Twitter and Musk

Nearly all ads on Musk's X/Twitter appear next to racist hate content... and he wonders why advertisers won't come back.

World Bank halts paid advertising on X after CBS News finds its promoted ad under racist content
https://www.cbsnews.com/news/world-bank-advertising-elon-musk-x-racism-pro-nazi-accounts/

The World Bank has ceased all paid advertising on Elon Musk's social media platform X, which was formerly Twitter, after a CBS News investigation found promoted advertisements from the organization showing up under a racist post from an account that prolifically posts pro-Nazi and white nationalist content.

CBS News found a verified X account with more than 115,000 followers that had posted a racist image alongside a post praising Europe's colonization of Africa. CBS News is not publicly identifying the accounts spreading racist content on X.

A promoted advertisement for the World Bank showed up in the comments section below the post.

"The World Bank Group had already reduced its paid marketing on X while working with the platform to implement the strongest safety protocols X offers for our content," a spokesperson for the World Bank told CBS News on Friday, adding: "This latest incident is entirely unacceptable, and we are immediately ceasing all paid marketing on X."

x-world-bank-ad.jpg

Two screengrabs from X show, at left, a post containing racist messaging and, at right, a promoted advertisement for the World Bank that had appeared under the post. The World Bank told CBS News on Aug. 23, 2024 that it was pulling all paid advertising off the X platform over its ad appearing underneath the racist post.

CBS News has asked X to comment on the World Bank's withdrawal of paid advertising from the platform but had not received a reply by the time of publication.

The account has shared dozens of antisemitic and racist posts over the course of the past week alone, and CBS News found promoted advertisements from numerous businesses under multiple posts from the account as it shared pro-Nazi content, including one post showing archival video of Adolf Hitler with the caption: "We defeated the wrong enemy." That post has garnered more than two million views on the platform, according to X's own metrics.

CBS News has found more than a dozen accounts on X with the blue check indicating "verification" by the platform that have large followings and regularly post white nationalist or pro-Nazi content, and which have promoted advertisements from some recognizable brands showing up in their comments threads.

X's policy on hateful conduct states that users "may not attack other people on the basis of race, ethnicity, national origin, caste, sexual orientation, gender, gender identity, religious affiliation, age, disability, or serious disease." It says the platform prohibits any targeting of people or groups with media that refers to or depicts the Holocaust or "symbols historically associated with hate groups, e.g., the Nazi swastika," as examples.

A promoted advertisement from Saudia Airlines, the flag carrier of Saudi Arabia, showed up under the same post as the World Bank advertisement. CBS News has sought comment from Saudia Airlines on the placement of its advertisement and on how the airline determines whether and how to spend money on the platform.

In public court filings unsealed Tuesday, it was revealed that Kingdom Holdings, a Saudi Arabian conglomerate operated by members of the country's royal family, is a key investor in the X platform. Saudia Airlines is owned by the government of Saudi Arabia.

On at least five occasions, promoted advertisements for the backpack company Nordace showed up under white nationalist or pro-Nazi posts on X. This included an advertisement for a Nordace backpack under a post from another verified account with 161,000 followers.

The thread shared by the account included pro-Nazi posts that said "antisemites will save the world," and "Weimar problems require Weimar solutions" with the "Weimar problems" phrase painted in the colors of the LGBTQ rainbow flag. The Weimar Republic was a name used for Germany before Hitler rose to power with the Nazi regime.

On its website, Canadian-owned Nordace describes its core values as including, "Respect People" and "leave a positive impact."

CBS News has sought comment from Nordace about the placement of its advertisements on X and how the company determines its ad spend on the platform.

Tech billionaire Elon Musk has dismantled safeguards on the platform since his October 2022 takeover of what was then Twitter — including dramatic changes to its verification system and the disbanding of its Trust and Safety advisory group, as well as changes to broader content moderation and hate speech enforcement.

Musk has created a system that sees X's algorithms favor accounts that pay for the platform's blue-check subscription service. According to X's own marketing for its verification service, X premium offers "reply prioritization" for all subscribers.

Changes made by Musk to the X business model since his purchase of the company have allowed influencers who buy into the company's verification subscription to monetize their content. Subscribers are eligible to receive a share of advertising revenue for their content if they "have at least 5M organic impressions on cumulative posts within the last 3 months" and "have at least 500 followers."

According to the platform's terms of use, accounts can do this without publicly disclosing their identity, provided the account holder privately discloses their ID to the platform.

"X allows the use of pseudonymous accounts, meaning an account's profile is not required to use the name or image of the account owner. Accounts that appear similar to others on X are not in violation of this policy, so long as their purpose is not to deceive or manipulate others," according to the platform's own guidelines.

All of the verified X accounts reviewed by CBS News would, according to the company's own guidelines, qualify for a share of its ad revenues under this policy.

One account that has frequently shared antisemitic posts, with more than half of a million followers, has even bragged about its earnings on X.

In a post from March, the account shared a screenshot allegedly showing earnings from X's ad revenue sharing program for verified accounts. The screenshot was accompanied by the caption: "X monetization is about to overtake TikTok and change the whole social media landscape. I'm not sure if live-streaming made the difference or if X has increased its revenue sharing, but this is approaching the point where I can support myself off of X."

CBS News has reached out to X for comment on whether the accounts reviewed are profiting from their content and on how it decides which verified accounts should receive ads and revenue.

The account under which the Nordace ad appeared had shared several antisemitic posts, including one that said "our country is controlled by an international criminal organization that grew out of the Jewish mob and now hides in modern Zionism behind cries of 'antisemitism.'"

While no promoted advertisements showed up under that specific post, ads have shown up under other posts by the account, including some spreading conspiracy theories and disinformation.

In recent months, Musk even boosted engagement for this specific X account as it peddled an unfounded conspiracy theory that influential figures in the media wanted to take American children away from their parents. In July, the account shared a clip of an old MSNBC commercial taken out of context with a caption reading: "The goal IS to take your children. They openly say it. This is why we have the second amendment."

Musk replied "absolutely" to the post in question, which has been viewed 4.3 million times according to X's metrics.

Musk has also repeatedly engaged with another verified account, which has almost 366,000 followers, with an interaction between the tech mogul and the account as recently as Friday morning.

This account has repeatedly touted the so-called "Great Replacement" conspiracy theory, an unfounded far-right claim that White European populations are being demographically and culturally replaced by non-whites.

Last week, the account posted the unfounded claim that there is "a war on White people going on and the mainstream media and politicians are 'ignoring' it."

Paid advertisements also showed up under that post.

CBS News has asked X's press office whether it is comfortable with the platform's owner engaging with such content, but there was no reply by the time of publication.

In an October 2022 post, Musk had vowed that X's new policy would be "freedom of speech, but not freedom of reach. Negative/hate tweets will be max deboosted & demonetized, so no ads or other revenue to Twitter," he said, adding that such content would be unfindable "unless you specifically seek it out, which is no different from rest of Internet."
 
Musk's X/Twitter is completely failing and almost taking in no revenue. His only way of making interest payments will require him to liquidate $1B to $2B of Tesla stock which will likely cause the price of the stock to drop by 5% to 10% -- screwing the investors.

"The New York Times recently reported that X made only $114 million in revenue in the U.S. during the second quarter of 2024, according to the documents they obtained. This is a massive drop compared to $661 million in the same quarter in 2022 before Musk took over. When we account for inflation, that’s a drop of a whopping 84%."

As Twitter's Revenue Collapses By 84%, Tesla Bulls Fear Elon Musk Will Liquidate More Tesla Stock, Bringing Its Value Down For Everyone
https://www.benzinga.com/startups/2...on-musk-will-liquidate-more-tesla-stock-bring
 
Just put your browser in Reader mode and the article easily is visible. If your browser version is so old that it does not support Reader mode then you have a security issue and your PC can easily be compromised as you browse the web.

Here is the article...

Elon Musk was just forced to reveal who really owns X. Here’s the list.
https://fortune.com/2024/08/22/elon-musk-x-twitter-owner-list/

Bill Ackman and Sean ‘Diddy’ Combs are among the list of owners of Elon Musk’s X, the social media site formerly known as Twitter.

The platform has been forced to disclose its investors as part of a lawsuit brought by former employees, who are seeking payment of arbitration fees incurred following Musk’s purchase of the site.

Previously, X has argued that its investors were confidential as a matter of “routine practice and policy,” but this week, a federal judge in California ruled to unseal the list of the site’s owners.

Among the nearly 100 owners of the social media giant are some familiar names, both from the world of investment and within the X universe.

Previously high-profile investors like Fidelity have been connected with X, most notably because the investment vehicle’s filings implied a 72% drop in the company’s value since Musk took it over.

However, the latest filing reveals the investment behemoth’s backing of the platform, with almost 30 separate Fidelity-linked entities holding stakes in the brand.

This week’s unsealed documents also lay bare the lesser-known stakeholders in the company.

The list seen by Fortune reveals The Pershing Square Foundation owns a stake in X. If the name sounds familiar, that’s because of its link to Pershing Square Holdings, founded by billionaire investor Bill Ackman 20 years ago.

Although the foundation of the same name is led by an independent senior leadership team, Ackman and his wife Neri Oxman are co-trustees.

Ackman is a vocal user of X and frequently uses the platform to address other high-profile individuals and entities. He uses it to debate Shark Tank star Mark Cuban and raise questions about the leadership of his alma mater, Harvard University.

Elsewhere on the list of owners is Oracle founder Larry Ellison. The stake in X comes via the Lawrence J. Ellison Revocable Trust, the principal business of which, per an SEC report filed in 2008 and seen by Fortune, is to “hold the assets and estate of Mr. Ellison.”

The interests of the trust and Oracle bear no relation to each other, the SEC filing adds.

Unlike Ackman, Ellison is not as avid a user of the site. Despite having more than 130,000 followers, Ellison has posted three times—once in 2012 and once in 2023.

Another notable name on the list is Sean Combs Capital.

While SEC filings show no matches for the company, the business has previously been linked to the American rapper Diddy—previously known as Puff Daddy—who has launched a number of businesses under his birth name.

These have included the Sean Combs Foundation, Combs Investments and more recently the umbrella brand for his holdings, Combs Global.

Musk has also managed to attract some royal attention for his endeavor, with HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud also featured on the list.

The Saudi Prince has a net worth just shy of $19 billion, per Forbes, and also has holdings in the likes of luxury hotels the Four Seasons and the Savoy, as well as other technology firms like ride-sharing company Lyft.

It also seems that, despite his criticism of Musk’s leadership, Jack Dorsey still owns shares in the platform he founded via the Jack Dorsey Remainder LLC.

The Twitter co-founder previously backed the Tesla CEO in his takeover of the company but walked back his support earlier this year, telling a member on rival social media platform Bluesky, “It all went south.”

Doubling down on investments
Among the less eminent names are some organizations that not only hold stakes in X as a business but have also seen senior leaders pitch in.

Take the likes of Danilo Kawasaki and Ross Gerber.

According to the filing, the pair are named as individual investors in X but also have a stake in the business they lead, the wealth and investment management firm Gerber Kawasaki.

Elsewhere on the list are the Silicon Valley VCs one might expect: 8VC, Andreessen Horowitz and Sequioa.

The list, of course, also features Musk himself. Via the Elon Musk Revocable Trust the SpaceX founder is also listed.

Musk purchased the site for $44 billion in 2022, though the filing did not make clear the proportion of his investment vs. that of others. Since then, the business has been beleaguered by departing advertisers, mass layoffs, and criticism of Musk’s strategy.

X did not immediately respond to Fortune’s request for comment.

The full list
  • 8VC Opportunities Fund II, L.P.
  • ADREM X LLC
  • ADREM Y LLC
  • Afshar Partners, LP
  • Andrea Stroppa
  • Andreessen Horowitz LSV Fund III, L.P.
  • Anthem Ventures, LLC
  • ARK Venture Private Holdings LLC
  • BAMCO, Inc.
  • Bandera Fund LLC
  • Baron Opportunity Fund
  • Baron Partners Fund
  • Binance Capital Management Co., Ltd
  • Brookfield Project X L.P.•CCM 2020 Investments LLC
  • Cheng and Chen Family Trust
  • CNK Fund IV, L.P.
  • Danilo Kawasaki
  • Dayton Family Enterprises, LLC
  • Dayton Family Investments, LLC
  • DFJ GROWTH IV, L.P.
  • DFJ GROWTH IV PARALLEL FUND, LLC
  • DFJ GROWTH X-I, L.P.
  • Eden Relationship Capital L.P.
  • Elon Musk as Trustee of the Elon Musk Revocable Trust dated July 22, 2003
  • FIAM Target Date Blue Chip Growth Commingled Pool By: Fidelity InstitutionalAsset Management Trust Company as Trustee
  • Fidelity Blue Chip Growth Commingled Pool By: Fidelity Management TrustCompany, as Trustee
  • Fidelity Blue Chip Growth Institutional Trust By its manager Fidelity InvestmentsCanada ULC
  • Fidelity Canadian Growth Company Fund by its manager Fidelity InvestmentsCanada ULC
  • Fidelity Central Investment Portfolios LLC: Fidelity U.S. Equity Central Fund -Communication Services Sub
  • Fidelity Contrafund: Fidelity Advisor New Insights Fund – Sub A
  • Fidelity Contrafund: Fidelity Advisor New Insights Fund – Sub B
  • Fidelity Contrafund: Fidelity Contrafund•Fidelity Contrafund: Fidelity Contrafund K6
  • Fidelity Contrafund: Fidelity Series Opportunistic Insights Fund
  • Fidelity Contrafund Commingled Pool By: Fidelity Management Trust Company,as Trustee
  • Fidelity Destiny Portfolios: Fidelity Advisor Diversified Stock Fund
  • Fidelity Global Growth and Value Investment Trust – Sub A By its manager Fidelity Investments Canada
  • Fidelity Global Innovators Investment Trust by its manager Fidelity InvestmentsCanada ULC
  • Fidelity Growth Company Commingled Pool By: Fidelity Management TrustCompany, as Trustee
  • Fidelity Insights Investment Trust By its manager Fidelity Investments CanadaULC
  • Fidelity Mt. Vernon Street Trust: Fidelity Growth Company Fund
  • Fidelity Mt. Vernon Street Trust : Fidelity Growth Company K6 Fund
  • Fidelity Mt. Vernon Street Trust: Fidelity Series Growth Company Fund
  • Fidelity OTC Commingled Pool By: Fidelity Management Trust Company, as Trustee
  • Fidelity Puritan Trust: Fidelity Puritan Fund – Equity Sub B
  • Fidelity Puritan Trust: Puritan K6 Fund – Equity Subportfolio•Fidelity Securities Fund: Fidelity Blue Chip Growth Fund
  • Fidelity Securities Fund: Fidelity Blue Chip Growth K6 Fund
  • Fidelity Securities Fund: Fidelity OTC K6 Portfolio
  • Fidelity Securities Fund: Fidelity OTC Portfolio
  • Fidelity Select Portfolios : Select Communication Services Portfolio•G64 Ventures LLC
  • Gerber Kawasaki Inc.
  • GFNCI LLC
  • Gigafund 0.21, LP
  • Glacier Ventures LLC
  • Go Mav, LLC
  • HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud
  • HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud
  • IMG US, LLC
  • Jack Dorsey Remainder LLC
  • Jack Dorsey Tr Ua 12/08/2010 Jack Dorsey Revocable Trust
  • Kingdom Holding Company
  • Lawrence J. Ellison Revocable Trust
  • Linda Ye and Robin Ren Family Foundation
  • Litani Ventures•Luchi Fiduciaria SR POS. 365
  • Manhattan Venture Partners X LLC
  • Mirae Asset Innovation X ONE, LLC
  • Mirae Asset Project X Fund I, LP•Olivier Janssens
  • Q Tetris Holding LLC
  • Ross Gerber
  • Santo Lira LLC
  • SC CDA1 LLC
  • SCGE Fund, L.P.•SCGGF III – U.S./India Management, L.P.
  • SCHF (M) PV, L.P.
  • Scott Nolan
  • SC US/E Expansion Fund I Management, L.P.
  • Sean Combs Capital, LLC
  • Sequent (Schweiz) AG as Trustee of the Debala Trust
  • Sequioa Capital Fund, L.P.
  • Series N Dis, a series of Atreides Special Circumstances Fund, LLC
  • Shahidi Tactic Group, LLC
  • Steve Davis
  • T. One Holdings LLC
  • The Pershing Square Foundation
  • TM33 Partner Holdings
  • Tresser Blvd 402 LLC
  • UnipolSai S.P.A.
  • Variable Insurance Products Fund II: VIP Contrafund Portfolio – Subportfolio A
  • VYC25 Limited
  • X Holdings I Investment, LLC
This list of investors is grade A. It shows how many people will follow any Musk investment.
X will be worth 50 Billion in five years
 
Hey Elon, you are next. The EU has outlined how Twitter has been violating a host of Digital Services Act laws. You have told the EU basically to F-off.

Well the EU is no longer putting up with social media platforms used to peddle hate & disinformation and violate their laws. I hope you don't have any plans to fly to Europe in the future because you will also be put in handcuffs.


Elon Musk Reacts As Telegram Founder Gets Arrested In France, Reportedly Faces '20 Years' In Prison On Criminal Charges: 'It's 2030...You're Being Executed For Liking A Meme'
https://www.benzinga.com/news/24/08...france-reportedly-faces-20-years-in-prison-on
 
Of course Russians associated with Putin and the Kremlin funded Musk's X/Twitter. There should be no surprise.

Russian Oligarchs’ Investments in Elon Musk’s X Raise Questions About Potential Putin Connections
Venture capital investor 8VC is drawing criticism for ties to Denis Aven and Jack Moszkowicz, the sons of Russian oligarchs
https://www.thewrap.com/russian-oligarchs-elon-musk-x-investors-putin/

This makes sense. No one with a profit motive would have financed Musk's acqusition with debt. It didn't take a genius to see the lenders were selling a put that was already in the money for zero?
 
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