Women dressed as handmaidens from "The Handmaid's Tale" attend a demonstration after Israeli Prime Minister Benjamin Netanyahu dismissed the defense minister and his nationalist coalition government presses on with its judicial overhaul, in Jerusalem, March 27, 2023. REUTERS/Ammar Awad
Israeli President Isaac Herzog urged the government on Sunday night to put the brakes on the divisive judicial overhaul which has sparked months of protests across the country.
His comments came hours after Israeli Prime Minister Benjamin Netanyahu fired his defense minister, Yoav Gallant, who had spoken out against the proposed reform. The move added fuel to the nationwide demonstrations, which were attended by over 600,000 people on Saturday, according to local media reports.
During the latest protests, demonstrators completely blocked the Ayalon Highway in Tel Aviv, while setting bonfires and chanting ‘democracy’. Police used water cannons to disperse the crowd.
Clashes also erupted in Jerusalem as activists broke through the barriers and engaged the police outside Netanyahu’s private residence.
As the protests intensified, Herzog took to Twitter, addressing Netanyahu and the governing coalition. “For the sake of the unity of the people of Israel, for the sake of responsibility, I am calling on you to stop legislation immediately,” he wrote, adding that the protests are threatening Israel’s security, economy, and society.
Former Israeli PM Naftali Bennett also weighed in, stating that the nation “is in greater danger than at any time since the Yom Kippur war,” referring to the 1973 Arab-Israeli conflict. He urged Netanyahu to reverse the dismissal of the defense minister, freeze the judicial overhaul, and “enter a period of discussions.”
On Sunday, dozens of Israeli universities announced general strikes over the firing of Gallant. In a joint statement, the heads of the institutions said that studies would be suspended starting Monday morning “against the background of the continuation of the legislative process that undermines the foundations of Israeli democracy and endangers its continued existence.”
On Monday, Pinchas Idan, the head of the workers union at Ben Gurion Airport in Tel Aviv, announced a halt to departures effective immediately, as Israel’s General Organization of Workers called for a strike in an attempt to “stop the madness” over the reform.
The Israel Medical Association announced that it would go on “a full strike in the healthcare system” over the proposed reform until the government announces “a clear and serious course of negotiations on the way to broad agreements.” It added that the action would take place in all public hospitals and community clinics, but all life-saving services would still be available.
Massive protests have taken place across Israel since January, triggered by the plans of Netanyahu’s cabinet to limit the power of the Supreme Court to rule against the legislative and executive branches of government, while granting the governing coalition a majority on the committee that appoints judges.
Earlier this month, Netanyahu’s coalition watered down the proposed reform, decreasing the number of government representatives on the judicial committee. The move came after a phone call between the prime minister and US President Joe Biden, who expressed concern over the planned judicial overhaul, according to a senior US official.
First Citizens BancShares and SVB (Silicon Valley Bank) logos are seen in this illustration taken March 19, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
U.S. regulators said on Monday they would backstop a deal for regional lender First Citizens BancShares (FCNCA.O) to acquire failed Silicon Valley Bank, triggering an estimated $20 billion hit to a government insurance fund.
The deal comes after the Federal Deposit Insurance Corporation (FDIC) took over Silicon Valley Bank on March 10 after deposits fled, amid a bank run that also brought down Signature Bank (SBNY.O) and wiped out more than half the market value of several other U.S. regional lenders.
The FDIC is hoping the transaction with First Citizens will minimize the hit to a deposit insurance fund it runs to fund rescues of banks. The fund does not take U.S. taxpayer money and is instead replenished by a levy on the entire banking sector.
The sale will cost the FDIC's deposit insurance fund roughly $20 billion, the agency said. That is on top of the $2.5 billion loss to the fund the FDIC incurred when it sold Signature Bank to New York Community Bancorp (NYCB.N) one week ago.
First Citizens will not pay cash upfront for the deal. Instead, it said it granted equity appreciation rights in its stock to the FDIC that could be worth up to $500 million -- a fraction of what Silicon Valley Bank was worth before it failed.
The FDIC will be able to exercise these rights between March 27 and April 14. How much cash it receives will depend on the value of First Citizen's stock. First Citizens shares jumped 50% in pre-market trading on Monday $874.75.
First Citizens said that as part of the deal it will assume Silicon Valley Bank assets of $110 billion, deposits of $56 billion and loans of $72 billion.
First Citizens will also receive a line of credit from the FDIC for contingent liquidity purposes and will have an agreement with the regulator to share some losses on commercial loans to provide further downside protection against potential credit losses.
Analysts said the move was positive for financial stability and the venture capital industry but only up to a point.
"I think First Citizens Bank’s acquisition of the SVB loan book and deposits does not add much to solve the number one issue that the U.S. banking system is now facing: deposits leaving smaller banks for larger banks or money market funds," said Redmond Wong, Greater China market strategist at Saxo Markets.
Based in Santa Clara, Silicon Valley Bank was the 16th biggest lender in the U.S. at the end of last year, with about $209 billion in assets.
Worries about the banking sector globally continue to grip investors with shares in European lenders having fallen sharply on Friday, led by Germany's Deutsche Bank (DBKGn.DE), while authorities are also worried about the potential for a credit crunch.
VENTURE CAPITAL BUSINESS
From Monday, Silicon Valley Bank's 17 former branches will begin operating as Silicon Valley Bank, a division of First Citizens Bank and SVB customers will continue to be able to access their accounts through websites, mobile apps and branches, First Citizens said.
It added that the deal would accelerate its expansion in California and give it wealth management capabilities in the northeast of the United States.
"We are committed to building on and preserving the strong relationships that legacy SVB's global fund banking business has with private equity and venture capital firms," said First Citizens Chief Executive Frank Holding Junior said in the statement.
First Citizens has around $109 billion in assets and total deposits of $89.4 billion.
The FDIC said First Citizen's purchase of about $72 billion of SVB's assets came at a discount of $16.5 billion.
"The FDIC estimates the cost of the failure of Silicon Valley Bank to its Deposit Insurance Fund (DIF) to be approximately $20 billion. The exact cost will be determined when the FDIC terminates the receivership," it said.
Approximately $90 billion in securities and other assets from SVB will remain in receivership for disposal, the regulator added.
Russian forces destroyed an ammunition depot of the Ukrainian army in the Kharkov Region over the past day during the special military operation in Ukraine, Defense Ministry Spokesman Lieutenant-General Igor Konashenkov reported on Monday.
"In the area of the community of Berestovoye in the Kharkov Region, an ammunition depot of the 103rd territorial defense brigade was obliterated," the spokesman said.
In the past 24 hours, operational/tactical and army aviation aircraft, missile troops and artillery of the Russian group of forces struck 93 Ukrainian artillery units at firing positions, manpower and equipment in 107 areas, the general said.
Battles in Kupyansk direction
Russian forces eliminated about 65 Ukrainian troops in the Kupyansk area over the past day, Konashenkov reported.
"In the Kupyansk direction, army aviation aircraft and artillery of the western battlegroup struck the Ukrainian manpower and equipment in areas near the settlements of Dvurechnaya, Sinkovka and Kislovka in the Kharkov Region, Novosyolovskoye and Stelmakhovka in the Lugansk People’s Republic," the spokesman said.
The strikes eliminated enemy manpower and equipment, the general said.
"The enemy’s losses in the past 24 hours amounted to 65 Ukrainian troops, two motor vehicles, a Polish-made Krab self-propelled artillery gun, an Akatsiya motorized howitzer and also a D-30 howitzer," Konashenkov reported.
Battles in Krasny Liman direction
Russian combat aircraft, artillery and heavy flamethrower systems eliminated over 85 Ukrainian troops and a howitzer in the Krasny Liman area in the past day, he said.
"In the Krasny Liman direction, aircraft, artillery and heavy flamethrower systems of the battlegroup Center struck the enemy units in areas near the settlements of Nevskoye in the Lugansk People’s Republic, Yampolovka and Grigorovka in the Donetsk People’s Republic," the spokesman said.
Russian forces destroyed "over 85 Ukrainian personnel, two armored combat vehicles and a D-30 howitzer" in that direction in the past 24 hours, the general specified.
Battles in Donetsk direction
Russian forces eliminated over 400 Ukrainian troops and mercenaries in their advance in the Donetsk area over the past day, Konashenkov reported.
"In the Donetsk direction, the enemy’s losses amounted to over 400 Ukrainian troops and mercenaries, four armored combat vehicles, ten motor vehicles, four pickup trucks, a Grad multiple rocket launcher and a D-20 howitzer in the past 24 hours as a result of active operations by units of the southern battlegroup, air strikes and artillery fire," the spokesman said.
Battles in southern Donetsk and Zaporozhye directions
Russian forces destroyed roughly 40 Ukrainian troops in the southern Donetsk and Zaporozhye areas over the past day, Konashenkov reported.
In the southern Donetsk and Zaporozhye directions, operational/tactical and army aviation aircraft and artillery of the battlegroup East inflicted damage on the Ukrainian army units in areas near the settlements of Vladimirovka and Novopol in the Donetsk People’s Republic, Malaya Tokmachka and Shcherbaki in the Zaporozhye Region, the spokesman specified.
"The enemy’s losses in those directions amounted to 40 Ukrainian personnel, two pickup trucks, and also a D-20 howitzer," the general said.
Battles in Kherson direction
Russian forces eliminated roughly 30 Ukrainian troops and a Gvozdika self-propelled howitzer in the Kherson area over the past day, Konashenkov reported.
"In the Kherson direction, as many as 30 Ukrainian personnel, two motor vehicles and a Gvozdika self-propelled howitzer were destroyed as a result of damage inflicted on the enemy by firepower," the spokesman said.
Russian air defenses down Mi-8 helicopter, 13 drones
Russian air defense forces shot down a Ukrainian Air Force Mi-8 helicopter and destroyed 13 unmanned aerial vehicles over the past day, Konashenkov reported.
"Air defense capabilities shot down a Ukrainian Air Force Mi-8 helicopter near the community of Temirovka in the Zaporozhye Region. In addition, they destroyed 13 Ukrainian unmanned aerial vehicles," the spokesman said.
In all, the Russian Armed Forces have destroyed 404 Ukrainian warplanes, 226 helicopters, 3,600 unmanned aerial vehicles, 414 surface-to-air missile systems, 8,421 tanks and other armored combat vehicles, 1,074 multiple rocket launchers, 4,447 field artillery guns and mortars and 9,146 special military motor vehicles since the start of the special military operation in Ukraine, Konashenkov reported.
Russian Su-25s strike Ukrainian Grad MLRS near Krasny Liman
Crews of Russian Su-25 attack jets delivered a missile strike on a location in the Krasny Liman area where Ukrainian forces had deployed their Grad multiple launch rocket systems, spokesman for Battlegroup Center Alexander Savchuk said on Monday.
"In the Krasny Liman direction, an Orlan-10 drone crew from Battlegroup Center detected a deployment of Grad multiple rocket launchers belonging to Ukrainian nationalists. Upon receiving the data, Su-25 attack aircraft crews conducted a strike, using unguided aerial missiles," the Russian Defense Ministry’s Telegram channel quoted Savchuk as saying.
The enemy sustained losses in personnel and hardware in the attacks, Savchuk added.
Ukrainian troops fire chaotically in frontline zone, not ready to advance — DPR official
Ukraine’s armed forces are firing erratically in the Donetsk People’s Republic’s (DPR) frontline zone which indicates their lack of readiness to advance, Yan Gagin, an advisor to the DPR leader, said.
"The advance on Donetsk was announced, the advance on Crimea and Melitopol was announced but at this moment, as far as I know, the adversary is not ready for a large-scale counterattack and this is precisely why they are striking chaotically primarily in the frontline zone, in [the DPR] frontline towns," he told the Rossiya-1 TV channel on Monday.
The official also specified that in the event of an attack by the Ukrainian army, the DPR is ready to respond.
As Gagin said on March 22, Ukrainian troops do not have the military capability to advance at various segments of the line of combat engagement in Donbass.
CC BY 2.0/Mike MacKenzie/Fake News - Person Reading Fake News Article
The Florida-headquartered satirical news website became a household name ahead of the 2020 presidential election, and has been characterized as The Onion for conservatives and Christians, although it is also enjoyed by independents and those who can handle a political joke or two.
The Babylon Bee has repeatedly been caught in government and media dragnets to crack down on so-called disinformation and fake news, with major outlets occasionally falling for and reprinting some of its gut-busting satirical claims, and Snopes even fact-checking a Bee piece about CNN buying an industrial-sized washing machine to literally spin the news.
Now, the company, whose tagline is 'Fake News You Can Trust', has a problem of another sort: its fake news pieces becoming reality.
According to Babylon Bee founder Seth Dillon, over 90 of the site’s joke headlines have become actual news stories over time.
“It ranges from really silly stuff like – we did a joke during the pandemic about how pants sales were plummeting because everyone was working from home. And it was this picture of a guy sitting there in his boxers, but he’s got a nice dress shirt on at his desk. And the very next day in Yahoo Finance there was this story about how Walmart was seeing increased sales of tops, but not bottoms,” Dillon recalled in an interview with US media.
“We make a joke about how Kamala Harris was taking likability lessons from Hillary Clinton, which is just insane and silly – who would take likeability lessons from Hillary Clinton? But then a month later there’s a real story that her staff reached out to Hillary’s staff to make her more likable,” he added.
In another example, last fall, the Bee penned a joke-style article offering "9 Reasons Not to Worry About the Tanking Economy." Days later, a column appeared in Jeff Bezos' Washington Post on "7 ways a recession could be good for you financially."
“We even did one about Trump, about how Trump had claimed to have done more for Christianity than Jesus himself. That one went crazy viral, it got fact-checked and rated 'false', and two years later he actually said it. He said he’d ‘done more for Christianity than anyone else in history, in fact he’s done more for religion than anyone else in history,’” Dillon recalled.
The problem, Dillon said, is that today’s news stories often already come across as satire due to their whimsical, "incredibly outrageous" nature. "We're living in really crazy, insane times. So yes, there are plenty of times where we pull up a headline, and we’re just baffled by it."
The issue of fake, satirical news blending with reality has been a feature of reality for at least the past two decades, and been fueled by the rise of the internet and social media, and the often surreal political clown show in Washington. Academics have speculated that satire has become an important feature of the postmodern age in which we live because the latter denies the difference between reality and what appears to be, and embraces incoherence and meaninglessness.
Despite its obvious satirical nature, the Bee's close-to-the-real-news approach and sharp political angle has gotten it into repeated trouble with censors. In 2022, the site saw its Twitter account suspended after jokingly labeling a transgender Biden administration official "man of the year." The account was restored by Elon Musk after he bought out the microblogging giant last October.
Seorang anak menuntun sepedanya melewati jalan perkampungan yang terendam banjir di Mudung Laut, Pelayangan, Jambi, Rabu (22/3/2023). Seratusan rumah panggung di tiga kelurahan setempat terendam banjir hingga sepaha orang dewasa akibat meluapnya Sungai Batanghari. ANTARA FOTO/Wahdi Septiawan/tom
Badan Meteorologi, Klimatologi, dan Geofisika (BMKG) Juanda meminta masyarakat agar mewaspadai terjadinya cuaca ekstrem saat peralihan dari musim hujan ke musim kemarau atau pancaroba.
Kepala Stasiun Meteorologi Kelas I Juanda Sidoarjo Taufiq Hermawan di Sidoarjo, Minggu, mengatakan bahwa berdasarkan analisis kondisi iklim, saat ini wilayah Jawa Timur berada pada masa peralihan atau pancaroba yang masih berpotensi terjadi hujan di sebagian wilayah Jawa Timur.
"Adanya pengaruh tarikan massa udara akibat adanya daerah pusat tekanan rendah di sebelah selatan Jawa Timur yang mengakibatkan terbentuknya konvergensi atau pertemuan massa udara di wilayah Jawa Timur yang dapat meningkatkan potensi pertumbuhan awan-awan konvektif," tuturnya.
Ia mengatakan, aktifnya gelombang atmosfer Rossby dan Kelvin di wilayah Jawa Timur dalam sepekan ke depan berdampak pada peningkatan jumlah curah hujan di sebagian besar wilayah Jawa Timur, serta didukung hangatnya kondisi perairan Jawa Timur yang menambah suplai uap air semakin banyak ke atmosfer.
"Kondisi tersebut sangat berpengaruh dalam pembentukan awan-awan Cumulonimbus yang akan semakin intens dan dapat mengakibatkan hujan dengan intensitas sedang hingga lebat disertai petir dan angin kencang sesaat," ucapnya
Ia mengatakan, beberapa wilayah di Jawa Timur perlu diwaspadai memiliki potensi cuaca ekstrem yang dapat mengakibatkan terjadinya bencana hidrometeorologi seperti genangan air, puting beliung, maupun hujan es pada periode 25 Maret-1 April 2023.
"Wilayah tersebut adalah Kota Batu, Jember, Jombang, Kota Madiun, Magetan, Kota Malang, Nganjuk, Pacitan, Ponorogo, Sampang, Kabupaten Kediri, Kabupaten Pasuruan, Banyuwangi, Bojonegoro, Bondowoso, Kota Blitar, Lumajang, Kabupaten Madiun, Kabupaten Malang, Kabupaten Mojokerto, Ngawi, Kabupaten Probolinggo, Situbondo, Trenggalek, Tuban, Tulungagung, Kota Kediri, Kota Mojokerto, Kota Pasuruan, Kota Probolinggo, Sidoarjo, Sumenep, Bangkalan, Kabupaten Blitar, Gresik, Kota Surabaya, Pamekasan, dan Lamongan," ujarnya.
Ia mengatakan, masyarakat diimbau untuk selalu waspada terhadap dampak potensi bencana hidrometeorologi pada masa peralihan atau pancaroba dan selalu memantau informasi terkini berdasarkan citra radar BMKG.
"Informasi peringatan dini tiga harian dan peringatan dini 2-3 jam ke depan selalu kami bagikan melalui laman www.juanda.jatim.bmkg.go.id," ujarnya.
Apa itu pancaroba? Mendengar istilah pancaroba pasti yang terbesit dalam kepala kita adalah bencana alam seperti banjir, hujan deras, badai, angin yang kencang dan juga penyakit.
Musim pancaroba ini biasanya ditandai dengan cuaca yang cenderung tidak menentu, seperti angin yang berhembus sangat kencang dan terkadang diikuti dengan curah hujan yang relatif tinggi.
Musim pancaroba selalu diidentikan dengan munculnya penyakit-penyakit seperti asma, sakit, kepala, flu dan penyakit yang menyerang saluran pencernaan.
Pengertian Pancaroba
Pancaroba adalah masa dimana terjadinya transisi atau pergantian antara dua musim, seperti musim kemarau menuju musim penghujan dan musim penghujan menuju musim kemarau.
Indonesia sendiri adalah negara yang memiliki iklim tropis, sedangkan iklim tropis itu sendiri memiliki tiga siklus yaitu musim kemarau, pancaroba dan musim hujan.
Ciri-Ciri Musim Pancaroba
Menurut BMKG masa pancaroba tahun ini akan terjadi mulai akhir Maret 2021, ada baiknya kita mengenali tanda-tanda sebelum masuk pancaroba. Pasalnya kita harus mempersiapkan beberapa hal untuk menghadapi musim pancaroba.
Ketika terjadi transisi dalam sebuah musim biasanya akan ditandai dengan kemunculan perubahan cuaca yang ekstrem, berikut adalah ciri-ciri musim pancaroba:
Hujan yang sangat lebat disertai kilat namun terjadi dalam durasi yang singkat
Hembusan angin yang begitu kencang
Puting Beliung di beberapa lokasi
Hujan Es
Angin Ribut
Dampak yang Muncul saat Pancaroba
Terjadinya perubahan iklim akan menyebabkan perubahan suhu dan kelembaban udara yang cukup signifikan sehingga akan memunculkan penyakit-penyakit. Pasalnya virus dan bakteri akan lebih leluasa berkembang biak dan hidup lebih lama dalam lingkungan yang lembab.
Terlebih jika kondisi badan tidak prima presentasi untuk terjangkit penyakit saat musim pancaroba akan lebih besar.
Berikut adalah penyakit musim pancaroba:
Flu
Saat pancaroba virus Influenza akan lebih mudah menyebar, ditambah dengan lingkungan yang lembab akan membuat virus ini bertahan lebih lama. Kemunculan virus flu ditandai dengan batuk, pilek dan sakit tenggorokan bahkan parahnya bisa mengakibatkan demam.
Demam Berdarah
Demam berdarah adalah penyakit yang disebabkan oleh nyamuk, curah hujan tinggi akan menyebabkan suhu menjadi lembab dan banyaknya genangan air. Sedangkan genangan air adalah tempat bagi nyamuk untuk berkembang biak, semakin banyak genangan air maka akan semakin banyak pula populasi nyamuk yang ada.
Gejala demam berdarah ditandai dengan nyeri otot, nyeri sendi, mual, muntah, sakit kepada dan bitnik-bintik merah di kulit.
Chikungunya
Penyakit ini juga disebabkan oleh nyamuk dan gejalanya kurang lebih sama dengan gejala penyakit demam berdarah, umumnya kondisi ini akan terjadi selama beberapa minggu.
Ispa
Ispa adalah singatan dari infeksi saluran pernapasan dan penyakitnya dapat berupa asma dan bronchitis.
Kondisi ini terjadi karena menyempit dan membengkaknya saluran pernafasan sehingga membuat gumpalan lender di sekitar saluran pernafasan kita. Umumnya hal ini terjadi karena tempratur udara yang rendah dan angin yang tinggi.
Diare
Karena pada musim ini virus dan bakteri jumlahnya meningkat drastis dampaknya adalah banyak penyakit yang muncul saat musim pancaroba.
Diare bisa terjadi apabila kita mengkonsumsi makanan yang tidak steril. Diare biasanya ditandai dengan tinja yang encer, sakit perut dan gangguan pencernaan seperti mual dan kembung.
Cara Antisipasi Bahaya Musim Pancaroba
Isitirahat yang cukup untuk menjaga daya tahan tubuh Menerapkan
Pola makan sehat dan seimbang
Memulai Olahraga Rutin
Rutin Minum Air Putih
Meminum Multivatamin
Itulah rangkuman penjelasan tentang apa itu pancaroba, peralihan musim dari kemarau ke penghujan atau sebaliknya. Jika saat ini sedang musim pancaroba sebaiknya anda mempersiapkan diri dengan cara-cara yang telah dijelaskan di atas.
In an email to Twitter employees, Elon Musk warned that Twitter remained in a precarious financial position and, at one point, had been four months away from running out of money. Credit... Jim Wilson/The New York Times
Elon Musk said Twitter is now worth about $20 billion, according to an email he sent the company’s employees on Friday, a significant drop from the $44 billion that he paid to buy the social network in October.
Mr. Musk in the note to staff said he was optimistic about the social-media company’s future. “I see a clear, but difficult, path to a >$250B valuation,” meaning stock granted now would be worth 10 times more, he said
The email, which was viewed by The New York Times, was sent to employees to announce a new stock compensation program. In it, Mr. Musk warned workers that Twitter remained in a precarious financial position and, at one point, had been four months away from running out of money. He said “radical changes” at the company, including mass layoffs and cost cutting, were necessary to avoid bankruptcy and streamline operations.
“Twitter is being reshaped rapidly,” Mr. Musk wrote, adding that the company could be thought of as “an inverse start-up.”
Twitter’s value has declined as Mr. Musk has dramatically overhauled the company. In October, Mr. Musk took Twitter private, which means it is no longer obligated to provide transparency about its finances. But the billionaire has indicated publicly that the company lost revenue as advertisers fled the platform after his takeover, and suggested that Twitter was in danger of bankruptcy.
The $20 billion figure values Twitter slightly higher than Snap, the parent company of Snapchat, which has recently struggled with an advertising slump and predicted its revenue would fall. Snap, which has a market capitalization of about $18 billion, has about 375 million daily active users, compared with Twitter’s 237.8 million in the company’s final public disclosure before it went private.
Mr. Musk did not respond to a request for comment and an email to Twitter’s communications department was returned with a poop emoji. The company’s new valuation was earlier reported by The Information.
According to Mr. Musk’s email about the new stock compensation program, Twitter employees will receive stock in X Corporation, the holding company he used to buy the company. Those awards will be granted under the $20 billion valuation. Mr. Musk also said in the email that he believed Twitter could someday be worth $250 billion.
Twitter will plan to allow employees to sell the stock every six months, Mr. Musk added, akin to the practice at SpaceX, his privately held rocket manufacturer. The sales of private stock would allow employees to have “liquid stock, but without the stock price chaos and lawsuit burdens of a public company,” Mr. Musk wrote.
As noted by Schiffer, Musk adds that he sees “a clear but difficult path” to achieving a $250 billion valuation, which would eventually make Twitter’s current stock grants worth 10 times as much as they are now (if this actually ends up panning out, of course). Just like the Musk-owned SpaceX, Twitter will also reportedly let employees cash in their stock grants at specified periods
Comp increases will be based on X Corp stock. Current grants are based on a $20b valuation. Musk says he sees a “clear but difficult path” to $250 billion valuation which would mean current grants could 10x. 3/
As noted by Schiffer, Musk adds that he sees “a clear but difficult path” to achieving a $250 billion valuation, which would eventually make Twitter’s current stock grants worth 10 times as much as they are now (if this actually ends up panning out, of course). Just like the Musk-owned SpaceX, Twitter will also reportedly let employees cash in their stock grants at specified periods.
Additionally, Musk reportedly writes that he views Twitter as an “inverse startup” due to the whirlwind of “necessary” changes he made to the platform to save it from bankruptcy. However, the new $20 billion estimate likely reflects the challenges that emerged due to some of these radical changes, such as the new Blue with verification subscription that led to a wave of fake accounts and a “general amnesty” policy that brought back some of Twitter’s worst users.
Twitter has lost some of its biggest advertisers as a result, with a recent report from Vox indicating that over half of the top 1,000 advertisers on Twitter prior to Musk’s acquisition no longer show ads on the platform. This obviously hasn’t helped the company sort out some of its financial issues, including its mountain of debt and several unpaid bills that are allegedly owed to landlords, an advisory firm, a private jet company, and many others. Fidelity also slashed its stake in the company from $53.47 million to $23.46 million last year, while Twitter’s revenue dipped by about 40 percent year over year in December.
