<p>Elon Musk-owned social media platform X (formerly Twitter) has lost 71.5 per cent of its value since the platform's takeover by the billionaire, said a disclosure made by mutual fund Fidelity accessed by Axios. Fidelity owns stake in X Holdings and has reportedly estimated that its stake has lost 71.5 per cent of its value.</p>

<p>The proportional effect on the total value of the social media platform brings its worth to about USD 12.5 billion. Musk had acquired Twitter at a price of USD 44 billion in October 2022.</p>

<p>The platform has faced many upheavals since Musk's takeover. Within weeks of taking control, Musk fired top management of Twitter including the then CEO Parag Agrawal.</p>

<p>The company then carried out a huge job cut exercise during which nearly 50 per cent of its total staff was sacked. This had raised doubts about the stability of the platform.</p>

<p><strong>Watch | Elon Musk has new content moderation rule for X, staff told not to remove problematic content</strong></p>

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<p>Reported increase in hate speech on X has seen advertisers shunning the platform. Musk's own posts, including some which were were reported to be 'endorsing anti-Semitic theory' created outrage and did little to boost the image of the platform.</p>

<p>Under Musk, X reinstated controversial accounts including those of former US president Donald Trump and conspiracy theorist Alex Jones.</p>

<p><strong>Also Read | <a href="https://www.wionews.com/india-news/elon-musks-tesla-to-set-up-first-indian-manufacturing-plant-in-gujarat-674748">Elon Musk's Tesla to set up first Indian manufacturing plant in Gujarat: Report</a></strong></p>

<p>Trump faces a barrage of legal cases which include civil fraud allegations and those connected to the attack on US Capitol building in January 2021. He also faces rape charges which have been held as substantial. During his time as US president, Trump was a prolific tweeter and many of his tweets caused controversies. Even when his supporters attacked the US Capitol building he was criticised for not making an appeal to calm down soon enough.&nbsp;</p>

<p><strong>Also Read | <a href="https://www.wionews.com/technology/elon-musks-x-fails-in-its-bid-to-block-californias-content-moderation-law-674519">Elon Musk's X fails in its bid to block California's content moderation law</a></strong></p>

<p>His Twitter account was suspended after the capitol building attack. This was before Musk acquired the platform.</p>

<p>Musk, the world's richest man, had said that he was buying Twitter “to try to help humanity”.</p>

<p>Under him, X also reinstated account of Alex Jones, the right-wing conspiracy theorist and host of InfoWars. He got into trouble for saying that a 2012 shootout at a school was a hoax perpetrated just to bring gun control laws.</p>

<p>Jones was ordered by a court to pay USD 1.5 billion to families of the victims of one of the deadliest shootouts in US history.</p>

<p><em>(With inputs from agencies)</em></p>


Elon Musk-owned social media platform X (formerly Twitter) has lost 71.5 per cent of its value since the platform's takeover by the billionaire, said a disclosure made by mutual fund Fidelity accessed by Axios.

Elon Musk-owned social media platform X (formerly Twitter) has lost 71.5 per cent of its value since the platform's takeover by the billionaire, said a disclosure made by mutual fund Fidelity accessed by Axios. Fidelity owns stake in X Holdings and has reportedly estimated that its stake has lost 71.5 per cent of its value. The proportional effect on the total value of the social media platform brings its worth to about USD 12.5 billion. Musk had acquired Twitter at a price of USD 44 billion in October 2022. The platform has faced many upheavals since Musk's takeover. Within weeks of taking control, Musk fired top management of Twitter including the then CEO Parag Agrawal. The company then carried out a huge job cut exercise during which nearly 50 per cent of its total staff was sacked. This had raised doubts about the stability of the platform. Watch | Elon Musk has new content moderation rule for X, staff told not to remove problematic content × Reported increase in hate speech on X has seen advertisers shunning the platform. Musk's own posts, including some which were were reported to be 'endorsing anti-Semitic theory' created outrage and did little to boost the image of the platform. Under Musk, X reinstated controversial accounts including those of former US president Donald Trump and conspiracy theorist Alex Jones. Also Read | Elon Musk's Tesla to set up first Indian manufacturing plant in Gujarat: Report Trump faces a barrage of legal cases which include civil fraud allegations and those connected to the attack on US Capitol building in January 2021. He also faces rape charges which have been held as substantial. During his time as US president, Trump was a prolific tweeter and many of his tweets caused controversies. Even when his supporters attacked the US Capitol building he was criticised for not making an appeal to calm down soon enough. Also Read | Elon Musk's X fails in its bid to block California's content moderation law His Twitter account was suspended after the capitol building attack. This was before Musk acquired the platform. Musk, the world's richest man, had said that he was buying Twitter “to try to help humanity”. Under him, X also reinstated account of Alex Jones, the right-wing conspiracy theorist and host of InfoWars. He got into trouble for saying that a 2012 shootout at a school was a hoax perpetrated just to bring gun control laws. Jones was ordered by a court to pay USD 1.5 billion to families of the victims of one of the deadliest shootouts in US history. (With inputs from agencies)

After Elon Musk’s takeover, X has lost 71 per cent of its value: Report

<p>Twitter's owner Elon Musk on Friday officially announced Linda Yaccarino as the new CEO of the social media platform.&nbsp;</p>

<p>Taking to Twitter to officially announce Linda's joining, Musk stated, "I am excited to welcome Linda Yaccarino as the new CEO of Twitter! @LindaYacc will focus primarily on business operations, while I focus on product design &amp; new technology. Looking forward to working with Linda to transform this platform into X, the everything app."&nbsp;</p>

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<p dir="ltr" lang="en">I am excited to welcome Linda Yaccarino as the new CEO of Twitter!<a href="https://twitter.com/lindayacc?ref_src=twsrc%5Etfw">@LindaYacc</a> will focus primarily on business operations, while I focus on product design &amp; new technology.<br />
<br />
Looking forward to working with Linda to transform this platform into X, the everything app. <a href="https://t.co/TiSJtTWuky">https://t.co/TiSJtTWuky</a></p>
— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1657050349608501249?ref_src=twsrc%5Etfw">May 12, 2023</a></blockquote>
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<p>It is interesting to note that even though Linda Yaccarino will be the new CEO, Musk will still continue to handle Twitter's product design and new technology. “My role will transition to being exec chair &amp; CTO, overseeing product, software and sysops," Musk had earlier tweeted.</p>

<p><strong>ALSO READ |</strong>&nbsp;<a href="https://www.wionews.com/technology/who-is-linda-yaccarino-someone-foolish-enough-who-may-become-new-twitter-ceo-replacing-elon-musk-591494">Who is Linda Yaccarino? Is she 'someone foolish enough' that Elon Musk has found as Twitter CEO?</a></p>

<p>Meanwhile, newly appointed CEO Yaccarino will primarily focus on business operations.&nbsp;</p>

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<p dir="ltr" lang="en">Excited to announce that I’ve hired a new CEO for X/Twitter. She will be starting in ~6 weeks!<br />
<br />
My role will transition to being exec chair &amp; CTO, overseeing product, software &amp; sysops.</p>
— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1656748197308674048?ref_src=twsrc%5Etfw">May 11, 2023</a></blockquote>
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<p>On Thursday, Musk had stated that he has found a new CEO for the microblogging platform. He had stated that she will start working in around six weeks. However, Musk had not named the candidate in the earlier tweet. A report by Wall Street Journal had hinted that NBCUniversal executive Linda Yaccarino was in talks with Musk for the top job.&nbsp;</p>

<p>The new change comes at a time when Musk had announced that he will be reducing the time he has been devoting to Twitter and will eventually appoint someone to run the social media platform.&nbsp;</p>

<p>The move appears to be aimed at reducing the concerns of Tesla investors who have been lately worried about the time Musk has been dedicating to running Twitter. After the announcement of the new CEO, the shares of Tesla increased by 2.4 per cent.&nbsp;</p>

<p>Musk had bought Twitter in October 2022 for $44 billion and indicated that he will remain in charge of the platform for a limited time to complete the organisational overhaul which he believed was needed for the company to grow.&nbsp;</p>

<p><strong>WATCH | Elon Musk launches new AI start up</strong></p>

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<p>In December, Musk had asked his followers on Twitter if he should step down from the position of CEO, and 57.5 per cent had responded with a 'yes'. The billionaire had stated that he will remain executive chairman after the transition.</p>

<p>After taking over the microblogging platform in October, Musk had fired various top executives which included Twitter's CEO Parag Agrawal and reduced the staff of the company to half by November.&nbsp;</p>

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Twitter's owner Elon Musk on Friday officially announced Linda Yaccarino as the new CEO of the social media platform. Taking to Twitter to officially announce Linda's joining, Musk stated, "I am excited to welcome Linda Yaccarino as the new CEO of Twitter!

Twitter's owner Elon Musk on Friday officially announced Linda Yaccarino as the new CEO of the social media platform. Taking to Twitter to officially announce Linda's joining, Musk stated, "I am excited to welcome Linda Yaccarino as the new CEO of Twitter! @LindaYacc will focus primarily on business operations, while I focus on product design & new technology. Looking forward to working with Linda to transform this platform into X, the everything app." I am excited to welcome Linda Yaccarino as the new CEO of Twitter!@LindaYacc will focus primarily on business operations, while I focus on product design & new technology. Looking forward to working with Linda to transform this platform into X, the everything app. https://t.co/TiSJtTWuky — Elon Musk (@elonmusk) May 12, 2023 × It is interesting to note that even though Linda Yaccarino will be the new CEO, Musk will still continue to handle Twitter's product design and new technology. “My role will transition to being exec chair & CTO, overseeing product, software and sysops," Musk had earlier tweeted. ALSO READ | Who is Linda Yaccarino? Is she 'someone foolish enough' that Elon Musk has found as Twitter CEO? Meanwhile, newly appointed CEO Yaccarino will primarily focus on business operations. Excited to announce that I’ve hired a new CEO for X/Twitter. She will be starting in ~6 weeks! My role will transition to being exec chair & CTO, overseeing product, software & sysops. — Elon Musk (@elonmusk) May 11, 2023 × On Thursday, Musk had stated that he has found a new CEO for the microblogging platform. He had stated that she will start working in around six weeks. However, Musk had not named the candidate in the earlier tweet. A report by Wall Street Journal had hinted that NBCUniversal executive Linda Yaccarino was in talks with Musk for the top job. The new change comes at a time when Musk had announced that he will be reducing the time he has been devoting to Twitter and will eventually appoint someone to run the social media platform. The move appears to be aimed at reducing the concerns of Tesla investors who have been lately worried about the time Musk has been dedicating to running Twitter. After the announcement of the new CEO, the shares of Tesla increased by 2.4 per cent. Musk had bought Twitter in October 2022 for $44 billion and indicated that he will remain in charge of the platform for a limited time to complete the organisational overhaul which he believed was needed for the company to grow. WATCH | Elon Musk launches new AI start up In December, Musk had asked his followers on Twitter if he should step down from the position of CEO, and 57.5 per cent had responded with a 'yes'. The billionaire had stated that he will remain executive chairman after the transition. After taking over the microblogging platform in October, Musk had fired various top executives which included Twitter's CEO Parag Agrawal and reduced the staff of the company to half by November. You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE

It’s official: Musk announces Linda Yaccarino as new Twitter CEO; Tesla shares rise

<p>Beyond electric cars and space rockets, there is one thing that Elon Musk is very good at. He likes to keep people guessing even as he teases them with tweets, cryptic statements and the half-visible gestures of a dancing diva. Right now, after firing top managers of Twitter Inc, appointing himself as CEO, and being the sole director of the social media company, we have to keep guessing about his half-gestures, wondering not about his future on Twitter but that of ours.</p>

<p>Well done, Elon!</p>

<p>Last night, a TV news anchor asked me if I would pay the speculated $20 a month (a handsome Rs 1,600 in Indian rupees) to retain my Blue Tick. a.k.a. Verified Status on Twitter. My reply: "It depends". After well over a decade on the microblogging site, I would be sad to see that status go but you know, there is such a thing as value for money. I told the channel that I use the Pizza Principle: Just as I would be happy to pay Rs 100 for a plain Margherita, I would not pay more than Rs 500 unless it had delicious extra toppings.</p>

<p>Also Read |&nbsp;<a href="https://www.wionews.com/world/elon-musk-to-charge-20-per-month-for-twitter-verification-report-529745">Elon Musk to charge $20 per month for Twitter verification: Report</a></p>

<p>In Twitterspeak, the toppings could mean an Edit button, or a monetisation model in which I would be incentivised to create quality content, or a 'long-form' option in which I can blog more than the current limit of 280 characters, or weed out abusive trolls or irritating followers.</p>

<p>The $20 model as discussed by Musk with his staff, would be an enhanced version of its $4.99-a-month Twitter Blue which is a tentative project under which somewhat vague features are offered to paying subscribers. These include ad-free reading, colour themes, a bookmark folder, top articles, customised navigation and the facility to undo tweets. As a customer, I would want much more than that to make $20 fly off my digital wallet. Who would pay $20 every month for something that does not look more than a digital identity card wrapped in a fancy packet?</p>

<p>On the other hand, Musk may be a good thing for Twitter, which has relied for too long on its plain vanilla (or Margherita) model, which has an iffy video strategy and some ideas like Twitter Circle that help users choose tweet-by-tweet on who can engage with them. There is plenty of scope for Twitter to add value both to tweeters and followers but there is a catch. It has to deal with idealists who believe Twitter is a democratic medium in which all are equal, and therefore equally deserving, or undeserving, of a Blue Tick.</p>

<p>The hard fact is, as I have said countless times, "Twitter is the new parliament and Facebook is the new cafe" in the digital world. Musk has borrowed the old tag about Twitter being a global town square. All that makes it political and therefore, there are those who bring in the equality bit. Here's the catch: Early Twitter days saw fake profiles and then came fake news, abuse, propagandists, and wannabes. A verified handle essentially gave the folks known as followers a lighthouse beam on those Twitter thought to be having authenticity. Celebrities and journalists became early adopters and much-wooed partners in this game. Democracy has queered the pitch but Twitter is still a stock-market-listed market animal for which Musk and fellow investors paid $44 billion. My guess is that the $20-a-month thingie that is best described as calculated speculation would be just a way for Musk to keep market optimism up to stop the stock value from falling until he cooks up a profitable formula for the company.</p>

<p>Also Read |&nbsp;<a href="https://www.wionews.com/business-economy/that-is-why-i-bought-twitter-elon-musks-latest-message-for-advertisers-528926">'That is why I bought Twitter': Elon Musk's latest message for advertisers</a></p>

<p>Twitter is a bit like a watering hole in a wildlife reserve: Various species of people flock to it for different purposes. But, to be profitable, Musk needs to look at it as a market. From his message to advertisers, it would appear the Chief Twit wants to be like a new-age media baron akin to an old-world newspaper publisher, eschewing far-right vs far-left dogfights in favour of a middle-of-the-road digital town square that would please brands seeking a sensible audience.</p>

<p>Town squares seem like a fun place, but you don't find rock stars in town squares unless you spot a future candidate in her early days. Good content needs to be paid for -- directly or indirectly, by someone or the other. Right now, influencers partner with brands or journalists showcase their stories to attract attention to their own company websites. Twitter needs to engage in a manner that balances the democratic urge of political idealists and the quality content demands of the average follower -- just like sensible newspaper publishers do.</p>

<p>However, Twitter is more of a platform than publisher -- and has to do a digital-age balancing act for that. Is Musk up to the task? We need to watch this space as the man who gave us Tesla cars tries hard in his new role. The point to remember is that in the digital age, technology platforms enable the creation of online communities, but it is the people who give it the real buzz -- not the technology. There is a difference between a meaningful buzz and confusing, abusive noises. If Musk can figure a middle path, the $44 billion acquisition tag might well be worth it.</p>

<p>Elon Musk the diva is now in the green room. Twitter's top deck is nearly empty. We need to see how much of the rehearsal whispers we hear actually turn out to be part of the final act. But this much can be said: there is no substitute for credible and quality content. Digital platforms are like stages that need solid actors and scriptwriters.</p>

<p>The best ones don't do it for free. And charging them would make it counter-productive.</p>

<p><em><strong>(Disclaimer: The views of the writer do not represent the views of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer.)&nbsp;</strong></em></p>

<p><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe></p>


Beyond electric cars and space rockets, there is one thing that Elon Musk is very good at. He likes to keep people guessing even as he teases them with tweets, cryptic statements and the half-visible gestures of a dancing diva.

Beyond electric cars and space rockets, there is one thing that Elon Musk is very good at. He likes to keep people guessing even as he teases them with tweets, cryptic statements and the half-visible gestures of a dancing diva. Right now, after firing top managers of Twitter Inc, appointing himself as CEO, and being the sole director of the social media company, we have to keep guessing about his half-gestures, wondering not about his future on Twitter but that of ours. Well done, Elon! Last night, a TV news anchor asked me if I would pay the speculated $20 a month (a handsome Rs 1,600 in Indian rupees) to retain my Blue Tick. a.k.a. Verified Status on Twitter. My reply: "It depends". After well over a decade on the microblogging site, I would be sad to see that status go but you know, there is such a thing as value for money. I told the channel that I use the Pizza Principle: Just as I would be happy to pay Rs 100 for a plain Margherita, I would not pay more than Rs 500 unless it had delicious extra toppings. Also Read | Elon Musk to charge $20 per month for Twitter verification: Report In Twitterspeak, the toppings could mean an Edit button, or a monetisation model in which I would be incentivised to create quality content, or a 'long-form' option in which I can blog more than the current limit of 280 characters, or weed out abusive trolls or irritating followers. The $20 model as discussed by Musk with his staff, would be an enhanced version of its $4.99-a-month Twitter Blue which is a tentative project under which somewhat vague features are offered to paying subscribers. These include ad-free reading, colour themes, a bookmark folder, top articles, customised navigation and the facility to undo tweets. As a customer, I would want much more than that to make $20 fly off my digital wallet. Who would pay $20 every month for something that does not look more than a digital identity card wrapped in a fancy packet? On the other hand, Musk may be a good thing for Twitter, which has relied for too long on its plain vanilla (or Margherita) model, which has an iffy video strategy and some ideas like Twitter Circle that help users choose tweet-by-tweet on who can engage with them. There is plenty of scope for Twitter to add value both to tweeters and followers but there is a catch. It has to deal with idealists who believe Twitter is a democratic medium in which all are equal, and therefore equally deserving, or undeserving, of a Blue Tick. The hard fact is, as I have said countless times, "Twitter is the new parliament and Facebook is the new cafe" in the digital world. Musk has borrowed the old tag about Twitter being a global town square. All that makes it political and therefore, there are those who bring in the equality bit. Here's the catch: Early Twitter days saw fake profiles and then came fake news, abuse, propagandists, and wannabes. A verified handle essentially gave the folks known as followers a lighthouse beam on those Twitter thought to be having authenticity. Celebrities and journalists became early adopters and much-wooed partners in this game. Democracy has queered the pitch but Twitter is still a stock-market-listed market animal for which Musk and fellow investors paid $44 billion. My guess is that the $20-a-month thingie that is best described as calculated speculation would be just a way for Musk to keep market optimism up to stop the stock value from falling until he cooks up a profitable formula for the company. Also Read | 'That is why I bought Twitter': Elon Musk's latest message for advertisers Twitter is a bit like a watering hole in a wildlife reserve: Various species of people flock to it for different purposes. But, to be profitable, Musk needs to look at it as a market. From his message to advertisers, it would appear the Chief Twit wants to be like a new-age media baron akin to an old-world newspaper publisher, eschewing far-right vs far-left dogfights in favour of a middle-of-the-road digital town square that would please brands seeking a sensible audience. Town squares seem like a fun place, but you don't find rock stars in town squares unless you spot a future candidate in her early days. Good content needs to be paid for -- directly or indirectly, by someone or the other. Right now, influencers partner with brands or journalists showcase their stories to attract attention to their own company websites. Twitter needs to engage in a manner that balances the democratic urge of political idealists and the quality content demands of the average follower -- just like sensible newspaper publishers do. However, Twitter is more of a platform than publisher -- and has to do a digital-age balancing act for that. Is Musk up to the task? We need to watch this space as the man who gave us Tesla cars tries hard in his new role. The point to remember is that in the digital age, technology platforms enable the creation of online communities, but it is the people who give it the real buzz -- not the technology. There is a difference between a meaningful buzz and confusing, abusive noises. If Musk can figure a middle path, the $44 billion acquisition tag might well be worth it. Elon Musk the diva is now in the green room. Twitter's top deck is nearly empty. We need to see how much of the rehearsal whispers we hear actually turn out to be part of the final act. But this much can be said: there is no substitute for credible and quality content. Digital platforms are like stages that need solid actors and scriptwriters. The best ones don't do it for free. And charging them would make it counter-productive. (Disclaimer: The views of the writer do not represent the views of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer.)

Act 1, Scene 2: As Musk overhauls Twitter, it needs bang-for-buck model, not overpriced verification