Elon buys Twitter for $44 billion

[Vigilant]

cnbc: Musk's X hit with complaint alleging platform broke Europe's strict privacy laws

X is accused in a new complaint that its ad targeting breached the General Data Protection Regulation, a ground-breaking EU data privacy regulation which threatens fines of up to 4% of global annual revenues.
The complaint, lodged Thursday by Austrian Max Schrems’ campaign group Noyb with the Dutch data protection authority, alleges that X unlawfully used people’s political views and religious beliefs to target them with ads.
Schrems is a high-profile figure in EU privacy campaigning and notably won a legal battle against Meta parent company Facebook, defeating the company’s use of a controversial data-transferring mechanism to send Europeans’ information to the U.S.

Smells like FAFO!

[andre]

elon is doing a great job of making the right wing and himself look like complete morons and destroying the market value of everything he touches rendering it instantly toxic, an anti-midas

[Randy from Boise]

elon is doing a great job of making the right wing and himself look like complete morons and destroying the market value of everything he touches rendering it instantly toxic, an anti-midas

Unfortunately, the same can be said of Trump, who is less than a year from beating the corpse of Joe Biden because there isn't a Democrat in the entire country brave enough to primary him. #RUTHBADERGINSBURG

t

[andre]

elon is doing a great job of making the right wing and himself look like complete morons and destroying the market value of everything he touches rendering it instantly toxic, an anti-midas

Unfortunately, the same can be said of Trump, who is less than a year from beating the corpse of Joe Biden because there isn't a Democrat in the entire country brave enough to primary him. #RUTHBADERGINSBURG

t

as I said in the other thread, Trump's going to prison, or flee to Moscow. I think Nikki Haley looks the best relative to DeSantis or Christie. Ramaswamy is a sideshow.

I think Biden could definitely lose, but Dems will hold the Senate and House, so not much risk of any actual change to policy. Just 4 years of lame duck Haley or Christie blowing the minds of MAGA everywhere.

[rhindle]

Unfortunately, the same can be said of Trump, who is less than a year from beating the corpse of Joe Biden because there isn't a Democrat in the entire country worthwhile enough to primary him. #RUTHBADERGINSBURG

t

FIFY

Which is a shame though. If there was someone Dems, from moderate establishment types to Bernie progressives, to rally behind, Biden might have stepped aside for that but that just doesn't exist right now.

[Randy from Boise]

elon is doing a great job of making the right wing and himself look like complete morons and destroying the market value of everything he touches rendering it instantly toxic, an anti-midas

Unfortunately, the same can be said of Trump, who is less than a year from beating the corpse of Joe Biden because there isn't a Democrat in the entire country brave enough to primary him. #RUTHBADERGINSBURG

t

as I said in the other thread, Trump's going to prison, or flee to Moscow. I think Nikki Haley looks the best relative to DeSantis or Christie. Ramaswamy is a sideshow.

I think Biden could definitely lose, but Dems will hold the Senate and House, so not much risk of any actual change to policy. Just 4 years of lame duck Haley or Christie blowing the minds of MAGA everywhere.

The House is not gonna flip if Trump beats Biden. That simply does not happen.

t

[Vigilant]

Redistricting is gonna be big.

[rnu]

Rasheed Ahmed and Sunita Viswanath (Truthout): “Free-Speech Absolutist” Musk Is Abetting Modi’s Suppression of Voices in India

Imagine waking up one morning to find out that the voice of your organization has been silenced. More uncanny is the fact that this suppression happened in the United States, a place we hold close to our hearts and where we believed, until recently, that free speech was valued.
But that’s exactly what happened to us, Rasheed Ahmed of the Indian American Muslim Council (IAMC) and Sunita Viswanath of Hindus for Human Rights (HFHR), on the morning of October 14. Our organizations’ X accounts had been blocked in India, a disturbing sign of the Indian government’s escalating attempts to stifle dissent wherever it arises. It took two days for us to learn that X had removed it, complying with a request filed by the Indian government made under the “Information Technology Act of 2000” — a capricious, ever-expanding Indian law which has already been used to silence scores of critical voices in India

Hindus for Human Rights (T-H-L)
Indian American Muslim Council (T-H-L)

[rnu]

nbc news: Media Matters sues Texas attorney general over response to Elon Musk dispute

Media Matters for America sued Texas Attorney General Ken Paxton in federal court late Monday, alleging that Paxton violated the First Amendment last month and chilled its work when he opened an investigation into the organization over its reporting into Elon Musk’s X app.

The lawsuit asks a judge to block Paxton’s investigation permanently. It was filed in federal court in Maryland, where the Media Matters reporter who wrote the articles, Eric Hananoki, lives and works. It alleges violations not only of the First Amendment but also of the 14th Amendment’s guarantee of due process and the reporter “shield” laws in Maryland and Washington, D.C., which were designed to protect journalists from being compelled to disclose their sources in certain situations.

[nableezy]

I believe this is a FAFO moment for Elmo.

US agency will not reinstate $900 mln subsidy for SpaceX Starlink unit

Maybe, next time, don't try to insert yourself into US foreign policy like you did in Crimea...

don’t think it’s related, as a government agency if they were to base their decisions to deny business on acts of protected speech they would be opening themselves up to a first amendment lawsuit. Think it’s more just the usual Elon promising shit he can’t deliver. And the FCC can demonstrate that he can’t deliver.

[Vigilant]

I believe this is a FAFO moment for Elmo.

US agency will not reinstate $900 mln subsidy for SpaceX Starlink unit

Maybe, next time, don't try to insert yourself into US foreign policy like you did in Crimea...

don’t think it’s related, as a government agency if they were to base their decisions to deny business on acts of protected speech they would be opening themselves up to a first amendment lawsuit. Think it’s more just the usual Elon promising shit he can’t deliver. And the FCC can demonstrate that he can’t deliver.

Do you think his erratic behavior isn't noticed?
FCC commissioners are political appointees.

[nableezy]

Do you think he erratic behavior isn't noticed?
FCC commissioners are political appointees.

I’m sure it’s noticed but if they are not trying to get sued by a fairly litigious person, and if they are smart, they will have documented reasons completely separated from anything he’s said or done outside of this project.

[Vigilant]

Do you think his erratic behavior isn't noticed?
FCC commissioners are political appointees.

I’m sure it’s noticed but if they are not trying to get sued by a fairly litigious person, and if they are smart, they will have documented reasons completely separated from anything he’s said or done outside of this project.

Parallel construction.
Elmo makes it easy.

[Ron Lybonly]

I believe this is a FAFO moment for Elmo.

US agency will not reinstate $900 mln subsidy for SpaceX Starlink unit

Maybe, next time, don't try to insert yourself into US foreign policy like you did in Crimea...

don’t think it’s related, as a government agency if they were to base their decisions to deny business on acts of protected speech they would be opening themselves up to a first amendment lawsuit. Think it’s more just the usual Elon promising shit he can’t deliver. And the FCC can demonstrate that he can’t deliver.

In the rural broadband world, Starlink competed against rural fiber providers for a big American government subsidy program. This was maybe 5 years ago? Starlink proposed to serve rural users at less cost to the government at the fiber-like broadband speeds specified by the government (100s of MBps, maybe even 1 Gig - I don't remember the details). Starlink won a number of markets as a result.

Nobody else at the time thought Starlink could deliver the required bandwidths once it had many satellite customers signed. The alternative, single mode fiber, was so much better. The fiber itself can eventually handle probably terabits. Speed is limited by the the devices used at each end (now just a few gigs at most).

I stopped following this several years ago. It sounds like the laws of physics trumped Elmo's promises as others had predicted and the chickens are finally coming home to roost. Maybe farmers and small-town residents in those markets will finally get the fiber they need.

[rnu]

Guardian: X to be investigated for allegedly breaking EU laws on hate speech and fake news

The social media platform X, formerly Twitter, is being investigated for allegedly breaking EU law on disinformation, illegal content and transparency, the European Commission has announced.

“Today we open formal infringement proceedings against @X,” he wrote, saying the move was on the grounds of “suspected breach of obligations to counter illegal content and disinformation; suspected breach of transparency obligations and suspected deceptive design of user interface”.
The investigation into “deceptive design” concerns the use of “blue check” marks, which are now only available to those who pay.

The EU said there was no timeline on the proceedings and the investigation would take as long as it takes but it could apply unspecified” interim measures before the investigation concluded if appropriate.
Asked what would happen if X withdrew services from the EU, officials insisted the legal action would still apply.

[rnu]

Business Post: Exclusive: the X Files – how Elon Musk’s new rules allow hate to flourish

Elon Musk’s X has instructed staff not to suspend users that post explicitly racist, sexist and homophobic content, or who send sexual material to another person, as part of a new policy that has radically stripped back the company’s moderation of abusive material.
Confidential documents obtained by the Business Post reveal in detail how X, formerly Twitter, has significantly watered down its trust and safety rules over recent months, and how its policies allow abusive and hateful accounts to remain on the platform.

[iii]

This "feature" actually predates Musk's acquisition of Twitter.

Nice community note.

But, like, I think Musk is its main champion, no? Or is this all historical revisionism?

Historical revisionism. It was first announced 25 January 2021, almost a year before Elon started buying shares in the company.

Ah, but you see, Musk killed the bird so it's all new. The King is dead, long live the King!

Anyway, I see this feature was discussed already in this thread, and I had forgotten. What I think is new now is that somehow the anti-Elons have gotten more access to its crowdsourcing. The nose-thumbing is getting more delicious. I somehow cannot see this lasting.

ProPublica looks into how misinformation has gained a dominating presence on Xitter through the pay-for-clout system in the context of the Israel-Hamas conflict.

Community Notes, X’s fact-checking system, hasn’t scaled sufficiently....“The blue check is flipped now. Instead of a sign of authenticity, it’s a sign of suspicion, at least for those of us who study this enough,” said Zimmer, the Marquette University professor.

[Giraffe Stapler]

Community Notes, X’s fact-checking system, hasn’t scaled sufficiently....“The blue check is flipped now. Instead of a sign of authenticity, it’s a sign of suspicion, at least for those of us who study this enough,” said Zimmer, the Marquette University professor.

This seems like an apt time to note that Larry Sanger has a blue checkmark again. Bought and paid for, despite what he said when Muck instituted the paid checkmark change.

[Vigilant]

Community Notes, X’s fact-checking system, hasn’t scaled sufficiently....“The blue check is flipped now. Instead of a sign of authenticity, it’s a sign of suspicion, at least for those of us who study this enough,” said Zimmer, the Marquette University professor.

This seems like an apt time to note that Larry Sanger has a blue checkmark again. Bought and paid for, despite what he said when Muck instituted the paid checkmark change.

Fitting.

The Blue Check is the new Mark of the Beast.

[Vigilant]

Musk’s X is biggest outlet of Russian disinformation, EU says

[Giraffe Stapler]

Well, look who's coming back for another kick at the can - Parler. I don't know if this is a reaction to Twitter's troubles or just someone's pipe dream.

NBC News: Conservative social media app Parler planning to relaunch ahead of 2024 election

Parler, one of the Trump-era social media apps that featured little content moderation and became popular among conservatives, has been sold again and is planning for a relaunch early next year ahead of the 2024 presidential election, its new owners said Monday.

That's new new owners. Not the ones who bought it in April just to shut it down.

[Zoloft]

I used a bot to block more than 57,000 blue-check accounts, and the place was almost sane again for a while, but it's batshit crazy now. I log on once a month to keep my account from getting handed over to someone else. I won't contribute content as long as Elon rules there.

[rnu]

Courthouse News: Judge rules that Twitter violated contract when it withheld millions of dollars in bonuses

A federal judge ruled late Friday afternoon that Twitter, now known as X, violated a contract when it failed to pay what amounts to tens of millions of dollars in bonuses that the company had orally promised its employees.

[Vigilant]

I'm surprised there's not an article under "list of lawsuits against twitter".

Xhitter's got a huge legal overhang.

[rnu]

I'm surprised there's not an article under "list of lawsuits against twitter".

Xhitter's got a huge legal overhang.

Here is a summary of a few:
ars technica: Elon Musk will see you in court: The top Twitter and X Corp. lawsuits of 2023

[Vigilant]

I'm surprised there's not an article under "list of lawsuits against twitter".

Xhitter's got a huge legal overhang.

Here is a summary of a few:
ars technica: Elon Musk will see you in court: The top Twitter and X Corp. lawsuits of 2023

I meant wikipedia article.

[Ming]

Brutal summary by Tom Nichols of The Atlantic:

Nobody I know calls it X. What stupid branding, to go on the internet with something called X. It’s like Musk just doesn’t understand the site that he bought—I think that’s been a problem from day one. Musk wanted the new Twitter to be just like the old Twitter, except it would be a place where he and all of his friends are cool.

A lot of people use the metaphor of a playground, but it’s like walking into a party in an apartment building, and people aren’t laughing at your jokes, so you buy the whole building and say, This is my apartment now, and I own the building, and you have to like me and laugh at my jokes.

[andre]

Brutal summary by Tom Nichols of The Atlantic:

Nobody I know calls it X. What stupid branding, to go on the internet with something called X. It’s like Musk just doesn’t understand the site that he bought—I think that’s been a problem from day one. Musk wanted the new Twitter to be just like the old Twitter, except it would be a place where he and all of his friends are cool.

A lot of people use the metaphor of a playground, but it’s like walking into a party in an apartment building, and people aren’t laughing at your jokes, so you buy the whole building and say, This is my apartment now, and I own the building, and you have to like me and laugh at my jokes.

Musk is the most powerful dumbest idiot genius alive. He's an idiot savant of having money and using it to wreck intellectual capital that others have built up

[rnu]

Brutal summary by Tom Nichols of The Atlantic:

Nobody I know calls it X. What stupid branding, to go on the internet with something called X. It’s like Musk just doesn’t understand the site that he bought—I think that’s been a problem from day one. Musk wanted the new Twitter to be just like the old Twitter, except it would be a place where he and all of his friends are cool.

A lot of people use the metaphor of a playground, but it’s like walking into a party in an apartment building, and people aren’t laughing at your jokes, so you buy the whole building and say, This is my apartment now, and I own the building, and you have to like me and laugh at my jokes.

And now he is butthurt that a lot of people would rather move out than laugh at his jokes.

[Vigilant]

[Vigilant]

Listen to him speak on almost any topic.

He's not a genius.

[andre]

Listen to him speak on almost any topic.

He's not a genius.

i miss the old kanye

[rnu]

Los Angeles Times: Musk’s X fails to block California content moderation law

Elon Musk’s X Corp. lost its effort in court to block a California law that seeks to control toxic posts on social media by requiring companies to disclose their content-moderation polices.
In an eight-page ruling Thursday, a federal judge in Sacramento rejected arguments by the company formerly known as Twitter that the measure violates the free-speech rights of social media platforms.

[Vigilant]

Well... that seems bad.

[rnu]

Axios: Elon Musk's X gets another valuation cut from Fidelity

Fidelity believes that X is worth 71.5% less than at the time of purchase, according to a new disclosure that runs through the end of November 2023 (Fidelity revalues private shares on a one-month lag).
This includes a 10.7% cut during November, during which time Musk told boycotting X advertisers to "go f**k yourself" during an on-stage interview with the New York Times.

[Vigilant]

Axios: Elon Musk's X gets another valuation cut from Fidelity

Fidelity believes that X is worth 71.5% less than at the time of purchase, according to a new disclosure that runs through the end of November 2023 (Fidelity revalues private shares on a one-month lag).
This includes a 10.7% cut during November, during which time Musk told boycotting X advertisers to "go f**k yourself" during an on-stage interview with the New York Times.

At some point, the loan covenants are going to kick in.

[rnu]

dexerto: Japanese disaster prevention X account can’t post anymore after hitting API limit

Japanese disaster prevention app NERV can’t post after reaching X’s API limitation. The issue has arisen after major Tsunami warnings have been issued in areas of Japan following a strong earthquake.

[Ming]

dexerto: Japanese disaster prevention X account can’t post anymore after hitting API limit

Japanese disaster prevention app NERV can’t post after reaching X’s API limitation. The issue has arisen after major Tsunami warnings have been issued in areas of Japan following a strong earthquake.

It's better/worse than that. They've also taken out an option to force updates to appear in chronological order, so out-of-date stuff shows up first if it was "popular". And this is all after Twitter got kudos from the Japanese government for their support during a previous earthquake.

[Ron Lybonly]

Axios: Elon Musk's X gets another valuation cut from Fidelity

Fidelity believes that X is worth 71.5% less than at the time of purchase, according to a new disclosure that runs through the end of November 2023 (Fidelity revalues private shares on a one-month lag).
This includes a 10.7% cut during November, during which time Musk told boycotting X advertisers to "go f**k yourself" during an on-stage interview with the New York Times.

At some point, the loan covenants are going to kick in.

The loan covenants probably have already been breached. The banks may be finding that it’s the debtor that has the leverage.

In these sorts of debacles, sometimes the banks face a “so what about it” dilemma- so they call the loan, Elmo doesn’t pay and they push X into bankruptcy. Then what do they have?
A lot depends on whether their loans are secured and, if so, how? Unless Elmo pledged Tesla or Space X stock, the collateral probably isn’t worth much.

I suspect they’re just hunkered down talking vainly to Elmo and hoping for the best.

The free enterprise system at work - make a dumb loan and see what happens. It’s a stupid, painful, inefficient way to run things — but better than all the alternative systems humans have tried.

[Vigilant]

Axios: Elon Musk's X gets another valuation cut from Fidelity

Fidelity believes that X is worth 71.5% less than at the time of purchase, according to a new disclosure that runs through the end of November 2023 (Fidelity revalues private shares on a one-month lag).
This includes a 10.7% cut during November, during which time Musk told boycotting X advertisers to "go f**k yourself" during an on-stage interview with the New York Times.

At some point, the loan covenants are going to kick in.

The loan covenants probably have already been breached. The banks may be finding that it’s the debtor that has the leverage.

In these sorts of debacles, sometimes the banks face a “so what about it” dilemma- so they call the loan, Elmo doesn’t pay and they push X into bankruptcy. Then what do they have?
A lot depends on whether their loans are secured and, if so, how? Unless Elmo pledged Tesla or Space X stock, the collateral probably isn’t worth much.

I suspect they’re just hunkered down talking vainly to Elmo and hoping for the best.

The free enterprise system at work - make a dumb loan and see what happens. It’s a stupid, painful, inefficient way to run things — but better than all the alternative systems humans have tried.

If the lenders have done something that foolish, this will likely spawn shareholder lawsuits against the lenders, as well.

[Ron Lybonly]

Axios: Elon Musk's X gets another valuation cut from Fidelity

Fidelity believes that X is worth 71.5% less than at the time of purchase, according to a new disclosure that runs through the end of November 2023 (Fidelity revalues private shares on a one-month lag).
This includes a 10.7% cut during November, during which time Musk told boycotting X advertisers to "go f**k yourself" during an on-stage interview with the New York Times.

At some point, the loan covenants are going to kick in.

The loan covenants probably have already been breached. The banks may be finding that it’s the debtor that has the leverage.

In these sorts of debacles, sometimes the banks face a “so what about it” dilemma- so they call the loan, Elmo doesn’t pay and they push X into bankruptcy. Then what do they have?
A lot depends on whether their loans are secured and, if so, how? Unless Elmo pledged Tesla or Space X stock, the collateral probably isn’t worth much.

I suspect they’re just hunkered down talking vainly to Elmo and hoping for the best.

The free enterprise system at work - make a dumb loan and see what happens. It’s a stupid, painful, inefficient way to run things — but better than all the alternative systems humans have tried.

If the lenders have done something that foolish, this will likely spawn shareholder lawsuits against the lenders, as well.

Maybe, maybe not. Depends on how much they lose. I don't know their individual exposures. The loan (or loans) were probably syndicated. Some of this may have been resold.

Here's an 8/2023 article on bank loan losses and reserves:
https://dailyhodl.com/2023/08/18/us-ban ... ns-report/

Twitter's loan could end up just another turd in the big punchbowl.

Then again, maybe the loans are secured with Tesla stock. I hope so.

In any event, whether or not, the banks suffer pain, old Elmo is going to squirm, as you've been predicting.

I don't really know -- I'm not a banker or an attorney. I don't know the loan provisions. If there was a prospectus issued by Musk for Twitter shareholders, it might or might not say his sources of money.

[JarrBarr]

If Al Jazeera is to be believed, only the company is responsible for paying out the loan.
Apparently, because Musk's bankers considered (archive) switching to Tesla-backed loans payable by Musk means it's not backed by Tesla stock. As far as I read, the company alone is responsible for paying it, and the collateral is Twitter's assets. So the bankers consortium which came up with $13 billion in loans is out of luck apparently despite the high interest rates.

However, Musk also took out a $12.5 billion personal loan whose collateral is Tesla stock, to the tune of $62.5 billion at the time when the article was written.

[eppur si muove]

Of course, now he's run one company into the ground, any future loans he wants for any of his projects will probably involve giving the creditors the power to remove him from any management responsibility.

[Ron Lybonly]

If Al Jazeera is to be believed, only the company is responsible for paying out the loan.
Apparently, because Musk's bankers considered (archive) switching to Tesla-backed loans payable by Musk means it's not backed by Tesla stock. As far as I read, the company alone is responsible for paying it, and the collateral is Twitter's assets. So the bankers consortium which came up with $13 billion in loans is out of luck apparently despite the high interest rates.

However, Musk also took out a $12.5 billion personal loan whose collateral is Tesla stock, to the tune of $62.5 billion at the time when the article was written.

These articles are very interesting.

I can see why the bankers found the loans enticing — 11.25%.

The final article you linked to above indicates that by now, most of Musk’s Tesla stock is pledged for one purpose or another.

Perhaps the Chinese will take a big Tesla stake on the cheap from Musk or one of the margin-loan holders as all this deteriorates. But then again, the US government might block that.

Lots of parties with limited strategic leverage contending with each other to get more. I suspect there’s plenty of quiet wrestling between the creditors, too.

[rnu]

Business Insider: Elon Musk's X lowers cost for gold checkmark 10 months after trying to get businesses to pay $12K a year

The company, formerly known as Twitter, announced Tuesday that it's now offering a basic tier of its business subscription for $200 per month or $2,000 a year. It says the new option, which comes with features like a gold checkmark, ad credits, and the Premium+ subscription, is "designed for smaller businesses."
Adding an option at one-fifth of the original price would seem to suggest businesses weren't biting the first time around.

The $1,000 monthly option is still available for businesses, as the "Full Access" option, alongside the Basic offering.

That should fix it.

[rnu]

Mashable: X / Twitter purges then reinstates journalists, podcasters, and leftist accounts critical of Elon Musk

Elon Musk's X / Twitter once again purged journalists — among others — who were critical of the billionaire's politics. But as quickly as they went, they seemingly soon came back.
This time X barred a handful of journalists, podcasters, and other users. Among the purged: the Intercept's Ken Klippenstein, the Texas Observer's Steven Monacelli, podcaster Rob Rousseau, and the account for the leftwing podcast TrueAnon. But just as some of the previous, seemingly arbitrary bans of other journalists didn't last, this incident was quickly resolved on Tuesday.

"I haven't received any communications from Twitter/X about why I have been suspended," Monacelli told Gizmodo before the reinstatement.

[rnu]

Business Insider: 'Free speech absolutist' Elon Musk explains his decision to ban Hamas' X account: 'This was a tough call'

"While many government leaders, including in the USA, do call for killing people, we have a 'UN exemption rule'; if a government is recognized by the UN, we will not suspend their accounts," Musk said.
"Hamas is not recognized as a government by the UN, so was suspended," he continued.

[rnu]

Gizmodo: Don Lemon and Other Controversial Hosts Score Exclusive Shows on X

Elon Musk is trying his hand as a TV network executive, and he’s slated three shows with controversial hosts to lead X’s new venture into streaming. Former CNN anchor, Don Lemon, is partnering with X to create a new show covering politics, culture, sports, and entertainment that will exclusively stream on Musk’s platform, the company posted Tuesday. Lemon is joined by former Congresswoman Tulsi Gabbard and sports commentator Jim Rome, who will also host shows on X.

In the midst of the video launch, Musk has claimed that X is now a “video-first platform” as a means to claw back advertising dollars.

[Vigilant]

Elmo just inked a dealio to bring Tulsi Gabbard on...

Xhitter continues to defy expectations on the bar lowering contest.

[Vigilant]

Elmo is human garbage.