The newest valuation is based on the recent disclosure report shared by Fidelity’s Blue Chip Growth Fund, which owns a stake in X. According to the report, the fund’s original investment of $19.66 million is now valued at $5.5 million.

Based on Fidelity’s projections, the X is now worth just $9.4 billion. Back in March, Musk himself said the company was worth $20 billion.

The sharp decline in X’s value is likely a result of the platform’s dwindling advertisement revenue, which accounts for more than 70% of its total revenue. It is estimated that X brought in $3.4 billion in ad revenue for 2023 compared to $4.4 billion in the year prior and $5 billion in 2021.

Lately, a large number of advertisers have decided to lower or cut entirely their spending on X advertisements due to concerns about the platform’s content. This led to X’s advertisement revenue in the first six months of 2024 to come at $744 million. Experts believe that the trend will likely continue in 2025.

X has attempted to soften the blow by employing various cost-cutting tactics. This included a series of layoffs and, more recently, the decision to move the company’s headquarters from San Francisco, California, to Bastrop, Texas.

The post X Loses 79% of Its Value, Supposedly Worth $9.4 Billion appeared first on theprimarymarket.com.

Courtney McMillian, who was responsible for Twitter’s compensation and benefits, and Ronald Cooper, Twitter’s operations manager, previously made a lawsuit against Musk, alleging that they didn’t receive appropriate severance when they were laid off. The lawsuit claimed that they and other fired Twitter staffers were owed three months of pay under the Employee Retirement Income Security Act (ERISA) while receiving only one month of pay.

Thompson ruled to dismiss the lawsuit, saying that ERISA doesn’t apply in this particular case because there was no “ongoing administrative scheme” after Musk’s takeover, while Twitter notified its staffers they would only receive cash payments in case of being laid off. The judge also added that the fired staffers can amend their complaint without claims related to ERISA.

This isn’t the only lawsuit from disgruntled ex-Twitter staffers who believe that they were shortchanged for severance Musk is dealing with. Two more lawsuits are currently underway, with one asking for $128 million in unpaid severance and the other one asking for $1 million. 

The post Court Rules That Elon Musk Doesn’t Need to Pay $500 Million in Severance to Fired Twitter Staffers appeared first on theprimarymarket.com.

In the letter, Musk told employees, “Don’t be too bothered by stock market craziness.” He doubled down on his belief that Tesla will become the world’s most valuable company in a few years’ time.

The “stock market craziness” that Musk is referring to is the significant decline in share price that Tesla has experienced over the course of 2022. With the company’s stock down nearly 70% for the year, many employees are expressing concern due to being paid with stock-based compensation. Musk remains adamant that this decline is largely due to rising rates being set by the Federal Reserve in response to inflation.

Since announcing his bid to acquire Twitter in April, Musk has unloaded $40 billion of stock in Tesla. With demand also flailing, Tesla found itself having to slash prices in the United States and China in an effort to boost sales.

The post Musk Tells Employees Not to Worry About “Stock Market Craziness” appeared first on theprimarymarket.com.

Upon closing on Monday morning 57.5% of the 17.5 million voters expressed their desire for Musk to step down from his leadership role at the social media company.

“From the botched verification subscription plan to banning journalists to political firestorms caused on a daily basis, it’s been the perfect storm as advertisers have run for the hills and left Twitter squarely in the red ink potentially on track to lose roughly $4 billion per year we estimate,” Wedbush Managing Director Dan Ives said of Musk’s time in charge.

As a result of Twitter’s rocky performance since his takeover, Musk has repeatedly sold off Tesla stock in an attempt to pour more finances into Twitter. In Ives’ opinion, it is impractical for Musk to be CEO of both companies. Furthermore, Ives suggested that Musk would be better suited to continue in his role as Tesla boss, where he has enjoyed a proven track record of success.

The post Tesla Stock Surges After Musk’s “Step Down” Twitter Poll appeared first on theprimarymarket.com.

Ross Gerber, president, and CEO at Gerber Kawasaki Wealth & Investment Management confirmed that a Musk representative reached out to him with an offer of more Twitter shares at the same price of $54.20 that Musk paid when he took the company public in October. Both Twitter and Musk have not yet responded to Reuters’ questions on the matter.

Following Musk’s new approach to regulating tweets and the company’s struggle to hit revenues and pay interest on the $13 billion debt that Musk took to acquire the company, advertisers have responded negatively, with many pulling out of Twitter.

In an effort to put money back into the company, Musk sold $3.6 billion worth of shares in Tesla earlier in the week. Last week, Tesla posted its biggest weekly loss since March 2020 as investors worry over Musks’ distraction with Twitter and the slowing electric vehicle economy.

The post Elon Musk Seeks New Funding for Twitter appeared first on theprimarymarket.com.

Investors in the electric vehicle manufacturer expressed their dissatisfaction at Musk’s increased focus on Twitter since buying the social media platform. They believe that this has distracted Musk from his duties as Tesla’s leader.

“Elon abandoned Tesla and Tesla has no working CEO,” commented KoGuan Leo, the third-largest individual shareholder of Tesla. “Are we merely Elon’s foolish bag holders? An executioner, Tim Cook-like is needed, not Elon.”

Throughout the year, Tesla has been losing ground as a leading tech stock, with the growth of GM, Ford, Apple, and Amazon all outpacing the electric vehicle pioneer. Gary Black, a Tesla bull, admitted that he believes that Musk’s Twitter involvement and expression of his political views are hampering consumers’ faith in his brand, thereby affecting demand.

Goldman Sachs decided on Tuesday to cut its price target for Tesla shares while also lowering its estimates for Tesla’s gross margins in the fourth quarter of 2022.

The post Tesla Stock Falls as Investors Criticize Musk’s Twitter Focus appeared first on theprimarymarket.com.

Musk sent a letter to Twitter stating his intent to complete the takeover for the originally agreed price of $54.20 per share. This immediately sent the Twitter stock surging from $42.60 close on Monday to $52.02 at one point on Tuesday.

Twitter later confirmed the new development in an official statement sent out by the company’s spokesperson. Musk himself also made it official on his Twitter account, tweeting that “Buying Twitter is an accelerant to creating X, the everything app.”

There are no specific details about the “X” app Musk mentions. However, reports indicate that the app should combine messaging features, social media, payment options, and more. The closest comparison to it is China’s WeChat.

Elon Musk made an offer of $44 billion for Twitter earlier this year, with his bid accepted by the company’s shareholders. However, Musk later tried to nix the deal, claiming that the platform had a bigger number of fake and spam accounts than the company was willing to reveal.

Twitter decided to handle the matter in court, filing a lawsuit to force Musk to complete the deal. The

the trial was set to begin in less than two weeks.

The post Elon Musk Changes His Mind, Makes an Offer to Buy Twitter Again appeared first on theprimarymarket.com.

Musk made an official $44 billion bid for Twitter back in April but decided to pull out of the deal earlier this month. The billionaire explained his decision by saying that the social media powerhouse “is in material breach of multiple provisions” of the agreement. Among other things, Musk singled out Twitter’s unwillingness to give him access to data about fake/spam accounts and the company’s recent layoffs.

Twitter believes that Musk needs to close the purchase and is not giving up on the sale. The company is trying to force the deal to go through despite Musk’s decision or at least get the $1 billion breakup fee. Their chances of getting either of those is now a lot bigger thanks to the granted trial.

Twitter previously wanted the trial to take place in September, wanting to wrap it up before October 24, 2022, a deadline that allows both sides to walk away from the agreement if the deal isn’t finalized. On the other hand, Musk wanted to have the trial pushed back to February. In the end,  McCormick sided with the social media company.

“The reality is that delay threatens irreparable harm to the seller, Twitter, for the reasons I described earlier: The longer the delay, the greater the risk. Given this reality I think a schedule closer to the norm is in order. For this reason, I think we should go to trial in October of this year,” McCormick said in her ruling on Tuesday.

The post Twitter Granted 5-Day Trial Against Elon Musk in October appeared first on theprimarymarket.com.

According to Musk’s letter, Twitter “is in material breach of multiple provisions” of the deal and “has not complied with its contractual obligations.” Musk singled out the company’s refusal to give him data about fake and spam accounts and firing of “two key, high-ranking employees” and “a third of its talent acquisition team.”

Twitter, on the other hand, is unlikely to accept Musk’s withdrawal. The company’s chairman Bret Taylor already announced that the company remains committed to the deal and “plans to pursue legal action to enforce the merger agreement.”

This looks like just the beginning of the Musk vs. Twitter saga. The most likely scenario will be a long and messy legal battle that will see Musk trying to prove he pulled out of the deal fair and square while Twitter will try to make him complete it. There is a chance that the company will at least try to get its hands on the $1 billion break-up fee stated in the contract.

After the news broke out, Twitter shares plunged five percent in extended trading. The stock dipped as low as $34.04 before bouncing to $34.78. This marked its lowest point since May.

The post Elon Musk Pulls Out of Twitter Deal appeared first on theprimarymarket.com.

Twitter organized its most recent employee gathering, known as OneTeam, in Houston in early 2020 before canceling the 2021 and 2022 retreats due to the pandemic. OneTeam was set to return in 2023, but the increasing costs of traveling and organizing events prompted the company to scrap it.

“The reduction of travel and event costs allow us to operate in a more responsible and efficient manner, considering the global macroeconomic environment we’re currently facing,” said Twitter through a spokesperson.

Twitter is employing several strategies in an attempt to keep its costs down during a challenging period for the tech industry. First, the company halted its hiring in May and also retracted some of the job offers it previously handed out. This was followed by a change in travel policy that now only includes business-critical purposes trips. As a result, all other domestic and international business travel will be halted in the near future. 

This might only be the beginning, especially if Elon Musk finalizes his purchase of Twitter. Musk hinted at plans to maximize social media platforms’ profitability through actions like cutting staff, slashing executive salaries, and introducing monetization.

The post Twitter Cancels Disneyland Company Retreat as Part of Cost-Cutting Measures appeared first on theprimarymarket.com.

The newest valuation is based on the recent disclosure report shared by Fidelity’s Blue Chip Growth Fund, which owns a stake in X. According to the report, the fund’s original investment of $19.66 million is now valued at $5.5 million.

Based on Fidelity’s projections, the X is now worth just $9.4 billion. Back in March, Musk himself said the company was worth $20 billion.

The sharp decline in X’s value is likely a result of the platform’s dwindling advertisement revenue, which accounts for more than 70% of its total revenue. It is estimated that X brought in $3.4 billion in ad revenue for 2023 compared to $4.4 billion in the year prior and $5 billion in 2021.

Lately, a large number of advertisers have decided to lower or cut entirely their spending on X advertisements due to concerns about the platform’s content. This led to X’s advertisement revenue in the first six months of 2024 to come at $744 million. Experts believe that the trend will likely continue in 2025.

X has attempted to soften the blow by employing various cost-cutting tactics. This included a series of layoffs and, more recently, the decision to move the company’s headquarters from San Francisco, California, to Bastrop, Texas.

The post X Loses 79% of Its Value, Supposedly Worth $9.4 Billion appeared first on theprimarymarket.com.

Courtney McMillian, who was responsible for Twitter’s compensation and benefits, and Ronald Cooper, Twitter’s operations manager, previously made a lawsuit against Musk, alleging that they didn’t receive appropriate severance when they were laid off. The lawsuit claimed that they and other fired Twitter staffers were owed three months of pay under the Employee Retirement Income Security Act (ERISA) while receiving only one month of pay.

Thompson ruled to dismiss the lawsuit, saying that ERISA doesn’t apply in this particular case because there was no “ongoing administrative scheme” after Musk’s takeover, while Twitter notified its staffers they would only receive cash payments in case of being laid off. The judge also added that the fired staffers can amend their complaint without claims related to ERISA.

This isn’t the only lawsuit from disgruntled ex-Twitter staffers who believe that they were shortchanged for severance Musk is dealing with. Two more lawsuits are currently underway, with one asking for $128 million in unpaid severance and the other one asking for $1 million. 

The post Court Rules That Elon Musk Doesn’t Need to Pay $500 Million in Severance to Fired Twitter Staffers appeared first on theprimarymarket.com.

In the letter, Musk told employees, “Don’t be too bothered by stock market craziness.” He doubled down on his belief that Tesla will become the world’s most valuable company in a few years’ time.

The “stock market craziness” that Musk is referring to is the significant decline in share price that Tesla has experienced over the course of 2022. With the company’s stock down nearly 70% for the year, many employees are expressing concern due to being paid with stock-based compensation. Musk remains adamant that this decline is largely due to rising rates being set by the Federal Reserve in response to inflation.

Since announcing his bid to acquire Twitter in April, Musk has unloaded $40 billion of stock in Tesla. With demand also flailing, Tesla found itself having to slash prices in the United States and China in an effort to boost sales.

The post Musk Tells Employees Not to Worry About “Stock Market Craziness” appeared first on theprimarymarket.com.

Upon closing on Monday morning 57.5% of the 17.5 million voters expressed their desire for Musk to step down from his leadership role at the social media company.

“From the botched verification subscription plan to banning journalists to political firestorms caused on a daily basis, it’s been the perfect storm as advertisers have run for the hills and left Twitter squarely in the red ink potentially on track to lose roughly $4 billion per year we estimate,” Wedbush Managing Director Dan Ives said of Musk’s time in charge.

As a result of Twitter’s rocky performance since his takeover, Musk has repeatedly sold off Tesla stock in an attempt to pour more finances into Twitter. In Ives’ opinion, it is impractical for Musk to be CEO of both companies. Furthermore, Ives suggested that Musk would be better suited to continue in his role as Tesla boss, where he has enjoyed a proven track record of success.

The post Tesla Stock Surges After Musk’s “Step Down” Twitter Poll appeared first on theprimarymarket.com.

Ross Gerber, president, and CEO at Gerber Kawasaki Wealth & Investment Management confirmed that a Musk representative reached out to him with an offer of more Twitter shares at the same price of $54.20 that Musk paid when he took the company public in October. Both Twitter and Musk have not yet responded to Reuters’ questions on the matter.

Following Musk’s new approach to regulating tweets and the company’s struggle to hit revenues and pay interest on the $13 billion debt that Musk took to acquire the company, advertisers have responded negatively, with many pulling out of Twitter.

In an effort to put money back into the company, Musk sold $3.6 billion worth of shares in Tesla earlier in the week. Last week, Tesla posted its biggest weekly loss since March 2020 as investors worry over Musks’ distraction with Twitter and the slowing electric vehicle economy.

The post Elon Musk Seeks New Funding for Twitter appeared first on theprimarymarket.com.

Investors in the electric vehicle manufacturer expressed their dissatisfaction at Musk’s increased focus on Twitter since buying the social media platform. They believe that this has distracted Musk from his duties as Tesla’s leader.

“Elon abandoned Tesla and Tesla has no working CEO,” commented KoGuan Leo, the third-largest individual shareholder of Tesla. “Are we merely Elon’s foolish bag holders? An executioner, Tim Cook-like is needed, not Elon.”

Throughout the year, Tesla has been losing ground as a leading tech stock, with the growth of GM, Ford, Apple, and Amazon all outpacing the electric vehicle pioneer. Gary Black, a Tesla bull, admitted that he believes that Musk’s Twitter involvement and expression of his political views are hampering consumers’ faith in his brand, thereby affecting demand.

Goldman Sachs decided on Tuesday to cut its price target for Tesla shares while also lowering its estimates for Tesla’s gross margins in the fourth quarter of 2022.

The post Tesla Stock Falls as Investors Criticize Musk’s Twitter Focus appeared first on theprimarymarket.com.

Musk sent a letter to Twitter stating his intent to complete the takeover for the originally agreed price of $54.20 per share. This immediately sent the Twitter stock surging from $42.60 close on Monday to $52.02 at one point on Tuesday.

Twitter later confirmed the new development in an official statement sent out by the company’s spokesperson. Musk himself also made it official on his Twitter account, tweeting that “Buying Twitter is an accelerant to creating X, the everything app.”

There are no specific details about the “X” app Musk mentions. However, reports indicate that the app should combine messaging features, social media, payment options, and more. The closest comparison to it is China’s WeChat.

Elon Musk made an offer of $44 billion for Twitter earlier this year, with his bid accepted by the company’s shareholders. However, Musk later tried to nix the deal, claiming that the platform had a bigger number of fake and spam accounts than the company was willing to reveal.

Twitter decided to handle the matter in court, filing a lawsuit to force Musk to complete the deal. The

the trial was set to begin in less than two weeks.

The post Elon Musk Changes His Mind, Makes an Offer to Buy Twitter Again appeared first on theprimarymarket.com.

Musk made an official $44 billion bid for Twitter back in April but decided to pull out of the deal earlier this month. The billionaire explained his decision by saying that the social media powerhouse “is in material breach of multiple provisions” of the agreement. Among other things, Musk singled out Twitter’s unwillingness to give him access to data about fake/spam accounts and the company’s recent layoffs.

Twitter believes that Musk needs to close the purchase and is not giving up on the sale. The company is trying to force the deal to go through despite Musk’s decision or at least get the $1 billion breakup fee. Their chances of getting either of those is now a lot bigger thanks to the granted trial.

Twitter previously wanted the trial to take place in September, wanting to wrap it up before October 24, 2022, a deadline that allows both sides to walk away from the agreement if the deal isn’t finalized. On the other hand, Musk wanted to have the trial pushed back to February. In the end,  McCormick sided with the social media company.

“The reality is that delay threatens irreparable harm to the seller, Twitter, for the reasons I described earlier: The longer the delay, the greater the risk. Given this reality I think a schedule closer to the norm is in order. For this reason, I think we should go to trial in October of this year,” McCormick said in her ruling on Tuesday.

The post Twitter Granted 5-Day Trial Against Elon Musk in October appeared first on theprimarymarket.com.

According to Musk’s letter, Twitter “is in material breach of multiple provisions” of the deal and “has not complied with its contractual obligations.” Musk singled out the company’s refusal to give him data about fake and spam accounts and firing of “two key, high-ranking employees” and “a third of its talent acquisition team.”

Twitter, on the other hand, is unlikely to accept Musk’s withdrawal. The company’s chairman Bret Taylor already announced that the company remains committed to the deal and “plans to pursue legal action to enforce the merger agreement.”

This looks like just the beginning of the Musk vs. Twitter saga. The most likely scenario will be a long and messy legal battle that will see Musk trying to prove he pulled out of the deal fair and square while Twitter will try to make him complete it. There is a chance that the company will at least try to get its hands on the $1 billion break-up fee stated in the contract.

After the news broke out, Twitter shares plunged five percent in extended trading. The stock dipped as low as $34.04 before bouncing to $34.78. This marked its lowest point since May.

The post Elon Musk Pulls Out of Twitter Deal appeared first on theprimarymarket.com.

Twitter organized its most recent employee gathering, known as OneTeam, in Houston in early 2020 before canceling the 2021 and 2022 retreats due to the pandemic. OneTeam was set to return in 2023, but the increasing costs of traveling and organizing events prompted the company to scrap it.

“The reduction of travel and event costs allow us to operate in a more responsible and efficient manner, considering the global macroeconomic environment we’re currently facing,” said Twitter through a spokesperson.

Twitter is employing several strategies in an attempt to keep its costs down during a challenging period for the tech industry. First, the company halted its hiring in May and also retracted some of the job offers it previously handed out. This was followed by a change in travel policy that now only includes business-critical purposes trips. As a result, all other domestic and international business travel will be halted in the near future. 

This might only be the beginning, especially if Elon Musk finalizes his purchase of Twitter. Musk hinted at plans to maximize social media platforms’ profitability through actions like cutting staff, slashing executive salaries, and introducing monetization.

The post Twitter Cancels Disneyland Company Retreat as Part of Cost-Cutting Measures appeared first on theprimarymarket.com.