And that would certainly be a disaster for a company Musk paid a lot of money for.īut even if Musk eventually does get his hands on the DMs of people he doesn’t like or wants to keep tabs on, the article argues that this isn’t the biggest security concern: It’s hard to imagine Musk making such a request and that request not somehow being leaked to the press. Musk would have to work with Twitter employees to get that data, and they might not be willing to help him read someone’s DMs. There are also whatever internal controls Twitter has - including those it’s supposed to have implemented per consent orders with agencies like the Federal Trade Commission (FTC) - that might get in Musk’s way. As for the board, based on the preliminary proxy statement filed with the Securities and Exchange Commission, Musk plans to install his own board immediately. The new CEO, Bloomberg says, is Musk himself. He reportedly fired several of Twitter’s top executives, including CEO Parag Agrawal and Vijaya Gadde, who was the head of legal, public policy, and trust and safety. It shouldn’t be too difficult to get them to agree to Musk’s demands, though. To do that, he’d have to go through the board of directors. Twitter’s management team would first have to be amenable to fulfilling Musk’s requests. Now, is Musk going to waltz into Twitter’s headquarters on his first full day (maybe holding a sink again), fire up his computer, and immediately set about reading all of your DMs, peering in on private accounts’ tweets, and harvesting users’ phone numbers? Probably not, and whether that happens at all depends on several factors, according to Andy Wu, a professor of business administration at Harvard Business School. Vox had a good story on what happens to your DMs, and whether they’re safe from Musk: Now that Elon Musk owns Twitter, does that mean he can access anyone’s Twitter data? Notably, this is in the face of increased competition from the likes of EV startups such as Nio ( NIO), Li Auto ( LI), Rivian ( RIVN) and Lucid ( LCID).Hi, it’s Maanvi Singh, taking over the blog from my colleague Gloria Oladipo. Despite of all of that, including the recent declines, Tesla shares are up 36% year to date, besting the 7% rise in the S&P 500 index. With the recent decline, including losing 7% of its value over the past thirty days, and 14% in six months, there is still tons of value in the shares, but there’s also the glass-half-full perspective. Since reaching its 2023 high of $217.65 on February 16, the shares have fallen 23% based on Friday's close. The stock’s muted response to the Twitter CEO announcement is one thing however, the bigger picture is also about Tesla’s fundamentals. He said on Friday that his role at Twitter will transition to being executive chair and chief technology officer at the company. One possible reason for the stock falling could be a belief that Musk would still be heavily involved in the day-to-day operations of Twitter. Some investors were left scratching their heads. Tesla stock initially jumped closed to 3% on the announcement, before falling by the close of trading Friday. However, now that Yaccarino has been named Twitter CEO, Tesla shares didn’t respond the way investors expected. Raising the cash for Twitter required Musk to sell off some of his Tesla stock. How the Twitter deal was financed was also a cause of anxiety for long-time Tesla investors. Investors questioned Musk’s ability to effectively lead both Tesla and Twitter, while also running rocket company SpaceX. The reason for the decline was driven by the belief that Musk’s $44 billion purchase of Twitter was a risk to Tesla shares. Two months later, its shares reached a low of $108, losing some 52% of their value. When the Twitter deal closed on October 28, Tesla stock traded at $228.52.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |