Tag Archives: Elon Musk

One post can determine your future – Building your company’s reputation

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Few Polish businesses have a plan for managing and enhancing their reputations. Western European companies, on the other hand, do it in a more planned and deliberate manner. Furthermore, especially in today’s digital age, businesses interact through various platforms, which presents several obstacles to consistency and efficiency in communication.

Reputation – an important part of Management

Up to 90% of a company’s market value may come from its reputation. Although a good reputation takes years to build and can be lost in an instant, most companies in Poland only react when a crisis occurs. A strong business reputation leads to superior financial outcomes, client loyalty, and image-building. Reputation is frequently exclusively connected with an organization’s outward appearance, but the image is more about “What do our customers think of us?”. Although superficial, appearance does not accurately represent reputation.

Reputation management has evolved over the years. Today, reputation building is heavily influenced by social media and the internet. For instance, according to research from the Pew Research Center, 91% of individuals trust what they read and see in search results, which is why many companies aim to build a good image in Google’s search results.

The way companies operate can be divided into two types:

Some companies are proactive. In order to improve their image and provide value to their surroundings, they work on image initiatives. They also maintain good communication with the company’s stakeholders and are open to hearing other people’s thoughts. These businesses are frequently quite active on social media, especially professional networks like LinkedIn or Twitter and conventional media. In addition, they take care of their image on the search engine, which is as essential a medium today as Facebook or YouTube. The second category consists of businesses prioritizing protecting their reputations above enhancing them, primarily by keeping an eye on the environment and reducing risks.

A strong reputation means more significant success in the business field and success in achieving goals. Additionally, it translates into stronger client loyalty, dedication, and crisis resilience for the business. Employer image is unquestionably the third factor. After all, we are more likely to submit applications to companies with solid reputations.

Trust is essential to developing an organization’s market position, both from consumers and staff members and partner businesses. It is one of the most critical factors in establishing an organization’s market position, particularly in the era of social media, where one post may define your company’s destiny. According to research presented in ” Managing Your Company’s Most Valuable Asset: Its Reputation,” a company’s reputation is thought to contribute anywhere between 20 and 90% of its market value.

According to the ASAP CARE 24 agency’s report, 23% of internet users interact with brands on social media, and a similar percentage regularly follow brand profiles there. The opinions they discover on these platforms significantly impact consumers’ decisions to purchase products.

However, hackers may quickly access social media platforms and the posted content. It is also harder to respond promptly to hate speech that is not on the record. Therefore, the only things that can prevent a catastrophe are a set strategy and a consistent social media presence. Fake news, however, poses a serious problem since it is so prevalent online.

Such an occurrence has happened recently to many companies after Elon Musk took over Twitter and implemented a paid coveted blue check subscription. As a result, impersonation accounts of well-known people and businesses quickly flooded the platform. Eli Lilly, one of the country’s largest insulin suppliers, was one of the businesses that suffered the most from the increase in fake accounts, with billions of dollars being wiped off its stock due to controversial tweets from impersonation accounts. The Washington Post reported that Eli Lilly saw its stock value fall by more than 4%, or $15 billion, after a fake account using Musk’s verification system tweeted: “We are excited to announce insulin is now free.” The company’s executives had to order a halt to all Twitter ad campaigns. Additionally, they suspended their global corporate accounts’ Twitter publishing schedule.

It is difficult to get out of such situations. Once a fake is released, it is challenging to take it back. That’s why we have to keep in mind that everything we do on the internet is being reflected on society or the social group we are part of and that on the internet, nothing ever disappears completely.

Resources:

https://www.pulshr.pl/employer-branding/reputacja-firmy-budujemy-ja-dlugo-a-zniszczyc-mozna-jednym-wydarzeniem,68378.html

https://www.reputationsciences.com/managing-your-corporate-reputation/

https://www.dailymail.co.uk/news/article-11430355/Musk-warned-Twitters-Trust-Safety-team-AGAINST-8-month-blue-check-mark-system.html

Fombrun, C & van Riel, C 2004, ‘Managing Your Company’s Most Valuable Asset: Its Reputation’

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Twitter- dying or thriving?

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The acquisition of Twitter by Elon Musk began on April 14 and concluded on October 27. In the first month of his saga, he became the largest shareholder with a 9.1 percent ownership stake. He wrote that he wants to create “a common digital town square”, where everyone can speak freely.

Elon’s actions

In the first two days, an eccentric billionaire took over the company he fired half of the employees including the CEO, CFO, and head of legal policy, trust, and safety. A week after he set an ultimatum for the rest of the employees: either work in a “hardcore environment” or leave. Probably he didn’t expect that the next 1200 employees will resign. It led to the closing of whole departments of the company. The funny thing, in Californian law there is a record that says all formalities regarding employee resignation must be done within 72 hours after it. For Twitter, it was hard to do, because the department which was responsible for this action was closed. The CEO of Tesla scrapped the company’s work-from-home policy, but after those events, he had to temporarily close offices. Everything led to lots of bad press on Elon Musk, the creation of #RIPTwitter, and 4 million dollars lost per day.

Funny paradox

Everyone wants to see Twitter dead and it makes this media source as alive as it never was. The platform now is doing very well, besides the internal problems of the company, they are making all-time highs almost every day. Last week there were 1.6 million daily active users. Moreover, a lot of Elon’s fans are ready to work for free just to help their “hero”. I think that Twitter’s mission is the thing that makes it special. The platform is elevating citizen journalism and by that, they are competing with mainstream media oligopoly, forcing them to be more accurate. There is freedom of speech, but as Elon Musk said, not freedom of reach. It means that negative/ hate tweets will be deboosted. You won’t be able to find them unless you specifically seek them out.

What do you think about Elon’s recent moves? Is Twitter going to die or rather thrive?

Sources:

  1. Elon Musk Considers More Layoffs In Twitter, Weeks After Firing 50% Staff (ndtv.com)
  2. Musk first day owning Twitter leads to havoc and possible hoax (cnbc.com)
  3. Elon Musk (@elonmusk) / Twitter
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Could Twitter Go Bankrupt By Their Yearly $13 Million Food Service?

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Photo illustration of Elon Musk and the blue Twitter bird logo.
Credit: Muhammed Selim Korkutata/Anadolu Agency via Getty

New controversial informations are leaked, after the fresh acquisition of Twitter Inc. by CEO of Tesla, SpaceX, The Boring Company – Elon Musk

Because of his well known leadership, managing, and very harsh working conditions new contradictions are coming out to the light of the day concerning the new order set up in Twitter San Francisco HQ.

After firing top managers and workers of Twitter Inc. Elon Musk now raised an issue about Twitter’s big expenditure on employees’ lunches. It is stated that Twitter is spending $13 million on food service every year. Ms Tracy Hawkins, a former VP of Work transformation, who ran a food program, stated that Twitter spent between $20-$25 a day per person, so that they can work properly throughout the whole day. She also stated that attendance rate was ranging between 20-50% in offices.

There is a lot of controversy and hate directed to Elon Musk, for taking away ‘free’ food from workers, and forcing them to pay for it. Many people resigned from the jobs right after Twitter Inc. was taken over.

However, I personally do not agree with those statements. Even though Mr. Musk is known for squeezing last juices of their workers, while saving as much as possible, I find his activities very appropriate. During 2021, Twitter generated a revenue of $5 billion, which was an increase of +35% comparing to year 2020 – it was mainly a revenue from advertising. Even though Twitter generated such great revenue, it reported a net loss of $221 million. In 2020 the amount of loss Twitter generated was $1.1 billion.

Twitter’s net income from 1st quarter 2012 to 2nd quarter 2022 (in million U.S. dollars)

The real question is….. Isn’t it better to cut unnecessary costs and make such big and good platform actually profitable and successful? In my personal opinion, the approach of Elon Musk is just the right path of accomplishing this goal. Of course, serving a free food in San Francisco HQ most likely was great for the workers, very ethical, as well as it probably gave them an energy to work, which was then put on an overall performance of the company. However, the attendance rate, which former VP mentioned was around 20-50% in reality – was just below 10% (25% was at its highest). Here is Musks response:

It is said that many Twitter workers just prefer to work remotely, which makes the HQ food service even more useless. I highly agree with Musks response, as his reaction to the whole situation. By reducing the food service in Twitter’s San Francisco HQ, the company will not only reduce the amount of wasted food, but moreover, save a lot of money, which could be invested into further development of the company as well as decrease the final loss (and maybe eventually make Twitter Inc. a profitable company longterm).

Evaluating, I think that without Elon Musk and his acquisition, Twitter Inc. could possibly go bankrupt in future, with such losses, which were noted more years than profits. Also, charging workers for food service may bring additional revenue, which the can be invested into lots of other sectors of the company.

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Thank you for reading through this article, before going, I have a few questions which I would love you to answer! Leave a comment and let me know your point of view on that!

  1. What is your opinion on this whole situation?
  2. Should a company such as Twitter Inc. provide free food service to their customers?
  3. How will you see the future of Twitter under Elon Musks’ ownership?

sources:

https://www.ndtv.com/world-news/elon-musk-says-twitter-spends-13-million-every-year-on-food-service-at-its-headquarters-3517594

https://www.statista.com/statistics/299119/twitter-net-income-quarterly/

https://www.businessofapps.com/data/twitter-statistics/

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Twitter and how Elon Musk trolls everyone

Reading Time: < 1 minute

It’s only been a week since the most powerful person in the world bought Twitter, so what’s happened in that time in the bird’s nest?

Let’s start with the fact that all famous personalities who were blocked for various reasons got access to their accounts, which meant that the new head of the company decided to fight against permanent blocking on Twitter. Moreover, he canceled almost the entire set of prohibited content, including racist and homophobic words. The most incomprehensible thing that has happened since Musk’s acquisition of Twitter is the dismissal of a considerable part of the employees, while now he intends to return some of them for the reason that for the upcoming update of the social network

The community had mixed reviews about this, many began to call Twitter the second Reddit with their toxic content, others believe that the social network has returned the concept of free speech. Now everyone is waiting for further actions of the new director. It is already known that Musk plans to revive the long-forgotten “Vine” and make Twitter the most reliable source of information, but it is not clear how this will be implemented.

Sources:
Wired.com
Youtube.com
Reddit.com
Twitter.com
TheGuardian.com

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With the acquisition of Twitter, Elon Musk excites the crypto markets more and is full of ideas to integrate the blockchain into Twitter more strongly.

Reading Time: 2 minutes
Elon Musk pushes Dogecoin up 20% with  tweet of Tesla accepting the meme coin  
https://nairametrics.com/2022/10/30/dogecoin-gains-126-in-one-week-as-musk-buys-twitter/

Well, let’s start as everyone knows, recently Elon Musk became the official owner of Twitter. As we can see, Elon Musk is wasting no time and is trying to implement a blockchain system on Twitter in the near future, and Bloomberg analysts believe that this will happen.

So,against the backdrop of these news the “meme” currency dogecoin (dogecoins), which Musk has long supported for a long time (he even called himself “Dogefather”), and which, according to his negotiations with colleagues, he even planned to use on Twitter to pay for reposts and comments, as result already gone up sharply in price.We can notice over the past five days, the dogecoin (DOGE) rate has grown by 83%, however, then it slightly decreased as part of the correction.

So, in a discussion with The Boring Company President Steve Davis, Musk said that “my plan B is a blockchain version of Twitter, in which transactions are built into the commenting system. The user will pay… let’s say 0.1 DOGE for each repost or comment.” Later, however, Elon Musk admitted that the plan was not feasible, but the course of his thoughts was generally clear.

However, you need to understand long before the acquisition of Twitter by Musk, Twitter was still consciously developing its crypto direction and Twitter even created a dedicated Twitter Crypto department.Earlier, under the leadership of Jack Dorsey, Twitter took steps to integrate blockchain technology into this social network – for example, the ability to accept tips in Bitcoins, Ethereum, NFT and the USDC digital dollar was introduced.

In general, Elon Musk is not the first time integrating cryptosystems into his companies. Let me remind you that in May 2021, Tesla offered the opportunity to pay for electric cars with bitcoins, but two months later the project was curtailed. However, from January 14, 2022, the company introduced payment in dogecoin cryptocurrency for Tesla merch. So, currently, you can buy a whistle in the form of the expected Cybertruck SUV with meme-coins. Previously, you could also buy a Tesla logo buckle and a Tesla Cyberquad for kids.

We should also note that one of the co-investors in the purchase of Twitter was the Binance crypto exchange, which, according to some information, has already created a special department whose task will be to study the use of cryptocurrencies in the Twitter social network.

So let’s wait, what will be the consequences of Elon Musk’s decision to strengthen crypto integration on Twitter, as well as cooperation with Binance, and what will they achieve together?

Sources:

https://www.bloomberg.com/news/articles/2022-10-29/how-elon-musk-can-add-crypto-nft-transactions-on-twitter?leadSource=uverify%20wall

https://www.analyticsinsight.net/everything-elon-musk-has-said-about-dogecoin-twitter/

https://www.tesla.com/support/dogecoin

https://www.reuters.com/technology/crypto-exchange-binance-musks-co-investor-help-twitter-with-blockchain-2022-10-28/

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Elon Musk investigated by feds because of $44 Billion Twitter deal

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Credit: Britta Pedersen / Getty Images

New informations are shared about Elon Musk and his $44 billion takeover deal of Twitter Inc.

CEO & founder of Tesla Inc. has been sued after cancelling his Twitter Inc. purchase. He proposed a price of $54.20 per share back in April, which he now has to fulfill, as Twitter’s lawsuit made in July forces Mr. Musk to close his deal with a proposed price per share.

Because of Elon Musks’ decision, Tesla shares decreased significantly, as CEO of Tesla sold around 9 billion$ of company’s shares, as a portion of money which would be used to finalize the deal.

It is said that Musks’ lawyers refused to hand over documents to Twitter, which they reffered to as a “investigative privilege“.

After few months, in September, all documents have been handed in – including a specific “drafts of a 13 May email to the US Securities and Exchange Commission (SEC) – the American regulator which enforces the law against market manipulation.” as BBC news article states. There were also documents handed to FTC – Federal Trade Comission (which mission is to promote “antitrust law and consumer protection”).

However, Alex Spiro, who is Elon Musks’ attorney, stated that “Twitter’s court filing was a “misdirection“.”

He stated that “It is Twitter’s executives that are under federal investigation” which suggests that it is not about Elon Musk. After the statement, Twitter Inc. did not wanted to leave a comment.

Eventually, Elon Musk decided to get back with continuing and finalizing the deal. In early October, Twitter’s shares increased from ~42$ per share, to 52$, which is equivalent to 23% – as a result of Musks’ decision.

Thank you for reading through this article. Let me know in the comments if you think this whole ”Twitter vs. Musk” deal is a set-up or just a speculation? Also, are you on a side of Elon Musk or Twitter as a whole company? How would you like this whole situation to finish?

Sources:

https://www.marketwatch.com/investing/stock/twtr/charts?mod=mw_quote_advanced

https://www.bbc.com/news/technology-63254883

https://www.reuters.com/markets/deals/elon-musk-under-federal-investigation-tied-twitter-deal-twitter-court-filing-2022-10-13/

https://www.bloomberg.com/news/articles/2022-10-04/musk-proposes-to-proceed-with-twitter-deal-at-54-20-a-share

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At last, Elon Musk’s offer to buy Twitter has been accepted

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What Twitter employees are saying about Elon Musk - The Verge
Illustration by Kristen Radtke / The Verge; Getty Images

The $44 billion offer was made by Elon Musk to acquire Twitter. This deal has been made after the released information that Elon bought 9.4% of Twitter shares before. On the 14th of April, Elon has proposed a deal to buyout Twitter as a whole and take it private. On Monday, 26th of April, Twitter agreed to the deal for Elon to buy the company at the price of $54.20 per share, which is 38% higher since it’s been revealed that Musk is trying to buy it out.

Elon Musk to buy Twitter in $44 billion deal - CNN
https://edition.cnn.com/2022/04/25/tech/elon-musk-twitter-sale-agreement/index.html

The famous Tesla CEO, has been a very, very active Twitter user in the past. There are numerous infamous tweets made by Elon, which disrupted our society in many ways. From changing prices of stocks, crypto and “normal currencies, to creating a huge scandals over his controversial short sentances sent to his 83-million follower group. To say that he has been influential for the platform is an understatement. Elon is ensuring that he has great plans for Twitter, and all of them revolve around the freedom of speech. Supposedly, Elon wants to

“make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans. Even my worst critics remain on Twitter, because that is what free speech means.”

The changes that are coming will certainly have a big impact on all of us. The question is, what kind of impact – what kind of consequences will it have? Personally, I think that the plan to take down of bots is great. Bots are one of the main reasons for me to not use twitter. Also, if Elon’s plan to ensure freedom of speech, while increasing trust and defeating spam and misinformation will work out, twitter, for the first time could be taken seriously as a medium fo information for the public.

What do You think? How do you see it and what consequences this deal can have for all of us? Let me know in the comments below!

Resources:

https://www.nytimes.com/live/2022/04/25/business/elon-musk-twitter

https://edition.cnn.com/2022/04/25/tech/elon-musk-twitter-sale-agreement/index.html

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Elon Musk Will Not Join Twitter’s Board

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Jeff Bezos responds to Elon Musk's poll asking if Twitter HQ should be  converted into homeless shelter | Fox Business

Elon Musk, the world’s wealthiest man and the biggest shareholder of Twitter, will no longer join the social media service’s board of directors, the company said late Sunday. On Tuesday, Twitter announced that the billionaire would be appointed to its 11-person board for a term that expires in 2024. The invitation to join the board followed Mr. Musk’s accumulating a 9.2 percent stake in the company, making him its largest shareholder. 

However, Parag Agrawal, Twitter’s chief executive, tweeted late Sunday that the situation had changed. On Saturday morning, Mr. Musk — who is a heavy Twitter user with more than 81 million followers — told the company he would no longer become a board member, Mr. Agrawal said.

By not joining Twitter’s board, Mr. Musk will also no longer be bound by a previous agreement he had signed with the company. Under a “standstill” agreement last week, he had pledged not to purchase more than 14.9 percent of Twitter’s stock and not to take over the company. That suggests Mr. Musk could now keep adding to his stake in the company.

When Twitter revealed in an S.E.C. filing on Monday that Mr. Musk had bought the stake in the company, the news was greeted with fanfare. As a prolific Twitter user, Mr. Musk’s investment appeared to be a vote of confidence in the company, sending its stock soaring that day by more than 25 percent.

Mr. Musk’s purchases of Twitter stock also came at a delicate time for the company. Twitter has been going through a transition since Jack Dorsey, a company founder, stepped down as chief executive last year. Mr. Agrawal, the chief technology officer, was appointed in his place.

References:

https://twitter.com/elonmusk

https://twitter.com/paraga

https://www.ft.com/content/13b749d5-9434-4a07-88e3-92eb42eeb749

https://www.nytimes.com/section/technology

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Elon Musk Becomes Twitter’s Biggest Shareholder

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Just over a week before “giving serious thought” to building his own social media platform, Elon Musk went on to become the biggest Twitter shareholder through an acquisition of a 9.2% stake in the social media platform.

Following this acquisition Musk has stated he plans to answer questions some of the employees may have following this acquisition, and intends work on resolving freedom of speech problems present on the platform. Additionally on the 5th of April Twitter CEO, Parag Agrawal, announced that Musk has been appointed on the board of directors, and expressed his excitement to working together to improve the platform.

A frequent request from Twitter users over the years has been for an edit feature to be added to Twitter. Following the acquisition of his stake Musk launched a poll raising the question whether or not such feature such be added, following over 4.4m votes, 73.6% voted in favour. Before its conclusion Agrawal responded to the poll saying the consequences will be crucial, and to vote carefully, showing that Musk’s actions already hold some weight.

It’ll be interesting to see where this combination takes both of these parties as these are still the early stages of his involvement, and what the long term plan is for Musk following what seems to be a u-turn on his thoughts of starting his own social media platform, which the poor performance of Parler and Trump’s Truth Social may have made him reconsider. Let’s also see how this works out for Twitter in the long run, as the news increased its valuation, but as seen before with Tesla, a single Tweet from Musk can cause the market to change quickly.

Sources:

https://www.bbc.com/news/technology-60995694

https://www.ft.com/content/9db0403f-f6d1-45dc-89a8-f80da924cbe1

https://www.bloomberg.com/news/videos/2022-04-06/is-elon-musk-s-plan-for-twitter-speculative-investing-video

https://www.cnbc.com/2022/04/05/elon-musks-9percent-stake-in-twitter-and-board-seat-heres-what-it-means.html

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Should Elon Musk create a new social media platform?

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This guy has already influenced the prices of stocks and crypto by just using Twitter. An example is when Elon Musk tweeted in November 2021 to ask his followers whether he should sell his 10% of Tesla stock or not — this made Tesla’s stock fall. Now, according to the U.S. Securities and Exchange Commission agreement, Musk’s tweets about Tesla will remain a valid subject for a government investigation. Also, Tesla will need to pay $40 million to investors who lost money due to his posts.

Taking that into account, Elon claims that Twitter is doing a bad job in promoting freedom of speech, which is one of the core ideas behind democracy. He tweeted about that in March, and finally asked his audience whether a new SM platform is needed, and finally stated that he is “giving a serious thought” to building a social media platform with an open-source algorithm, with minimized misinformation and propaganda and freedom of speech as a priority.

Well, there are already platforms like Rumble, Parler, and Gettr that want to discourage people from Facebook, Twitter, or TikTok. Even Donald Trump has opened his SM platform called “Truth Social”. But a new social media focused on fighting propaganda, on which everyone could share their opinion… Sounds utopic, right? One can easily say that they are going to create a platform for freedom of speech, but it might be extremely difficult to assure this and prevent it to be a base of malicious content. Also, platforms like this are considered to struggle with attracting new users, investors, and advertisers because of having users having extreme or highly politicized views.

On one hand, social media should be a place for sharing any kind of ideas and opinions freely. On the other hand, Elon’s Twitter activity often influences stuff from outside of Twitter (e.g., stocks or crypto). The effect of social media on the financial market and politics is serious and still not fully explored, so SM platforms reduce the risk of unknown influence by censoring the content of people like Elon or Trump.

The question remains unanswered — Should governments and platform owners limit content having effect on economics and politics, or should ideas and views be always accepted no matter what their influence is?

Sources:

https://www.bloomberg.com/news/articles/2022-03-27/musk-gives-serious-thought-to-creating-social-media-platform

https://www.reuters.com/technology/elon-musk-giving-serious-thought-build-new-social-media-platform-2022-03-27/

https://www.cnbc.com/2021/11/08/tesla-slides-5percent-after-elon-musk-asks-twitter-if-he-should-sell-stock.html

https://www.cnbc.com/2022/03/28/elon-musk-says-hes-considering-building-a-new-social-media-platform.html

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