In an effort to reduce expenses, Elon Musk intends to eliminate 3,700 jobs at Twitter Inc., or half of the company’s employment, according to a report published on Wednesday by Bloomberg News, which cited people familiar with the situation. The impacted employees will be informed on Friday by Twitter’s new owner.

According to Bloomberg, Musk plans to overturn the social media company’s current “work from anywhere” policy and mandate that staff work from the office, with some possible exceptions. In a tweet, Musk refuted a New York Times report that said he planned to fire Twitter workers before November 1 in order to avoid stock grants that were due on that day.

A request for comment from Reuters did not receive a response right away from Twitter. According to reports cited by Reuters earlier this week, Musk intends to eliminate a quarter of Twitter’s personnel as part of the first round of layoffs at his freshly purchased business.

The post Musk Plans to Eliminate Half of Twitter Jobs to Cut Costs appeared first on Techlist.

The purchase of Twitter by Elon Musk is not yet complete. Tesla Motors CEO Elon Musk announced the purchase of Twitter for $44 billion more than two weeks ago, but Musk has failed to complete the transaction.

Musk has recently stated that the Twitter purchase is “currently on hold,” needing “information supporting calculation that spam/fake accounts do fact constitute less than 5% of users.” This is in response to a report published  earlier this month that said Twitter thinks spam and fake accounts make up fewer than 5% of its total user base. Elon Musk appears to dispute that only 5% of customers are affected.

If a bigger percentage of Twitter users are spam and bogus accounts, the company’s value will drop, making it less valuable to any buyer. Musk would have to offer less than $44 billion to acquire the social media platform. It’s unclear what’s going on behind the scenes, but Twitter’s stock has dropped as a result of the revelation.

Elon Musk has stated that he is still committed to the agreement, implying that this is only a last-minute negotiating strategy. In any event, we’ll keep this space updated when new information becomes available.

The post Elon Musk Says $44 Billion Twitter Deal Temporarily on Hold appeared first on Techlist.

In an updated 13D filed with the Securities and Exchange Commission on Thursday, Tesla CEO Elon Musk makes his “best and last” bid to buy 100% of Twitter.

He’s making a cash offer of $54.20 per share. Musk had to include a “420” in the deal, of course. According to Bloomberg, Musk’s net worth is over $260 billion. Twitter’s market capitalization is estimated to be at $37 billion. According to CNBC, Musk’s offer values Twitter at $43 billion.

Musk is offering to “purchase all of the Issuer’s outstanding Common Stock not owned by the Reporting Person for full cash consideration valued at $54.20 per share.” On April 13th, the idea was delivered to Twitter in the form of a letter. Musk claims that Twitter must go private in order to undertake necessary adjustments.

“I invested in Twitter because I believe it has the potential to be the global platform for free speech, and I believe free speech is a societal requirement for a functioning democracy,” Musk wrote to Twitter chairman Bret Taylor in a letter. “Twitter has a lot of potential. “I’ll get it unlocked.”

If Musk’s bid is rejected, he says, “I would have to reevaluate my position as a shareholder.” “The Twitter Board of Directors will carefully analyze the proposal to determine the course of action that it feels is in the best interest of the Company and all Twitter investors,” Twitter said in a press release confirming the offer.

The board of directors apparently gathered  to examine the offer, though no resolution was reached. Following the board meeting, news got out that the board isn’t interested in Musk’s offer, and that it might adopt a “poison pill” method to keep Musk from trying a hostile acquisition. In  meeting, the corporation is also expected to address Musk’s offer.

Musk presented a free, live TED Talk  on Tuesday, when he discussed his Twitter aims, claiming he isn’t in it for the money, believing Twitter should “open source the algorithm,” and outlining how he thinks Twitter’s long-awaited edit button should operate. You may read our highlights summary here. He also alleged, without providing evidence, that the SEC misled about Musk’s lack of “financing secured” to take Tesla private in 2018.

On the news of Musk’s offer, Twitter shares were up over 13% pre-market this morning, but closed down 0.77 percent. Tesla shares fell 1.5 percent at first on fears that Twitter’s most passionate supporter — who already oversees Tesla, SpaceX,

The Boring Company, and Neuralink — would be distracted by his new pet, and ended the day down 3.66 percent. Musk once advised Twitter co-founder and former CEO Jack Dorsey that running two companies at the same time is a bad idea.

The post Elon Musk offers to Buy Twitter for $43 Billion appeared first on Techlist.

Elon Musk turned down Twitter’s offer to join its board of directors on Sunday, a dramatic turn after a week in which the billionaire became the company’s largest shareholder, and the company warned of more drama ahead with “distractions ahead.”

In a note posted on Twitter, Twitter CEO Parag Agrawal stated that the company’s board of directors had extensive discussions with Musk, but he did not elaborate on the basis for Musk’s decision.The intended appointment, according to Agrawal, was set to take effect on Saturday, preventing the world’s richest person from becoming a beneficial owner of more than 14.9 percent of Twitter’s common shares.

In the note, Agrawal stated, “I believe this is for the best. Distractions will abound, but our objectives and priorities remain constant.”

Musk was still listed on Twitter’s board of directors on its website as of early Monday, despite the unexpected announcement. Musk, whose net wealth is estimated to be $274 billion, simply responded on Twitter with a face-with-hand-over-mouth emoticon. Tesla did not immediately respond to an email requesting comment from the company’s CEO.
Musk, who calls himself a free-speech absolutist and has been critical of Twitter, disclosed a 9.1% interest in the social media network on April 4 and said he expected to make big improvements.

The news of his investment sparked a flurry of speculation about his plans, which ranged from a full takeover of the platform to actively participating in corporate decisions. According to Reuters, some Twitter employees were concerned that Musk’s appointment to the board might jeopardise the company’s ability to monitor content.

Musk, a frequent Twitter user, has made statements to his more than 80 million followers on the social media platform regarding his company and a variety of concerns. Musk conducted a Twitter poll before purchasing a share in the company, asking people if they feel Twitter adheres to the principle of free expression.

He published another poll a day after becoming Twitter’s largest shareholder, this time asking users if they wanted an edit button, a long-awaited feature on which the company has been working. Tesla CEO Elon Musk recently polled Twitter followers on whether the company’s headquarters should be transformed into a homeless refuge, an idea favoured by Amazon.com Inc. founder Jeff Bezos.

Musk proposed modifications to the Twitter Blue premium subscription service on Saturday, including lowering the price, prohibiting advertising, and allowing users to pay in dogecoin. After rocketing 27% on April 4 after Musk revealed his investment, Twitter shares had dropped 7.5 percent through Friday’s close.

The post Musk Backing off Twitter Board Opens Door to Hostile Takeover appeared first on Techlist.

Elon Musk, Twitter Inc’s largest shareholder, proposed a slew of modifications to the company’s Twitter Blue premium membership service on Saturday, including lowering the price, eliminating advertising, and allowing users to pay in the cryptocurrency dogecoin.

Musk, who recently declared a 9.2 percent ownership in Twitter, was granted a position on its board of directors, causing some Twitter employees to become concerned about the company’s ability to monitor content.

Twitter Blue, which debuted in June 2021, is the company’s first subscription service, providing “exclusive access to premium services” on a monthly basis, according to Twitter. In the United States, Canada, Australia, and New Zealand, it is available.

Tesla’s CEO, Elon Musk, stated on Twitter that users who sign up for Twitter Blue should pay substantially less than the current $2.99 per month, and should receive an authentication checkmark as well as the opportunity to pay in local currency.

“Price should probably be ~$2/month, but paid 12 months up front & account doesn’t get checkmark for 60 days & suspended with no refund if used for scam/spam,” Musk said in a tweet.

“And no ads,” Musk suggested. “The power of corporations to dictate policy is greatly enhanced if Twitter depends on advertising money to survive.”

Musk also proposed an option to pay with dogecoin and asked Twitter users for their views. “Price should probably be $2/month,” Musk stated in a tweet, “but paid 12 months up front & account doesn’t get checkmark for 60 days & suspended with no refund if used for scam/spam.”

“And no advertisements,” Musk added. “If Twitter relies on advertising revenue to stay afloat, companies have a lot more ability to dictate policy.”

Musk also recommended paying using dogecoin and solicited feedback from Twitter users.

The post Elon Musk Floats Checkmarks, No Ads for Twitter’s Blue Service appeared first on Techlist.

As soon as Kyle Ash learned that Elon Musk had become the social media company’s largest stakeholder, he bought 2,000 pounds ($2,615) worth of Twitter Inc shares.

The 25-year-old shop worker from Reading, United Kingdom, invested in Twitter on Monday after news of Musk’s investment in the San Francisco-based firm soared 27 percent. On average, Ash paid $49 per share, compared to analysts’ $44 price objective for Twitter’s stock. The “meme” stock trading frenzy that has seized many private investors in the past 15 months has been characterized by bullish bets that go against Wall Street’s conventional knowledge.

Ash, who has also invested in meme stocks including video game retailer GameStop Corp and movie theatre operator AMC Entertainment Holdings, said he hoped celebrity billionaire Musk would inflate Twitter’s price to the same level.

“In the beginning, everything Elon touches causes a wave. I believe in people’s belief in him “”Ash stated.” According to data from Vanda Research, millions of investors flocked to Twitter’s stock after Musk, who has over 80 million Twitter followers, disclosed a 9.2 percent stake in the company, making it the most bought US stock by retail investors on Monday. On Monday, the stock saw the greatest inflow of $152 million out of all stocks and ETFs traded on US markets for the day.

Musk has amassed a devoted following of investors who have persevered with his business Tesla Inc for the better part of a decade, even as it struggled to streamline production and make electric cars affordable. With a market capitalization of more than $1 trillion, Tesla is currently one of the most valuable corporations in the world.

Musk, who is also the founder of SpaceX, a rocket company, is the world’s richest person, according to Forbes, with a net worth of $290 billion.

According to those familiar with the situation, Musk’s popularity among retail investors was one of the factors that led Twitter to offer him a position on its board of directors this week. Requests for response from Musk and Twitter were not returned.

Twitter’s stock has lagged behind its peers, despite the company’s efforts to increase advertising revenue and revenue from subscription goods. Before Musk revealed his position, the stock had dropped 38% in the year leading up to April 1, compared to a 13% growth in the S&P 500 Index.

According to Vanda, retail investors make up 9.9% of Twitter’s investment group. While this is higher than Tesla, which has a retail investor base of 1.5 percent, it is much lower than AMC, the most popular meme stock, which has a retail investor base of 40.9 percent.

“We expect the news to create strong retail investor interest in, and activity for, the stock, given Musk’s following on social and other media,” Bank of America Securities analyst Justin Post wrote in a research note this week. He warned, though, that the excitement could attract short-stock investors.

The post Musk’s Twitter Bet Gins up Meme Stock Hype appeared first on Techlist.