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Tag: Elon Musk

  • Twitter’s Board Unanimously Approves Elon Musk Deal

    Twitter’s Board Unanimously Approves Elon Musk Deal

    Twitter’s board of directors has unanimously approved Elon Musk’s bid to buy the company and is recommending shareholders do the same.

    The Tesla CEO began a high-profile buyout attempt of one of the biggest social media platforms. The bid has had its own share of drama, but it appears the board is all-in, encouraging shareholders to vote in favor of the deal, according to a new SEC filing:

    Twitter’s Board of Directors, after considering the factors more fully described in the enclosed proxy statement, unanimously: (1) determined that the merger agreement is advisable and the merger and the other transactions contemplated by the merger agreement are fair to, advisable and in the best interests of Twitter and its stockholders; and (2) adopted and approved the merger agreement, the merger and the other transactions contemplated by the merger agreement.

    The board goes on to recommend that Twitter’s shareholders vote for the adoption of the merger agreement.

    Meanwhile, Musk is reportedly unhappy with the data Twitter had provided him to verify the status of bots on the platform. According to Business Insider, Musk has asked for more data and Twitter has met his demands. Musk now has access to the same data stream developers who are part of Twitter’s developer platform.

    Given that both parties seem committed to the deal, hopefully, the whole saga will soon conclude.

  • Elon Musk Sees Opportunity in the Current Crypto Crash

    Elon Musk Sees Opportunity in the Current Crypto Crash

    Amid a massive crypto crash that has seen fortunes erased, Elon Musk is doubling down, continuing to support his favorite crypto.

    The crypto market is currently having a moment of crisis, with values dropping, companies laying off employees, and others struggling to stay solvent. While many are questioning their investments, Musk sees the current market as a buying opportunity for his favorite crypto, Dogecoin.

    When Altcoin Gordon replied, encourging Musk to “keep buying it then,” Musk replied with “I am.”

  • SpaceX Fires Employees Who Called Elon Musk An ‘Embarrassment’

    SpaceX Fires Employees Who Called Elon Musk An ‘Embarrassment’

    SpaceX has moved swiftly, firing employees who wrote an open letter to executives in which they called Elon Musk an “embarrassment.”

    News broke yesterday of a letter some SpaceX employees wrote to executives outlining their concerns over Musk’s behavior and his public persona. The letter, which began circulating within the company Wednesday, was extremely critical of Musk, demanding the company distance itself from his tweets and requesting a sit-down with executives to discuss the issues. SpaceX has given its response, firing some of those responsible for the letter, according to The New York Times.

    According to the *Times*, SpaceX CEO Gwynne Shotwell has “terminated a number of employees involved,” citing concerns over “overreaching activism.”

    “The letter, solicitations and general process made employees feel uncomfortable, intimidated and bullied, and/or angry because the letter pressured them to sign onto something that did not reflect their views,” Ms. Shotwell wrote. “We have too much critical work to accomplish and no need for this kind of overreaching activism.”

    In our coverage yesterday, we highlighted that employee activism was causing many companies increasing problems. While some companies are bending over backward in an effort to engage with that activism, it appears SpaceX is taking a decidedly different approach, encouraging employees to stay focused on their work.

    “Blanketing thousands of people across the company with repeated unsolicited emails and asking them to sign letters and fill out unsponsored surveys during the work day is not acceptable,” Ms. Shotwell continued.

    “Please stay focused on the SpaceX mission, and use your time to do your best work. This is how we will get to Mars.”

  • SpaceX Employees Call Elon Musk An ‘Embarrassment’ in Open Letter

    SpaceX Employees Call Elon Musk An ‘Embarrassment’ in Open Letter

    SpaceX employees have gone on the attack, calling CEO Elon Musk “a frequent source of distraction and embarrassment.”

    Musk is currently one of the most high-profile CEOs in the world, serving in the top spot Tesla, and founding both Tesla and SpaceX. In addition, Musk is in talks to purchase Twitter. With everything he’s working on, Musk is sure to draw detractors, but the latest round comes from his own employees.

    In an open letter to SpaceX executives, employees make the case that every tweet and statement made by Musk is seen and interpreted as “a de facto public statement by the company.” The employees claim that “Elon’s behavior in the public sphere is a frequent source of distraction and embarrassment for us, particularly in recent weeks.”

    In addition to attacking Musk specifically, the employees claim the company needs to do more to live up to its “No Asshole” and “Zero Tolerance” policies, saying that employees are experiencing uneven enforcement.

    The employees are asking to meet with company leadership within the next month to discuss their concerns and demands.

    The letter illustrates the challenges many companies and executives are facing at a time when employee activism is reaching an all-time high. Mercurial founders and successful startups often go hand-in-hand. Steve Jobs and Apple; Larry Ellison and Oracle; Zuckerberg and Facebook; and the list goes on.

    While many employees may not like Musk’s tweets, or his public persona, the argument could be made that neither SpaceX or Tesla would be where they are without him. Similarly, some see him as uniquely qualified to help turn Twitter around, with Twitter founder Jack Dorsey throwing his weight behind Musk’s bid to purchase the social media company.

    Only time will tell how SpaceX will respond to the employees’ letter.

  • Starlink IPO Still a Few Years Away

    Starlink IPO Still a Few Years Away

    Investors and employees hoping for a Starlink IPO will have to wait a while longer, with Elon Musk saying it’s still several years away.

    Starlink is the leading low-Earth orbit (LEO) satellite internet provider. Unlike traditional satellite internet, Starlink’s LEO status allows it to offer speeds and latency comparable with traditional broadband. In fact, Starlink is already giving traditional internet companies a run for their money. Despite some being eager to see a quick IPO, according to CNBC, Musk told SpaceX employees it’s still three or four years away.

    “I’m not sure exactly when that [IPO] is, but maybe it will be like — I don’t know, just guessing — three or four years from now,” Musk said at an all-hands meeting.

    Musk reiterated his belief that Starlink needs to be “in a smooth sailing situation” with “good predictability.” Only then, “I think spinning it off as a public company can make a lot of sense,” he continued.

  • Twitter Capitulates, Will Give Elon Musk Access to Data

    Twitter Capitulates, Will Give Elon Musk Access to Data

    Twitter is reportedly capitulating to Elon Musk’s demands, giving him access to a “firehose” of data in an effort to keep his acquisition deal alive.

    Musk made an offer to buy Twitter in April, an offer the company eventually accepted. Less than a month later Musk suspended his bid after Twitter reported that bots and spam accounts only made up 5% of its user base, saying he wanted proof before the deal could move forward. According to The Washington Post, the company is now agreeing to give Musk what he wants.

    Interestingly, the data stream Musk is being given access to has long been available to companies that pay Twitter for access. This has led some to speculate that Musk doesn’t really want to analyze the stream, but is using the entire scenario to renege on his deal or renegotiate the terms.

    For its part, based on the statement it released, Twitter seems quite intent on making the deal happen:

    “Twitter has and will continue to cooperatively share information with Mr. Musk to consummate the transaction in accordance with the terms of the merger agreement,” the statement said. “We believe this agreement is in the best interest of all shareholders. We intend to close the transaction and enforce the merger agreement at the agreed price and terms.”

  • Bill Gates and Elon Musk Are At It Again, This Time Over Climate Change

    Bill Gates and Elon Musk Are At It Again, This Time Over Climate Change

    Bill Gates and Elon Musk are at it again, taking aim at each other over climate change.

    Gates and Musk have a well-established history of taking jabs at each other over a variety of topics. The last round was instigated by Gates in an interview with a French news outlet, in which he said he donates more to climate change efforts than Musk.

    “Tesla’s done a fantastic job; I give a lot more money to climate change than @elonmusk or anyone else,” Gates said. “He’s (Elon) done a great job, but somebody shorting the stock doesn’t slow him down or hurt him in any way.”

    Musk’s reply was short and sweet:

    “Sigh”

    — Elon Musk (@elonmusk), June 4, 2022

  • Elon Musk Wants to Cut 10% of Tesla Staff

    Elon Musk Wants to Cut 10% of Tesla Staff

    Elon Musk has reportedly sent an email to executives saying he has a “super bad feeling” about the economy and wants to cut jobs by 10% and freeze hiring.

    Tesla may be the undisputed leader in the electric vehicle market, but that doesn’t mean it’s immune to the effects of the economy. In an email seen by Reuters, Musk expressed unusual concern for the state of the economy and the impact it might have on the company. Some experts are already calling Tesla the “canary in the coal mine” for the auto industry in general.

    “Tesla’s not your average canary in the coal mine. It’s more like a whale in the lithium mine,” said Morgan Stanley analyst Adam Jonas.

    “If the world’s largest EV company warns on jobs and the economy, investors should reconsider their forecasts on margins and top-line growth,” he added.

    As of the time of writing, Tesla’s stock was down more than 9% on the news. It remains to be seen what impact the warning will have on the rest of the auto industry in the coming days and weeks.

  • Atlassian CEO Fires Back at Elon Musk Over RTO Policy

    Atlassian CEO Fires Back at Elon Musk Over RTO Policy

    Atlassian CEO Scott Farquhar fired back at Tesla CEO Elon Musk over the latter’s email to employees demanding they return to office (RTO) or quit.

    Elon Musk made waves when he sent an email to Tesla and SpaceX employees demanding they return to the office at least 40 hours a week or quit. After a couple of years of employees working remotely, and being as productive as ever, many critics called Musk’s stance out-of-date and out-of-touch.

    Farquhar took to Twitter to call out Musk’s stance, saying it was something out of the 1950s:

    “News from @elonmusk & @tesla today feels like something out of the 1950s: “Everyone at Tesla is required to spend a minimum of 40 hours in the office per week”. Very different approach to what we are taking at Atlassian and here’s why.

    “Atlassian employees choose everyday where and how they want to work – we call it Team Anywhere. This has been key for our continued growth.“

    Farquhar even offered any disenfranchised Tesla employees the opportunity to work for Atlassian.

    “We’re setting our sights on growing Atlassian to 25K employees by FY26. Any Tesla employees interested?“

    Farquhar and Musk represent polar opposites in the debate about RTO. Companies large and small are struggling to find the best path forward, but here’s to hoping Farquhar’s vision is the one that prevails.

  • Elon Musk Wants Employees to Come to the Office Full-Time or Quit

    Elon Musk Wants Employees to Come to the Office Full-Time or Quit

    Elon Musk is throwing down the gauntlet, demanding Tesla and SpaceX employees come in to the office at least 40 hours a week or quit.

    The return to the office has been a challenging issue for many companies since the pandemic forced employees to work from home. Some companies have embraced remote work on a permanent basis, others have embraced varying degrees of hybrid work, and others are taking a hardline approach, demanding employees return to the office full-time. Count Musk in the latter category.

    Internal Tech Emails tweeted copies of the emails Musk sent to employees.

    “Anyone who wishes to do remote work must be in the office for a minimum (and I mean ‘minimum’) of 40 hours per week or depart Tesla,” Musk wrote to “ExecStaff,” with the subject line “Remote work is no longer acceptable.”

    Musk reportedly sent a similar email to SpaceX employees.

    Given how strongly many employees feel about continuing to work remotely, it’s a safe bet Tesla will be taking applications soon.

  • Will He, Won’t He? Musk Suspends Twitter Purchase

    Will He, Won’t He? Musk Suspends Twitter Purchase

    Elon Musk’s Twitter purchase is “on hold” following reports that bots and spam accounts make up less than 5% of the company’s user base.

    Like any social media platform, bots and spam accounts are a fact of life for Twitter. A recent report in Reuters, however, suggests those accounts make up less than 5% of the company’s overall accounts. In response, Musk tweeted that he was putting his purchase on hold until statistic could be verified.

    Read more: Twitter CEO Shakes Up Executive Team Ahead of Musk Buyout

    “Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users” — Elon Musk (@elonmusk), May 13, 2022

    The last couple of months have been incredibly tumultuous for the social media platform, with many users threatening to quit over Musk’s purchase, while others are excited about the prospect of him shaking things up.

    Either way, the uncertainty is not good for anyone, be it users, advertisers, or investors.

  • Trump May Be Back on Twitter Soon

    Trump May Be Back on Twitter Soon

    Elon Musk has signaled he would reverse Donald Trump’s permanent Twitter ban once his purchase of the platform is complete.

    Trump was banned from Twitter because of his tweets around the January 6 insurrection. Trump’s tweets went against the company’s policies around promoting violence and misinformation. Elon Musk has voiced his support for free speech, saying he plans to undo Trump’s permanent ban.

    According to International Business Times, Musk and co-founder Jack Dorsey are aligned in their thinking that permanent bans should be “extremely rare,” and should be largely be a measure to combat spam and bot accounts.

    It remains to be seen if Trump would even rejoin Twitter, despite it being his favorite social media platform when he was active. He has since launched his own service, Truth Social, and said he has no plans to return to Twitter, even if it was an option.

    Musk’s revelation is sure to thrill some and anger others, but it shows just how much Twitter will likely change under his ownership.

  • Elon Musk Poised to Become Twitter’s Interim CEO

    Elon Musk Poised to Become Twitter’s Interim CEO

    More details are emerging about what Twitter will look like post-Musk takeover, and it appears the tech mogul will become its interim CEO.

    After weeks of intrigue and “will it, won’t it happen” speculation, Elon Musk and Twitter came to an agreement for the tech CEO to purchase Twitter for $54.20 a share. One of the big questions that remains was whether Twitter’s existing CEO, Parag Agrawal, would continue in his position or be replaced. It appears the latter option is likely to happen, with CNBC reporting that Musk plans to takeover as interim CEO for several months post-acquisition.

    Agrawal has only had the top job at Twitter since late November 2021, replacing co-founder Jack Dorsey when he stepped away to focus exclusively on Square.

    With his new role, Musk will be CEO of three companies: Tesla, SpaceX, and Twitter. Only time will tell if the roll will truly be permanent, or if Musk will pull a Steve Jobs and turn an interim title into a permanent one.

    Given Musk’s love of Twitter, our money is on the latter.

  • Twitter Users Leaving En Masse After Musk Buyout

    Twitter Users Leaving En Masse After Musk Buyout

    Twitter has a problem on its hands, with “mass deactivations” in the wake of Elon Musk’s successful bid for the company.

    Elon Musk’s bid to purchase the company for $54.20 a share was accepted on Monday. Despite Musk’s attempts to reassure users the platform will respect free speech and strive to be politically neutral, it seems many users are not happy with the prospect of his stewardship.

    According to NBC News, many high-profile Twitter accounts have lost thousands of followers. The company says the activity is “organic,” and not an arbitrary cleansing of old accounts.

    “While we continue to take action on accounts that violate our spam policy which can affect follower counts, these fluctuations appear to largely be a result of an increase in new account creation and deactivation,” Twitter said in a statement.

  • Twitter Accepts Offer, Elon Musk Will Be New Owner

    Twitter Accepts Offer, Elon Musk Will Be New Owner

    Twitter has officially accepted Elon Musk’s offer to buy the company, marking one of the biggest changes the social media platform has undergone.

    Elon Musk has simultaneously been one of Twitter’s biggest fans and critics, culminating in an offer to buy the company for $54.20 per share. After initially fighting back, even adopting a “poisoned pill” strategy, the company has relented and accepted Musk’s offer.

    The agreement was struck at Musk’s offer price, putting the deal’s value at approximately $44 billion. The price is a 38% premium over the stock’s closing price on April 1, 2022, one day before Musk’s 9% stake in the company was made public. Ultimately, that premium was too much for the board to ignore.

    “The Twitter Board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing,” said Bret Taylor, Twitter’s Independent Board Chair. “The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter’s stockholders.”

    Once the deal is completed, Musk plans on taking the company private, which will make it easier for him to reshape the company in his image.

    “Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated,” said Musk. “I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans. Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it.”

    At this time it’s unclear what, if any, role current CEO Parag Agrawal will have moving forward, although he expressed his pride and support for the company.

    “Twitter has a purpose and relevance that impacts the entire world,” Agrawal said. “Deeply proud of our teams and inspired by the work that has never been more important.”

  • Twitter May Accept Musk’s Deal After All

    Twitter May Accept Musk’s Deal After All

    A new report indicates Twitter may be open to a deal with Elon Musk, after initially fighting it aggressively.

    Musk made a bid for Twitter in mid-May, with his offer price coming in at $54.20 per share. The board almost immediately adopted a “poisoned pill” strategy to combat the takeover, but has also faced criticism from none other than founder Jack Dorsey.

    According to The Wall Street Journal, the company may be on the verge of relenting and reconsidering Musk’s offer. The two parties met Sunday to discuss the deal, and Reuters is now reporting that Twitter may accept Musk’s offer as early as Monday.

    We will continue to monitor and report with updates.

  • Elon Musk a Social Media Influencer? Tesla CEO Teases the Possibility

    Elon Musk a Social Media Influencer? Tesla CEO Teases the Possibility

    Elon Musk is well-known for his social media presence, but the Tesla CEO is teasing a full-time switch to social media influencer.

    Musk has long been a vocal Twitter user, boosting cryptocurrencies, taking jabs at rivals and discussing upcoming Tesla features. His tweets have even landed him in hot water with the SEC, but that hasn’t slowed the CEO down.

    In one of his latest tweets, Musk teases the possibility of trading in his jobs as CEO of Tesla and SpaceX for that of social media influencer.

    In all likelihood, this is just another one of Musk’s famous attempts at humor — but only time will tell.

  • Jack Dorsey Criticizes Twitter Board — Not Elon Musk

    Jack Dorsey Criticizes Twitter Board — Not Elon Musk

    Jack Dorsey has finally weighed in on Twitter’s current status, and his comments could be seen as good news for Elon Musk.

    Elon Musk has made an offer to purchase Twitter, one the company’s board is fighting. The board has adopted a “poisoned pill” strategy to counter Musk’s efforts. Meanwhile, Musk has pointed out the board’s minuscule ownership stake in the company, questioning their commitment to shareholder interests.

    “Wow, with Jack departing, the Twitter board collectively owns almost no shares! Objectively, their economic interests are simply not aligned with shareholders.”

    — Elon Musk (@elonmusk), April 16, 2022

    Twitter’s most well-known board member has broken his silence, and not to come out in favor of his fellow board members. Dorsey was responding to a tweet by Gary Chan:

    “The wrong partner on your board can literally make a billion dollars in value evaporate. It is not the sole reason behind every startup failure but it is the true story a surprising percentage of the time.”

    — Gary Tan (@garytan), April 16, 2022

    After a number of replies discussing the Twitter board’s checkered past, Dorsey weighed in:

    “it’s consistently been the dysfunction of the company”

    — Jack Dorsey (@jack), April 17, 2022

    Twitter was already under pressure over Musk’s bid. Dorsey coming out with criticism of the board is only going to increase that pressure even more.

  • Twitter Adopting a ‘Poisoned Pill’ Strategy to Fight Elon Musk Takover

    Twitter Adopting a ‘Poisoned Pill’ Strategy to Fight Elon Musk Takover

    Twitter has announced it is fighting back against Elon Musk’s hostile takeover attempt, adopting a “poisoned pill” strategy.

    Elon Musk made an unsolicited bid to purchase Twitter for $54.20 a share. Since making the offer, Musk has indicated his desire to take Twitter private if the deal goes through, but Twitter’s board is not interested.

    The company has announced it is enacting “a limited duration shareholder rights plan (the ‘Rights Plan’)” to fight Musk’s takeover attempt. Under the plan, if any one shareholder gains a 15% or greater stake in the company, more shares would become available for all other shareholders to purchase at a discounted price. This would dilute Musk’s stake in the company, and allow other shareholders to effectively counter Musk by making it prohibitively expensive for him to purchase more than 15% of the company.

    “The Rights Plan is intended to enable all shareholders to realize the full value of their investment in Twitter,” the company writes. “The Rights Plan will reduce the likelihood that any entity, person or group gains control of Twitter through open market accumulation without paying all shareholders an appropriate control premium or without providing the Board sufficient time to make informed judgments and take actions that are in the best interests of shareholders.”

    While Elon Musk may be the richest man in the world, Twitter’s poisoned pill may make the takeover too expensive even for him.

  • Elon Musk Makes a $41 Billion Bid For Twitter

    Elon Musk Makes a $41 Billion Bid For Twitter

    Elon Musk’s end-game is now in full view, with the tech mogul offering $41 billion to purchase the social media platform.

    It’s been a tumultuous couple of weeks for Twitter as Musk has raised question after question about how the platform should be run. Musk then purchased nearly 10% of the company, making him its largest shareholder. Twitter ultimately offered Musk a seat on the board, which he initially accepted, in an effort to prevent him from owning more than 14.9%, before Musk changed course and rejected the offer.

    Musk has now informed his Twitter followers that he has made an offer to purchase the company:

    I made an offer

    Elon Musk (@elonmusk), April 14, 2022

    According to the SEC document Musk links, he offered $54.20 per share, a 54% premium over the January 28, 2022 Common Stock closing price.

    It remains to be seen if Twitter will accept the deal, but Elon Musk has certainly made life more complicated for CEO Parag Agrawal and company.

  • Hostile Takeover In the Making? Elon Musk Rejects Twitter Board Seat

    Hostile Takeover In the Making? Elon Musk Rejects Twitter Board Seat

    Elon Musk has rejected a seat on Twitter’s board, opening the door for a potential hostile takeover of the social media company.

    The last week has been a trying one for Twitter, with the Tesla CEO calling out the platform, posting polls about possible features, and even asking if his followers thought Twitter should be replaced. Musk purchased a nearly 10% stake in the company, making him the largest shareholder and sparking fears he might engage in a hostile takeover. Twitter ultimately offered Musk a seat on the board, a seat that would have prohibited him from owning more than 14.9%. Despite initially accepting the offer, Musk has reject the seat.

    Twitter CEO Parag Agrawal disclosed the news in a tweet:

    “Team,

    “Elon Musk has decided not to join our board. Here’s what I can share about what happened.

    “The Board and I had many discussions about Elon joining the board, and with Elon directly. We were excited to collaborate and clear about the risks. We also believed that having Elon as a fiduciary of the company where he, like all board members, has to act in the best interests of the company and all our shareholders, was the best path forward. The board offered him a seat.

    “We announced on Tuesday that Elon would be appointed to the Board contingent on a background check and formal acceptance. Elon’s appointment to the board was to become officially effective 4/9, but Elon shared that same morning that he will no longer be joining the board. I believe this is for the best. We have and will always value input from our shareholders whether they are on our Board or not. Elon is our biggest shareholder and we will remain open to his input.

    “There will be distractions ahead, but our goals and priorities remain unchanged. The decisions we make and how we execute is in our hands, no one else’s. Let’s tune out the noise, and stay focused on the work and what we’re building.”

    Only time will tell what Musk is planning. Without the constraints of being a board member, it’s entirely possible the tech mogul will make a play for ownership of the company.

    Agrawal seems to know there’s still a rough road ahead, if his comment about ‘tuning out the noise’ is any indication.