board member urged the social media platform to “authenticate all real humans”, which Koo claims it has already done. Radhakrishna, in fact, tweeted to Musk, asking him to try out the app. “Your specific point on democratized verification [is] already done btw,” he wrote. 

    But what really are the pros of self-verification? Is it effective enough? 

    He elaborates, “Self-verification empowers every user on Koo with the privilege of getting recognized as a genuine voice, something which is only available for eminent voices on other social media apps. Being a ‘genuine voice’ lends greater credibility to the thoughts and opinions that are shared. Profiles have witnessed a 75 per cent spike in followers and a 30 per cent increase in profile visits within a week of having self-verified themselves, says our analysis.”

    When it comes to monetisation, however, Koo is yet to turn a corner. The platform’s annual revenues stood at $145,000 as on December 31, 2020, according to Tracxn. It reportedly incurred losses of over Rs 35 crore in FY21, and with funding drying up in 2022, operations have been crunched further. Koo also laid off nearly 5 per cent of its workforce in August. 

    “These colleagues were let go for a mix of reasons like performance issues and restructuring that made some of these roles redundant. This is a constant exercise at any company,” Radhakrishna asserts. “We are still aggressively hiring people in areas such as product, analytics, and engineering. Our current workforce has a strength of 300 employees.”

    But is there a clear path to monetisation and profitability? Without divulging much, the founder says, “Koo is looking at sustained growth that will be backed by experiments related to driving value to brands, creators and other stakeholders linked to the Koo ecosystem.”

    Also ReadKoo relies on library of 6,300 words and phrases to spot abusive content

    Also Read: Koo signs MoU with Telangana govt, to open development centre in Hyderabad

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  • Twitter Hemorrhaging Its Most Active Users, Report Says

    Twitter Hemorrhaging Its Most Active Users, Report Says

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    Topline

    Many of Twitter’s most active users abandoned the platform in recent years and have shown no sign of coming back, according to company documents obtained by Reuters, sparking serious concerns about Twitter’s future just days before Elon Musk is slated to take control of it.

    Key Facts

    The number of “heavy tweeters,” which Twitter defines as someone who uses the platform six or seven days a week and tweets at least three times a week, has been in “absolute decline” since the start of the Covid-19 pandemic, according to an internal report viewed by Reuters.

    Interest in mainstay topics popular with advertisers like sports, news and entertainment has been in decline among English-speaking frequent users, according to Reuters, while interest in cryptocurrency and pornographic “not safe for work” content has been on the rise.

    “Heavy tweeters” are reportedly responsible for 90% of tweets and half of the company’s revenue, despite making up less than 10% of all monthly users.

    The most significant user losses appear to be among accounts that tweeted about celebrities like the Kardashians, with the company reportedly finding a “devastating” decline in that area, possibly due to users migrating to Instagram or TikTok.

    Interest in world news and liberal politics have also suffered massive declines, according to Reuters.

    Twitter did not immediately respond to a request for comment from Forbes.

    Crucial Quote

    “It seems as though there is a significant discrepancy between what I might imagine are our company values and our growth patterns,” a company researcher reportedly wrote.

    Big Number

    237.8 million. That’s how many total daily active users Twitter reported in the second quarter of this year, up almost 17% from a year prior. Some 41.5 million active users were U.S.-based.

    What To Watch For

    A Delaware judge has given Musk, the world’s richest person, until Friday afternoon to close his $44 billion deal to purchase Twitter and take it private. If the deal doesn’t close by then, a lawsuit from the social media company seeking to force him to follow through with the deal will go to trial. Musk told bankers he plans to abide by the Friday deadline, Bloomberg reported Tuesday.

    Key Background

    The Washington Post reported last week that Twitter is planning massive staffing cuts due to its turbulent financial situation. The company has a reported goal of slashing $800 million in payroll by 2023, which would impact critical infrastructure such as data centers, potentially making the platform and its users more susceptible to security threats. Musk, meanwhile, has reportedly told prospective investors he’s eyeing even deeper cuts: According to the Post, he plans to eliminate about 75% of Twitter’s 7,500-person workforce if the deal closes. The billionaire also reportedly promised potential investors he will triple the number of users who see ads by the end of his third year as owner, while he’s also floated a subscription service offering users access to premium content for a fee as a way to raise revenue.

    Forbes Valuation

    We estimate Musk to be worth $219.6 billion, making him the richest person in the world.

    Further Reading

    Exclusive: Twitter is losing its most active users, internal documents show (Reuters)

    Musk Plans To Cut 75% Of Twitter Workforce, Report Says (Forbes)

    Elon Musk Reportedly Tells Bankers He’ll Buy Twitter By Friday Deadline (Forbes)

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    Nicholas Reimann, Forbes Staff

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  • Flipkart Diwali sale: Mangalore man gets stone, e-waste on ordering a gaming laptop

    Flipkart Diwali sale: Mangalore man gets stone, e-waste on ordering a gaming laptop

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    The big Diwali sale on the online shopping platform Flipkart has just ended. Chinmaya Ramana, a consumer from Mangalore on social media claimed that he ordered a laptop during the Diwali sale, but received a stone along with some e-waste instead. Although a day after the consumer was informed that Flipkart has refunded the entire amount.

    Chinmaya Ramana, who has a Flipkart Plus membership, claimed that he ordered the Asus TUF Gaming F15 gaming laptop on October 15 for his friend. He received the sealed package on October 20. According to Ramana, when he opened the box, he found stones and garbage instead of a gaming laptop. He shared pictures of the package on Twitter. 

    Following complaints regarding wrong packages throughout the Diwali sale season, Flipkart has launched an ‘open box delivery’ system, so that customers can testify if the ordered product has been delivered to them. Through the scheme, a customer can ask the delivery agent to open the box before passing on the One Time Password (OTP), to determine whether the right product has been delivered.

    In Chinmaya’s case, there was no open-box delivery option, hence he could not avail of it and accepted the sealed package. He immediately informed Flipkart about the matter and even invoked a return request. However, at that time the seller denied his request stating that the product was there in the box when shipped. 

    But as the news got widespread coverage through Twitter, Flipkart took responsibility and compensated the entire amount. The customer then on Monday informed that Flipkart refunded the entire amount.

    Also read: Diwali shopping in metaverse! How to enter and shop on Flipkart’s Flipverse  

    Also read: Indians’ love for Diwali glitters pushes gold sales to a record high on Dhanteras

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  • Elon Musk must close Twitter deal by end of this week or face trial | CNN Business

    Elon Musk must close Twitter deal by end of this week or face trial | CNN Business

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    New York
    CNN Business
     — 

    The clock is ticking for Elon Musk to complete his deal to buy Twitter.

    The billionaire Tesla CEO has until 5 p.m. ET on Friday to close his $44 billion acquisition of Twitter or face a trial that was previously delayed to allow both parties to close the deal.

    The high-stakes countdown comes after a months-long battle over an acquisition that would put the world’s richest man in charge of one of the world’s most influential social media platforms, with vast potential impacts on the company’s employees, users and for online discourse generally.

    Musk in April agreed to buy Twitter

    (TWTR)
    for $54.20 per outstanding share and then, weeks later, sought to terminate the deal. He initially cited concerns over the prevalence of bots on the platform and later added claims from a company whistleblower. Twitter

    (TWTR)
    sued him to follow through with the acquisition.

    The two sides had been in the midst of a contentious litigation process preparing for trial to begin on Oct. 17 when Musk told Twitter he wanted to move forward with closing the deal at the originally agreed upon price. The judge overseeing the case, Delaware Chancery Court Chancellor Kathaleen St. Jude McCormick, gave the two sides until Oct. 28 to close the deal or face a November trial.

    In the weeks since the litigation was paused, Twitter has appeared to continue to take steps toward closing the deal. Bloomberg last week reported that the company had frozen employees’ stock accounts in anticipation of the deal’s closing, and that lawyers for both Musk and Twitter were preparing paperwork to close the deal. Musk, meanwhile, told Tesla shareholders that he was “excited” about Twitter even as he admitted to “obviously overpaying” for it.

    But there have been questions about whether the financing Musk had originally lined up to help fund the deal would come through as expected after he spent months disparaging the company and the overall market, including for social media stocks, has declined. Musk has turned to a mix of debt and equity financing for the deal, in addition to putting up his own money, much of it likely from sales of his Tesla shares.

    Some experts have suggested that Musk may need to sell billions of dollars worth of additional Tesla

    (TSLA)
    shares to fund the deal, a move that became easier for the CEO after the company reported quarterly earnings last week – not to mention more costly following a recent decline in the car maker’s share price.

    With days to go before the deadline, there have also been some last-minute jitters among Twitter investors and employees.

    Twitter shares briefly dipped Friday morning following a Bloomberg report that Biden administration officials were in early discussions about possibly subjecting some of Musk’s ventures to national security reviews, including the planned Twitter takeover.

    However, asked by CNN, the administration pushed back on the report, which cited people familiar with the matter. “We do not know of any such conversations,” National Security Council Spokesperson Adrienne Watson said in a statement. Mergers and acquisitions experts have said that while such a review could complicate matters, it likely wouldn’t allow Musk to get out of the acquisition deal.

    Separately, Twitter was forced to address concerns among its employees about the fate of their jobs after The Washington Post reported on Thursday that Musk told prospective investors in the deal that he planned to get rid of nearly 75% of the company’s staff. (Representatives for Musk did not respond to a request for comment on the report, which cited internal documents and unnamed people familiar with the matter.)

    Following the report, Twitter General Counsel Sean Edgett sent a memo to staff saying the company does “not have any confirmation of the buyer’s plans following close and recommend not following rumors or leaked documents but rather wait for facts from us and the buyer directly,” according to a report from Bloomberg. A Twitter spokesperson confirmed to CNN the authenticity of the memo.

    Musk previously discussed dramatically reducing Twitter’s workforce in personal text messages with friends about the deal, which were revealed in court filings, and didn’t dismiss the potential for layoffs in a call with Twitter employees in June.

    Despite his reported plans to gut the staff, and his own remarks that he is overpaying for the company, Musk has tried to sound optimistic about Twitter’s potential.

    “The long-term potential for Twitter, in my view, is an order of magnitude greater than its current value,” he said on the Tesla conference call last week. He has floated several possible product updates and suggested Twitter will become part of an “everything” app called x, possibly in the style of popular Chinese app WeChat.

    But the most immediate change for users, if the deal goes through, could be limiting Twitter’s content moderation and restoring accounts that were previously banned from the platform, most notably that of former President Donald Trump.

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  • Los Angeles officials condemn demonstrators seen in photos showing support of Kanye West’s antisemitic remarks | CNN

    Los Angeles officials condemn demonstrators seen in photos showing support of Kanye West’s antisemitic remarks | CNN

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    CNN
     — 

    Los Angeles officials are condemning the display of banners from a freeway overpass this weekend by a group of demonstrators seen in bystander photos showing support for antisemitic comments recently made by rapper Kanye West, also known as Ye.

    West has recently made a series of antisemitic outbursts, notably on October 8, when he tweeted he was “going death con 3 [sic] On JEWISH PEOPLE,” and also that, “You guys have toyed with me and tried to black ball anyone whoever opposes your agenda,” without specifying what group he was addressing, according to the Internet Archive’s Wayback Machine records pulled by CNN.

    His tweet has since been removed, and Twitter locked his account. In an interview conducted after the controversial tweet, West told Piers Morgan that he was sorry for the people that he hurt, though he also said that he didn’t regret making the remark.

    Photos taken Saturday show a small group of demonstrators with their arms raised in what appears to be the Nazi salute behind banners reading, “honk if you know” alongside “Kanye is right about the Jews.”

    Los Angeles District Attorney George Gascón lambasted the incident on Twitter Sunday saying, “We cannot tolerate the #AntiSemitism that was on full display today [Saturday] on an LA Fwy. #WhiteSupremacy is a societal cancer that must be excised. This message is dangerous & cannot be normalized. I stand with the Jewish community in condemning this disgusting behavior.”

    Los Angeles Mayor Eric Garcetti also took to Twitter, saying, “We condemn this weekend’s anti-Semitic incidents. Jewish Angelenos should always feel safe.There is no place for discrimination or prejudice in Los Angeles. And we will never back down from the fight to expose and eliminate it.”

    The number of reported incidents of assault, vandalism and harassment targeting Jewish communities and individuals in the United States was the highest on record in 2021, according to the Anti-Defamation League.

    A total of 2,717 antisemitic incidents were reported last year – the highest on record, according to an ADL audit released in April. That was a 34% increase compared to the 2,026 incidents reported in 2020, the group said.

    “This is an outrageous effort to fan the flames of antisemitism gripping the nation,” ADL of Los Angeles Regional Director Jeffrey Abrams said in a statement posted on the group’s Twitter account Sunday. “This group, known for espousing antisemitism and white supremacist ideology, is now leveraging Ye’s antisemitism and is proof that hate breeds more hate.”

    Abrams went on to call out Adidas, which is reviewing its partnership with West, saying “decisive action against antisemitism by Adidas is long overdue.”

    CNN has been unable to reach a representative for West for comment.

    The banner appeared over the busy Los Angeles freeway a day before Beverly Hills police reported antisemitic flyers being distributed in the city, CNN affiliate KCAL/KCBS reported.

    Beverly Hills Mayor Lili Bosse condemned the flyers and the banner as “disgusting hate speech” in a tweet. “As a daughter of an Auschwitz survivor, I will always bear witness and speak out.”

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  • Twitter stock falls after report says Biden admin weighing security review of Musk ventures | CNN Business

    Twitter stock falls after report says Biden admin weighing security review of Musk ventures | CNN Business

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    New York
    CNN Business
     — 

    Shares of Twitter dropped as much as 8% in pre-market trading Friday as investors braced for some last-minute uncertainty around Elon Musk’s $44 billion deal to buy the company.

    The stock reaction, which rebounded somewhat later in the morning, followed a Bloomberg report that Biden administration officials are in early discussions about possibly subjecting some of Musk’s ventures to national security reviews, including the planned Twitter

    (TWTR)
    takeover. Asked by CNN, the administration pushed back on the report, which cited people familiar with the matter.

    “We do not know of any such conversations,” National Security Council Spokesperson Adrienne Watson said in a statement. A Treasury spokesperson said that the Committee on Foreign Investment in the United States “does not publicly comment on transactions that it may or may not be reviewing” by law and practice.

    Among the equity investors who committed to provide financing to help Musk fund the deal are several foreign entities, including the Qatar sovereign wealth fund and Saudi Arabian Prince Alwaleed bin Talal, who was already one of Twitter’s largest investors prior to Musk’s proposed takeover.

    In response to a tweet about the Bloomberg report, one user wrote: “It would be hysterical if the government stopped Elon from over paying for Twitter.” Musk responded to that tweet with a “100” emoji, which typically indicates emphatic agreement, and a crying laughing face emoji.

    It’s unclear what, if any, impact the reported security review could have on completing a deal that has already been subject to months of uncertainty. Musk has one week remaining to close the deal or face a rescheduled trial in the Delaware Court of Chancery that could result in him being forced to acquire the social media firm.

    Twitter declined to comment on the report about the possible review; representatives for Musk did not immediately respond to a request for comment.

    By other accounts, the deal appears to be moving toward completion. In a separate report Thursday evening, Bloomberg said that bankers and lawyers for both Twitter and Musk are preparing the paperwork needed to complete the deal. Bloomberg also last week reported that the company had frozen employees’ stock accounts in anticipation of the deal’s completion.

    On a conference call this week to discuss Tesla’s earnings results, Musk said he was “excited” about the Twitter deal, but also admitted that he is “obviously overpaying” for it. “The long-term potential for Twitter, in my view, is an order of magnitude greater than its current value,” he said.

    The Washington Post on Thursday reported that Musk told prospective investors in the deal that he planned to get rid of nearly 75% of the company’s staff, and that Twitter had already planned massive layoffs even if the deal did not go through, citing internal documents and interviews with people familiar with the matter. Neither Twitter nor representatives for Musk responded to requests for comment regarding layoff plans.

    Following the Washington Post report, Twitter General Counsel Sean Edgett sent a memo to staff saying the company does “not have any confirmation of the buyer’s plans following close and recommend not following rumors or leaked documents but rather wait for facts from us and the buyer directly,” according to a report from Bloomberg. A Twitter spokesperson confirmed to CNN the authenticity of the memo.

    Musk had previously discussed dramatically reducing Twitter’s workforce in personal text messages with friends about the deal, which were revealed in court filings, and didn’t dismiss the potential for layoffs in a call with Twitter employees in June.

    – CNN’s Matt Egan contributed to this report.

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  • Tesla Stock Could Rebound in 3 Months. Here’s What it Would Take.

    Tesla Stock Could Rebound in 3 Months. Here’s What it Would Take.

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    Elon Musk says that


    Tesla


    could someday be worth more than


    Apple


    and Saudi Aramco, combined. First, it needs to get through the next few months.

    Before Tesla (ticker: TSLA) reported third-quarter earnings this past week, investors had been hoping they would allay concerns that had been growing since the company released second-quarter numbers three months earlier. They did no such thing. While earnings topped expectations, third-quarter deliveries, sales, and profit margins all fell short of Street projections. Tesla shares slumped 6.7% following the release, putting them down 22% since the end of September, their second-worst start to a quarter since the first few weeks of 2016.

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  • Report: Elon Musk plans to cut 75% of Twitter workforce

    Report: Elon Musk plans to cut 75% of Twitter workforce

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    Elon Musk plans to cut most of Twitter’s workforce if and when he becomes owner of the social media company, according to a report Thursday by The Washington Post.

    Musk has told prospective investors in his Twitter purchase that he plans to cut nearly 75% of Twitter’s employee base of 7,500 workers, leaving the company with a skeleton crew, according to the report. The newspaper cited documents and unnamed sources familiar with the deliberations.

    San Francisco-based Twitter and a representative for Musk attorney Alex Spiro did not immediately respond to messages seeking comment.

    While job cuts have been expected regardless of the sale, the magnitude of Musk’s planned cuts are far more extreme than anything Twitter had planned. Musk himself has alluded to the need to cull some of the company’s staff in the past, but he hadn’t given a specific number — at least not publicly. The report comes after Musk said he is “obviously overpaying for Twitter right now.”

    “A 75% headcount cut would indicate, at least out of the gates, stronger free cash flow and profitability, which would be attractive to investors looking to get in on the deal,” said Wedbush analyst Dan Ives. “That said, you can’t cut your way to growth.”

    Ives added that such a drastic reduction in Twitter’s workforce would likely set the company back years.

    Musk: “Long-term potential”

    On Tesla’s earnings conference call on October 19, Musk said he sees long-term value in Twitter, but added that he believes he and other investors are paying too much for the business. 

    It’s possible that Musk may need to sell more Tesla shares to fund the deal, Ives noted in his research note. Ives added that the CEO may need to sell as much as $10 billion worth of shares to secure the financing.

    “As we have discussed, the $44 billion Twitter price tag is simply a train wreck for an asset that we peg fair value in the $30 billion range best case in the midst of Everest-like uphill growth challenges,” Ives added.

    Already, experts, nonprofits and even Twitter’s own staff have warned that pulling back investments on content moderation and data security could hurt Twitter and its users. With as drastic a reduction as Musk may be planning, the platform could quickly become overrun with harmful content and spam — the latter of which the Tesla CEO himself has said he’ll address if he becomes owner of the company.

    After his initial $44 billion bid in April to buy Twitter, Musk backed out of the deal, contending Twitter misrepresented the number of fake “spam bot” accounts on its platform. Twitter sued, and a Delaware judge has given both sides until October 28 to work out details. Otherwise, there will be a trial in November.

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  • ‘Happy Diwali for Rishi Sunak’: Twitterati have a field day as UK PM Lizz Truss resigns

    ‘Happy Diwali for Rishi Sunak’: Twitterati have a field day as UK PM Lizz Truss resigns

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    It ended just as everyone was predicting: Liz Truss has resigned as UK’s prime minister, just 44 days since taking over the top job, thereby making her stint at 10 Downing Street the shortest one in British parliamentary history. After a stormy session at the House of Commons yesterday over an anti-fracking law, her fate was sealed. But some say her fate was sealed the moment her Chancellor of Exchequer, and close personal friend, Kwasi Kwarteng, presented that disastrous mini-budget, which sent the markets into a tailspin and the British pound to record lows against the US dollar. 

    Now comes the big question. With Truss’ departure, is it time for Rishi Sunak to finally take over the reins of the prime ministership? As per a report in the British newspaper The Times, Sunak’s supporters feel that because he was a runner-up to Truss to take over the leadership of the Conservative Party, it is only natural for him to succeed Truss, now that she is out. 

    In fact, many social media users have already taken to Twitter, sharing their views on who should be UK’s next PM.

    A user named Michael Otadende posted a video of Rishi Sunak counting flaws in Liz Truss’s economy related policies. In the caption he wrote, “Remember when Rishi Sunak told everybody about the pitfalls of Liz Truss’ plans?”

    Another user named Arjun too seemed quite confident about Sunak’s appointment when he wrote that it’s going to be a Happy Diwali for Rishi Sunak.

    Veteran journalist and commentator Piers Morgan too weighed in and said that Rishi Sunak is the right person to now lead the country and restore some kind of stability and integrity into the parliamentary pricess. “These are serious times and we need a serious & competent Prime Minister,” his tweet added.

    However, not all are in favour. Brexit Party Member, Ben Habib sounded not too keen over Sunak’s appointment as he wrote that Sunak borrowed more than any chancellor in history and exited during an energy crisis, with supply chains broken and record levels of tax and inflation which were all created by him. “Appoint him as PM at your peril @Conservatives”

    Susan Dalgety said that she doesn’t care whether Rishi Sunak is “up for the job” or Penny Mordaunt fancies a shot as it is not about the personal ambitions of second-class politicians, but about the lives and future of UK and its citizens. “There must be a general election, not a Tory coronation.”

    Also read: Rishi Sunak increasingly looks like a better fit as British PM; Liz Truss must save her chair

    Also read: Liz Truss resigns as UK PM; Rishi Sunak not yet confirmed to succeed

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  • Kanye West’s biggest challenge with owning Parler may come from Elon Musk | CNN Business

    Kanye West’s biggest challenge with owning Parler may come from Elon Musk | CNN Business

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    New York
    CNN Business
     — 

    One week ago, Kanye West was temporarily suspended from Twitter for posting antisemitic tweets. Now, the rapper has agreed to acquire Parler, an alternative social platform popular with conservatives, to prevent ever having “to fear being removed from social media again.”

    West, who has legally changed his name to Ye, is just the latest controversial figure to bet on a nascent, alternative set of social media platforms favored by conservatives and members of the far-right who profess to feel outrage over content moderation on more mainstream services.

    After being banned from Twitter following the Jan. 6 insurrection, former President Donald Trump backed Truth Social, an alternative to Twitter. In a slide deck, Trump’s digital media company touted the ambitious possibility of creating not just alternatives to the major social media platforms but also to cloud computing products like Amazon Web Services and payment service Stripe.

    Separately, Peter Thiel, an influential venture capitalist and Republican donor, invested in Rumble, a conservative alternative to YouTube. Other services, including Gab and Gettr, are also part of what Ben Decker, CEO of digital threat analysis company Memetica, calls an “alt social media ecosystem,” fueled by “the deplatforming of high-profile conservative” figures from other larger platforms in recent years.

    There are a range of potential reasons why West — an erratic figure known for chaotic business dealings — may have wanted to acquire Parler, a platform that’s been home to election denialism, antisemitism and adherents to the conspiracy theory QAnon. He was likely frustrated with his antisemitic comments being removed from Twitter

    (TWTR)
    and Instagram, and for being permanently suspended from the latter. West is also friends with conservative political commentator Candace Owens, who has reportedly encouraged the rapper’s political involvement and whose husband is Parler’s CEO.

    In a statement included with the Parler announcement on Monday, West alluded to the need for a different, safe space for conservatives, a camp with whom he identifies. “In a world where conservative opinions are considered to be controversial we have to make sure we have the right to freely express ourselves,” he said. West also discussed his planned Parler takeover with Trump, a source familiar with the conversation told CNN Monday, although it was unclear if the two spoke before or after the news of the rapper’s acquisition was made public.

    But to the extent he is serious about the acquisition, which remains very much unclear, West faces an uncertain path forward that mirrors the challenges for other services promising unfettered “free speech.”

    For starters, the audience for these alternative platforms remains far smaller than the mainstream services they are competing with. Even if all 40,000 of Parler’s estimated daily active users followed West on the platform, his audience would pale in comparison to the 31.4 million followers he has on Twitter, not to mention Twitter’s more than 200 million daily active users.

    And despite professing to provide an unrestricted home for fringe content, some services, including Parler, have had to make concessions on content moderation to be allowed on the major app stores. Apple said last year that it had approved Parler’s return to the iOS app store following improvements the company made to better detect and moderate hate speech and incitement, and Google did the same last month. But even with app store approvals, large marketers tend to shy away from running ads alongside content that even whiffs of controversy.

    Perhaps the biggest wild card of all comes from West’s friend and fellow erratic rich guy, Elon Musk. The billionaire Tesla CEO appears closer than ever to taking over an already established platform, Twitter, with plans to cut back on its content restrictions. (Following the Parler announcement, Musk tweeted, and later deleted, “fun times ahead!” along with a meme showing the two men’s smiling faces superimposed over a cartoon.)

    Various regulations and business interests may keep Musk from fully committing to letting anything stay on Twitter, in the same way it has for Parler and others. But it might not take much to get right-leaning users, including influential figures, to return to Twitter. Musk has said he would restore Trump’s account on the platform; and while the former president has said he will stick to Truth Social, it’s hard to imagine he wouldn’t at least be tempted to return to Twitter’s much larger megaphone.

    Shares of the investment vehicle set to take Trump’s Truth Social public slid when Musk first announced his plan to buy Twitter, and fell again earlier this month when Musk revived his proposal to buy it. Likewise, Rumble, which only recently went public via a similar path, saw its stock decline recently when Musk said the deal was back on.

    Many of the right-leaning figures who have championed alternative platforms have cheered Musk’s plan to take over Twitter, a sign that they might abandon their dedication to a right-leaning social media ecosystem if a more mainstream platform was willing to welcome them back. Radio personality Joe Rogan — who previously discussed a move to Gettr — said in a text message to Musk in April, “I REALLY hope you get Twitter. If you do, we should throw one hell of a party.”

    Social platforms are attractive in large part because they enable conversations and connections between lots of different kinds of people. With alternative conservative platforms, many users may be discouraged by the echo chamber. “If you go to these platforms, there is one conversation happening,” said Darren Linvill, a Clemson University professor who studies disinformation and inauthentic behavior on social media. Conservative users uninterested in politics may also avoid the alternative platforms because of other objectionable content they host, according to experts who study the space.

    Putting the political discourse aside, many such platforms also suffer from technical issues and poor user interfaces. Unlike their mainstream rivals, these newer services lack sufficient resources to fix those issues. That could only make it harder to compete with a Musk-owned Twitter.

    “Elon Musk could buy Twitter and say, ‘Trump, you’re back, Kanye, you’re back,’ and then Kanye is stuck owning a relatively defunct, somewhat irrelevant platform,” said Decker. “The question is going to come down to how serious Elon Musk is about any of this.”

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  • Opinion: The chilling problem with Kanye West’s definition of ‘free speech’ | CNN

    Opinion: The chilling problem with Kanye West’s definition of ‘free speech’ | CNN

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    Editor’s Note: Kara Alaimo, an associate professor in the Lawrence Herbert School of Communication at Hofstra University, writes about issues affecting women and social media. She was spokeswoman for international affairs in the Treasury Department during the Obama administration. The opinions expressed in this commentary are her own. View more opinion on CNN.



    CNN
     — 

    The conservative social media company Parler announced on Monday that it is being purchased by Kanye West, who was temporarily suspended from Twitter this month for an antisemitic tweet. A statement from Parler’s parent company announcing the deal described West, who has legally changed his name to Ye, as having taken “a groundbreaking move into the free speech media space” where “he will never have to fear being removed from social media again.”

    In a release by Parler, West said that “in a world where conservative opinions are considered to be controversial we have to make sure we have the right to freely express ourselves.”

    This development means several social media companies could soon be left in the hands of mercurial, mega-rich men who have pledged to promote “free speech,” including the kind of extreme views that got West temporarily booted from Twitter. Elon Musk is currently in the process of buying Twitter, though Twitter said in a recent court filing that federal authorities (it was not clear which ones) are investigating Musk (while Musk’s attorney said this filing was designed to distract from Twitter’s own legal issues).

    For his part, Musk has said Twitter should be “an inclusive arena for free speech.” And former President Donald Trump, who was thrown off Twitter and Facebook in January 2021, founded the company that created Truth Social, which describes itself as a “free speech haven.”

    If West and Musk go through with their deals, these three social media platforms are likely to serve as ecosystems for conservative thought. This will likely make the views of those who remain on them more extreme — which could have a radical effect on our politics. That’s because when people who think similarly come together, they reaffirm and heighten one another’s initial beliefs.

    While men such as West, Musk and Trump claim to promote free speech by not favoring the moderation of problematic content, here’s what lack of moderation really does: It drives away the people victimized by abusive content such as West’s tweet.

    A 2020 study of women in 51 countries by The Economist Intelligence Unit found that 38% have been victims of online violence, from stalking to doxxing to violent threats. As Amnesty International and others have found, women of color are most affected. Antisemitic content is also rampant online. A 2021 report by the Center for Countering Digital Hate found that a sample of 714 anti-Jewish posts on five social networks had been viewed 7.3 million times.

    When women become victims of online hate, they often “shut down their blogs, avoid websites they formerly frequented, take down social networking profiles, (and) refrain from engaging in online political commentary,” according to University of Miami law professor Mary Anne Franks.

    In practice, what these so-called free speech policies really boil down to is an ugly form of censorship that scares away the voices of people who are attacked by users of these platforms.

    West has already described Parler as a place where conservative views can flourish, and nonconservatives are unlikely to flock to Truth Social, given its association with Trump. If women, people of color and others start fleeing Twitter, that could leave it as a platform for conservatives as well. This would likely make the views of those who remain even more zealous.

    “When like-minded people get together, they often end up thinking a more extreme version of what they thought before they started to talk to one another,” Harvard University law professor Cass Sunstein writes in “On Rumors: How Falsehoods Spread, Why We Believe Them, and What Can Be Done.” Sunstein says this happens because their exchanges heighten their preexisting beliefs and make them more confident.

    So, when conservatives get together on social media, we can expect them to become more far right. And just as Rush Limbaugh and other conservative talk-show hosts radically altered the political landscape in the 1990s in ways that laid the groundwork for Trump’s presidency, the far-right views nurtured on these social networks could have a huge impact on our country’s politics. It isn’t hard to imagine that the people who commune on these sites could band together to support and elect political candidates who share their worldviews.

    We can also expect these male owners to use their platforms to amplify their own views — even when they’re sexist, misogynistic, racist or otherwise hateful.

    If West comes to own Parler and Musk takes the reins of Twitter, an already-extant conservative ecosystem will be supercharged on social media. These men’s “free speech” policies are likely to drive away people victimized by hate online. Those who remain in these conservative spaces will become even more extreme as a result of their interactions, which could cultivate a dangerous far-right ideology that has far-reaching effects on our politics.

    Just think about the way these owners already post, with Musk recently suggesting China control Taiwan and Russia keep part of Ukraine and West releasing a music video showing a doppelgänger of ex-wife Kim Kardashian’s then-boyfriend, Pete Davidson, being kidnapped and buried. If this is a glimpse of what social networks will look like in the future, we should all be very scared.

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  • Microsoft Lays Off Employees After Slowdown in Earnings Growth

    Microsoft Lays Off Employees After Slowdown in Earnings Growth

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    The software giant said earlier this year that it planned to reduce staff by less than 1%

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  • How a 51-year-old celebrity hacker upended one of the world’s most influential social networks | CNN Business

    How a 51-year-old celebrity hacker upended one of the world’s most influential social networks | CNN Business

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    New York
    CNN Business
     — 

    When Peiter Zatko joined Twitter as head of security in late 2020 at the urging of founder and then-CEO Jack Dorsey, he was surprised by what he discovered. Twitter, a social network with hundreds of millions of users, “was over a decade behind industry security standards,” he later testified.

    Barely a year later, Zatko was agitating for Twitter’s top executives to address what he described as “a ticking bomb of security vulnerabilities” and to provide a full accounting of its shortcomings to its board.

    His concerns, raised privately at first and later in a whistleblower disclosure that became public, would upend one of the world’s most influential social networks and raise new questions about its pending acquisition by the world’s richest man, Elon Musk. It would also, he later testified, put his career and his family at risk.

    In his disclosure filed with various US government agencies in July, Zatko alleged that Twitter

    (TWTR)
    trusted far too many employees with access to sensitive user data, creating a fragile security posture that an outsider could exploit to wreak havoc on the platform. The disclosure also claimed that one or more current Twitter

    (TWTR)
    employees may be working for a foreign intelligence service, potentially threatening user data and US national security, and that Twitter

    (TWTR)
    CEO Parag Agrawal misled the company’s board of directors by discouraging Zatko from providing a full account of Twitter

    (TWTR)
    ’s security weaknesses. (Twitter

    (TWTR)
    has criticized Zatko and broadly defended itself against the allegations.)

    “Given the real harm to users and national security, I determined it was necessary to take on the personal and professional risk to myself and to my family of becoming a whistleblower,” Zatko, better known as “Mudge” in cybersecurity circles and highly regarded in that community, said during a Senate hearing on his disclosure in September. “I did not make my whistleblower disclosure out of spite or to harm Twitter, far from that, I continue to believe in the mission of the company and root for its success.”

    Since going public with his concerns, Zatko, who has held numerous posts in the private and public sector, has found himself at the center of renewed scrutiny of Twitter. He testified last month in a Senate committee hearing about his disclosure, and his allegations have caught the attention of various regulators both in the United States and abroad. Meanwhile, his former colleagues received requests for paid interviews from research firms apparently seeking information, and potentially dirt, on Zatko, according to a report last month by the New Yorker.

    The disclosure also coincided with, and ultimately became a part of, Musk’s fight to get out of his $44 billion deal to buy Twitter. Zatko was deposed by Musk’s team and the billionaire was allowed to add some of Zatko’s allegations to his argument to terminate the deal. Although it now appears Musk wants to go forward with the acquisition, the timing of Zatko’s allegations sparked questions about his motives. (Zatko denies any relationship with Musk and says his decision to go public was unrelated to the deal; Musk’s legal team says it was unaware of the disclosure until it was publicly reported.)

    Twitter pushed back on Zatko’s allegations, saying that security and privacy have “long been top company-wide priorities.” Twitter has said his disclosure is “riddled with inconsistencies and inaccuracies,” and said that it paints a “false narrative” of the company. Twitter has also tried to paint Zatko as a disgruntled former employee with an ax to grind against the company.

    But some who have worked alongside Zatko over the last three decades paint a picture of him as a principled technologist with a knack for making the complex accessible and an earnest desire to fix problems, as he’s done for much of his career. The decision to blow the whistle, they say, is in keeping with that approach.

    “He’s not doing this for fun. It doesn’t get him anything,” said Dave Aitel, a former computer scientist at the National Security Agency and colleague of Zatko’s at cybersecurity consulting firm @stake. “That’s actually what integrity looks like when you have to see it up close.”

    As a result of his whistleblower activities, Zatko may be eligible for a monetary award from the US government. John Tye, founder of Whistleblower Aid and Zatko’s lawyer, previously told CNN “the prospect of a reward was not a factor in [Zatko’s] decision.”

    Nearly 25 years ago, as a young computer programmer with much longer hair, Zatko told Congress that the internet was woefully insecure. A big part of the issue, Zatko told a Senate panel, was that software and e-commerce companies “want to ignore problems as long as possible. It’s cheaper for them.”

    Several years earlier, Zatko had joined the Boston-area hacking collective known as L0pht, according to “The Cult of the Dead Cow,” Washington Post reporter Joseph Menn’s book on how the early hacking scene shaped the cybersecurity industry.

    L0pht members broke into computer systems and then worked with companies that made the equipment to fix the problems. While that is now a well-established practice for companies to work with outside researchers to fix software flaws, it was, at the time, seen as provocative and upsetting to software giants.

    Zatko “sort of bent the industry to his will,” Dug Song, chief strategy officer at Cisco Security, who has known Zatko since the 1990s, told CNN previously. “L0pht created a model for how to do this in a way that was, frankly, respectable and honorable.”

    Zatko was part of a group of hackers who participated in the first Senate hearing on government computer security in May 1998.

    Cris “Space Rogue” Thomas, another ex-L0pht member who testified alongside Zatko that day, said that L0pht would do everything it could to get companies to collaboratively fix software issues the hacker group found.

    Thomas, who, like Zatko, uses his hacker name professionally, told CNN in August that he and Zatko “have had our differences in the past,” adding that he was fired from @stake, the cybersecurity consultancy where Zatko was chief scientist, in 2000. “Feelings were hurt, but that doesn’t change the fact of who [Zatko] is and what he believes in and what he does. So I still think that his moral standards have not really changed … in the 30 years that I’ve known him.”

    In the following years, Zatko, now 51, led an influential cybersecurity grantmaking program at the Pentagon, worked at a Google division for developing cutting-edge technology, helped build the cybersecurity team at fintech firm Stripe, and advised US lawmakers and officials on how to plug security holes in the internet.

    His career has shown that “there was more to hacking than just one-upping each other, that there was actually a social good and impact that you could have,” said Song.

    Twitter hired Zatko in November 2020 to beef up cybersecurity and privacy at the company in the wake of a high-profile hack, allegedly spearheaded by a Florida teenager, in July 2020 that compromised the Twitter accounts of some of the most famous people on the planet, including then-presidential candidate Joe Biden. The senior executive role meant Zatko reported directly to Dorsey, according to the disclosure.

    When he was hired to join Twitter, Zatko framed the move in terms of the public good. “I truly believe in the mission of (equitably) serving the public conversation,” he tweeted at the time. “I will do my best!”

    Zatko, seen here posing for a portrait in August, was hired at Twitter in November 2020 to help improve cybersecurity and privacy at the company.

    But Zatko quickly found that fulfilling that mission at Twitter would be challenging. His disclosure alleges that structural issues and misaligned incentives stood in the way of Twitter addressing many of its biggest issues, including properly protecting user data, addressing foreign manipulation of the platform and ensuring the security of the physical infrastructure supporting the company.

    Agrawal — Dorsey’s successor as Twitter chief and a former CTO who had overseen much of the company’s recent technical development — fired Zatko in January after he began raising concerns about the company’s security and privacy practices, including worries that alleged misrepresentations by executives to its board could constitute fraud, the disclosure says. (Twitter maintains an internal investigation determined Zatko’s fraud claims were unfounded and that it fired Zatko for poor performance; Zatko says his firing was retaliation for having spoken up.)

    “This is about something that everybody should care about with large companies, which is the honesty and the truthfulness of the data that’s being… publicly represented, the national security implications and whether users can trust their data with these organizations,” Zatko told CNN in August of his decision to file the disclosure.

    Now, as he takes on Twitter publicly, Zatko finds himself in the public conversation like never before.

    “This wasn’t my first choice,” he previously told CNN. “I exhausted all internal options.”

    “But I found that ethically, and with who I am, that I was obligated to follow the law and pursue through legal avenues, lawful disclosure, because [Twitter] is a critically important platform,” Zatko said. “I think it’s important to address some of these challenges. I honestly believe I’m still doing the mission that I was brought in to do.”

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  • Kanye West to acquire conservative social media platform Parler | CNN Business

    Kanye West to acquire conservative social media platform Parler | CNN Business

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    CNN Business
     — 

    Kanye West is acquiring Parler, the alternative social media platform favored by many conservatives.

    Parler’s parent company announced the deal on Monday morning, saying West had made “a groundbreaking move into the free speech media space and will never have to fear being removed from social media again.”

    The acquisition comes after West, who has legally changed his name to Ye, had his account temporarily locked by Twitter this month over an antisemitic tweet.

    Exact terms of the Parler deal weren’t disclosed, though Parler said it must still enter into a definitive agreement with West and expects to close in the fourth quarter. Parler’s parent, Parlement Technologies, would remain involved by providing technical services and cloud support.

    Buying Parler could make West the latest celebrity owner of a social media platform after former President Donald Trump’s bid to win over conservatives with Truth Social and Tesla CEO Elon Musk’s proposed acquisition of Twitter. It also highlights how a small group of wealthy men, some of whom were banned or suspended themselves for incendiary remarks, are looking to own social media platforms in an effort to bolster what they call “free speech.”

    “In a world where conservative opinions are considered to be controversial we have to make sure we have the right to freely express ourselves,” West said in a release by Parler.

    As part of the announcement, Parler linked to West’s account on the platform, which appeared to have launched simultaneously. As of early Monday, the account had roughly 500 followers.

    For Ye, the deal comes during a particularly controversial period. West has made headlines in recent weeks for wearing a “White Lives Matter” T-shirt in public and defending his use of the slogan — a phrase the Anti-Defamation League has linked to white supremacy groups — as “funny” to Fox News host Tucker Carlson. After the shirt incident, the apparel company Adidas this month said it was reviewing its partnership with West. In September, West also said he was abandoning a two-year partnership with the clothing retailer Gap.

    Speaking on CNN Monday, Jonathan Greenblatt, the ADL’s CEO, called Parler a “haven” of hate.

    Parler was founded in 2018 and saw rapid growth surrounding the 2020 election. Billing itself as a loosely moderated free-speech haven, the app became popular with conservative politicians and media figures, peaking at an estimated 2.9 million daily users, according to the market research firm Apptopia. But since then, its fortunes have dimmed, with Parler’s estimated daily user count slipping to just 40,000, Apptopia told CNN on Monday. (Twitter, by comparison, has more than 237 million daily active users.)

    In the weeks following the Jan. 6 riots, Parler was removed from both the Apple App Store and Google Play Store for what the companies said was a failure to adequately moderate violent rhetoric on the platform. Documents provided to the House committee investigating the Capitol riots have shown how the Secret Service was aware of posts on Parler that suggested the possibility of violence surrounding that day. Separately, Parler has written to Congress claiming that lawmakers’ interest in the app’s role in the riots has been intended to “scapegoat” the app.

    Parler has since been restored to both app stores after making changes to its content moderation practices.

    Parler has faced more competition in recent months as the burgeoning right-wing digital media ecosystem has expanded. Truth Social launched in February on Apple’s app store, and was approved for Google’s app store on Oct. 13. Truth Social saw a spike of downloads last week due to its appearance on the Google Play Store, Apptopia said, and before then had been hovering at 144,000 daily active users.

    Musk’s move to buy Twitter, if the deal goes through, also has the potential to upend Parler and similar services. Musk has repeatedly called for eliminating permanent bans and rethinking Twitter’s approach to content moderation, which could once again make the much larger platform a home for some of the users who jumped to small services like Parler.

    It could also effectively mean that Musk and Ye, who are said to be friends, are now competing with each other. After Ye’s antisemitic tweet sparked an outcry, Musk tweeted: “Talked to ye today & expressed my concerns about his recent tweet, which I think he took to heart.”

    One week later, Ye’s deal to buy Parler was announced.

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  • Ted Cruz Falls For Fake News, Then Blames The Real Media For Calling Him Out

    Ted Cruz Falls For Fake News, Then Blames The Real Media For Calling Him Out

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    Sen. Ted Cruz’s latest attempt at owning those danged libs failed miserably on Thursday when the Texas Republican fell for a tweet of a nonexistent news story supposedly published in The Atlantic.

    Cruz tweeted a link to what looked like an Atlantic article headlined “The Evolution of White Supremacy” with this subhead: “In Dearborn Michigan, Muslim parents who oppose teaching pornography to children become the new face of the far right.”

    Later, after many people pointed out that there was no such Atlantic article, Cruz deleted his tweet.

    The story that was the supposed subject of the tweet does have a basis in reality. A group of Muslim parents recently did object to LGBTQ books being available to students, according to the Detroit Free Press.

    However, the Atlantic never wrote about the controversy, and the author credited with writing the nonexistent article, Abby Ohlheiser, hasn’t worked for the magazine since 2014, according to WGHP-TV.

    Naturally, Twitter users fact-checked Cruz’ post and found it fact-free.

    Some people called out the senator for deleting his tweet of the fake article without publicly admitting his mistake.

    When Cruz finally fessed up, he blamed a familiar scapegoat: the media.

    “Didn’t know it was fake,” he wrote. “You guys are so insane, it could easily have been real.

    Some people decided Cruz needed to be reminded of other times he spread misinformation in his unending efforts to, yes, own those libs:

    Meanwhile, the journalist Ohlheiser said having her name falsely attached to a fake news story made for a challenging day.

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  • Elon Musk is under federal investigation over his Twitter deal, Twitter claims | CNN Business

    Elon Musk is under federal investigation over his Twitter deal, Twitter claims | CNN Business

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    CNN Business
     — 

    Federal authorities are investigating Elon Musk in connection with his $44 billion acquisition of Twitter, the social media platform said in a court filing Thursday.

    It is not clear which agencies may be carrying out the probe, and Twitter did not identify what specific actions by Musk US officials may be investigating. Twitter’s filing merely said authorities are looking into Musk’s “conduct” linked to the deal.

    The company’s court filing elsewhere accused Musk’s legal team of failing to produce draft communications with the Securities and Exchange Commission and a slide presentation to the Federal Trade Commission as part of the two sides’ ongoing litigation over whether Musk can walk away from the deal.

    Musk first attempted to terminate the deal in July, alleging that Twitter violated their mutual purchase agreement by misrepresenting the number of spam and fake bot accounts on its platform. Twitter sued Musk to complete the acquisition, accusing the billionaire of using bots as a pretext to exit a deal that he developed buyer’s remorse over following a market decline.

    Last week, Musk proposed following through with his deal to buy the company at the originally agreed upon price of $54.20 per share. The judge overseeing the dispute later in the week ruled to pause the legal proceedings until Oct. 28 following a request from Musk.

    In response to Twitter’s Thursday filing, Alex Spiro, Musk’s attorney, said it was designed to distract from Twitter’s own legal problems, which arose after the company’s former head of security, Peiter “Mudge” Zatko, accused Twitter of long-ignored security vulnerabilities in a whistleblower disclosure.

    “Twitter’s executives are under federal investigation,” Spiro said in a statement to CNN. “This misdirection was sent by Twitter to try and uncover which of their assorted misconduct they are under investigation for.”

    The Federal Trade Commission, which is responsible for enforcing the terms of a 2011 consent order with Twitter that Zatko alleges the company violated, has not publicly disclosed an investigation. But its chair, Lina Khan, has told Congress in public testimony that if it’s determined Twitter executives were responsible for legal violations, the FTC “absolutely” would and “won’t hesitate” to hold those executives personally accountable.

    In a separate filing on Thursday, Twitter also maintained that it did not instruct Zatko to burn several notebooks as part of a separation agreement, as Musk’s team had claimed in a filing earlier this month. Instead, Twitter claimed, Zatko destroyed the notebooks of his own volition.

    “Twitter did not ask Zatko to torch his own documents, much less demand that he do so,” Twitter’s filing read. “Twitter had no knowledge of Zatko’s notebooks and no idea what information they contained.”

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  • Elon Musk under federal investigation for $44 bn Twitter takeover deal

    Elon Musk under federal investigation for $44 bn Twitter takeover deal

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    Elon Musk is being investigated by federal authorities over his conduct in his $44 billion takeover deal for Twitter Inc, the social media company said in a court filing released on Thursday.

    While the filing said he was under investigations, it did not say what the exact focus of the probes were and which federal authorities are conducting them.

    Twitter, which sued Musk in July to force him to close the deal, said attorneys for the Tesla Inc CEO had claimed “investigative privilege” when refusing to hand over documents it had sought.

    In late September, Musk’s attorneys had provided a “privilege log” identifying documents to be withheld, Twitter said. The log referenced drafts of a May 13 email to the US Securities and Exchange Commission (SEC) and a slide presentation to the Federal Trade Commission (FTC).

    The court filing, which asked a Delaware judge to order the Musk’s attorneys to provide the documents, was made on Oct. 6 – the same day that the judge that paused litigation between the two sides after Musk reversed course and said he would proceed with the deal.

    “This game of ‘hide the ball’ must end,” the company said in the court filing.

    Alex Spiro, an attorney for Musk, told Reuters that Twitter’s court filing was a “misdirection.” Twitter declined to comment on Spiro’s response and to Reuters queries about its understanding of any investigation into Musk.

    The SEC did not immediately respond to request for comment and the FTC declined to comment.

    The SEC has questioned Musk’s comments about the Twitter acquisition. In April, the SEC asked Musk whether the disclosure of his 9% Twitter stake was late and why it indicated that he intended to be a passive shareholder. Musk later refiled the disclosure to indicate he was an active investor.

    In June, the SEC asked Musk in a letter whether he should have amended his public filing to reflect his intention to suspend or abandon the deal.

    The Information, a tech news site, reported in April that the FTC was scrutinizing whether Musk failed to comply with an antitrust reporting requirement as he amassed his stake in Twitter.

    Twitter said in June that the takeover deal with Musk had cleared an antitrust waiting period for review by the FTC and US Justice Department. 

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  • What Does Twitter Pay?: A Look at Twitter Full-Time Salaries

    What Does Twitter Pay?: A Look at Twitter Full-Time Salaries

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    Twitter engineers are bringing in the big bucks.


    Bloomberg I Getty Images

    Twitter logo.

    In a recent analysis of visas given to H-1B workers in Q2 2022 from Insider, Twitter salaries listed ranged from $122,000 to $332,000, spanning roles from IT engineers to senior software engineers.

    The U.S. Office of Foreign Labor Certification publishes data on the positions and salaries of foreign workers. H1-B Visas specifically require companies to pay employees the same as U.S.-based ones.

    In Q1, Twitter hired about 100 people through the program. But in Q2, that number went up to 400 workers.

    Insider noted that a tumultuous back-and-forth over Elon Musk’s bid to buy Twitter has increased turnover at the company. (Musk has until October 28 to bring his financial backers back on board and close the $44 billion deal with the company.)

    Here’s a selection of salaries from engineers, product managers, and analysts at Twitter, per Insider.

    Engineers

    IT apps engineer I : $135,000 to $140,000

    Senior IT apps engineer: $175,000 to $195,000

    Manager, software engineering: $200,000 to $230,000

    Senior security engineer: $175,770 to $205,000

    Staff Machine Learning Engineer: $215,280 to $255,000

    Senior staff software engineer: $271,130 to $332,000

    Analysts

    Data analyst I: $122,000 to $142,000

    Data scientist II: $130,000 to $180,000

    Senior data scientist: $170,000 to $191,480

    Product Managers

    Senior product manager: $190,000 to $210,000

    Product manager II: $170,000 to $200,000

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    Gabrielle Bienasz

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