Elon Musk’s X is now valued at about $19bn or less than half of what he paid to buy the social media company, according to a new report. The multibillionaire Tesla and SpaceX chief last year finally bought the microblogging platform that was formerly called Twitter for the price of $44bn or $54.20 per share. Mr Musk’s purchase was completed after a months-long legal battle with the company. A new internal valuation has now found there to have been a 56 per cent decrease in the company’s value over the last 12 months, suggested internal documents. Stock grants handed out to employees showed X/Twitter is now worth about $19bn, Fortune reported on Monday. Mr Musk earlier said he had overpaid for the social media platform that he called “an inverse start-up.” In March, he told employees in an email that they would receive stock awards based on a $20bn valuation of the firm. The valuation drop comes as several high-profile advertisers have withdrawn after the Tesla titan’s controversial takeover of the company. Mr Musk’s reign of the platform has been marred by mass layoffs, the chaotic roll out of a number of new features, including the site’s verification process, and the reinstatement of previously suspended high-profile accounts. The company was also rebranded X along with a new logo to replace the bird icon that had been there since the platform’s creation. There have also been rising concerns around X’s content moderation approach. The EU recently opened an investigation into the company as misinformation linked to the Israel-Hamas conflict began to spread on the platform. In July, Mr Musk shared that X is “still negative cash flow” with a “50 per cent drop in advertising revenue plus heavy debt load”. Banks involved in financing the multibillionaire’s deal to buy Twitter are also reportedly struggling to mitigate the impact of platform’s decline in value on their balance sheets. The Tesla and SpaceX boss, however, has remained optimistic about the future of the platform. Mr Musk claimed in an email last year that he saw a “clear, but difficult, path to a >$250B valuation” for the company. In a recent company meeting, he also reportedly expressed his belief that the rebranded X could serve as an all-purpose app with a range of features like job recruitment and dating services. “We’re rapidly transforming the company from sort of what it was, Twitter 1.0, to the everything app with an all-inclusive feature app where you can basically do anything you want on our system,” he said, according to The New York Times. The Independent has reached out to X for a comment. Read More Elon Musk slammed by Israel for offering to send Starlink to Gaza Elon Musk says X posts with misinformation are ‘ineligible for revenue share’ Twitter adds video calling – and lets strangers ring you Elon Musk was ‘almost in tears’ on Tesla earnings call, analyst claims Slack to retire its status account on Elon Musk’s X Tesla’s profits dip as Musk goes on rant about staff working from home

China has stepped up a feud with Washington over security by telling users of computer equipment deemed sensitive to stop buying products from the biggest U.S. memory chipmaker, Micron Technology Inc. The country's cyberspace agency says Micron products have unspecified “serious network security risks” that threaten China’s information infrastructure and affect national security

NEW YORK & SEATTLE--(BUSINESS WIRE)--Jun 21, 2023--

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Controversial influencer Andrew Tate has put himself in the spotlight again after sitting down for an interview with right-wing media personality Tucker Carlson. Carlson shared the two-and-a-half-hour-long conversation between the pair on Twitter as part of his new independent talk show named “Tucker on Twitter”, following his sacking from FOX News in April. Tate, along with his brother Tristan and two other associates, has been charged in Romania with rape, human trafficking and forming an organised crime group. Sign up to our free Indy100 weekly newsletter During his interview with Carlson, he discussed his opinions “masculinity” and other aspects of his life and personal experiences. The tweet containing the interview has been viewed more 107 million times, according to Twitter statistics. Is it the most-watched television interview ever? Some of Tate’s fans have made the claim that the interview is the most-watched TV interview of all time, with one “fan” Twitter account, writing: “Andrew Tate's interview with Tucker Carlson is the most watched interview of all time. With the tweet, they shared a screenshot of a Wikipedia page with the title “List of most watched television interviews”. An arrow pointing to the top of the table listed the Tate and Carlson interview in the number one spot, however, the interview was never aired on television and instead was posted on Twitter. Sportskeeda revealed the Wikipedia screenshot with either edited or photoshopped because the current page lists a 1993 Oprah Winfrey interview with Michael Jackson as the most-watched television interview with an average viewership of 62.3 million. The false claim by Tate’s fans was made despite the Wikipedia page stating: “This is specifically on broadcast television and not on other television sources such as YouTube, Twitter or other online source.” However, the interview might be able to claim the title of 'most watched ever' if the television side of the discussion is ignored. The interview has outperformed the widely reported most viewed video on Twitter, which was a piece of skill by Lionel Messi that had more than 19 million views. However, its got a long way to go before it can outperform the biggest video on YouTube; 'Babyshark' which has been viewed an astonishing 13 billion times. Have your say in our news democracy. Click the upvote icon at the top of the page to help raise this article through the indy100 rankings.

INDIANAPOLIS & GOTHENBURG, Sweden--(BUSINESS WIRE)--Jul 27, 2023--

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A British hacker behind the 2020 takeover of the Twitter accounts of Elon Musk, Barack Obama, Joe Biden, and several other personalities as part of a Bitcoin scam has been sentenced to five years in prison. The hacker, 24-year-old Joseph O’Connor from Liverpool, took over nearly 130 accounts in July 2020, and pleaded guilty to charges of hacking these profiles last month. He was extradited from Spain on 26 April to face charges and now the US Attorney’s Office in the southern district of New York has sentenced him to five years for cyber crimes. In May, the hacker pled to four counts of computer hacking, wire fraud, and cyberstalking, according to Tech Crunch. The US justice department accused Mr O’Connor of participating in the exploitation of social media accounts, as well as online extortion and cyberstalking. The hacker, known as PlugwalkJoe online, has also been ordered to pay nearly $800,000 to the victims of his crimes. He had participated in the exploitation of social media accounts, as well as online extortion, using social engineering tricks to get access to Twitter accounts. New York’s Department of Financial Services investigated and found that the hackers had called Twitter employees, claiming to be the IT department. Another hacker Graham Ivan Clark – known as Kirk – reportedly used this access to hijack and reassign Twitter accounts. Using stolen accounts, hackers sent out tweets asking followers to send bitcoin to an account, promising to double their money. Mr O’Connor also pled guilty of using a cyber intrusion technique called a “SIM swap attack” to steal cryptocurrency from a Manhattan-based company and then to launder the proceeds of the scheme. In this mode of cyber attack, hackers gain control of a victim’s mobile phone number by linking that number to a SIM card controlled by the threat actors. This leads to the victim’s calls and messages being routed to a malicious unauthorised device controlled by the hackers, who then use control of the victim’s mobile phone number to obtain unauthorised access to accounts held by the victim registered to their mobile phone numbers. Twitter said it improved the social media platform’s cybersecurity controls following the cyberattack. In addition to the prison term, Mr O’Connor has been sentenced to three years of supervised release and further ordered to pay about $794,000 in forfeiture. Read More How bad is bitcoin for the environment really? Crypto experts discuss bitcoin price predictions What is Solana? The crypto rising 200-times faster than bitcoin Hacker reveals secret ‘Elon Mode’ in Tesla cars for full self-driving Hackers strike Iranian government, releasing presidential documents China calls hacking report 'far-fetched' and accuses the US of targeting the cybersecurity industry