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Does Elon Musk now own Twitter?

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Tesla CEO Elon Musk has taken a 9.2 per cent stake in Twitter, overtaking the shares of Twitter founder Jack Dorsey

Tesla CEO Elon Musk has taken a 9.2 per cent stake in Twitter. The billionaire’s big purchase sent shares in the social media giant soaring by a quarter in pre-market trading.

Musk bought over 73 million shares earlier last month.

So based on Twitter’s closing price on Friday, his chunk of twitter is worth close to 3 billion dollars

Musk now owns the most shares in Twitter, making him the company’s largest stakeholder.

The stake makes him one of the largest shareholders in the company and is more than four times the 2 per cent holding of Twitter founder Jack Dorsey.

Musk is a regular Twitter user with more than 80 million followers, but there is rumours he may pull a Donald Trump and build a new social media platform.

As cited in the BBC, Musk saw the valuation of his Tesla car company surpass a market value of $1 trillion last autumn, making it the fifth such firm to reach the milestone, after Apple, Microsoft, Amazon and Google-owner Alphabet.

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Is Netflix going bankrupt?

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2022 hasn’t been good for the streaming giant, In April alone the company said that they lost subscribers for the first time in ten years

And on top of that, it’s stock price has plummeted more than 60% so far this year.

Some have speculated that these are indications that Netflix is going down, and going down fast.

But they’re probably wrong, because Netflix is simply transforming into what CNN Business has referred to as a ‘traditional media company’.

What does that entail?

Like many technology companies, Netflix relied on subscribers and that was based on producing plus streaming movies and tv shows-on the platform in return for a fee.

It was only in 2019 when Netflix was ranked as America’s fastest growing brand, and many conventional media companies like Disney, Paramount and Warner Bros. amongst others started imitating the Netflix model.

But now it seems, Netflix will imitate them. And that means it will start having advertisements.

And the streaming platform has already changed the way it’s releasing new shows.

Instead of what we’re used to, which was a release of the entire series – to a more gradual release.   

And the streaming company also says that it will crackdown on password sharing.

Netflix has always been regarded as a tech company, but now it’s transitioning to a media company.

It’s not in trouble, It’s simply transforming to a more traditional business model.

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Business

Meta faces a probe into triggering poor mental health

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Meta is facing a string of lawsuits that relate to the mental health of young people

The legal disputes blame Instagram for eating disorders, depression and even suicides among children and teens.

It comes after whistle-blower Frances Haugen exposed internal documents about how Instagram impacts body image and mental health.

The leaks allegedly show Meta is aware that its products hurt children but the company chose to put its growth and profits ahead of user’s safety.

Meta has not responded to these latest legal blows.

Of course, if you or someone you know needs help, please contact your local helpline.

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Business

Musk creating hybrid of Uber and Airbnb

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Musk is predicting the company’s robotaxi will be like a combined version of Uber and Airbnb

Unlike Uber though, Musk says the system is not being designed with a launch city in mind, the way competitors have approached the concept.

Are we better off without Uber and taxi drivers?

Musk said Tesla owners will have the choice of using it themselves or adding their cars to the robotaxi fleet to earn money when they do not need them.

The tech billionaire mentioned that regulatory hurdles will limit where it can be deployed.

He estimates that a typical vehicle added to the system will see its usage jump from 12 hours a week to 60 hours a week and become a revenue generator for the owner of the Tesla.

The idea is that when your car is parked, it then joins the fleet and takes off on its own with no driver.

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