Tag: Elon musk

  • Twitter Threatens To Sue Meta Over Rival Threads App

    Twitter Threatens To Sue Meta Over Rival Threads App

    Twitter threatened to sue Meta just hours after the Instagram parent company launched Threads, an app it hopes will beat out the struggling site owned by Elon Musk.

    This photo illustration created in Washington, DC, on July 5, 2023, shows the Twitter logo reflected near the logo for Threads, an Instagram app.(Photo by Stefani Reynolds / AFP)

    In a letter to Meta CEO Mark Zuckerberg, published by online news outlet Semafor on Thursday, Musk lawyer Alex Spiro accused the company of “unlawful misappropriation of Twitter’s trade secrets and other intellectual property.”

    The letter accused Meta of hiring dozens of former Twitter employees who “had and continue to have access to Twitter’s trade secrets and other highly confidential information.”

    Threads is the biggest challenger yet to Musk-owned Twitter, which has seen a series of potential competitors emerge but not yet replace one of the world’s biggest social media platforms, despite its struggles.

    Zuckerberg’s latest move against Musk further heightened the rivalry between the two multibillionaires who have even agreed to meet for hand to hand combat in a cage match.

    And in his first tweet in over a decade, Zuckerberg posted a Spiderman pointing at Spiderman meme in an apparent reference to the similarities between Threads and Twitter.

    Threads went live on Apple and Android app stores in 100 countries at 2300 GMT on Wednesday, and early feedback noted its close, but scaled back, resemblance to Twitter.

    Within a few hours, more than 30 million people had downloaded Threads, Zuckerberg said Thursday.

    “Feels like the beginning of something special, but we’ve got a lot of work ahead to build the app,” Zuckerberg wrote on his official Threads account Thursday.

    Accounts were already active for celebrities such as Jennifer Lopez, Shakira and Hugh Jackman, as well as media outlets including The Washington Post and The Economist.

    On Threads, Zuckerberg wrote: “It’ll take some time, but I think there should be a public conversations app with 1 billion+ people on it.”

    Twitter has said it has more than 200 million daily users.

    Threads was introduced as a spin-off of Instagram, giving it a built-in audience of more than two billion users and sparing the new platform the challenge of starting from scratch.

    Instagram chief Adam Mosseri told users that Threads was intended to build “an open and friendly platform for conversations.”

    “The best thing you can do if you want that too is be kind,” he said.

    Zuckerberg is taking advantage of Musk’s chaotic ownership of Twitter to push out the new product, which Meta hopes will become the go-to platform for celebrities, companies and politicians.

    Analyst Jasmine Engberg from Insider Intelligence said Threads only needs one out of four Instagram monthly users “to make it as big as Twitter.”

    “Twitter users are desperate for an alternative, and Musk has given Zuckerberg an opening,” she added.

    Under Musk, Twitter has seen content moderation reduced to a minimum with glitches and rash decisions scaring away celebrities and major advertisers.

    He also fired more than half of Twitter’s staff, some of whom presumably went to other tech companies, including Meta.

    EU ‘Many Months’ Away

    Meta has its legion of critics too, especially in the major market of Europe, which could slow the growth of Threads.

    The company has been criticized for its handling of personal data, the essential ingredient for targeted ads that help it rake in billions of dollars in profits.

    Mosseri said he regretted that the launch was delayed in the European Union, but had Meta waited for regulatory clarity from Brussels, Threads would have been “many, many, many, months away.”

    According to a source close to the matter, Meta was wary of a new law called the Digital Markets Act (DMA), which sets strict rules for the world’s “gatekeeper” internet companies.

    One rule restricts platforms from moving user data between products, as would potentially be the case between Threads and Instagram.

    Globally, the Threads hashtag on Twitter has garnered three million tweets, with many users jokingly suggesting people will return to Musk’s platform.

    Others expressed privacy concerns.

    “Meta loves to collect private information and I don’t trust the way it treats private information,” a Japanese user tweeted.

    “I also have the impression that this is a company hated by EU, so I’m reluctant.”

    But some said they would permanently move to Threads.

    One Threads user wrote: “Now I truly can say goodbye to Twitter forever.”

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  • Jack Dorsey makes N405.3bn after Elon Musk acquires Twitter

    Founder and former Chief Executive Officer of Twitter, Jack Dorsey, made a whooping N405.3 billion ($977.8 million) after the world’s richest man, Elon Musk, acquired the social media company on Monday.

    The board of Twitter met with Musk early hours of Monday, but the deal was confirmed to have been accepted later in the day by the billionaire businessman.

    Musk had acquired Twitter with over $43 billion after sourcing $46.5 billion from banks to finance the deal. The Tesla and SpaceX boss is worth $268.2 billion as of April 25, 2022.

    Following the completion of the acquisition, Ripples Nigeria understands that Dorsey made N405.3 billion (based on official market exchange rate) from the deal, as Musk paid $54.20 per share to investors holding Twitter’s stock.

    Dorsey held 18.04 million shares in Twitter before his exit as CEO in November last year, making him one of the top ten largest shareholders in the social media platform prior to the acquisition.

    Dorsey is the 356th richest person on earth. He is valued at $6.8 billion by Forbes, and currently heads Block, formerly known as Square, a payment company in the United States.

    (Ripples)

  • Elon Musk could be the world’s first trillionaire

     

    Elon Musk, the world’s richest person is estimated to have a net worth of $242 billion, according to the Bloomberg Billionaires Index. Although he is already the world’s richest person, he could also become the first member of the four-comma club.

     

    According to The Guardian, analysts at Morgan Stanley have predicted that Musk, 50, could become the world’s first trillionaire — largely thanks to his aerospace company SpaceX, People.com reports.

     

    “More than one client has told us that if Elon Musk were to become the first trillionaire… it won’t be because of Tesla,” analyst Adam Jones told the newspaper, referring to the electric car company behind the majority of his wealth to date.

    “Others have said SpaceX may eventually be the most highly valued company in the world — in any industry,” Jones added.

     

    Though humans have yet to reach Mars — one of Musk’s goals for the company — via SpaceX’s Starship, the advanced launch system already has high expectations following the success of SpaceX’s Crew Dragon.

     

    “As one client put it, ‘talking about space before Starship is like talking about the internet before Google,’ ” explains Jones.

     

    Earlier this month, the valuation of SpaceX increased to $100.3 billion, up from $74 billion in February, according to CNBC.

     

    The valuation made SpaceX — which Musk owns about 48% of the corporation — the world’s second-biggest privately held company, The Guardian states.

     

    SpaceX has celebrated a number of milestones this year, including successfully launching and landing a Starship rocket for the first time. Last month, SpaceX sent the first all-civilian crew into orbit.

     

    Musk is currently estimated to have a $242 billion net worth, according to the Bloomberg Billionaires Index. Tesla still remains his biggest asset.

     

    Back in January, Musk overtook Jeff Bezos to become the world’s richest person, only to briefly lose the title back to the Amazon billionaire the following month. Musk went on to reclaim his spot days later, following the completion of a SpaceX funding round, according to Fortune.

     

    Bezos — currently the second-richest person in the world, per Bloomberg — is estimated to have a net worth of $197 billion, followed by Bernard Arnault ($163 billion), Bill Gates ($133 billion) and Mark Zuckberg ($127 billion).

     

    Musk’s fortunes have rapidly increased since the start of last year.

     

    Back in January 2020, Musk was ranked 35th on their list of billionaires, but that year his net worth rose by $100.3 billion, according to Bloomberg. He became the second-richest person in the world that November.

     

    Bloomberg reported at the time that Musk’s financial surge came as Tesla’s market share hit $500 billion, which was an all-time high for the electric automaker company.

     

    So far this year, the billionaire has increased his fortune by $72 billion, a 42.4% increase from this time last year, per Bloomberg.

     

     

     

     

     

    Source: www.punchng.com

  • Updated : Elon Musk Overtakes Jeff Bezos to become the world’s wealthiest person

     

    Elon Musk, the outspoken and envelope-pushing chief executive of Tesla, overtook Amazon boss Jeff Bezos to become the world’s wealthiest person, US media reported Thursday.

    Musk is a major shareholder of the electric car company and has benefited from Tesla’s surging share price over the last year. CNBC estimated Musk’s wealth at $185 billion.

     

    The distinction is the latest superlative for the South African-born Musk, who leads the aerospace venture SpaceX in addition to Tesla, which has become a pacesetter for the car industry as conventional automakers try to catch up to Tesla’s lead in electric autos.

     

    Tesla had a strong 2020 as it ramped up auto production, broke ground on new factories and reported a series of profitable quarters that enabled shares to rise more than 700 percent during the year as it was added to the prestigious S&P 500 index.

     

    Musk has hit a stride after stumbling in 2018, when US securities regulators required the Tesla chief to step down as chairman and pay $20 million to settle charges he defrauded investors with false claims on Twitter in August about a possible bid to take the company private, which was quickly  aborted.

    Shares of Tesla surged 5.9 percent to $800.43 in late morning trading, lifting the company’s market capitalization above $750 billion.

     

    Source : www.punchng.com