Key things to remember
Since Elon Musk took control of Twitter, the platform has noticed many tweaks and lawsuits by users. Many say Musk is damaging the platform, and some have taken a stand and already turned to their competitors.
His recent antics, which he posted publicly on his Twitter account, have worried investors at his other companies, Tesla added. Here’s what you want to know.
Elon Musk left Twitter at the end of October after a long acquisition process. He set out to buy the company, gave up his offer, and eventually finalized the $44 billion acquisition.
He made fundamental adjustments to the company, fired the most sensible executives, and laid off some of the company’s employees.
Within a week, Musk began uploading Twitter Blue and gave fans a blue check mark on their accounts. In the past, this feature was only provided to verified accounts of high-profile users, such as journalists and celebrities.
Over the next few weeks, he continued with his debatable decisions, it is not easy for workers to agree to be part of his Twitter 2. 0, committing to work long hours and at a fast pace. He also lifted bans against former President Trump and Kanye West. among other debatable accounts.
In addition to his decisions regarding control of the company, Musk has been very vocal on Twitter.
Before removing Donald Trump’s ban and questionable accounts, he submitted the concept to a poll. When users voted to lift the ban, Musk tweeted “Vox Populi, Vox Dei” before reversing the bans.
It was one of the first times Musk submitted Twitter’s control decisions to a vote of its users. Recently, he asked users to vote on whether to step down as chairman of Twitter. Currently, more than a fraction of respondents voted yes.
Musk has also used the platform to publicize conspiracy theories and discrimination against groups.
For example, he tweeted (and later deleted) links to a conspiracy theory about the violent attack on Paul Pelosi, the husband of House Speaker Nancy Pelosi. It has also promoted anti-vaccination and discrimination against transgender people.
Journalists have criticized Musk for his recent bans. It banned accounts it believed shared its real-time location. However, critics claim it has included many non-incriminated accounts in the ban. Most of those accounts belonged to journalists with negative views of Musk.
Musk’s public stance on advertising is a cause for fear for advertisers. He tweeted: “I hate advertising” and it is necessary to make the platform less dependent on advertising revenue.
Its most recent move was to ban links to other social media platforms, adding Facebook or Instagram. This prompted a quick backlash, as many Twitter users rely on those other social media platforms for their income.
Hours after the backlash, Twitter held a vote to ask if it opposed the decision, and an overwhelming majority voted in favor.
In short, Musk has made a number of highly questionable decisions and is willing to submit control of his site to a popular vote. It doesn’t seem serious about Twitter’s control and only weakens the site’s moderation.
When Musk bought Twitter, he took the company private, meaning his antics had no effect on Twitter investors other than himself.
However, as a leading executive of other public corporations, his moves have a significant impact on the functioning of corporations like Tesla.
Analysts cited “concerns that Twitter’s circus show will spiral out of control” and that Musk has gone from “superhero to villain in the eyes of (Wall) Street. “
Musk has sold much of his stake in Tesla, about $22. 9 billion in stock, since buying Twitter. This sale caused a drop in Tesla’s price.
Combined with Musk’s mismanagement of Twitter, the sale has caused some Tesla investors to question his ability to keep Tesla in business successfully. Others fear he’s too focused on Twitter and doesn’t spend enough time with Tesla.
Tesla expressed this fear in its presentations, stating, “We rely heavily on Elon Musk, Tesla’s Technoking, and our CEO. Although Mr. Musk spends a lot of time at Tesla and is very active in our management, he does not devote all his time and attention to Tesla.
Tesla shares have fallen about 65% this year and about 33% since Musk bought Twitter.
To be sure, Tesla investors are worried about the fate of the company because of Musk’s recent antics on Twitter and his large holdings in the company. Musk, who was once the richest man in the world, is now second on the list, basically due to Tesla’s falling stock price.
Musk has most of his fortune in Tesla stock. Investors worry it will be forced to sell more shares to keep Twitter running when advertisers leave the site.
Musk is also the subject of lawsuits against Twitter and Tesla. One of the lawsuits concerns a $50 billion payment he earned from Tesla as payment in 2018. The loss of those lawsuits may have primary monetary implications for Musk and Tesla.
On the other hand, since Musk’s wealth is strongly tied to Tesla’s success, some investors might be convinced that he wouldn’t allow the company to fail.
Twitter has noticed many changes since Elon Musk took over the company in October. This has affected other Musk holdings, including Tesla, and many investors don’t know how it’s all going to turn out.
Only time will tell if Musk will correct the message on Twitter and stabilize the situation at Tesla.
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