Elon Musk, Twitter’s new technoking

On Monday Elon Musk revealed he just lately purchased a 9.2% stake in Twitter, topping Vanguard Group and Morgan Stanley to turn out to be the corporate’s largest shareholder.

A “free speech absolutist”, Musk has lengthy had a love-hate relationship with the platform. He has accused it of caving to censorship, whereas additionally tweeting greater than 9 instances a day on common in 2021.

Here’s a take a look at Musk’s particular relationship with Twitter by numbers.

73.5 million

The variety of Twitter shares Musk owns, or practically 4 instances as many as Twitter founder Jack Dorsey, who has a 2.25% stake.

Twitter

$2.89 billion

The worth of Musk’s stake at Twitter’s closing share worth on Friday, April 1.

27%

The bounce in Twitter’s inventory worth – its biggest-ever one-day acquire – after he disclosed his stake the next Monday.

$784 million

How a lot the rally earned Musk on paper that day, growing the worth of his Twitter stake to $3.7 billion.

$108.6 million

Twitter’s web revenue from 2019 to 2021.


1.3%

The proportion of Musk’s web value – $268 billion – that $3.7 billion represents.

80,700,375

The variety of Twitter followers Musk has (as of April 7, 2022), making him the platform’s tenth hottest person.

Musk

3,367

The variety of instances Musk tweeted in 2020, his busiest 12 months on Twitter up to now. Since it was a bissextile year, that works out to 9.2 tweets a day.

446

The variety of tweets he posted in July 2020, his busiest month on Twitter up to now. That’s greater than 14 tweets a day.

Musk

2010

The 12 months Musk posted his first tweet. Before that, somebody pretending to be him had been utilizing the @elonmusk deal with. The imposter didn’t acquire a lot traction and Musk cleared the air together with his debut tweet on June 4, 2010. He didn’t tweet once more till the top of 2011.


Sources: Visual Capitalist, Statista, WSJ, FT, The Guardian

Written by Zaheer Merchant in Mumbai.


Other Top Stories By Our Reporters

Unacademy lays off round 1,000 staff in large cost-cutting train
Layoff

Edtech startup Unacademy has laid off round 1,000 staff prior to now few weeks, a number of sources instructed us. These embody its on-roll employees and lecturers on contract.

Why? Around 600 had been requested to go away final week because the Bengaluru agency appears to be like to chop prices amid an impending slowdown in enterprise funding and tightening of the financial system. Unacademy was valued at $3.4 billion final August, when it raised $440 million led by Singapore’s Temasek.

BNPL agency Sezzle to exit India: US-based buy-now-pay-later (BNPL) agency Sezzle is shutting down its India operations from April 9 as a part of a restructuring train at its guardian firm. The fintech agency knowledgeable retailers of its determination on Wednesday and requested them to take away the service from their web sites on the earliest.


CCI will probe Zomato, Swiggy for unfair pricing, different NRAI allegations underneath lens
Zomato

In an in depth word on Monday, CCI ordered a probe into Zomato and Swiggy over alleged unfair pricing practices and different points flagged final 12 months by a eating places’ affiliation. NRAI, which represents over 500,000 eating places, had filed a criticism with the anti-monopoly watchdog final July.


Ashneer Grover requested for BharatPe financials, CEO denied entry
Ashneer

On Friday, we reported that BharatPe cofounder Ashneer Grover had requested for the corporate’s administration data system (MIS) which particulars its enterprise efficiency. But his request was rejected by Sameer, who mentioned Grover was not outlined as an investor within the firm. Grover owns about 8.5% of BharatPe.

The identical day, Grover wrote to the board of BharatPe, asking it to serve Sameer a show-cause discover after he accused Grover of stealing cash from the corporate throughout a spat on LinkedIn the day prior to this.

Grover

Grover says he and others purchased Bhavik Koladiya’s BharatPe stake: Grover instructed us on Wednesday that the shares of Bhavik Koladiya – one of many firm’s authentic cofounders – had been purchased in a pre-Series A funding spherical by him, Sequoia Capital, cofounder Shashvat Nakrani, and angel investor Beenext.

Systems in place to stop slips, says BharatPe CEO Suhail Sameer: BharatPe will give attention to altering sure governance practices, together with how procurement takes place inside the agency and bettering compliance and transparency, the fintech firm’s CEO Suhail Sameer mentioned.


Tata Digital unveils tremendous app Neu finally
Tata Neu


After a number of delays, Tata Group lastly launched its much-awaited tremendous app Tata Neu for the general public on Thursday. “Tata Neu is an thrilling platform that gathers all our manufacturers into one highly effective app,” Tata Sons chairman N Chandrasekaran mentioned in a LinkedIn submit, “Combining our conventional consumer-first strategy with the fashionable ethos of expertise, it’s an all-new option to uncover the fantastic world of Tata.”

Earlier, Tata Digital had began testing on-line funds by the Unified Payments Interface (UPI) on Tata Neu. The check was performed with a closed person group in partnership with ICICI Bank, sources mentioned.

Tata

Tata NeuTata Digital snags high ecomm execs: Tata Digital, led by its president Mukesh Bansal, who beforehand cofounded Myntra and likewise runs Curefit (now rebranded as Cultfit) has quietly been making key hires within the ecommerce arm of Tata Group.


From the crypto world

Coinbase launch brings UPI use for crypto underneath lens
COinbase

The launch of Coinbase Global Inc’s crypto buying and selling platform within the nation might have already hit a roadblock. The US-based firm’s determination to permit shoppers to make use of the Unified Payments Interface (UPI) – a key digital funds railroad – to make rupee deposits for purchasing cryptocurrencies in India is underneath regulatory scrutiny, mentioned sources immediately briefed on the matter.

Will make long-term investments in India, says Coinbase CEO: Coinbase co-founder and chief government Brian Armstrong mentioned the corporate would make investments for the long run in India. He mentioned Coinbase was attracted by the nation’s developer expertise, entrepreneurial spirit, and “willingness to embrace new applied sciences”.

Crypto exchanges underneath stress as 1% TDS deters liquidity suppliers: Order books of cryptocurrency gamers are underneath renewed stress, and traders are discovering it tough to purchase or promote such belongings as liquidity suppliers have determined to remain away, deterred by tax issues.

Crypto buying and selling volumes decline: Trading volumes on cryptocurrency exchanges have declined by 30-70% after hitting a month-to-month peak on March 31. Traders at the moment are required to pay a flat 30% tax on positive factors made on VDAs.

Crypto exchanges look to institutional traders, faculty college students as volumes fall: Crypto exchanges are hoping to rope in everybody from giant institutional traders to varsity college students to stem the drastic drop in every day buying and selling volumes.


From the IT house

As many as 50,000 IT jobs might briefly shift to India as Ukraine burns

Joba

Up to 50,000 tech jobs might briefly shift to India from the battle zone over the subsequent quarter if the tensions proceed.

India’s high IT companies anticipated to submit double-digit gross sales development: India’s high IT companies are anticipated to submit sturdy income development for the fourth quarter, analysts and brokerage companies have mentioned, whereas the continued expertise scarcity and inflation-led pressures are prone to drag down margins.

To battle expertise crunch, IT companies shift to smaller cities: IT service suppliers resembling Accenture Inc, Tech Mahindra, HCL Technologies and Mindtree, amongst others, are increasing to tier II and tier III areas as they battle an unprecedented expertise crunch.

IT corporations laud decision of double taxation subject with Australia: The decision of India’s double taxation subject with Australia as half of a bigger commerce deal has come as a shot within the arm for high IT providers suppliers. India and Australia on March 31 signed an Economic Cooperation and Trade Agreement (ECTA) that seeks to ease norms for collaboration and expertise sharing between the 2 nations.

Startup M&A offers climb up as funding begins to gradual: Amid an antagonistic geopolitical atmosphere and a crash in US expertise shares, one other increase cycle is now giving option to consolidation for Indian startups – akin to what occurred in 2016-17.


ETtech Deals Digest

DailyHunt guardian VerSe Innovation, purchasing rewards app Fetch Rewards, and Nord Security had been among the many startups that raised funds this week. Here’s a take a look at the highest funding offers of the week.

Deals Digest

■ Omnivore, an agritech enterprise capital agency, mentioned it’s establishing a new $130 million (Rs 1000 crore) fund to be invested in early-stage technology-driven startups focussing on agriculture, meals, local weather change and rural growth.

■ Deep-tech and enterprise applied sciences targeted funding agency Speciale Invest has raised Rs 286 crore in direction of the ultimate shut of its second fund.

■ Software-as-a-service (SaaS) startup Rattle has raised $26 million in a funding spherical, led by New York-based enterprise capital agency Insight Partners, and participation from Global Ventures and current traders Sequoia Capital India and Lightspeed India Partners


Quick commerce scores massive throughout IPL
IPL

As the Indian Premier League grips the nation this 12 months, fast commerce startups wish to capitalise on the cricketing fever with the likes of Zepto and Swiggy Instamart recording an virtually 40% spike in orders throughout match hours.

Curated by Judy Franko in New Delhi. Graphics and illustrations by Rahul Awasthi.

That’s all from us this week. Stay protected.



https://economictimes.indiatimes.com/tech/newsletters/ettech-unwrapped/elon-musk-twitters-new-technoking/articleshow/90734253.cms

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