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Musk floats paid Twitter verification, fires board

Musk floats paid Twitter verification, fires board

Billionaire Elon Musk is by that hour dated floating greatest changes for Twitter ” accompanied by every one one other accompanied by faces greatest hurdles while he begins his earliest week while owner of the social-media platform.

Twitter™s new owner fired the company™s board of directors accompanied by every one one other accompanied by made himself the board™s sole member, according to a firm filing Monday accompanied by the Securities accompanied by every one one other accompanied by Exchange Commission.

He™s excessively difficult the waters on asking users to pay for verification. A venture capitalist employed accompanied by Musk tweeted a poll asking how a a large amount of users would exist willing to pay for the blue inspect mark that Twitter has historically used to verify higher-profile accounts so other users know it™s really them.

Musk, whose description is verified, replied, Interesting.

Critics have derided the mark, regularly granted to celebrities, politicians, labour leaders accompanied by every one one other accompanied by journalists, while an elite status symbol.

But Twitter excessively uses the blue inspect mark to verify activists accompanied by every one one other accompanied by people who unswerving away find themselves inside the news, while well while little-known journalists at small publications around the globe, while an additional tool to curb misinformation coming from accounts that are impersonating people.

The whole verification procedure is actuality revamped fair now, Musk tweeted Sunday inside response to a user who asked for assist getting verified.

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  • On Friday, meanwhile, billionaire Saudi Prince Alwaleed bin Talal said he accompanied by every one one other accompanied by his Kingdom Holding Company rolled over a combined USD1.89 billion inside existing Twitter shares, making them the company™s largest shareholder following Musk. The report raised concerns among some lawmakers, including Sen. Chris Murphy, a Democrat from Connecticut.

    Murphy tweeted that he is requesting the Committee on Foreign Investment ” which reviews acquisitions of U.S. businesses by overseas buyers ” to inquire into the national safety implications of the kingdom™s investing inside Twitter

    We should exist worried that the Saudis, who have a understandable attentiveness inside repressing political speech accompanied by every one one other accompanied by impacting U.S. politics, are now the second-largest owner of a greatest communal media platform, Murphy tweeted. There is a understandable national safety matter at stake accompanied by every one one other accompanied by CFIUS should do a review.

    Having taken ownership of the communal media service, Musk has invited a category of tech-world friends accompanied by every one one other accompanied by investors to assist guide the San Francisco-based company™s transformation, which is probable to include a shakeup of its staff. Musk last week fired CEO Parag Agrawal accompanied by every one one other accompanied by other top executives.

    There™s been uncertainty concerning if accompanied by every one one other accompanied by when he could begin larger-scale layoffs.

    I do exist convinced by there will exist a a large amount of layoffs, said Matthew Faulkner, an subordinate monetary affairs professor at San Jose State University. Faulkner noted the need for cost-cutting following Musk bought Twitter for a premium accompanied by every one one other accompanied by the platform™s longtime struggles trying to turn a profit. But Musk ability excessively want while fast while possible to weed not here employees who don™t exist convinced by inside his position of employment so that those who carry on accompanied by to exist exist inside be in touch additional secure.

    You don™t want to have frantically frightened employees employed for you, Faulkner said. That doesn™t motivate people.

    Those who have revealed they are helping Musk include Sriram Krishnan, a partner at venture earliest city firm Andreessen Horowitz, which pledged spine inside the leap to chip inside to Musk™s scheme to buy the firm accompanied by every one one other accompanied by lay clasp of it private.

    Krishnan, who is excessively a former Twitter artefact executive, said inside a tweet that it is a hugely important firm accompanied by every one one other accompanied by tin have great impact on the world accompanied by every one one other accompanied by Elon is the anthropoid actuality to build it happen.

    Jason Calacanis, the venture capitalist who tweeted the poll concerning whether users would pay for verification, said over the weekend he is hanging not here at Twitter a small part accompanied by every one one other accompanied by simply trying to exist while helpful while possible all over the transition.

    Calacanis said the team by that hour dated has a extremely comprehensive scheme to lessen the number of (and visibility of) bots, spammers, & bad actors on the platform. And inside the Twitter poll, he asked if users would pay inside the centre of USD5 accompanied by every one one other accompanied by USD15 monthly to exist verified & obtain a blue inspect mark on Twitter. Twitter is currently lacking ask in remittance for most users since it depends on advertising for its revenue.

    Musk agreed to buy Twitter for USD44 billion inside April nevertheless it wasn™t until Thursday evening that he eventually closed the deal, following his attempts to spine not here of it led to a protracted legal fight accompanied by the company. Musk™s lawyers are now asking the Delaware Chancery Court to hurl not here the case, according to a court of rules and regulations of rules with every one other accompanied by regulations filing made condition Monday. The place of set of two sides were supposed to go to trial inside November if they didn™t near the deal by the extremity of last week.

    Musk has made a number of pronouncements since early this year concerning how to fasten Twitter, accompanied by every one one other accompanied by it remains unclear which proposals he will prioritize.

    He has promised to gash spine some of Twitter™s contented restrictions to go forward lacking ask in remittance speech, nevertheless said Friday that no indeed indeed greatest decisions on contented or reinstating of banned accounts will exist made until a contented moderation council accompanied by diverse viewpoints is place inside place. He subsequent certified that remark, tweeting anyone suspended for slight & dubious reasons will exist freed from Twitter jail.

    The head of a cryptocurrency exchange that invested USD500 million inside Musk™s Twitter takeover said he had a number of reasons for supporting the deal, including the possibility Musk would alter Twitter into a firm supporting cryptocurrency accompanied by every one one other accompanied by the idea known while Web3, which numerous cryptocurrency enthusiasts envision while the following number of years of the internet.

    We want to build sure that crypto has a seat at the bench when it comes to lacking ask in remittance speech, Binance CEO Changpeng Zhao told CNBC on Monday. And there are additional tactical things, exist fond of we want to assist convey Twitter into Web3 when they™re ready.

    He said cryptocurrency could exist functional for solving some of Musk™s immediate challenges, such while the scheme to inquire inside remittance a premium belonging remittance for additional users.

    That tin exist done extremely easily, globally, by using cryptocurrency while a means of payment, he said.

    ___

    Associated Press Writer Randall Chase contributed to this story.

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