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Senin, 31 Oktober 2022

Jack Dorsey rolls his stake into Elon Musk-owned Twitter - Financial Times

Jack Dorsey has rolled his entire stake of Twitter shares, worth nearly $1bn at the buyout price of $54.20, into the privately held company he founded, which is now controlled by Elon Musk.

Regulatory filings show Dorsey, who was Twitter’s chief executive until late last year, rolled over some 18mn shares into the private company, making him one of its biggest shareholders.

The news comes as Musk has moved swiftly to stamp his mark on the platform, firing top executives including Dorsey’s successor, Parag Agrawal, planning for broader lay-offs and ordering a revamp of the verification process.

A filing on Monday confirmed that Musk, who has changed his public profile to read “Chief Twit”, is Twitter’s current chief executive. It is unclear whether he will select someone to take up the role in his stead but he is being supported by a group of loyal lieutenants including venture capitalist David Sacks and his personal lawyer Alex Spiro as he assesses Twitter’s business.

Musk and Dorsey long have admired each other in a “bromance” that played a significant role in shaping the Tesla chief executive’s bid to buy the company.

In private messages, revealed in court filings, Dorsey encouraged Musk to buy the platform, writing that it should have always been an “open source protocol, funded by a foundation” rather than a company. “That was the original sin,” he said.

Dorsey also said he had previously tried to bring Musk on to the board of Twitter, but the directors had refused because they were too “risk averse”, referring to them as “terrible”.

In public, upon the board agreeing to the takeover, Dorsey tweeted: “Elon is the singular solution I trust. I trust his mission to extend the light of consciousness.” Dorsey left the Twitter board in May just weeks after the company announced the sale to Musk for $44bn.

According to the filing, Dorsey and Musk “may be deemed to have formed a group” for the purposes of part of the filing, a designation that indicates the pair were working together on the buyout.

Dorsey, however, “disclaim[ed] the existence of any such group and also disclaims beneficial ownership over any shares of common stock beneficially owned by [Musk],” according to the filing.

The collapse this year in the stock prices of Twitter rivals, Snap and Meta Platforms, likely means that the value of the stakes of the rollover investors — including Musk who is putting his former 9 per cent Twitter stake into the newly private company — is far below the $54.20 per share deal price.

Dorsey is the co-founder of the financial technology firm Block where he serves as chief executive. His stake in Block, formerly known as Square, is worth several billion dollars.

Separately, a securities filing over the weekend showed Prince Alwaleed bin Talal bin Abdulaziz of Saudi Arabia had rolled over 35mn shares, or 3.5 per cent of the total shares of the public Twitter, into the new private company.

The position has drawn scrutiny from US politicians, including Chris Murphy, a US senator from Connecticut, who expressed unease with the foreign ownership of the media company and called for an investigation into the national security implications.

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2022-10-31 23:06:50Z
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UK battery firm Britishvolt averts collapse as funding secured - BBC

Britishvolt's proposed gigafactory in north east England

By Simon Jack

Business editor

UK battery firm Britishvolt has averted collapse by securing additional funding for the business, the BBC understands.

The future of the start-up was thrown into doubt over it fears it could run out money after the government rejected a £30m advance in funding on Monday.

The firm wants to build a factory in Blyth in Northumberland which would build batteries for electric vehicles.

The government, which had championed the development, had committed a total £100m to Britishvolt for the project.

It is understood the firm wanted to draw down nearly a third of the funding early but the government refused.

It has now secured secured cash for the business to stay afloat in the short to medium term, sources with understanding of the matter said.

The sources would not comment on the identity of the new backer or backers.

Britishvolt has struggled to find investors to help fund the construction of its so-called gigafactory in Blyth.

The plant has been expected to create 3,000 jobs, but has already been delayed several times, which has led to doubts over whether £3.8bn project would become reality.

But the firm, which is yet to make any revenue, has in recent months carried out talks to try to secure fresh funds to stay afloat.

The project has been heralded by ministers as an example of "levelling up" - a Conservative aim of investing in communities to reduce economic imbalances in the country - with Blyth being one of the "red wall" seats to turn blue in the 2019 election.

In January, the government pledged £100m to Britishvolt to help it build its battery plant, as well attract more private investment for the development.

The promise of government funding helped Britishvolt raise a further £1.7bn from private investors which included UK asset investment giant Abrdn and fund manager Tritax.

At the time, the then Prime Minister Boris Johnson hailed the investment as a "levelling up opportunity", while the then Business Secretary Kwasi Kwarteng said the factory and the jobs it was forecast to create was "exactly what levelling up looks like".

However, Britishvolt was recently forced to delay the start of production at the plant several times, with the latest company announcement stating it would be delayed again until the middle of 2025.

The firm blamed "difficult external economic headwinds including rampant inflation and rising interest rates", for the delay.

Mini move to China unfortunate, minister says

Ian Lavery, the Labour MP for Wansbeck, where the site is based, told the BBC earlier on Monday that he had spoken to the chairman of Britishvolt who said the company had asked the government for £30m for the project to continue.

He said the chairman said the new Business Secretary, Grant Shapps, had said the government was "not prepared to do that" which meant it was likely Britishvolt would go into administration if other funding was not found.

The Department for Business, Energy and Industrial Strategy has said the government is "determined to ensure the UK remains one of the best locations in the world for automotive manufacturing as we transition to electric vehicles, while ensuring taxpayer money is used responsibly and provides best-value".

But on Monday a spokesperson said the government would not comment on "speculation or the commercial affairs of private companies".

From 2030, sales of new petrol and diesel cars in the UK will be banned and manufacturers are switching to making electric vehicles which requires an increase in battery production.

Britishvolt has already struck memorandums of understanding to make batteries for UK car firms Aston Martin and Lotus.

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2022-10-31 20:26:11Z
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Britishvolt on brink after government rejects rescue plea - Financial Times

Britishvolt was teetering on the brink of collapse on Monday, after ministers turned down a request for emergency funding and the embattled battery start-up made a final effort to secure a private rescue to avoid bankruptcy.

The company, which planned to develop a £3.8bn gigafactory in the north-east of England, had been preparing to appoint administrators earlier on Monday, according to three people with knowledge of the matter.

The move had been triggered in part by a government decision over the weekend to reject a request for £30mn funding, which the company needs to prevent it running out of cash within weeks.

Talks with outside investors restarted on Monday, according to the people familiar with the situation, with the company trying to raise short-term financing until a longer-term acquirer can be found.

Entering administration in the coming days remains the most likely outcome, two of the people said. A restructuring and insolvency team from EY was brought in to advise the board in recent weeks on preparations for a potential administration. EY declined to comment

Britishvolt, which is backed by FTSE 100 mining group Glencore, said it was “actively working on several potential scenarios that offer the required stability”.

Britishvolt had earlier held talks with a number of potential buyers, including India’s Tata Motors, which owns Jaguar Land Rover.

The potential collapse of the company marks the end of a dream, promoted by former prime minister Boris Johnson, of a homegrown battery champion for the UK, but paves the way for a more established manufacturer to take over the proposed factory site in Blyth, Northumberland.

Any administration is likely to trigger a rush to secure the rights to the Blyth location, which the business had planned to develop into a £3.8bn gigafactory.

Several other companies have been in talks with landowners to express their interest in the site, which is reckoned to be one of the best in Europe for battery manufacturing because of its deep seaport, rail links and clean energy.

Automotive leaders and analysts had always questioned the company’s strategy of setting up a factory before securing firm orders from a car manufacturer, rather than following the established industry pattern of finding a customer and then building a plant.

Recently, the business’s current leaders have been trying to raise smaller sums in order to buy time. The company has around one month’s cash left, according to two people briefed on the matter.

Ministers had promised the company £100mn, but the funding was only to be drawn down as construction work hit a certain milestone, which has not yet been reached. Britishvolt executives had been trying several government avenues to unlock further financial support.

Over the weekend, Grant Shapps, who has been business secretary since last Tuesday, decided he could not hand over taxpayers’ money to the company after concluding that its management was “totally chaotic” and had failed to reach agreed targets.

There was an “awful lot of communication” between company executives and government, an ally of Shapps said.

“The idea that the government ignored them and let them fall into insolvency is not true,” the ally added.

Within the past month, the company diverted funding from the site in Blyth to some of its battery work in order to try to preserve its dwindling cash reserves and to generate orders that would give it badly needed revenues.

Separately on Monday, electric taxi maker LEVC said it would lay off about 20 per cent of its staff, or around 140 roles.

Additional reporting by Michael O’Dwyer and Arash Massoudi

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2022-10-31 18:10:03Z
1634468929

Royal Mail strikes off as legal letter prompts union to cancel action over next two weeks - Sky News

Planned strikes by Royal Mail workers over the next two weeks have been called off following an apparent legal challenge by the company.

The Communications Workers Union (CWU) said on Sunday it had withdrawn walkouts due on 2, 3, 4, 8, 9 and 10 November.

They had been due to form part of its continuing dispute over pay and conditions, which includes opposition to the company's modernisation plans.

Talks aimed at resolving the row are due to resume at the conciliation service Acas later on Monday but the divisions, on the surface, seem just as wide in the wake of Royal Mail's legal intervention.

The CWU said its decision to withdraw the strike notices had stoked deep frustration among its 115,000 members at the company.

Acting deputy general secretary Andy Furey said: "We entirely understand the anger felt by many over the decision but we believe it is a necessary move to protect our dispute.

"Our members have been facing down serious harassment from the highest levels of Royal Mail as they defend their industry and those communities they serve.

"They will not be forced into submission so easily, and we will be reminding the company of their determination at Acas in the coming days."

The company is holding off union demands for pay rises that would shield staff from the cost of living crisis.

It is demanding an element of a pay rise be linked to modernisation plans, including Sunday parcel deliveries, and has already revealed plans for up to 6,000 redundancies next year.

It has warned the redundancy figure will have to rise if strike action persists.

Royal Mail said in a statement: "The CWU has withdrawn strike action following Royal Mail writing to CWU to highlight numerous material concerns with the formal notification of planned rolling strike action."

It added: "We will continue to do all we can to keep business, companies and the country connected."

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2022-10-31 06:41:26Z
1625612828

Musk Twitter takeover: Billionaire denies report he plans to fire workers to avoid payouts - BBC

Reuters

By Peter Hoskins

Business reporter

Elon Musk has denied a New York Times report that he plans to lay off Twitter workers before the start of next month to avoid having to make payouts.

Replying to a Twitter user asking about the report, he said: "This is false."

Last week, Mr Musk completed his $44bn (£37.9bn) takeover of the social media platform after months of legal wrangling.

The buyout saw the exit of the firm's top bosses - including its chief executive, chairman and finance chief.

At the weekend, The New York Times reported that Mr Musk had ordered major job cuts across Twitter's workforce.

The newspaper said the layoffs would take place before 1 November, when workers were due to receive grants of shares in the company as a major part of their pay deals.

The takeover has prompted discussion among Twitter users over what the platform will look like under Mr Musk's ownership.

Some have voiced concerns that more lenient free speech policies would mean people banned for hate speech or disinformation may be allowed back to the platform.

Last week Mr Musk said that he doesn't want the platform to become an echo chamber for hate and division. "Twitter obviously cannot become a free-for-all hell-scape, where anything can be said with no consequences!" he tweeted.

However after denying the New York Times job cuts report, Mr Musk tweeted a screen shot of a New York Times headline about him posting a link to a "site known to publish false news".

The New York Times headline referred to a reply Mr Musk had posted, and then deleted, at the weekend to a tweet by former US presidential candidate Hillary Clinton.

His reply contained a link to a conspiracy theory about an assault on Paul Pelosi, husband of US House speaker Nancy Pelosi.

This is fake – I did *not* tweet out a link to The New York Times! pic.twitter.com/d6V6m5ATW2
— Elon Musk (@elonmusk) October 31, 2022

The BBC is not responsible for the content of external sites.View original tweet on Twitter

Separately, in response to a question about users getting verified - and gaining a coveted so-called "blue check mark" - on the platform, he said the process will be revised.

"Whole verification process is being revamped right now", Mr Musk said without giving further details.

It had been reported that the firm was planning to charge users to become verified.

Mr Musk also started a Twitter poll asking his more than 112m followers whether he should bring back the short-video app Vine.

The service that allowed users to share six-second-long looping clips was bought by Twitter in 2012.

It gained more than 200m active users by the end of 2015 before being shelved by the social media platform.

Mr Musk has previously run polls on whether or not he should sell 10% of his stake in the electric car maker Tesla and if Twitter should have an edit button.

The Elon Musk Show

From South Africa to Silicon Valley - the enigmatic, compelling and controversial inside story of the world's richest man, as told by family, friends and enemies.

Watch Now on BBC iPlayer (UK Only)

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2022-10-31 05:59:20Z
1617760416

Minggu, 30 Oktober 2022

What customers should expect as Octopus Energy takes over collapsed supplier Bulb - Daily Record

A consumer expert has shared everything that Bulb customers should expect about the switch to Octopus Energy. It comes after Bulb was placed into special administration in November 2021, and was run with billions of pounds of government support since then.

However, the Department for Business, Energy & Industrial Strategy has now allowed Octopus Energy to take over their collapsed rival. This will see 1.5million households which used the energy firm moved to Octopus Energy.

Speaking about the sale, new Business and Energy Secretary Grant Shapps told the PA News Agency: "This Government's overriding priority is to protect consumers and today's sale will bring vital reassurance and energy security to consumers across the country at a time when they need it most. This is a fresh start and means Bulb's 1.5 million customers can rest easy, knowing they have a new energy home in Octopus."

The new deal was announced on Saturday (Image: Getty)

The recent news may leave some of the 1.5million customers concerned about the switch. Thankfully, Rocio Concha, Which? Director of Policy and Advocacy, has answered some of the questions that former Bulb customers may have.

Is there anything that I have to do?

No. The switch will take place automatically, and you will not have to cancel any direct debits or set up new payment methods.

Concha explains: "As you wait to hear more, take a meter reading so your account is up to date, make a note of any credit you’ve built up and don’t switch suppliers – this can make it trickier to transfer you and pay back any money you’re owed."

Which? also recommends taking photographs or screen shots of your current credit so that you can verify that the switch has all gone ahead as it should.

Will gas or electricity be cut off?

Your gas or electricity will not be cut off during the transition period. Bulb have also said that customers will be able to top up their balance in a Bulb account.

"Bulb customers will understandably be anxious to work out what moving to a new company means for them, however there is no need to panic. Your gas and electricity won’t be cut off and your credit will be protected," says Concha.

Get the latest Record Money news

Join the conversation on our Money Saving Scotland Facebook group for energy and money-saving tips, the latest benefits news, consumer help and advice on coping with the cost of living crisis.

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You can also follow us on Twitter @Recordmoney_ for regular updates throughout the day.

How long will it take to move to Octopus?

This may depend from customer to customer, however Concha has shared what the transition will likely look like for customers.

She stated: "It usually takes a few weeks for customers to be transferred and your new supplier will get in touch to tell you about your new tariff, how payments will work and how you’ll get any credit back."

Octopus has also stated that it will continue to use Bulb's technology during the transition period so that there aren't any immediate changes.

Will I have to pay more?

A Bulb blog post reads: "domestic tariffs are protected by the government’s Energy Price Guarantee, and will continue to be protected either by this or Ofgem’s price cap throughout the migration period."

Concha adds: "While it appears this deal could mean smaller losses for taxpayers, the government should ensure consumer bills do not have costs added to them in the long run as a result of Bulb’s collapse."

Greg Jackson, chief executive and founder of Octopus Energy Group, said: "We take our responsibilities very seriously. We will work unbelievably hard to deliver value for taxpayers and to look after Bulb's staff and customers."

Don't miss the latest news from around Scotland and beyond - Sign up to our daily newsletter here .

Bank of England expected to hike interest rates by 33-year high to 3% - Yahoo Finance UK

The Bank of England is poised to unveil the biggest hike in interest rates for 33 years next week as the central bank continues its efforts to tame inflation.

The key Monetary Policy Committee (MPC) meeting comes amid warnings that spending cuts and tax hikes under new Prime Minister Rishi Sunak could lead to a deeper and more enduring recession.

Most economists think that the MPC is likely to rise interest rates by 0.75 percentage points to 3% at the meeting on Thursday November 3.

It will be the eighth consecutive jump in interest rates by the Bank but will represent the biggest increase since 1989.

Earlier this month, markets had predicted the interest rate increase could be as much as one percentage point but sentiment has calmed somewhat after the change of Chancellor and Prime Minister and Bank of England bond purchases pushed down on the cost of borrowing.

Bank of England stability report — Governor of the Bank of England Andrew Bailey (Yui Mok/PA)

Markets have also witnessed a decreased appetite for large hikes globally, with the Bank of Canada increasing its interest rate by 0.5 percentage points, below the 0.75 percentage point rise which had been widely predicted.

Nevertheless, earlier this month, Bank of England Governor Andrew Bailey said it was likely the hike in interest rates could be bigger than the 0.5 percentage point increase to 2.25% seen at the previous meeting.

He said on October 15: “As things stand today, my best guess is that inflationary pressures will require a stronger response than we perhaps thought in August.”

Analysts at Deutsche Bank have said they expect the Bank of England to opt for a 0.75 percentage point rise with a split vote.

Experts at the firm said they expect latest forecasts from the Bank of England, which will also be revealed on Thursday, to show that “the economic outlook has deteriorated further”.

They added: “Conditioned on market pricing, the UK economy will likely fall into a deeper and more prolonged recession.”

The Bank will also confirm its inflation expectations for the longer term, which are due to show that the cost of living will be much higher than the central bank’s 2% target next year.

James Smith, developed markets analyst at ING, also had a downbeat prediction for Bank’s latest economic outlook.

“The new set of forecasts due, which crucially are based on market interest rate expectations, are likely to be dismal – showing both a deep recession and inflation falling below target in the medium term,” he said.

“That should be read as a not-so-subtle hint that market pricing is inconsistent with achieving its inflation goal.”

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2022-10-30 09:12:43Z
1630237531

Sabtu, 29 Oktober 2022

Octopus Energy to take over collapsed supplier Bulb - BBC

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By Oliver Slow

BBC News

Energy supplier Octopus Energy is to buy its smaller competitor Bulb.

Bulb collapsed last year amid rising gas and electricity prices and has since been run by the government.

Its 1.5 million customers will not see any change or disruption to energy supplies, the Department for Business, Energy and Industrial Strategy said.

The value of the deal has not been published but the BBC understands Octopus paid the government between £100m and £200m.

It is expected to be completed by the end of November.

Business Secretary Grant Shapps said the deal, approved by the UK government, would bring "vital reassurance and energy security to consumers across the country at a time when they need it most".

The government announcement on Saturday made no mention of the money involved in the deal, which was reached overnight between special administrators of Bulb and Octopus Energy.

The statement said that "due to high market volatility it is impossible" to forecast the true cost of Bulb.

For Bulb customers, credit balances on bills will be protected and direct debits automatically transferred.

Greg Jackson, Octopus Energy Group boss, said the company was determined to provide a "stable home for the future" for Bulb's customers and staff. Bulb has 650 employees.

Mr Jackson told the BBC he was confident the takeover would be smooth, saying the company had "a great track record" when it came to moving customers across companies.

The firm has agreed to share profits - if any are made from its new Bulb customers - with the government, for up to four years.

Octopus said the move would bring "an end to taxpayer losses", adding it was "paying the government" to take on Bulb's customers.

It was previously reported in July that Octopus had requested £1bn in public funding for the deal. However a source close to the company has since categorically denied this.

London-based Bulb was the biggest of more than 30 energy companies that collapsed last November following a spike in wholesale gas prices, which was partly caused by Covid restrictions ending and has since been exacerbated by the war in Ukraine.

It was placed into "special administration", meaning it was run by the government through the regulator Ofgem. The special administration measure is only used if Ofgem is unable to find another company to take over an energy firm's customers.

The state bailout of Bulb had been forecast to cost the taxpayer around £2bn by next year. It was the biggest state bailout since the Royal Bank of Scotland collapse during the 2008 financial crisis.

Natural gas prices have doubled since last October, and despite dropping significantly from a peak in August, many families are struggling to get by as they also grapple with rising inflation, which reached 10.1% in September.

As part of the mini-budget announced by former Chancellor Kwasi Kwarteng in September, the government announced an "energy price guarantee" - capping typical household bills at £2,500 - for two years, but Jeremy Hunt - who replaced Mr Kwarteng as chancellor earlier this month - then said the support will last until April.

Mr Hunt is expected to make a full statement on his spending plans on 17 November.

Every household in the UK is also getting an energy bill discount of £400 this October.

Mr Shapps, who became business secretary this week, said the deal highlighted the government's "overriding priority" to protect customers. He added he would do everything he could to "ensure our energy system provides secure and affordable energy for all".

Octopus will continue to use Bulb's technology and branding "for a transitionary period", the government's statement said.

The company, which was founded in the UK in 2015, said that before the Bulb acquisition it served 3.4 million customers.

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2022-10-29 13:24:45Z
1619186127

Elon Musk's Twitter takes flight – into a storm - The Times

Well that escalated quickly. Elon Musk has finally bought Twitter and he put his stamp on the place straight away, firing chief executive Parag Agrawal and triggering a $50 million (£43 million) golden goodbye for the 38-year-old, who spent just 11 months in the top job. Also dismissed were finance chief Ned Segal and policy head Vijaya Gadde, putting them in line for payouts of $37 million and $17 million, respectively. Musk also penned an open letter to advertisers, promising that he won’t turn the social network into a “free-for-all hellscape”. But he has signalled that deep cuts are on the way — including, presumably, at its trust and safety arm, whose job is, in effect, to keep Twitter from turning into a hellscape.

The

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2022-10-29 09:30:00Z
1617760416

Mark Zuckerberg urged to spend less on metaverse after suffering 'supersized and terrifying losses' - Sky News

Facebook's parent company is under pressure to focus less on the metaverse - as investors say it is an experimental bet causing "supersized and terrifying losses".

The tech giant changed its name to Meta last year under plans to build a virtual world that would be used by millions of people.

But Mark Zuckerberg's metaverse has been beset by technical problems, with user numbers far below the targets set by executives.

The latest figures show Reality Labs, the division building the metaverse, lost £3.16bn between July and September, compared with £2.27bn in the same period a year earlier.

Investors rushed to dump Meta's stock after the company warned that losses linked to the metaverse "will grow significantly" next year.

When asked why his company is focused on experimental bets, Zuckerberg said: "It would be a mistake for us to not focus on any of these areas that will be fundamentally important to our future."

But analysts have said that the metaverse "feels like one big gamble" - especially given the current economic crisis - and fear the road ahead will be "long and painful".

The virtual reality headsets required to get the best experience in Meta's virtual world are pricy. One costs £1,300 - putting it out of the reach of many consumers.

Paolo Pescatore from PP Foresight said: "People are not rushing out of their seats to buy a VR headset or even watch 360-degree videos … The new device still feels like an expensive toy."

Earlier this week, a fund that invests in Meta called on the company to cut its yearly investment in the metaverse from $10 billion to $5 billion.

Altimeter Capital's CEO, Brad Gerstner, warned: "Meta has drifted into the land of excess - too many people, too many ideas, too little urgency.

"This lack of focus and fitness is obscured when growth is easy but deadly when growth slows and technology changes."

Meanwhile, Insider Intelligence analyst Debra Aho Williamson has warned that Meta needs to turn its business around - focusing less on the metaverse and more on fixing its core business.

"As Facebook Inc it was a revolutionary company that changed the way people communicate and the way marketers interact with consumers. Today it's no longer that innovative ground breaker."

Meta - which owns Facebook, Instagram and WhatsApp - has other clouds on the horizon as it battles falling advertising sales and stiff competition from TikTok.

Revenue in the third quarter fell for a second consecutive time to £23.83bn.

Meta's share price is in danger of falling to its lowest level in six years - and the stock has plunged by 61.6% since the year began.

For more on science and technology, explore the future with Sky News at Big Ideas Live 2022.
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2022-10-29 07:01:22Z
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Jumat, 28 Oktober 2022

Elon Musk: No change to Twitter moderation policy yet - BBC

SpaceX founder Elon Musk speaks at an event in Texas.

By Natalie Sherman

Business reporter, New York

Billionaire Elon Musk has said there will be no changes to Twitter's content moderation policies for now after completing his $44bn (£38.1bn) takeover of the platform.

"To be super clear, we have not yet made any changes to Twitter's content moderation policies," he tweeted.

Earlier he announced the creation of a new council to moderate posts.

He also tweeted that "anyone suspended for minor & dubious reasons" would be "freed from Twitter jail".

"Comedy is now legal on Twitter," he said.

Senior figures at Twitter have announced their exits since Mr Musk took over after long delays to the deal.

Questions are focused on Mr Musk's future plans for the site.

The potential changes have drawn scrutiny from regulators and divided Twitter's own users, some of whom are worried Mr Musk will loosen regulations governing hate speech and misinformation, and some of whom feel the previous management curtailed free speech with overly rigorous rules.

Mr Musk said Twitter would be forming a council with "widely diverse viewpoints".

"No major content decisions or account reinstatements will happen before that council convenes," he said, shortly before confirming that Twitter had ended artist Kanye West's suspension from the platform before his acquisition.

Rapper Kanye West, known as Ye, had been suspended from the platform for anti-Semitic comments.

Finance chief Ned Segal was among the senior leaders to announce his exit from the company after Musk's takeover. Chairman of the board Bret Taylor has also left and it was widely reported that Twitter's chief executive Parag Agrawal - a target of Mr Musk's criticism - was among the people fired, although Mr Agrawal still has "ceo @twitter" on his Twitter profile.

🎶 let the good times roll 🎶
— Elon Musk (@elonmusk) October 28, 2022

The BBC is not responsible for the content of external sites.View original tweet on Twitter

General Motors - the largest US carmaker and a rival to Mr Musk's Tesla - says it has temporarily halted paid advertising on Twitter. GM said it was "engaging with Twitter to understand the direction of the platform under their new ownership".

"The bird is free," Mr Musk wrote on the platform late on Thursday, while assuring advertisers in a public note that he did not want Twitter to become a "free-for-all hellscape".

He has signalled he wants widespread change at Twitter. A self-styled "free speech absolutist", he has said he sees the platform as a forum for public debate and is willing to reverse bans on controversial users, including former President Donald Trump.

Ex-finance chief Segal tweeted that his time at the company was the "most fulfilling of my career" and reflected on the strain caused by the uncertainty of the last six months.

"You learn so much when times are challenging and unpredictable, when we are tired or feel our integrity questioned," Mr Segal said, alluding to Mr Musk's public criticism of the company's leadership.

"I have great hope for Twitter," he added.

In Europe, the commissioner in charge of overseeing the EU's digital market, Thierry Breton, tweeted: "In Europe, the bird will fly by our EU rules" - suggesting regulators will take a tough stance against any relaxation of Twitter's policies.

In the US, Stop the Deal, a coalition of left-wing activist groups including Fair Vote UK and Media Matters for America, said Mr Musk had a "thirst for chaos" and his potential plans would make Twitter "an even more hate-filled cesspool, leading to irreparable real-world harm".

Mr Trump, who was banned from Twitter last year following the Capitol riot in January 2021, said he was happy Twitter was now in "sane hands" while stating his "love" for his own Twitter-like service, Truth Social.

Dmitry Medvedev, Russia's former president and current deputy head of the Security Council, also welcomed the new ownership.

"Good luck @elonmusk in overcoming political bias and ideological dictatorship on Twitter," tweeted Mr Medvedev.

A long road

Until recently it appeared the deal could still fall through.

After building a stake in Twitter at the start of the year, Mr Musk made his $44bn offer in April, a price tag that looked too high almost as soon as it was agreed.

He said he was buying it because he wanted "civilisation to have a common digital town square", and pledged to clean up spam accounts and preserve the platform as a venue for free speech.

But by the summer he had changed his mind about the purchase, citing concerns that the number of fake accounts on the platform was higher than Twitter claimed.

Twitter executives took legal action to hold Mr Musk to his offer, arguing that he was balking after becoming concerned about the price.

The deal closed on Thursday, when a company controlled by Elon Musk purchased the firm for $54.20 per share, according to a filing on Friday with the US government.

Dan Ives, analyst at Wedbush Securities, said the $44bn price tag would go down "as one of the most overpaid tech acquisitions in the history of M&A (mergers and acquisitions) deals on the Street".

"As we have discussed, the easy part for Musk was buying Twitter, the difficult part and Everest-like uphill battle looking ahead will be fixing this troubled asset," he wrote.

Despite playing a large role in public debate, Twitter remains a relatively small social media platform, claiming about 240 million accounts that are active daily, compared with nearly 2 billion on Facebook.

It has struggled with the wider market decline in digital advertising.

Departing executives are in line to receive hefty payouts under terms negotiated earlier this year. Mr Agrawal could receive a package worth potentially $60m, while Mr Segal could receive more than $46m, according to a May filing with the US government.

Additional reporting by Laurence Peter and Patrick Jackson in London.

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2022-10-29 00:47:12Z
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Elon Musk clears out Twitter bosses in $44bn deal - BBC

By Natalie Sherman

Business reporter, New York

Elon Musk declared on Friday "let the good times roll" after he completed his $44bn (£38.1bn) takeover of Twitter.

The purchase of the social media firm by the world's richest man was confirmed in a filing with the US government.

The deal follows months of public - and often hostile - wrangling between Mr Musk and Twitter management.

Senior figures at Twitter have already begun to leave the company with finance chief Ned Segal announcing his exit.

Chairman Bret Taylor has also left and there are reports that Twitter's chief executive Parag Agrawal has gone.

🎶 let the good times roll 🎶
— Elon Musk (@elonmusk) October 28, 2022

The BBC is not responsible for the content of external sites.View original tweet on Twitter

On Friday, Mr Segal tweeted that his time at the company was the "most fulfilling of my career" and reflected on the strain caused by the uncertainty of the last six months.

"I have great hope for Twitter," he added.

Mr Musk has signalled he wants widespread change at Twitter. A self-styled "free speech absolutist", he has said he sees the platform as a forum for public debate, signalling a willingness to restore controversial users such as former president Donald Trump.

Former US President Donald Trump, who was banned by Twitter last year following the Capitol riot in January 2021, claimed that the takeover meant that Twitter was now in "sane hands" while reiterating his "love" for his own Twitter-like service, Truth Social.

Musk meanwhile has assured advertisers in a public note that he did not want Twitter to become a "free-for-all hellscape".

"The bird is free," he wrote on the platform late on Thursday.

The likely changes have divided Twitter's own users, some of whom are worried Mr Musk will loosen regulations governing hate speech and misinformation, and some of whom feel the previous management curtailed free speech with overly rigorous rules.

Some users on the site threatened to quit after the purchase was confirmed, while others welcomed the new ownership.

The commissioner in charge of overseeing the EU's digital market, Thierry Breton, tweeted: "In Europe, the bird will fly by our EU rules" - suggesting regulators will take a tough stance against any relaxation of Twitter's policies.

Meanwhile, Dmitry Medvedev, Russia's former president and current deputy head of the Security Council, also welcomed the new ownership.