Neuralink Musk accused of killing over 1500 animals in experiments

8 February 2023

Neuralink Musk accused of killing over 1500 animals in experiments

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Elon Musk’s Neuralink, which wants to plant chips in people’s brains, giving us a direct connection to various devices, is under federal investigation in the United States due to possible massacres and violations of animal rights. All of this comes amid complaints from company employees that testing on pigs, sheep and monkeys is being carried out in a hurry, leading to unnecessary suffering and death.

In February 2021, the company was able to successfully implant a chip into a monkey that allows it to play video games with its mind. And in August 2020, she held the first presentation on piglets. Now we can hear signals from the pig’s brain in real time, isn’t it funny? The monkey moves the cursor! But few people know about the horrors that happen behind closed doors. Experiments reminiscent of Josef Mengele’s worst tests in 1943.But was it all justified?

All this, of course, is justified by a good purpose!Neuralink Corp’s goal is to develop a special brain implant that the company hopes can help paralyzed people walk again and cure other neurological conditions.But the FBI and the US Department of Agriculture have been seriously investigating the activities of the organization for six months. According to them, the way researchers treat their test subjects during tests violates the Animal Welfare Act.

Reporters from Reuters, CNN and other outlets obtained Neuralink’s internal documents and conducted interviews with more than 20 current and former employees. According to them, the number of failed tests is off scale, and they are often repeated over and over again, even if the previous experience was a failure. And Elon Musk urges them to experiment faster, which causes even more errors in the process.

When it became known in February that 15 of the 23 monkeys that had chips and electrodes in their brains died themselves or were sent for euthanasia, it caused quite a scandal. Various animal welfare groups have filed a series of lawsuits against Neuralink, which Musk’s lawyers are now fighting off.

But now it turns out that the company has already killed more than 1,500 animals. Including about 280 sheep, pigs and monkeys since 2018, as well as more than a thousand rats and mice. Reuters sources said the figure is rough and could be “many times higher” because the company does not keep accurate records of the number of animals tested and slaughtered.

In fact, almost every creature that had a Neuralink inserted ended up being euthanized. True, such a high number of deaths does not necessarily indicate that the company is violating the rules or standard research practice. Animal protection laws do not specify a specific number – how many living creatures can be killed to achieve an effect. What’s more, scientists are even allowed to kill animals themselves when they’re done with experiments, because it’s often necessary to properly investigate them posthumously.

But the law prohibits the “senseless” and “unjustified” death of living beings. And current and former employees of Neuralink say that the number of euthanasia they have is many times higher than it could be. Mostly because of Elon Musk’s demands to speed up research.

Strong contender

At least four Neuralink tests involving 86 pigs and two monkeys have been tainted by human error in the past year. These errors reduced the research value of the experiments—in fact, rendered them useless. Therefore, repeated tests were required, which led to the death of even more animals. The reasons are different – an unfinished device, insufficient training of medical staff, fatigue, stress. One small mistake and the animal is finished. In general, all this is familiar to IT specialists: this is the notorious crunch. Neuralink employees work as if they have a project handover in a couple of days, and they have just decided on a framework.

Musk’s impatience with the tests grew because the company, launched in 2016, repeatedly missed the deadlines set and announced by him with hype. At the same time, Neuralink’s competitors have been more successful. For example, Synchron, which was founded in the same 2016. They make the implant with slightly less ambitious goals – solely to alleviate the suffering of people (so it will not work with the brain to play ping-pong with it). But back in 2021, he received approval to start human trials.

Synchron chip vs Elon Musk chip. The first one is much smaller and much easier to insert into the brain

The Synchron device is supposed to allow paralyzed people to text and type, as well as move mechanical arms and legs. The company also conducted animal testing, and according to their internal data unearthed by journalists, only about 80 sheep were killed as part of these studies. Things got to the point that Elon Musk himself turned to Synchron this summer about potential investments in their projects.

What happened to their deal is not clear. But a week ago it became known that the funds of Bill Gates and Jeff Bezos invested in Synchron. They gave the company $75 million — for comparison, Elon Musk alone invested $100 million in Neuralink through 2019. Synchron has 60 employees, Neuralink has more than 300 (and Musk wants 10,000). At the same time, sheep and pigs are dying at Neuralink, and Synchron has already begun testing its brain implant on humans. Her device is in two patients in the States who are now undergoing recovery under the supervision of doctors.

Such successes of the main competitor are pushing Musk to hurry even more.

Meanwhile, Neuralink is already planning to start its human trials with might and main. They haven’t been patient for a long time. In 2019, Musk promised that this would happen by the end of that year. In 2020 – which is no later than 2021. In December 2021, he announced that such experiments would begin in 2022. Well, in order not to break the tradition, a couple of weeks ago, at the same big YouTube event, the company again announced that everything it will happen in 2023. Like, now they are already exactly 6 months from the first human trials, and everything is ready for this. Their goal is to have the first person with Neuralink in their brain by the end of summer 2023, and they will work even faster to get there!

References:

1.https://www.youtube.com/watch?v=rsCul1sp4hQ

2.https://edition.cnn.com/2022/02/17/business/elon-musk-neuralink-animal-cruelty-intl-scli/index.html

3.https://www.reuters.com/technology/musks-neuralink-faces-federal-probe-employee-backlash-over-animal-tests-2022-12-05/

4.https://www.pcrm.org/news/news-releases/physicians-group-files-state-lawsuit-and-federal-complaint-against-uc-davis

5.https://www.businessinsider.com/neuralink-elon-musk-microchips-brains-ai-2021-2?IR=T#an-animal-rights-group-filed-a-complaint-against-neuralink-in-february-2022-over-the-treatment-of-the-monkeys-used-in-its-research-7

6.https://www.bloomberg.com/news/articles/2022-01-20/elon-musk-s-brain-implant-company-is-inching-toward-human-trials

Tagged Elon Musk

29 January 2023

8 Comments

Apps, Business

Internet, law, and the freedom of speech

Reading Time: 2 minutes

Through all the times big corporations like Twitter, Google were immune to the lawsuits against them regarding the content posted on each of their platforms. However, current legal cases are about to change this.

There are always battles between Republicans and Democrats, between right and left about the censorship on the Internet. Nowadays, the regulations of blocking content are not really understandable for a lot of people. Some unharmful posts can be deleted, while disturbing pictures still remain in place. So, the debates about how to make the Internet field not a paradise, but not hell at the same time, are on the stage.

This summer is considered to be decisive for the companies in the US, thus, in the European Union. The aim of the justices is to review all the existing cases and come with the legislations and systems that would prevent people from posting/seeing disturbing content, while still having a freedom of speech.

One of the most recent lawsuits was made against Twitter. Several antisemitic posts were noticed on the platform, that were indented to attack Jewish people and deny the Holocaust. Those posts breaking the law of Germany (from where they were posted) as well as breaking terms and conditions of Twitter. The users of the platform have expressed their feeling of being betrayed by the company after it was bought by Elon Mask.

Why was this post not deleted if it was violating terms and conditions of the platform?

The answer is rather easy. After Elon Mask’s purchase of Twitter, it was announced that the company is going to loosen rules and will stop banning so much of the content. The Campaign Against Antisemitism that was a close partner to the company said that the ‘laws’ of the firm started to fall apart after the shift of the ownership to the billionaire.

So, now we are approaching one of the biggest and most interesting changes when it comes to the censorship not only on platforms mentioned above, but also all over the Internet. A lot of people think that we should still leave space for the freedom of speech, as we want to build strong democracy, however this can threaten people life’s and feeling of safeness on the Internet.

While on the other side, we have the fact that banning ‘inappropriate’ content, can actually be difficult to implement, as there are no strict limitations of what is good or bad. Additionally, that would threaten one of the fundamental rights – the freedom of speech.

To read more about the thought on the topic: https://www.ft.com/content/131c1c6f-7adc-4217-b251-6e7e18570581

Tagged Elon Musk, freedom of speech, law, twitter

17 January 2023

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AI, Devices

Neurochips Synchron VS Elon Musk’s ambitions

Reading Time: 4 minutes

Synchron company became the first developer of brain-computer interfaces, which introduced its Stentrode implant into the head of an American. Now a person who has long lost the ability to move and speak will be able to control a web browser and communicate via email using the power of thought. He became the fifth person in the world with an implanted neurochip.

The new Synchron project was implemented under the guidance of specialists from Mount Sinai West Medical Center. Neurointerventional surgeon Shahram Majidi made an incision in the patient’s neck and inserted a miniature sensor into the brain. Stentrode — a 1.5—inch-long device consisting of wires and electrodes – opened and began to fuse with the outer edges of the blood vessel. According to Majidi, this procedure was very similar to implantation of a coronary stent, so it took only a few minutes.

Electrode matrix Stentrode implanted into a blood vessel inside the skull

When the operation was completed, the sensor was connected via a physical cable to a computing device previously implanted in the patient’s chest. To do this, surgeons have created a “tunnel” for wires and a pocket for the device under the skin — on the same principle as modern pacemakers are installed. After that, the neural interface was activated and connected to the computer. After 48 hours, the patient has already gone home.

ALS, also known as motor neuron disease is a rare but terrible disease: the atrophy of neurons gradually disconnects the periphery of the brain in the form of muscles. What it does to a person can be represented by the example of the most famous patient of this scourge in our time: Stephen Hawking.

The principle of operation of Stentrode is relatively simple. The sensor reads the signals activated by the patient’s brain and transmits it to the device under the skin. The latter interprets the activity and sends a ready-made command via Bluetooth to a computer or smartphone. But how does the cursor move? Here lies some weakness of the current Stentrode model: the choice of a place to press and move the cursor is not carried out by nerve impulses of the brain directly, but by means of a fair “crutch”: an eye tracker, an eye tracking system like the one that was built into the famous Stephen Hawking chair and allowed him, in fact, to work on a computer and communicate online. Only without the neurointerface yet. In this way, the user can switch the tab in the browser, open the email application, type a text and send it to the selected recipient.

And still Synchron managed to get ahead of its main competitor: the ambitious Neuralink of Elon Musk, who promised to start experiments on human volunteers back in 2020, but to this day has not received permission from the FDA. And the procedure itself from Elon Musk’s project looks much bolder, due to a much more extensive system of sensors and electrodes, it is going to allow the patient much more than Stentrode, but at the same time — more brutal. Instead of a neat passage through the incision on the neck, the patient should cut out a part of the skull by means of a robot surgeon, and after a complex automated operation with direct connection of electrodes to the brain, replace it with an electronic unit.

However, this approach has been used for two decades by the Utah Array (BrainGate) technology from Cyberkinetics, which Musk himself calls “something like an instrument of torture.” This technology has already been developed so much that it is used in more than five hundred laboratories around the world. It allows patients to make rather complex movements with electronic limbs by means of electrodes embedded in the motor areas of the brain. It also provides the ability to move the cursor across the screen with an effort of thought, but requires a very complex neurosurgical operation and cumbersome equipment. Plus, it has quite negative consequences for the health of patients (the body rejects too large and roughly embedded electrodes and sensors. Channels overgrow and block contacts).

Synchron CEO Thomas Oxley holds the endovascular matrix of Stentrode electrodes during TED 2022

The company hopes that the devices of the Stantrade series will be able to become the first suitable for use at home, and not only in the walls of a specially equipped laboratory or ward, like BrainGate. And many surgeons will be able to perform it in almost ordinary hospitals, and not specially designed robots, like Elon Musk’s, or a whole team of specialists with the most complex equipment, as in the case of BrainGate.

Resources: https://habr.com/ru/company/ruvds/blog/679652/ https://en.wikipedia.org/wiki/Stephen_Hawking https://www.cnbc.com/2022/12/01/elon-musks-neuralink-makes-big-claims-but-experts-are-skeptical-.html

Tagged Elon Musk, health, innovation

21 December 2022

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Elon Musk relaunches Twitter’s paid blue tick

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Twitter Changes

Ever since Elon Musk took over Twitter at the end of October, he made a lot of changes and controversial decisions. He laid-off around half of the workers and unbanned controversial Twitter users such as rapper Kanye West, former US president Donald Trump and influencer Andrew Tate. In addition, Musk said that Twitter will be deleting accounts that have been inactive for a certain period of time. This caused indignation among those, who have been cherishing the accounts of their loved ones, who have passed away.

The firm was running at a loss for a lenghty period of time so it needed to become profitable. Elon Musk did what most of the companies nowadays do and introduced a paid subscription. He called it TwitterBlue and launched it at the beginning of November, at first it was just a way to “get a blue checkmark, just like celebrities, and politicians you already follow”. Previously blue checkmark was limited only to those, who were verified by twitter meaning that this was their official account. In contrary to what Elon expected, people started abusing it to impersonate brands and famous people. There were even many cases of people impersonating Elon Musk himself leading to spread of misinformation on the platform.

Now it’s back, TwitterBlue in it upgraded form is available for purchase on the web for $8/month or on iOS for $11/month. That’s right, iOS users have to pay extra for absolutely nothing and that’s because of Apple’s 30% in-app purchase tax.

TwitterBlue features

But what do you actually get from this subscription? Here’s the list:

Tweets from verified users will be prioritized, meaning that Twitter will list the tweets and replies from subscribers higher, to help fight scams and spam, as Twitter says
You will see less ads, half of them to be exact, as Elon promised. Many people say thought that this won’t happen due to the impact it would have on Twitter’s ad revenue
TwitterBlue subscribers will have access to posting longer videos and in 1080p quality making uploading videos to Twitter more YouTube-like.
In addition, you will get access to Tweet editing, reader mode and of course, the blue checkmark right beside your account name. But this time, it will only come after your account has been reviewed by twitter

Eligibility criteria for the blue checkmark

The blue checkmark didn’t serve the intended purpose previously, so the Twitter team figured out a way to verify accounts this time:

First of all, an account must have a display name and profile photo
Account has to be older than 90 days, have a confirmed phone number and be active in the past 30 days
Additionally the account must have no recent changes of profile picture, display name or username, otherwise the account has to be verified again
Account must have no signs of being misleading and can’t have any signs of manipulation or spam

The checkmark will now only appear when the account meets the requirements.

New checkmarks

Twitter is also adding different checkmarks for different accounts. Gold checkmark will now appear beside official brand accounts and gray ticks will be visible on the goverment and multilateral accounts pages. Twitter is also working on a system that would enable brands to assign an indicator to accounts of its employees as another mean of verification.

Elon Musk hopes that these measures will reduce or even completely get rid of impersonators and spreading of misinformation. All of this requires manual reviews by twitter employees. Taking into consideration the amount of workers that has been laid-off by Musk, it seems like a hard task to do and something that will require more working hours.

In my opinion introducing TwitterBlue is a great move by Mr Musk, it will surely generate more profit for the company and help it in these dark times. I am sure that many users will be tempted by this subcription and decide to at least try it out.

Sources:

https://www.socialmediatoday.com/news/Twitter-Announces-Re-Launch-of-Paid-Verification-Plan/638481/

https://help.twitter.com/en/managing-your-account/about-twitter-verified-accounts

https://twitter.com/Twitter/status/1601692766257709056

https://techcrunch.com/2022/11/05/twitter-begins-rolling-out-7-99-twitter-blue-plan-with-verification-fewer-ads/

https://9to5mac.com/wp-content/uploads/sites/6/2022/10/elon-musk-twitter.jpg?quality=82&strip=all

Tagged Elon Musk, twitter

9 December 2022

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Business, Security

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

Reading Time: 3 minutes

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’

Tagged Eli Lilly, Elon Musk, reputation, social media, twitter

29 November 2022

2 Comments

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Twitter- dying or thriving?

Reading Time: 2 minutes

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:

Download

Tagged Elon Musk, social media, twitter

18 November 2022

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Could Twitter Go Bankrupt By Their Yearly $13 Million Food Service?

Reading Time: 3 minutes

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.

_____________________________

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!

What is your opinion on this whole situation?
Should a company such as Twitter Inc. provide free food service to their customers?
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/

Tagged Elon Musk, Stock, tesla, twitter

31 October 2022

2 Comments

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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/

Tagged Elon Musk, technology, twitter

18 October 2022

1 Comment

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

Reading Time: 2 minutes

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

Tagged Elon Musk, market, tesla, twitter

Kozminski Techblog

A blog on technology, run by Kozminski University students and supervised by NeRDS

Tag Archives: Elon Musk