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After Hindenburg's report on Jack Dorsey's Block Inc., the billionaires wealth plunged by $526 million on Thursday

Hindenburg report impact: Dorsey's wealth tumbles $526 million

After Hindenburg's report on Jack Dorsey's Block Inc., the billionaires wealth plunged by $526 million on Thursday

After the Hindenburg report on Block Inc., its co-founder Jack Dorsey's wealth plunged by $526 million on Thursday. This is his worst single day decline since May. According to the Bloomberg Billionaires Index the billionaire is now worth $4.4 billion.&nbsp;
Hindenburg released a report on Thursday claiming Block had inflated user metrics, and that the stock has downside of 65% to 75% &ldquo;on a purely fundamental basis.&rdquo; Following the report, Block fell as much as 22% before closing down at 15% on Thursday.&nbsp;
As per Business Standard, Block Inc. has denied the allegations and said that it plans to explore legal action against the short-seller.
Hindenburg's report on Gautam Adani early this year, had sent a tumultuous wave across the Indian market.&nbsp;

Bluesky, which is a Twitter alternative backed by Jack Dorsey, the co-founder and former CEO of Twitter, is now accessible to more testers on the iOS App Store. 

Jack Dorsey-backed Bluesky: The new Twitter?

Bluesky, which is a Twitter alternative backed by Jack Dorsey, the co-founder and former CEO of Twitter, is now accessible to more testers on the iOS App Store.&nbsp;

Bluesky, which is a Twitter alternative backed by Jack Dorsey, the co-founder and former CEO of Twitter, is now accessible to more testers on the iOS App Store. Despite still being in beta phase and requiring an invitation, its availability on the App Store suggests an imminent public release, according to TechCrunch. Although there has been little news about Bluesky since October 2022, the team behind the project has provided an update on their blog about the social protocol that underpins the app.Initially developed within Twitter in 2019, Bluesky had financial backing from the company and is now operating as a public benefit company. Some users are receiving invitations to test the app, and over 2,000 users have downloaded the iOS app since it was introduced on February 17, 2023, according to Data.ai. However, it is not yet available on Google Play and is not currently ranked on any Top Charts in the United States. Before Elon Musk's acquisition of Twitter, he and Dorsey had already discussed the concept of an open-source protocol via text messages.

Elon Musk's proposed takeover of Twitter is poised to cause changes in one of the world's largest social media networks.

Elon Musk to buy Twitter: what comes next for the platform?

Elon&nbsp;Musk's proposed takeover of Twitter is poised to cause changes in&nbsp;one of the world's largest social media networks.&nbsp;

Elon Musk has always loved Twitter, and after years of couple-y fights, the two seem to be finally together!
The SpaceX and Tesla boss who enjoys a whopping following of 84.9 mn on the platform, is known for his prolific, and mostly controversial tweets.
On April 25, the board of social media platform Twitter agreed to a $44 billion takeover offer from Elon Musk. But how did we get here? Let&rsquo;s take a quick look.
How Elon Musk acquired Twitter
Elon Musk had joked about buying Twitter as early as 2017, but things got serious in 2022. The world&rsquo;s richest man reportedly started buying twitter stock in January, and according to reports by AP, had consolidated a 5% stake in the company by March 14.
By April 4, Musk had taken a 9.2% stake in Twitter, worth around $2.9 billion, making him the single largest shareholder. Twitter CEO Parag Agrawal then announced that Musk would be appointed to the company&rsquo;s board, an invite which Musk rejected.
Instead, on April 14, Elon Musk offered to buy Twitter outright, in an all-cash deal worth $43.4 billion.
Twitter was however, less effusive in its praise for Musk. Twitter went on the defensive, deploying a &lsquo;poison pill&rsquo; strategy, which would flood the market with newly created stock and make the takeover prohibitively expensive, even for the world&rsquo;s richest man.
On April 24, Twitter&rsquo;s board held discussions with Musk, wherein they seriously considered his offer. The discussions continued well into the next day, and the $44 billion deal was sealed on April 25.
Also Read:&nbsp;<a href="https://www.editorji.com/story/twitter-top-lawyer-cries-at-meeting-about-elon-musk-s-takeover-1651040316105" target="_blank">Twitter top lawyer cries at meeting about Elon Musk's takeover</a>
Under Musk, what next for Twitter?
Once Elon Musk takes over as owner, things are set to change.
Twitter, which is currently a publicly listed company, will turn private, and stockholders will receive $54.20 in cash for each share of Twitter common stock that they own.
Musk has, in the past, criticised Twitter for lacking features, which he may now work to add.
Among these has been the "edit Tweet" button, which Twitter users have long clamoured for. He has also called for the company&rsquo;s algorithm, which controls what content people see, to be made transparent and open source. He has also promised to &lsquo;defeat spam bots&rsquo;, authenticate all real human users, and combat cryptocurrency scams.
Elon Musk has regularly criticised Twitter for its alleged lack of adherence to free speech principles. In a statement announcing the deal, he refers to the platform as the &ldquo;the digital town square where matters vital to the future of humanity are debated&rdquo;. He has tweeted saying that wants even his worst critics to remain on Twitter.
Who will lead Twitter now?
While it is not clear who will lead the social media giant moving forward, but it looks like the end of the road for CEO Parag Agrawal, who took over from co-founder and former boss Jack Dorsey last November. According to a report by research firm Equilar, Parag Agrawal will get paid $42mn is he's sacked as CEO within 12 months of being appointed.
Also Read:&nbsp;<a href="https://www.editorji.com/story/elon-musk-to-buy-twitter-where-is-the-cash-coming-from-1650939316881" target="_blank">Elon Musk to buy Twitter; where is the cash coming from</a>
Twitter takeover: Opinion divided
Former Twitter CEO and founder Jack Dorsey has expressed cautious enthusiasm over the takeover, saying that he trusts Elon Musk to &lsquo;extend the light of consciousness&rsquo;.
But opinion is clearly divided.
Musk's fellow space enthusiast &amp; Amazon founder Jeff Bezos couldn't let the opportunity slide. He chimed in, flagging a post by a New York Times reporter who pointed to connections between Tesla and the Chinese government.
Many are not enthusiastic about Twitter&rsquo;s content moderation policy being under Musk's control, who calls himself a &lsquo;free speech absolutist&rsquo;.
Human rights organisation Amnesty International has expressed concern with any steps that Twitter might take to erode enforcement of the policies and mechanisms designed to protect users.
Some users have already threatened to quit the platform, among them British actor Jameela Jamil, who says she fears the new focus on free speech would help Twitter reach its &lsquo;final form of totally lawless hate, bigotry, and misogyny&rsquo;.
However, Republicans in the United States are already calling for former President Donald Trump be reinstated on the platform.
Elon Musk has, in the past, said that he would prefer &lsquo;timeouts&rsquo; over permanent bans as punitive measures for those who violate Twitter&rsquo;s policies.
Trump, on his part, has said he will not return to Twitter
Also Read:&nbsp;<a href="https://www.editorji.com/story/elon-musk-s-trinity-twitter-tesla-and-spacex-but-there-is-boring-and-neuralink-too-1650954512114" target="_blank">Elon Musk's Trinity: Twitter, Tesla and SpaceX, but there is Boring and Neuralink too</a>
Twitter users, on the other hand, are wasting no time in mining the whole situation for meme gold.
Some suggested that Musk could have just downloaded Twitter for free off the app store, instead of buying it for $44 billion, while others posted about Elon finally setting the caged bird free.
Many have pointed out Musk&rsquo;s free-wheeling approach to posting on his own Twitter profile, where he has been known to post irreverent memes, the latest comparing Bill Gates to the pregnancy emoji.
Whatever one may feel about Elon Musk&rsquo;s takeover of Twitter, one thing is for sure: the winds of change are afoot for one of the world&rsquo;s largest social networks.

Here's why Jack Dorsey-Elon Musk's are arguing over Birdwatch 

Here's why Jack Dorsey & Elon Musk are arguing on Twitter

Dorsey said he finds Birdwatch as a far better and informative name, contradicting Musk’s assertion that Twitter would become the most accurate source of information via Community notes.

Dorsey said he finds Birdwatch as a far better and informative name, contradicting Musk&rsquo;s assertion that Twitter would become the most accurate source of information via Community notes.

A war of words ensued between the former Twitter CEO Jack Dorsey and new boss Elon Musk over renaming of Birdwatch to Community Notes.
Birdwatch is a community-driven feature by Twitter that largely deals with misinformation and adds helpful context to tweets.
Dorsey said Birdwatch is a far better and informative name, as Musk asserted that Twitter would become the most accurate source of information via Community Notes.
The former Twitter CEO reiterated his pitch for Birdwatch underlining that Community Notes was the most boring name ever. Musk retorted that not everything needs to have a bird in name as he made a reference to Angry Birds.
The outburst has emerged amid the social media giant sacking thousands of its employees after Musk took over as the new boss.
Earlier, Dorsey had apologised for the lay-offs taking full reponsibility for employees' situation.
Twitter, however, has reportedly called back some of its sacked employees saying they were asked to leave 'by mistake.'
Also watch: <a href="https://www.editorji.com/tech-news/twitter-to-suspend-accounts-that-impersonate-others-1667802381634">Twitter to suspend accounts that impersonate others</a>

Jack Dorsey, who founded Twitter in 2006, stepped down as director in May this year after resigning as its chief executive officers in 2021. 

Amid mass lay offs at Twitter, an apology from founder Jack Dorsey

Twitter founder Jack Dorsey has apologised to all employees 'past and present' as the social media giant now helmed my Elon Musk fired 50% of its work force as part of major overhaul in the first week of take over. 

Jack Dorsey, who founded Twitter in 2006, stepped down as director in May this year after resigning as its chief executive officers in 2021.&nbsp;

Twitter founder Jack Dorsey has apologised to all employees 'past and present' as the social media giant now helmed my Elon Musk fired 50% of its work force.&nbsp;
'Folks at Twitter past and present are strong and resilient. They will always find a way no matter how difficult the moment. I realize many are angry with me. I own the responsibility for why everyone is in this situation: I grew the company size too quickly. I apologize for that,' Dorsey tweeted.&nbsp;
'I am grateful for, and love, everyone who has ever worked on Twitter. I don't expect that to be mutual in this moment...or ever&hellip;and I understand,' he added.&nbsp;
Jack Dorsey, who founded Twitter in 2006, stepped down as director in May this year after resigning as its chief executive officers in 2021.&nbsp;
Twitter sacked half of its 7,500-strong staff on Friday as new owner Elon Musk launched his major overhaul of the troubled company just a week after his blockbuster takeover.
Also Watch| <a href="https://www.editorji.com/world-news/twitter-s-blue-check-subscription-for-7-99-month-to-soon-go-live-in-select-countries-1667723328829">Twitter's blue check subscription for $7.99/month to soon go live in select countries</a>
Workers around the world were shown the door and took to Twitter to vent their frustration or disbelief and say goodbye to one of Silicon Valley's most iconic companies.
"Regarding Twitter's reduction in force, unfortunately there is no choice when the company is losing over $4M/day," Musk tweeted Friday evening in his first comment on the subject, 24 hours after the company's initial email notifying employees of forthcoming layoffs.
Ahead of the layoffs, Twitter closed access to its offices worldwide, asking employees to stay at home to await news of their fate through an email.
The cull is part of Musk's push to find ways to pay for the mammoth $44 billion deal for which he took on billions of dollars in debt and sold $15.5 billion worth of shares in Tesla, his electric car company.
(with inputs from AFP)

A series of alleged conversations between the Tesla CEO and top Twitter executives – founder and former CEO Jack Dorsey, former CEO Parag Agrawal and Bret Taylor- chair of Twitter’s board of directors has appeared online.


Tesla CEO Elon Musk's old chat with Jack Dorsey and Parag Agarwal surface online

The old chat and messages have been shared by Internal Tech Emails on Twitter. The thread shows dates on the conversations which apparently took place in April this year.

Days after Tesla CEO Elon Musk officially took over Twitter and fired executives, a series of alleged chats between Musk, former Twitter CEO and co-founder Jack Dorsey and former CEO Parag Agrawal have surfaced online.&nbsp;
The old chat and messages have been shared by Internal Tech Emails on Twitter. The thread shows dates on the conversations which apparently took place in April this year.
&nbsp;
<blockquote class="twitter-tweet">
Elon Musk texts Parag Agrawal April 7, 2022 <a href="https://t.co/24Nz3aRmR8">pic.twitter.com/24Nz3aRmR8</a>
&mdash; Internal Tech Emails (@TechEmails) <a href="https://twitter.com/TechEmails/status/1585804674170355712?ref_src=twsrc%5Etfw">October 28, 2022</a></blockquote>
&nbsp;
&nbsp;
<blockquote class="twitter-tweet">
Jack Dorsey texts Elon Musk April 26, 2022 <a href="https://t.co/E94fo4sAGA">pic.twitter.com/E94fo4sAGA</a>
&mdash; Internal Tech Emails (@TechEmails) <a href="https://twitter.com/TechEmails/status/1585804677588787200?ref_src=twsrc%5Etfw">October 28, 2022</a></blockquote>
&nbsp;
&nbsp;
<blockquote class="twitter-tweet">
April 26, 2022 <a href="https://t.co/wwvGBZmSwj">pic.twitter.com/wwvGBZmSwj</a>
&mdash; Internal Tech Emails (@TechEmails) <a href="https://twitter.com/TechEmails/status/1585804680495366144?ref_src=twsrc%5Etfw">October 28, 2022</a></blockquote>
&nbsp;
Initially, Musk and Agrawal were trying hard to accomodate each other during conversations, however chat between both of them became sour and conflicting within two days after Musk tweeted "Most of these &ldquo;top&rdquo; accounts tweet rarely and post very little content. Is Twitter dying?" on April 9, along with a list of the top 10 most-followed Twitter accounts. Clearly, Agrawal expressed his displeasure over Musk's comments.&nbsp;
A conversation between Tesla CEO and Jack Dorsey clearly tells how Musk didn't see Agrawal in good light with Dorsey saying that Musk and Agrawal can not work together.&nbsp; It is speculated that Parag Agrawal's fate was sealed after his conversations with Tesla CEO.&nbsp;
ALSO WATCH: <a title="Musk says twitter will form new 'content moderation council'" href="https://www.editorji.com/world-news/musk-says-twitter-will-form-new-content-moderation-council-1667017933846">Musk says twitter will form new 'content moderation council'</a>

Elon Musk vs Twitter has taken a new twist with the world's richest man has now subpoenaed his friend Jack Dorsey, Twitter's former CEO. Musk is attempting to back out of the proposed $44 billion merger agreement and is basing his change of heart based on 'inaccurate information' about bots on Twitter.According to legal filings made public Monday, Musk's attorneys are seeking documents and communications from Dorsey regarding how Twitter detects, labels and counts fake accounts, and how it uses daily active users as a key metric in its financial disclosures. Court filings indicate that Dorsey accepted the service of the subpoena. The five-day trial between Twitter and Musk is scheduled to kick off in October.Dorsey and Musk have a long billionaire 'bromance' which extends well into the cryptic world of crypto. In fact Dorsey initially signaled that he was supportive of Musk taking over the company he cofounded. "In principle, I don't believe anyone should own or run Twitter," Dorsey tweeted in April. "Solving for the problem of it being a company however, Elon is the singular solution I trust. I trust his mission to extend the light of consciousness."According to legal filings made public Monday, Musk's attorneys are seeking documents and communications from Dorsey regarding how Twitter detects, labels and counts fake accounts, and how it uses daily active users as a key metric in its financial disclosures.

Elon Musk subpoenas former Twitter CEO & friend Jack Dorsey

Twitter bot battle: Elon Musk drags former CEO Jack Dorsey to court

Why is Jack Dorsey being subpeoned by Elon Musk

Twitter is suing Musk in Delaware Chancery Court to make him follow through on an agreement to buy Twitter for $44 billion

Elon Musk vs Twitter has taken a new twist with the world's richest man has now subpoenaed his friend Jack Dorsey, Twitter's former CEO. Musk is attempting to back out of the proposed $44 billion merger agreement and is basing his change of heart based on 'inaccurate information' about bots on Twitter. According to legal filings made public Monday, Musk's attorneys are seeking documents and communications from Dorsey regarding how Twitter detects, labels and counts fake accounts, and how it uses daily active users as a key metric in its financial disclosures. Court filings indicate that Dorsey accepted the service of the subpoena. The five-day trial between Twitter and Musk is scheduled to kick off in October. Dorsey and <a href="https://www.editorji.com/business-news/why-did-elon-musk-sell-6-9-bn-worth-of-tesla-shares-1660103849558">Elon Musk</a> have a long billionaire 'bromance' which extends well into the cryptic world of crypto. In fact Dorsey initially signaled that he was supportive of Musk taking over the company he cofounded. "In principle, I don't believe anyone should own or run Twitter," Dorsey tweeted in April. "Solving for the problem of it being a company however, Elon is the singular solution I trust. I trust his mission to extend the light of consciousness." According to legal filings made public Monday, Musk's attorneys are seeking documents and communications from Dorsey regarding how Twitter detects, labels and counts fake accounts, and how it uses daily active users as a key metric in its financial disclosures.
Read More:- <a href="https://www.editorji.com/business-news/why-did-elon-musk-sell-6-9-bn-worth-of-tesla-shares-1660103849558">Why did Elon Musk sell $6.9 bn worth of Tesla shares?</a>

Jack Dorsey's NFT of his first-ever tweet, which was sold for $2.9 million last year, is now worth just $280.
Crypto entrepreneur Sina Estavi bought Twitter founder Jack Dorsey’s first-ever tweet as an NFT for $2.9 million in March 2021. He listed the NFT for sale again at $48 million last week.
However, the auction closed Wednesday, with just seven total offers ranging from 0.09 ETH ($277 at current prices) to 0.0019 ETH (almost $6).
Last Thursday, he announced on Twitter that he wished to sell the NFT, and pledged 50% of its proceeds (which he thought would exceed $25 million) to charity. 

Jack Dorsey's first tweet NFT value dropped from $2.9 million to just $280

Jack Dorsey's NFT of his first-ever tweet, which was sold for $2.9 million last year, is now worth just $280.

NFT value drops from $2.9 million to $280

Crypto entrepreneur Sina Estavi&nbsp;listed the NFT&nbsp;of Jack Dorsey's first-ever tweet&nbsp;for sale again at $48 million last week.

Jack Dorsey's NFT of his first-ever tweet, which was sold for $2.9 million last year, is now worth just $280. Also read/watch|&nbsp;<a title="Amazon adds 5% 'fuel and inflation surcharge' to seller fees" href="https://www.editorji.com/business-news/amazon-adds-5-fuel-and-inflation-surcharge-to-seller-fees-1649924047970">Amazon adds 5% 'fuel and inflation surcharge' to seller fees</a>
Crypto entrepreneur Sina Estavi bought Twitter founder Jack Dorsey&rsquo;s first-ever tweet as an NFT for $2.9 million in March 2021. He listed the NFT for sale again at $48 million last week.
However,&nbsp;the auction&nbsp;closed Wednesday, with just seven total offers ranging from 0.09 ETH ($277 at current prices) to 0.0019 ETH (almost $6).
Also read/watch|<a title="&nbsp;EV Fire: NITI Aayog chief Amitabh Kant asks manufacturers to recall" href="https://www.editorji.com/business-news/ev-fire-niti-aayog-chief-amitabh-kant-asks-manufacturers-to-recall-1649928473318">&nbsp;EV Fire: NITI Aayog chief Amitabh Kant asks manufacturers to recall</a>
Last Thursday, he&nbsp;announced&nbsp;on Twitter that he wished to sell the NFT, and pledged 50% of its proceeds (which he thought would exceed $25 million) to charity.&nbsp;

According to reports, Twitter CEO Jack Dorsey has declined to appear before the Parliamentary Panel of Information Technology scheduled for February 25th to discuss growing concerns about the misuse of social media platforms ahead of the upcoming Lok Sabha elections. Instead of CEO Jack Dorsey, Twitter's head of public policy Colin Crowell will be the attending the Parliamentary Panel

jack dorsey

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