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bluesky

Jack Dorsey to take on Elon Musk’s Twitter with new app Bluesky

Jack Dorsey, the co-founder of Twitter, is apparently testing another social networking application Bluesky to compete with Twitter.

Image Source: techtimes.com

Just as Elon Musk wraps up his $44 billion acquisition of Twitter, a small tech company created by former Twitter CEO Jack Dorsey has revealed the creation of a new social media app. Earlier this month, Bluesky announced that it would soon release a beta version of its Bluesky Social app.

Dorsey’s latest social media platform aims to be “a competitor to any company trying to own the underlying fundamentals for social media or the data of the people using it.” According to the press release, the new app will make use of the federated social network known as the Authenticated Transfer Protocol (AT Protocol), which is hosted by numerous sites instead of just one.

Bluesky announced, “The next step is to start testing the protocol. Distributed protocol development is a tricky process. It requires coordination from many parties once a network is deployed, so we’re going to start in private beta to iron out issues. As we beta test, we’ll continue to iterate on the protocol specs and share details about how it works. When it’s ready, we’ll move to the open beta.”

The company stated in its press release, “The word ‘Bluesky’ evokes a wide-open space of possibility. It was the original name for this project before it took shape, and continues to be the name of our company. We’re calling the application we’re building Bluesky because it will be a portal to the world of possibility on top of the AT Protocol.”

Jack Dorsey originally introduced Bluesky in December 2019, as Silicon Valley was bracing for a global “techlash” and a wave of disinformation and election meddling around the 2020 US election. Twitter, like all other big social networks, was battling a conundrum on how to control the voice of millions of users without running the danger of overreaching.

In order to build “an open and decentralized standard for social media,” Dorsey claimed Twitter would sponsor a “small independent team” of five software developers, with the eventual objective of transforming Twitter itself to this standard. Importantly, Twitter does not hold a majority stake in BlueSky. It has reportedly gotten $13 m in financing from Twitter as of April of this year, with the sole stipulation that its research is continued.

In a Q&A at the time, Dorsey stated that the primary and long-term objective is to create a sustainable and open framework for public conversation. Without any involvement from Twitter, Bluesky is controlled by its team itself. Bluesky aims to create a decentralized social network protocol so that various social media networks, each with its own systems of moderation and curation, can communicate with one another using an open standard.

Bluesky has been in the research stage since 2021, with 40–50 members of the decentralized technology community working to evaluate choices and putting together protocol ideas.

In 2006, Dorsey co-founded Twitter. He served as CEO of Twitter for a number of years after which he resigned. He was replaced by Parag Agrawal, the company’s CTO at the time. Recently, Agrawal was fired from the company along with the chief legal officer Vijaya Gadde, CFO Ned Segal, and the general counsel Sean Edgett shortly after Musk took over Twitter.

Twitter Blue

Twitter Blue to charge $20 Per Month for Blue Tick

Elon Musk has instructed Twitter employees to start charging more for Twitter Blue, which is the firm’s optional 4.99 USD per month subscription that provides some additional features for authenticated users. Musk has directed that the new Twitter Blue subscription, which also offers verified customers with a blue tick on the social networking platforms, cost approximately 19.99 USD, according to The Verge. The news comes as the “Chief Twit” presses to increase subscription revenue from the microblogging site.

Twitter Blue
Image Source: businesstoday.in

Furthermore, verified consumers will have 90 days to sign up or subscribe to the new plan or their blue checkmark would be removed. Besides that, On Sunday, Twitter staff members who were working on that project were told that they would be fired if the feature was not launched by November 7, according to The Verge.

On Sunday, Elon Musk tweeted, “The whole verification process is being revamped right now.” At present, Twitter Blue is operational in the US, Canada, Australia, and New Zealand.

Source: yourstory.com

Elon Musk dismissed some of Twitter’s top executives last week, after acquiring the social media company for 44 billion USD. These top executives included CEO Parag Agrawal, Chief Financial Officer Ned Segal, legal executive Vijaya Gadde and General Counsel Sean Edgett.

According to The New York Times, Musk has “planned to begin laying off workers” at Twitter as soon as on Saturday. Citing people with knowledge of the situation, the report said that some managers were asked to “draw up lists of employees to cut.”

Source: yourstory.com

Along with plans to bring back banned accounts, including that of former United States President, Donald Trump, Elon Musk hosted a poll on Monday to reinstate Vine.

Musk has acted fast to implement changes at Twitter, beginning with changing the homepage for logged-out users. He’s also planning mass layoffs of intermediate managers and developers who haven’t recently made a significant contribution to the code base with the help of Tesla technicians he’s brought in as advisors at Twitter.

Managers are already curating lists of employees to lay off, and the cuts are anticipated to begin this week. Employees tasked with carrying out Musk’s projects since his takeover Thursday evening have been operating late into the night and throughout the weekend.

The Twitter Blue Tick subscription became widely available almost a year ago as a way to see ad-free articles from selected publishers and make other changes to the app, such as changing the colour of the home screen icon.

Advertising stayed the large majority of Twitter’s revenue in the few quarters following its initial public offering. Elon Musk wants account subscriptions for half of the company’s whole revenue.

elon musk

Elon Musk changes plans, to not cut 75% of Twitter Jobs

Elon Musk informed Twitter employees that he does not intend to fire 75% of the workforce after taking over the organization. According to reports, Musk informed potential investors that he would fire 75% of Twitter’s staff, leaving the company with only 2,000 employees.

Elon Musk
Image Source: outlookindia.com

Elon Musk, the tech magnate and incoming boss of Twitter, reportedly informed staff members on Wednesday that he does not intend to lay off 75% of the company’s workforce. Musk, whose $44 billion Twitter acquisition appears to be on pace to close by Friday, refuted the previously reported lay-off estimate in a speech to staff members at Twitter’s San Francisco office.

Twitter employees who may have been anxious following a story in The Washington Post last week suggesting that the Tesla and SpaceX CEO had planned to fire 75% of Twitter’s workforce once he acquired control of the company would likely be relieved by Musk’s comments.

However, Twitter Inc. warned staff to expect loads of public rumors and speculation as the acquisition by Musk approaches and stated that there haven’t been any plans for company-wide layoffs since it inked the deal.

Nevertheless, there has been a noticeable air of sadness in the Twitter offices since Musk revealed his intentions to purchase the microblogging platform. Many high-level executives have already left the company since the acquisition was first revealed in April, citing Musk’s actions and public statements as the reason for their resignation.

As per the Washington Post report, regardless of who operates the company, workforce layoffs are anticipated in the near future, The report states that Twitter’s present management intended to reduce the corporation’s payroll by around $800 million by the end of 2023, which would result in the departure of close to a quarter of the employees.

Layoffs are still anticipated after the Tesla CEO’s takeover even if he does not lay off the company’s staff by 75%, sources have told Bloomberg. It was also reported that despite assurances from Twitter’s human resources department that mass layoffs were not in the works, substantial measures to fire employees and reduce infrastructure expenses were in place even before Musk made an acquisition offer.

Elon Musk released a video earlier on Thursday showing him entering the offices while holding a kitchen sink with the caption “Entering Twitter HQ – let that sink in!” He updated the description of his Twitter profile to “Chief Twit.” Musk recently posted to Twitter, “A beautiful thing about Twitter is how it empowers citizen journalism – people are able to disseminate news without an establishment bias.”

As per the Wall Street Journal, banks have begun transferring $13 billion in cash to support Musk’s acquisition of Twitter, indicating that the transaction will complete by the end of this week.

The cash will be made accessible for Musk to complete the purchase by the Friday time limit once all closing requirements have been satisfied.

After making an initial $44 billion offer to purchase Twitter, Musk withdrew his offer, claiming that Twitter had overstated the number of bogus “spam bot” accounts it had on its platform.

Twitter sued to hold Musk to the stipulations of the acquisition agreement, but a US court recently put a halt on the case after Musk changed his opinion, and gave the parties time till October 28 to complete the acquisition.

new policy

Elon Musk Slams PayPal’s ‘New Policy’ to Fine Users

Last week, according to a number of media sources, PayPal issued a new policy update prohibiting users of its services from engaging in actions it defined as “sending, publishing, or publication of any messages, content, or materials” disseminating misleading information.

new policy
Image Source: pgurus.com

According to reports, the policy change, which stated that users could be required to pay charges of $2,500 for every breach, was set to take effect on November 3. After receiving a barrage of condemnation from a number of well-known people, including the company’s former president, David Marcus, PayPal hastily apologized for what it termed “confusion” and claimed it was all just an oversight.

David Marcus, the former President of PayPal, criticized the new policy change on Twitter, noting that it runs against everything he believes in.

Marcus noted in his tweet, “A private company now gets to decide to take your money if you say something they disagree with. Insanity”.

Elon Musk, the co-founder of PayPal and the CEO of Tesla responded “Agreed” in response to Marcus’s tweet.

Musk, the CEO of Tesla and SpaceX, co-founded the online bank X.com in 1999. In 2000, X.com and Confinity merged to become PayPal. PayPal was purchased by the online auction site eBay in 2002 for $1.5 billion. eBay separated it in 2015.

Musk, who has reopened negotiations to purchase Twitter for over $44 billion, has also stated a desire to create a super app called X.com that will be accessible to everyone worldwide, similar to China’s WeChat.

On Monday, PayPal announced that it will not penalize users for false information and that a previous policy update stating that users would be required to pay damages of $2500 was sent incorrectly. The update, which PayPal claimed contained inaccurate information, provoked severe outrage on social media. The shares of the California-based corporation fell by about 6%.

The company states, “An acceptable use policy (AUP) notice recently went out in error that included incorrect information. PayPal is not fining people for misinformation and this language was never intended to be inserted in our policy.”

According to Google Trends data, global searches for “delete PayPal” increased by 1,392% after the update revelation and the company’s subsequent apologies.

PayPal has found itself in several controversies this year. On September 15, PayPal removed two right-leaning organizations from its platform in the UK. They were a campaign organization called The Free Speech Union and a news website called ‘The Daily Sceptic’. After a public outcry that reached Parliament, the accounts were subsequently reinstated.

Recently, Paypal also banned Gay Against Groomers, a group of LGBT individuals opposed to the sexualization and gender transformation of minor children.

This occurs during a crucial phase for PayPal. This year, pressure on tech and fintech companies as well as more specialized difficulties for businesses has caused PayPal shares to lose more than half of their value.

In order to adjust expectations to the new economic realities, the corporation lowered its prediction numerous times throughout 2022. Additionally, PayPal executives admitted that they had overestimated how pandemic-era trends would continue once the world reopened.

PayPal is a multinational financial tech company that operates an online payment platform in most countries that permit online money transfers. The business processes payments for internet retailers, auction sites, and several other business users for a fee.

everything app

Elon Musk may turn Twitter into ‘Everything App’

The renowned social media application, Twitter, is one of the most highly used apps around the world. Elon Musk claims to have “amazing” ideas for Twitter and wants to turn it into everything app.

everything app
Image Source: startuptalky.com

Musk has spoken of his objective to develop it into a super app, which aims to offer users a wide range of products and services and many of the services are not related to each other.

The term “super app” was first subjected to WeChat, which is owned by Chinese tech giant Tencent and has a variety of uses, making it popular throughout China. According to an earlier Forbes story, WeChat and other affiliated mini-apps “connect every facet of life in China,” from “hailing a cab, buying groceries, booking a doctor’s appointment, and purchasing insurance.”

Other examples of super apps include Grab in Southeast Asia, which began as a taxi-hailing app and has since expanded its services to provide transportation, food delivery, and financial services, and Alipay, a payment system owned by Chinese e-commerce giant Alibaba that offers a variety of services such as retail, bookings, utility bill payments, and more.

Mr Musk told Twitter staff earlier this year: “Think of it like WeChat in China, which is great now, but there’s no WeChat equivalent outside of China. There’s a real opportunity to create that.” “You basically live on WeChat in China because it’s so helpful, so useful to daily life. I think if we achieve that or come even close to that with Twitter, that would be a success”, He added.

“We continue to believe Musk saw the writing on the wall and knew his chances of a victory in Delaware were slim to none with the best path accepting the current deal and move forward,” an analyst at investment firm Wedbush, Dan Ives said.

Source: telegraph.co.uk

Elon Musk had been trying to back out of a deal to buy the social media company claiming that Twitter management’s figures for the number of fake accounts and “bots” on the social network were ambiguously low, but on Tuesday he announced a surprise reversal, saying he would buy the company for $54.20 per share. As Twitter pressed him to complete the takeover, he was facing a court battle.

On Tuesday, Musk gave no detail about the outlook of the app he wants to create but when one user suggested that creating X as a separate entity from scratch would be easier, Musk responded that taking over Twitter “accelerates” his plans to create X “by three to five years.”

Text messages between Mr Musk, his friends, and advisers revealed as part of his legal battle with Twitter revealed some of his thoughts on social media.

In one note to his brother, Kimbal, Mr Musk said: “I have an idea for a blockchain social media system that does both payments and short texts/links like Twitter. You have to pay a tiny amount to register your message on the chain, which will cut out the vast majority of spam and bots.”

Source: telegraph.co.uk

Twitter has stated that it intends to proceed with the sale to Mr Musk. Twitter shares increased by 21% after the deal was redeemed. Tesla, his electric car company, saw its stock rise by 2%.

According to CNN experts, Elon Musk’s plan for a super app may be difficult to achieve. For one thing, several other social media apps, such as WhatsApp, Facebook, TikTok, and YouTube, are constantly competing to become super apps. Experts told the outlet that anti-monopoly regulations and policymakers’ opposition could be additional barriers.

Tesla Inc

Tesla Inc – Manufacturing Electric Vehicles And Green Energy.

Founded in 2003, Tesla Inc is currently one of the well-known companies especially when it comes to manufacturing electric vehicles and green energy. The company also designs battery energy storage, solar panels, solar roof tiles, and other related products that help in minimizing the usage of non-renewable resources. When talking about Tesla Inc, we find pictures of Elon Musk crawling in the media with big headlines. But, the original founders of the company are Martin Eberhard and Marc Tarpenning. The founders named the company Tesla to pay a tribute to the famous scientist and inventor, Nikola Tesla. Tesla’s main markets are Europe, North America, Oceania, and East and West Asia. Elon Musk is the current CEO of the company and he is serving in this position since 2008.

Early Days

The two founders, Martin Eberhard and Marc Tarpenning officially incorporated Tesla on July 1, 2003. They served as the CEO and CFO of the company respectively. When Tesla Inc was founded, Eberhard expressed his interest that he wanted to build a car manufacturer that is a technology company as well. As the number of employees started increasing, Ian Wright joined as the third member of the company. In early 2004, the company’s Series A funding round took place in which it raised $7.5 million and the major contribution of $6.5 million was from Elon Musk. Thus, Musk became the largest shareholder of the company and he was also made the Chairman of the Board of Directors. In May 2004, J. B. Straubel joined the company as its CTO. In 2009, after a lawsuit was settled, Musk, Wright, and Straubel became the co-founders of the company along with the original founders. 

After Musk became one of the c-founders of the company, he participated very actively. The main target of the company was to start with a premium sports car and then eventually shift to mainstream and more affordable vehicles. Tesla’s Series B funding round took place in February 2006 in which it raised $13 million followed by a Series C funding round after a few months in which it raised $40 million. Google’s co-founders and Jeff Skoll, former eBay President also invested in the company. A year later, Tesla raised $45 million in a Series D funding round. In 2008, the original co-founders left the company and Musk succeeded as the new CEO. He started the production of Roadster in the same year. 

Tesla Inc
Image source: i.guim.co.uk

Tesla Going Public

To expand the production of various models, Tesla bought what today is known as Tesla Factory from Toyota in 2010. The deal was closed for $42 million. In the same year, the company offered an IPO and became the first American car company after Ford to go public. After a couple of years, Tesla discontinued the production of the Roadster and launched the Model S luxury sedan. This model became Motor Trend Car of the Year in 2013. The company also rolled out Tesla Autopilot, a driver-assistant system in 2014 and eventually started shipping all its cars with the same technology. 

In 2015, Tesla entered the energy storage market and within a year acquired SolarCity for $2.6 billion. As Tesla started expanding its business to the energy sector, the company changed its name from Tesla Motors to Tesla in 2017. In the same year, the company started selling the Model 3 sedan which became the world’s best-selling plug-in electric car in 2018. In 2019, the company opened its first “Gigafactory” outside the US in China and it was built within six months. Next year, the company started delivering its fifth vehicle model, the Model Y crossover. The future products of the company are Roadster (second generation), Tesla Semi, and Cybertruck. 

Elon Musk – Co-founder and CEO

Elon Musk is one of the most prominent businessmen and investors in the world. Apart from being the CEO of Tesla, he is also the founder, CEO, and chief engineer at SpaceX. He also founded The Boring Company and co-founded Neuralink and OpenAI. According to both Forbes and Bloomberg Billionaires Index, he is currently the wealthiest man in the world. His entrepreneurial journey started when he co-founded a web software company called Zip2 along with his brother. He is also the President of the Musk Foundation, an organization that donates to scientific research and education.