Business

Musk Admits Tweets Harmed X Financially More Than Aided

Apr 9, 2024 1 min read

Jump to Summary

During a March 27th deposition, Elon Musk, CEO of Tesla and SpaceX, acknowledged that his activity on the social media platform X, which he owns, could have had a long-term detrimental financial effect on the company. This comes in light of a defamation lawsuit brought against him by Ben Brody, who claims Musk falsely implicated him in a brawl involving far-right groups through a series of tweets last summer.

Musk admitted to having a limited grasp of the lawsuit's details and did not believe Brody was significantly harmed by the accusations. Furthermore, Musk disclosed that he managed an account under the name @ermnmusk, where he impersonated his toddler son. Despite the controversy, Musk suggested that the legal action was more of a profit-seeking endeavor by Brody's attorney than a legitimate claim.

The lawsuit and Musk's admissions occur amid a challenging period for X, following its acquisition in October 2022 for $44 billion. Musk's vision to evolve X into an "everything app" has faced hurdles, including stagnant user growth and an influx of verified bots that may be undermining the user experience on the platform.

#business-leaders #tech #social-media #auto #tweets

Summary

Other news in business

Southwest Airlines Implements Poison Pill to Block Elliott Management

Southwest Airlines has adopted a shareholder rights plan, commonly referred to as a "poison pill," in response to activist investor Elliott Investment Management's push for changes at the airline, including the potential ousting of CEO Bob Jordan and chairman Gary Kelly. The plan involves issuing one

EQT to Acquire Keywords Studios in £2.1 Billion Deal

Keywords Studios, a Dublin-based video game services company, has agreed to be acquired by European private equity firm EQT in a deal valued at approximately £2.1 billion ($2.5 billion). The acquisition price of 2,450 pence per share represents a 66.7% premium to the company's

US Inflation Eases, But Rate Cuts Premature Warns Fed Chair Powell

Inflation in the United States is showing signs of slowing down, according to Federal Reserve Chair Jerome Powell. This development follows higher inflation readings earlier in the year. Powell highlighted that while the recent data for April and May suggests a return to a disinflationary path, it is still premature

Jollibee to Acquire Majority Stake in South Korea's Compose Coffee

Jollibee Foods Corp. (JFC), the Philippines' largest restaurant operator, is set to acquire a 70% stake in South Korea's Compose Coffee for $340 million. The deal will be executed through Jollibee's subsidiary, Jollibee Worldwide Pte. Ltd. Compose Coffee, which operates 2,612 stores in South