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Silicon
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Elon Musk Issued Summons By SEC Over Failure To Disclose Twitter Stake
- Elon Musk has been issued a court summons by the US Securities and Exchange Commission (SEC) over allegations of failing to disclose his stake in Twitter in a timely manner.
- In March 2022, Musk acquired a 5 percent stake in Twitter and later increased it to 9.2 percent, but delayed disclosing the information until April 2022.
- Musk initially denied any intention of acquiring or taking over Twitter, but later made a takeover offer for the social media platform.
- The SEC began investigating Musk's Twitter stake disclosure in May 2022 and later sued him to compel testimony, which Musk initially refused.
- Multiple lawsuits have been filed against Musk by shareholders alleging stock market manipulation in relation to his Twitter dealings.
- A court summons was delivered to Musk at SpaceX headquarters, where security guards reportedly refused to accept the documents.
- Musk faces allegations of underpaying by at least $150 million for shares purchased after he failed to disclose his ownership within the required time frame.
- The legal battle between Musk and the SEC dates back to 2018 when Musk's tweet about taking Tesla private led to penalties and his removal as Tesla chairman.
- Despite the legal challenges, Musk maintains his CEO role at Tesla and faces a deadline to respond to the latest SEC allegations by April 4.
- Musk has a history of contentious relations with the SEC, including insults and public statements undermining the authority of the regulatory agency.
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Insider
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361
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Wait a minute. Has Elon Musk really turned Twitter around, after all?
- Elon Musk purchased Twitter for $44 billion in 2022, resulting in a loss of advertisers and a decline in the company's value.
- Initial concerns arose after Musk's actions led to the departure of advertisers and users, impacting Twitter's financial standing.
- Investors have recently valued Twitter/X at $44 billion, suggesting a potential turnaround under Musk's leadership.
- The ongoing debate questions whether Musk has successfully revived Twitter and the impact of political affiliations on the platform.
- While some high-profile individuals have left Twitter, its cultural and political significance remains strong compared to rival platforms.
- Reports indicate a possible return of advertisers to Twitter, possibly due to changing political dynamics and legal considerations.
- However, the absence of noticeable major brand advertisements on Twitter raises questions about the depth of this return.
- Financial assessments show an 'adjusted' EBITDA of $1.2 billion for Twitter in 2024, indicating some recovery from previous setbacks.
- Despite promising financial figures, the meaning and accuracy of the reported EBITDA remain unclear, raising concerns about Twitter's actual performance.
- Twitter's ownership of a $6 billion stake in xAI, an AI company linked to Musk, has generated investor excitement and contributed to positive perceptions of Twitter's value.
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TechCrunch
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Elon Musk’s X reportedly bounces back to $44B valuation
- Social media site X's valuation has bounced back to $44 billion, according to Financial Times.
- Despite a previous valuation below $10 billion, X's valuation has seen a sharp turnaround in finances.
- Elon Musk purchased X, formerly known as Twitter, for $44 billion in 2022.
- X posted $1.2 billion in adjusted earnings for 2024, about the same amount before Musk's takeover.
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Insider
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Pressure is ramping up in Big Tech. Employees told BI how they feel about it.
- Tech companies are changing their approach, emphasizing efficiency and hard-driving strategies over perks and pampering for employees.
- CEOs are implementing measures like performance-based cuts, return-to-office mandates, and stripping of workplace perks to convey a more aggressive stance.
- Examples include Meta's push for 'masculine energy,' Google's efficiency drive, and Microsoft culling low performers.
- Elon Musk's Twitter acquisition saw sweeping cuts, removal of free lunches, and a move towards an 'extremely hardcore' vision.
- Employee perspectives reveal increased pressure, aggressive performance management, and the need to excel in roles across tech giants and startups.
- In markets, Tesla's stock slide continues, stagflation fears rise, and predictions on stock movements should avoid relying solely on news headlines.
- Alphabet's $32 billion acquisition of Wiz could impact other startups and test regulatory waters under Trump.
- Elon Musk's absence as CEO raises concerns about company morale and productivity, while Nvidia's CEO shares future plans at a conference.
- Real estate industry changes, the perception of a 'vibecession,' and JPMorgan's plans for returning employees add to the business landscape.
- In other news, potential deals between Trump and Putin, implications of DOGE cuts, and JPMorgan's office return plans are also highlighted.
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Insider
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Elon Musk is MIA as a CEO. He's not alone.
- Tesla's stock has been on a downward spiral, with protesters targeting the company due to CEO Elon Musk's politics, leading some owners to sell their cars out of fear.
- Musk's absence as a CEO and his focus on other ventures like Twitter and government efficiency have raised concerns among Tesla investors.
- Absent leadership in corporations, characterized by CEO distance or neglect, is a prevalent issue that can harm morale and productivity.
- Modern CEOs, like Musk, have shifted from internal product leaders to public figures focused on driving shareholder value, potentially neglecting day-to-day operations and company culture.
- CEOs working remotely or juggling multiple companies, like Musk with Tesla, SpaceX, and X, may underperform and have lower valuations, partly due to divided attention.
- Musk's various ventures and distractions have impacted Tesla's stock performance, along with political involvement and concerns around EV demand.
- The absenteeism of CEOs, particularly micromanagers like Musk, can lead to detachment from employees, poor decision-making, and slower response times within organizations.
- Tesla investors express concerns about Musk's divided focus, with some hoping he will prioritize Tesla's Full Self-Driving technology over his other ventures.
- Musk's absenteeism has created uncertainty and criticism, with shareholders and analysts questioning his ability to effectively manage his multiple ventures.
- The impact of Musk's divided attention and political actions extends beyond his personal wealth to affect customers, shareholders, and workers at Tesla, posing challenges for the company's future.
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TechJuice
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Twitter’s Iconic Blue Bird Logo ‘Larry’ Returns to Auction with Estimated $40,000 Value
- The iconic blue bird logo, known as 'Larry', which represented Twitter, is up for auction.
- After Elon Musk acquired Twitter, the logo was eliminated and replaced with a new branding identity.
- RR Auction is currently offering the 12-foot-tall logo for sale, with an estimated value of $40,000.
- The bidding segment will conclude on March 20, and buyers need to cover delivery costs.
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18 Likes
Insider
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Bids cross $21,000 for the 'iconic' Twitter logo sign that Elon Musk had removed from HQ
- Bids for the Twitter logo sign have surpassed $21,000.
- The sign is up for auction for the second time.
- The seller estimates the sign's value at upwards of $40,000.
- The sign is part of an auction titled 'Steve Jobs and the Apple Revolution'.
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1 Like
Digitaltrends
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Psst … wanna buy the massive Twitter logo sign?
- The massive Twitter logo sign from the company's former headquarters in San Francisco is up for auction.
- The auction has a few more days remaining with the top bid currently at $21,644.
- The logo sign measures 12 feet by 8 feet, and it was one of two large Twitter signs on the exterior of the headquarters.
- The Twitter logo served as the company's emblem from 2012 to 2023.
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Arstechnica
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UK online safety law Musk hates kicks in today, and so far, Trump can’t stop it
- Enforcement of UK's Online Safety Act (OSA) began today, obligating tech companies to detect and remove dangerous online content.
- The law threatens fines of up to 10 percent of global turnover and possible shutdown for non-compliant platforms.
- Critics argue that the legislation amounts to censorship and covers a wide range of content offenses.
- Priority offenses listed in the law include terrorism-related content, child exploitation, human trafficking, illegal drugs, and more.
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5 Likes
Minis
9M
997
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Google responds to Shah Rukh Khan's ‘Google Me’ remark at Locarno Film Festival
- Shah Rukh Khan, at the 77th Locarno Film Festival, received the Pardo alla Carriera, marking the first time an Indian celebrity was honored with this lifetime achievement award.
- During his masterclass, he humorously advised fans who didn’t know him to “Google me and then come back!” Google India playfully responded on X, tagging him with a crown emoji.
- Fans praised Shah Rukh, calling him the “King Khan.” Reflecting on his career, Shah Rukh mentioned collaborating with renowned directors and expressed admiration for Southern Indian cinema. His upcoming film, “King,” directed by Sujoy Ghosh, features his daughter Suhana Khan.
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Minis
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65-year-old CEO turned at least 88% of his employees into millionaires after selling his company for $70 million
- Jay Chaudhry, founder of Zscaler, turned 88% of his SecureIT employees into millionaires by selling the company to VeriSign for $70 million in 1998.
- Chaudhry, now CEO of Zscaler, sold his first startup in an all-stock deal that benefited over 70 of his 80 employees as VeriSign's stock price soared by 2,300%. Many employees bought new homes and cars, and one took a six-month road trip.
- Chaudhry's bootstrapping approach allowed him to distribute more equity to employees, significantly impacting their financial futures. This mirrors Mark Cuban’s practice of rewarding employees with bonuses after selling companies.
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29 Likes
Minis
11M
930
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‘Elon Musk never really wanted to be a CEO’: Tech billionaire reacts to X post
- Elon Musk acknowledged an X post claiming he never aspired to be a CEO, affirming it with a simple "True."
- The post highlighted his intense work ethic, citing his history of rewriting code and working 120-hour weeks. Musk's earlier statement expressed a preference for focusing on product and technology rather than CEO responsibilities.
- X users responded with admiration for Musk's humility and work ethic. This incident adds to Musk's online presence, known for candid interactions and insights into his mindset.
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Minis
11M
190
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Elon Musk reportedly took ketamine, had affair with Google co-founder’s ex-wife
- According to a New York Times report, Elon Musk had an affair with Nicole Shanahan, the ex-wife of Google co-founder Sergey Brin, in 2021.
- This affair reportedly led to Shanahan's separation and divorce from Brin, with Shanahan receiving a $1 billion settlement. The report also revealed that Shanahan and Musk took ketamine together during a party. Despite denials from both parties, the revelations have caused a stir.
- Shanahan, now Robert F. Kennedy Jr.'s vice presidential pick, has a history of using various recreational drugs and frequently socialized with Silicon Valley elites during her marriage to Brin.
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7 Likes
Minis
12M
639
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Man’s post on ‘unnecessary family ties’ at Indian workplace strikes a chord with people
- The viral post by X user Siddharth sheds light on a prevalent phenomenon in Indian workplaces – the manipulation of employees through "unnecessary family ties.
- Siddharth's assertion that employers exploit these ties to extract more work without adequate compensation resonates deeply with many. His call for professionalism underscores the importance of maintaining clear boundaries in professional relationships, rather than succumbing to emotional coercion.
- This conversation reflects a growing awareness among workers about the need to prioritize their own worth and not fall prey to tactics aimed at undervaluing their contributions.
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Minis
1y
1.5k
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Man joins interview link for HR round, ends up losing ₹2.5 lakh; here's what happened
- Product designer Naved Alam fell prey to a scam on Twitter, losing $3000 (₹2.5 lakh). Initially approached about a design role by @crankybugatti, the conversation shifted to Discord for an HR call.
- Unbeknownst to Alam, the call link was a trap. He continued, "I downloaded what I thought was an in-house communication app for the call. Instead, it was malware that drained my @phantom wallet and liquidated my staked assets on @KaminoFinance."
- "In a matter of moments, I lost $3000 to scammers who prey on unsuspecting individuals looking for legitimate opportunities, He wrote on X.
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