Billionaire Elon Musk Receives Axel Springer Award

The Top 10 Richest People In The World (July 2024)


<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



<p>X, formerly known as Twitter, experienced a 30% drop in usage from 2023 to 2024, according to a study from&nbsp;<a href="https://www.edisonresearch.com/twitter-x-usage-sees-sharp-decline/" rel="noreferrer noopener" target="_blank">Edison</a>&nbsp;Research that clashes with&nbsp;<a href="https://blog.twitter.com/en_us/topics/company/2023/one-year-in" rel="noreferrer noopener" target="_blank">favorable</a>&nbsp;<a href="https://techcrunch.com/2024/01/31/x-ceo-linda-yaccarino-claims-company-has-90m-u-s-users-less-than-1-are-teens/" rel="noreferrer noopener" target="_blank">traffic</a>&nbsp;<a href="https://www.forbes.com/sites/siladityaray/2023/09/28/x-ceo-says-platform-will-be-profitable-by-early-2024-but-dodges-questions-about-musks-monthly-fee/?sh=17ed20671059">metrics</a>&nbsp;shared by the social media platform’s billionaire owner, Elon Musk, and CEO Linda Yaccarino.</p>



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



<p>The data, which is part of a&nbsp;<a href="https://www.edisonresearch.com/twitter-x-usage-sees-sharp-decline/" rel="noreferrer noopener" target="_blank">larger study</a>&nbsp;conducted by Edison, said 27% of the total population in the U.S. reported using X in 2022 and 2023, a figure that has decreased to 19% in 2024.</p>



<p>The data is a measure of people who said they were using the service, not a measure of premium X subscribers or accounts, Edison noted.</p>



<p>Edison said the social media platform also experienced declines in monthly and weekly usage, but didn’t provide details about such data.</p>



<p>The&nbsp;<a href="https://www.edisonresearch.com/wp-content/uploads/2022/03/Infinite-Dial-2022-Webinar-revised.pdf" rel="noreferrer noopener" target="_blank">2022</a>&nbsp;and&nbsp;<a href="https://www.edisonresearch.com/wp-content/uploads/2023/03/The-Infinite-Dial-2023.pdf" rel="noreferrer noopener" target="_blank">2023</a>&nbsp;usage data was gathered through a national telephone survey of about 1,500 people aged 12 and older—further details and methodology for the 2024 usage data will be released on March 28, according to Edison.</p>



<h2 class="wp-block-heading" id="h-contra">CONTRA</h2>



<p>Yaccarino has painted a different picture of traffic on X. She said during a Senate Judiciary Committee hearing in January that X had&nbsp;<a href="https://techcrunch.com/2024/01/31/x-ceo-linda-yaccarino-claims-company-has-90m-u-s-users-less-than-1-are-teens/" rel="noreferrer noopener" target="_blank">90 million U.S. users</a>, less than 1% of which she said were ages 13-17. Last year, the chief executive also said that X had&nbsp;<a href="https://www.forbes.com/sites/siladityaray/2023/09/28/x-ceo-says-platform-will-be-profitable-by-early-2024-but-dodges-questions-about-musks-monthly-fee/?sh=49f22c431059">540 million monthly active users</a>&nbsp;and 200 million to 250 million daily active users or “something like that.”</p>



<h2 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h2>



<p>Like Yaccarino, Musk has also pushed&nbsp;<a href="https://twitter.com/elonmusk/status/1731546683584995685?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1731546683584995685%7Ctwgr%5E1580ff21962ddc030a72afa2fbfbe06a871eb112%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.timesnownews.com%2Fworld%2Felon-musk-shares-progress-report-of-x-has-social-media-app-hit-all-time-high-traffic-under-tesla-ceo-article-106962193" rel="noreferrer noopener" target="_blank">favorable</a>&nbsp;X traffic data, though the sourcing on some of&nbsp;<a href="https://twitter.com/elonmusk/status/1723020532906435068" rel="noreferrer noopener" target="_blank">the</a>&nbsp;<a href="https://x.com/elonmusk/status/1747800112300999125?s=20" rel="noreferrer noopener" target="_blank">data</a>&nbsp;he’s reposted is unclear. The platform has attempted to retain and attract users with new features including revenue share payouts for creators posting on X. Users have reported payouts worth hundreds of dollars, with viral content creators like Jimmy Donaldson, also known as Mr. Beast, reporting payouts&nbsp;<a href="https://www.forbes.com/sites/antoniopequenoiv/2024/01/22/mr-beast-receives-264000-payout-from-first-video-posted-to-x/?sh=51f3747491ce">as high as $264,000</a>. Yaccarino said in a blog post last October that X had paid out&nbsp;<a href="https://blog.twitter.com/en_us/topics/company/2023/one-year-in" rel="noreferrer noopener" target="_blank">more than $20 million</a>&nbsp;to its creators. Engagement for creators has become a large part of X’s strategy following its fallout with several big-name advertisers last year in which the likes Disney, Apple, Comcast and IBM fled the platform after Musk was embroiled in controversy following his agreement with an&nbsp;<a href="https://www.forbes.com/sites/tylerroush/2023/11/16/elon-musk-condemned-after-calling-antisemitic-post-actual-truth/?sh=587974a94020">antisemitic tweet.</a></p>



<h2 class="wp-block-heading" id="h-further-reading">FURTHER READING</h2>



<p><a href="https://www.forbes.com/sites/siladityaray/2023/09/28/x-ceo-says-platform-will-be-profitable-by-early-2024-but-dodges-questions-about-musks-monthly-fee/?sh=17ed20671059">X CEO Says Platform Will Be Profitable By Early 2024—But Dodges Questions About Musk’s Monthly Fee&nbsp;</a>(Forbes)</p>



<p><a href="https://www.forbes.com/sites/antoniopequenoiv/2023/10/27/year-of-musk-x-faces-slashed-valuation-and-fewer-advertisers-one-year-after-twitter-takeover/?sh=200fcb695510">Year Of Musk: X Faces Slashed Valuation And Fewer Advertisers One Year After Twitter Takeover</a>&nbsp;(Forbes)</p>



<p><a href="https://www.forbes.com/sites/willskipworth/2023/08/15/x-apparently-slowed-access-to-sites-elon-musk-dislikes-then-abruptly-backtracked/?sh=93fcb2ee154b">X Apparently Slowed Access To Sites Elon Musk Dislikes—Then Abruptly Backtracked</a>&nbsp;(Forbes)</p>


Elon Musk Makes Twitter Account Private

Usage Of Elon Musk’s X Dropped 30% In The Last Year, Study Suggests


<p>Elon Musk’s lack of transparency in updates about his brain implant company Neuralink flouts scientific and ethical norms, raises questions about patient safety and risks setting back the entire field of neurotechnology, experts told Forbes, after the billionaire&nbsp;<a href="https://www.forbes.com/sites/roberthart/2024/02/20/elon-musk-says-neuralinks-first-brain-chip-patient-can-control-computer-mouse-by-thought/?sh=e072a8d298e2">touted early success&nbsp;</a>in the company’s first human patient last week.</p>



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



<p>“What truly puzzles me about this is not the technology itself but the way of communicating scientific news,” said Marcello Ienca, a professor of ethics of AI and neuroscience at Technical University of Munich, who stressed information about Neuralink and its work is being disseminated “through casual social media updates” rather than traditional outlets for science like peer reviewed publications, public repositories or even simple pre-prints.</p>



<p>It “seems to sidestep the established protocols that underpin scientific integrity,” Ienca said, preventing experts from evaluating or understanding “the full scope and impact” of any claimed advances.</p>



<p>“A tweet is not exactly a peer-reviewed scientific report,” said L. Syd M Johnson, an ethicist at SUNY Upstate Medical University’s Center for Bioethics and Humanities, adding that Musk’s brief update gave few details on the patient’s recovery, what degree of control they have over the mouse or whether “mouse” actually meant the onscreen cursor.</p>



<p>Most clinical trials are also registered in the public database ClinicalTrials.gov for the sake of transparency, accountability and the benefit of science, said Laura Cabrera, a neuroethicist at Pennsylvania State University’s Rock Ethics Institute, who called for the creation of “more rigorous ways” to hold companies operating in the space accountable, transparent and to make them follow similar reporting standards to federally funded trials.</p>



<p>While it isn’t illegal for Neuralink to not have registered its clinical trial, Ienca said not doing so “violates fundamental ethical guidelines for biomedical research”—notably the Declaration of Helsinki, a cornerstone statement of ethical principles for medical research involving humans—adding that Neuralink hasn’t communicated setting up any internal ethics board or establishing its own code of ethics and has not engaged in any major activities from policy organizations working in the space like the OECD.</p>



<p>Neuralink did not respond to Forbes’ request for comment.</p>



<h2 class="wp-block-heading" id="h-crucial-quote">CRUCIAL QUOTE</h2>



<p>Ienca accused Neuralink of endangering the entire field of neurotechnology over its opacity and failure to outline its position on important ethical and social issues related to its work while charging ahead with human research. “If you decide to play with fire in a house, you increase the risk threshold not only of yourself but of the whole house,” he said. “My fear is that Neuralink&#8217;s disregard for the ethical aspects of their technology may cause a backfire effect for the entire neurotechnology community.” Ienca warned the potential backlash could slow down the development of a technological innovation that could help millions of people with neuropsychiatric disorders and mental illness, many of whom cannot be cured or even treated effectively with current technology. Given the stakes, “we cannot afford a “Cambridge Analytica” scandal involving the human brain,” Ienca said.</p>



<h2 class="wp-block-heading" id="h-news-peg">NEWS PEG</h2>



<p>Neuralink secured&nbsp;<a href="https://www.forbes.com/sites/mollybohannon/2023/09/19/elon-musks-neuralink-wants-volunteers-for-first-human-trial-of-its-brain-implant-chip/">permission</a>&nbsp;in September to recruit patients to test its implantable brain device’s ability to help people with paralysis regain lost functions by controlling computers with their thoughts. Musk&nbsp;<a href="https://www.forbes.com/sites/roberthart/2024/01/30/elon-musk-teases-first-neuralink-products-after-company-implants-first-brain-chip-in-human/?sh=f3489562ac39">announced</a>&nbsp;the first patient had received the implant in January and last week&nbsp;<a href="https://www.forbes.com/sites/roberthart/2024/02/20/elon-musk-says-neuralinks-first-brain-chip-patient-can-control-computer-mouse-by-thought/?sh=e072a8d298e2">said</a>&nbsp;they appeared to have made a full recovery and could move a mouse around a screen “just by thinking.” The Tesla billionaire delivered both updates through informal posts on X, the social media platform Musk controversially acquired as Twitter in 2022. Musk has teased that&nbsp;<a href="https://www.forbes.com/sites/roberthart/2024/01/30/elon-musk-teases-first-neuralink-products-after-company-implants-first-brain-chip-in-human/">Neuralink’s first products</a>&nbsp;will include “Telepathy,” which would allow users to control a phone or computer “just by thinking,” as well as features that could restore sight to blind people. Musk has also been open on his long term aims for Neuralink and hopes the technology will be used more widely to enhance memory and elevate intelligence and ultimately acting as a foil to the&nbsp;<a href="https://www.forbes.com/sites/roberthart/2023/09/21/elon-musk-says-neuralink-could-slash-risk-from-ai-as-firm-prepares-for-first-human-trials/?sh=300741eb2956">risks of artificial intelligence</a>. The company has been&nbsp;<a href="https://www.reuters.com/technology/musks-neuralink-faces-federal-probe-employee-backlash-over-animal-tests-2022-12-05/" target="_blank" rel="noreferrer noopener">criticized</a>&nbsp;over its use of animals in experiments and questions have been raised over the&nbsp;<a href="https://www.businessinsider.com/neuralink-elon-musk-animal-testing-conflict-of-interest-researcher-says-2023-5?r=US&amp;IR=T" target="_blank" rel="noreferrer noopener">independence</a>&nbsp;of a regulatory board governing its animal research. The company has denied any wrongdoing and&nbsp;<a href="https://neuralink.com/blog/neuralink-s-commitment-to-animal-welfare/" target="_blank" rel="noreferrer noopener">stressed</a>&nbsp;it is “committed to working with animals in the most humane and ethical way possible.”</p>



<h2 class="wp-block-heading" id="h-contra">CONTRA</h2>



<p>In line with other experts Forbes spoke to, Columbia&nbsp;<a href="https://magazine.columbia.edu/article/need-protect-data-our-brains" target="_blank" rel="noreferrer noopener">neurobiologist</a>&nbsp;Rafael Yuste said the announcement of Neuralink’s progress is “not news.” It is only reported as such because “a company associated with Elon Musk” is doing it,” he said, pointing to decades of research and numerous&nbsp;<a href="https://www.forbes.com/sites/roberthart/2023/06/05/elon-musks-neuralink-wants-to-put-chips-in-our-brains---how-it-works-and-who-else-is-doing-it/?sh=d573533babb9">other companies operating&nbsp;</a>in the neurotech field. Yuste said he had “zero concerns” over Neuralink’s latest experiment. It involves a medical device that “has to be approved by the FDA” and “the data collected are protected with HIPAA,” he explained, referring to the series of federal laws governing protected health information. “I welcome anyone who wants to develop medical devices to help patients,” he said. Cabrera expressed a similar sentiment and said it’s unlikely we will need new rights to govern the medical uses of neurotechnology as these should already be well covered by existing regulation.</p>



<h2 class="wp-block-heading" id="h-what-to-watch-for">WHAT TO WATCH FOR</h2>



<p>While medical uses of neurotechnology may be well covered by existing regulation, Yuste warned “commercial neurotechnology is completely unregulated.” The growing sector—which includes non-implantable tech like external sensors—raises a host of social, legal and ethical&nbsp;<a href="https://www.vox.com/future-perfect/24078512/brain-tech-privacy-rights-neurorights-colorado-yuste" target="_blank" rel="noreferrer noopener">questions</a>&nbsp;surrounding privacy, access and freedom of thought, demands a framework of rights to govern neurotechnology and protect human rights from potential abuse or misuse from it (Yuste and others call this framework “<a href="https://neurorightsfoundation.org/" target="_blank" rel="noreferrer noopener">neurorights</a>”). The use, and potential exploitation, of the vast amounts of brain data generated from implants and sensors is of particular concern, experts warned. Neuralink stands out as a neurotech company that such considerations could apply to, although this would still be a long way in the future. “Neuralink is the only neurotechnology company, to my knowledge, that has publicly confessed that their long-term goal is the development of implantable neurotechnology for human enhancement,” Ienca said. In principle, Ienca said there’s nothing wrong with enhancement—tools that augment or add brain functions like memory or vision for healthy individuals and go beyond natural capabilities—but warned there’s a real risk of creating a “stratified society divided not just by wealth or opportunity, but by cognitive and sensory capabilities.” Johnson, on the other hand, said enhancement “would not change anything.” The wealthy would “have the same advantages and power” as they do now.</p>



<h2 class="wp-block-heading" id="h-what-we-don-t-know">WHAT WE DON’T KNOW</h2>



<p>Experts told Forbes it is unclear what will happen to Neuralink’s human subjects once the clinical trial for the brain implant is over. “When the clinical trial is over, are they on their own?,” Johnson asked, pointing to the many risks involved with the kind of surgery to place an implant, the possibility the device or performance could degrade over time and the fact that some may simply lose access to their implant once the trial is over.</p>



<h2 class="wp-block-heading" id="h-chief-critic">CHIEF CRITIC</h2>



<p>“Musk’s talk about helping disabled people – giving full body functionality to tetraplegics – is disingenuous and harmful,” Johnson said, asking whether disabled people even want brain implants or to control smartphones with their thoughts. “It fundamentally says that disabled persons are broken and need to be fixed with invasive brain implants,” Johnson said, noting that there is “so much that societies could be doing right now, but are not doing, to improve mobility, and access to jobs and education and decent places to live for disabled persons.”</p>



<h2 class="wp-block-heading" id="h-forbes-valuation">FORBES VALUATION</h2>



<p>We <a href="https://www.forbes.com/profile/elon-musk/?sh=1f50a08f7999">estimate</a> Musk to be worth $207 billion. Musk’s fortune makes him the world’s second richest person, behind French luxury goods giant <a href="https://www.forbes.com/profile/bernard-arnault/?list=rtb/">Bernard Arnault</a> and ahead of Amazon founder <a href="https://www.forbes.com/profile/jeff-bezos/?list=rtb/&amp;sh=4587e17d1b23">Jeff Bezos</a>, worth $229.6 billion and $195.7 billion, respectively.</p>


Tesla Officially Opens Gruenheide Gigafactory

Experts Criticize Elon Musk’s Neuralink Over Transparency After Billionaire Says First Brain Implant Works


<p><strong>A decision by a Delaware judge late Tuesday afternoon has multibillion-dollar implications regarding Musk’s fortune.</strong></p>



<p>Elon Musk ceded the title of world’s richest person to Frenchman Bernard Arnault of luxury conglomerate LVMH Tuesday evening, after a&nbsp;<a href="https://www.forbes.com/sites/antoniopequenoiv/2024/01/30/judge-voids-elon-musks-56-billion-pay-package-from-tesla/?sh=7ee4eb102756">Delaware judge</a>&nbsp;voided a hefty package of performance-based Tesla options&nbsp;<a href="https://www.forbes.com/sites/sergeiklebnikov/2021/05/06/elon-musk-made-billions-in-2020-every-other-ceo-made-millions/?sh=39b88bdd6f93">awarded to Musk in 2018</a>. Those shares had been worth more than $50 billion.&nbsp;<em>Forbes&nbsp;</em>estimates that Musk is now worth $184.5 billion. He now trails Arnault (estimated net worth: $210.8 billion) but remains ahead of the world’s third richest person, Amazon’s Jeff Bezos ($179 billion).</p>



<p>In her ruling, Delaware judge Kathaleen McCormick determined that Musk and his co-defendants, Tesla and certain of its board members, failed to prove that the process underlying the award of “the largest potential compensation opportunity ever observed in public markets” was fair due to conflicts of interest and Musk’s “control” over the board. Musk’s options were worth $50.9 billion (net of exercise cost) at Tuesday’s stock market close. Because of the ruling, he won’t be able to exercise or sell them. Given the high level of uncertainty about what comes next–including an appeal of the ruling,&nbsp;<em>Forbes</em>&nbsp;has discounted Musk’s options by 50%, enough to knock his net worth down by $25.5 billion after the decision.</p>



<p>“[The ruling] will certainly be appealed and there is some chance of reversal or a different remedy,” says UCLA law professor Jim Park. “Chancellor McCormick is well regarded and known as careful, so I think there’s a good chance her decision will get some deference from the Delaware Supreme Court. On the other hand, perhaps the Supreme Court will worry that the decision will send a negative message to the business community and will thus reduce the award.”</p>



<p>There is also the possibility that Tesla could just grant Musk another pay package with a more rigorous process designed to withstand legal scrutiny. After all, Tesla shareholders, whose stock has appreciated more than sevenfold since 2018, haven’t exactly celebrated the decision by the Delaware court. Shares of Tesla were trading down 0.8% at 2:30 p.m. eastern time on Wednesday.</p>



<p>“If the pay package is struck down, Musk will demand another — and he&#8217;ll get it,” says Michigan law professor Adam Pritchard. “But [it’s] very hard to say how different that would be from this package.”</p>



<p>Musk had been clamoring for even more Tesla shares prior to the Delaware decision. In an X post on January 15 he wrote, “I am uncomfortable growing Tesla to be a leader in AI &amp; robotics without having ~25% voting control.” If upheld on appeal, the judge&#8217;s decision to void Musk&#8217;s options pay package would drop his stake in Tesla from 22% to 13%.</p>


GERMANY-AUTOMOBILE-TESLA-MUSK

Elon Musk No Longer World’s Richest After Judge Voids $51 Billion Pay Package


<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



<p>As shares of Tesla&nbsp;<a href="https://finance.yahoo.com/quote/TSLA/" target="_blank" rel="noreferrer noopener">sank</a>&nbsp;13% Thursday, a day after the company&nbsp;<a href="https://www.youtube.com/watch?v=A_2Z-AEtdAg&amp;embeds_referring_euri=https%3A%2F%2Fwww.businessinsider.com%2F&amp;source_ve_path=MjM4NTE&amp;feature=emb_title" target="_blank" rel="noreferrer noopener">reported</a>&nbsp;missed estimates in its fourth-quarter earnings, the net worth of its centibillionare CEO Elon Musk dropped by more than $18 billion, though he remains the richest person in the world.</p>



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



<p>Tesla stock sank 13.2% to 180.38 on Thursday, with Musk losing $18.8 billion.</p>



<p>The decline followed the company’s Wednesday fourth-quarter&nbsp;<a href="https://www.youtube.com/watch?v=A_2Z-AEtdAg" target="_blank" rel="noreferrer noopener">earning report</a>&nbsp;that indicated it&nbsp;<a href="https://finance.yahoo.com/news/tesla-stock-plunges-12-as-ev-maker-warns-production-growth-will-be-notably-lower-than-2023-143454161.html" target="_blank" rel="noreferrer noopener">missed several estimates</a>—including that revenue for the quarter was $25.17 billion, compared to an estimated $25.87 billion.</p>



<p>Stocks for fellow American electric car makers&nbsp;<a href="https://finance.yahoo.com/quote/RIVN?p=RIVN&amp;ncid=yahooproperties_stockrecom_g40boan2td8" target="_blank" rel="noreferrer noopener">Rivian</a>&nbsp;and&nbsp;<a href="https://finance.yahoo.com/quote/LCID?p=LCID&amp;ncid=yahooproperties_stockrecom_g40boan2td8" target="_blank" rel="noreferrer noopener">Lucid</a>&nbsp;also dropped 1% and 6%, respectively, on Thursday.</p>



<h2 class="wp-block-heading" id="h-forbes-valuation"><strong>FORBES VALUATION</strong></h2>



<p>Musk lost $18.8 billion Thursday, a more than $17 billion larger decline than any other billionaire, according to&nbsp;<a href="https://www.forbes.com/real-time-billionaires/#62bf5a623d78">Forbes calculations</a>. Musk, who owns about 21% of Tesla, remains the world’s wealthiest person with an&nbsp;<a href="https://www.forbes.com/profile/elon-musk/?listuri=rtb&amp;sh=430430527999">estimated net worth</a>&nbsp;of $203.6 billion, still roughly $20 billion more than LVMH’s&nbsp;<a href="https://www.forbes.com/profile/bernard-arnault/?sh=5900e1fb66fa">Bernard Arnault</a>.</p>



<h2 class="wp-block-heading" id="h-big-number">BIG NUMBER</h2>



<p>$320 billion. That’s how much Musk was worth in November 2021, first person in history to obtain such a net worth and also&nbsp;<a href="https://www.forbes.com/sites/rachelsandler/2022/10/21/elon-musks-fortune-has-fallen-by-more-than-100-billion-in-less-than-a-year/?sh=691a348a3ea4">his peak fortune</a>.</p>



<h2 class="wp-block-heading" id="h-further-reading">FURTHER READING</h2>



<p><a href="https://www.forbes.com/sites/petercohan/2024/01/25/tesla-stock-price-down-25-in-2024-time-to-take-your-profits/?sh=5451e31a701a">With Tesla Stock Down 25% In 2024, It’s Time To Take Your Profits</a> (Forbes)</p>


Elon Musk’s Net Worth Drops $18 Billion As Tesla Stock Slides

The Top 10 Richest People In The World (January 2024)


<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



<p>Hours after Elon Musk told companies to &#8220;go f***&#8221; themselves for pulling their advertisements from X over concerns about antisemitism—and called out Disney CEO Bob Iger by name—a group of right-wing users on the social media platform have called for Disney+ subscribers to cancel their accounts.</p>



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



<p><a href="https://twitter.com/CollinRugg/status/1730227884957040938" target="_blank" rel="noreferrer noopener">Multiple</a>&nbsp;<a href="https://twitter.com/realmichaelseif/status/1730275154805068020" target="_blank" rel="noreferrer noopener">right-wing</a>&nbsp;<a href="https://twitter.com/ChayaRaichik10/status/1730296643872792752" target="_blank" rel="noreferrer noopener">accounts</a>&nbsp;on X, the platform formerly known as Twitter, called on subscribers to Disney’s streaming service Disney+ to cancel their subscriptions, with the X account End Wokeness&nbsp;<a href="https://twitter.com/EndWokeness/status/1730218208324395011" target="_blank" rel="noreferrer noopener">posting</a>&nbsp;instructions for cancellation with the caption: “Stop giving money to people that hate you.”</p>



<p>Those calls follow Disney’s decision earlier this month to&nbsp;<a href="https://www.forbes.com/sites/brianbushard/2023/11/17/apple-and-disney-pull-x-ads-after-musks-promotion-of-antisemitic-post-joining-these-other-companies/?sh=3f0da76a34fb">suspend its advertising</a>&nbsp;on the social media platform, joining a growing list of companies including Apple, IBM, Lionsgate and Xfinity, following the release of a scathing report that found advertisements on X alongside pro-Nazi posts, and after Musk endorsed a post&nbsp;<a href="https://www.forbes.com/sites/tylerroush/2023/11/16/elon-musk-condemned-after-calling-antisemitic-post-actual-truth/?sh=7e010cc14020">widely condemned</a>&nbsp;as antisemitic.</p>



<p>Disney’s decision to stop running ads on X could cost the social media platform millions of dollars, while X users’ calls for a boycott of Disney+ would have to reach many of its&nbsp;<a href="https://www.forbes.com/sites/tonifitzgerald/2023/08/09/new-record-for-disney-sheds-117-million-subscribers-password-crackdown-coming/?sh=5fe4d2b51d7b">146 million</a>&nbsp;subscribers (as of August) to have an equivalent effect.</p>



<p>Speaking at the New York Times’ DealBook Summit on Wednesday, Musk&nbsp;<a href="https://www.forbes.com/sites/antoniopequenoiv/2023/11/29/elon-musk-says-advertisers-that-have-left-x-shouldnt-come-back/?sh=1f7dc21b10c0">accused advertisers</a>&nbsp;that left the platform of “blackmailing” him with money and crudely told them to “go f**k themselves,” while addressing Iger in the crowd, saying, “hi Bob.”</p>



<p>Iger, also speaking at the summit,&nbsp;<a href="https://www.youtube.com/watch?v=8pSxx1e5n34" target="_blank" rel="noreferrer noopener">said</a>&nbsp;he has “a lot of respect for Elon and what he’s accomplished,” but took exception with Musk’s endorsement of the post on X, saying: “By him taking the position that he took in quite a public manner, we just felt that the association with that position and Elon Musk and X was not necessarily a positive one for us.”</p>



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<h2 class="wp-block-heading" id="h-contra">CONTRA</h2>



<p>X could lose as much as $75 million in lost advertising revenue due to more than a dozen companies including Airbnb, Coca-Cola, Disney, IBM, Microsoft and Xfinity pulling out, the New York Times&nbsp;<a href="https://www.nytimes.com/2023/11/24/business/x-elon-musk-advertisers.html" target="_blank" rel="noreferrer noopener">reported</a>.</p>



<h2 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h2>



<p>IBM became one of the first in a string of high-profile advertisers to&nbsp;<a href="https://www.forbes.com/sites/mollybohannon/2023/11/16/ibm-suspends-advertising-on-x-after-ads-appear-near-pro-nazi-posts/?sh=17f133ce6a4d">suspend its ads</a>&nbsp;on the platform this month, after a report from left-wing watchdog Media Matters for America found advertisements for the company—as well as Apple, Oracle and Xfinity—appeared near neo-Nazi posts and posts praising Adolf Hitler. Musk suggested the watchdog went out of its way to achieve the result, claiming the finding represented a wildly different experience from that of a typical user. X Corp. later&nbsp;<a href="https://www.forbes.com/sites/tylerroush/2023/11/18/elon-musk-threatens-thermonuclear-lawsuit-against-group-reporting-antisemitic-x-posts-appearing-near-ads/?sh=27c854462b13">filed a defamation lawsuit</a>&nbsp;against Media Matters. Musk also came under fire after he&nbsp;<a href="https://www.forbes.com/sites/tylerroush/2023/11/16/elon-musk-condemned-after-calling-antisemitic-post-actual-truth/?sh=648123644020">shared</a>&nbsp;a post on X in which a user claimed “Jewish communities have been pushing the exact kind of dialectical hatred against whites that they claim to want people to stop using against them,” an argument Musk called “the actual truth.” The White House also&nbsp;<a href="https://www.forbes.com/sites/brianbushard/2023/11/17/white-house-condemns-musk-over-abhorrent-promotion-of-antisemitic-and-racist-hate/?sh=4990834c1ea5">condemned</a>&nbsp;that post, issuing a statement calling the claim an “abhorrent promotion of antisemitic and racist hate.” Musk on Wednesday apologized for the post and&nbsp;<a href="https://www.theverge.com/2023/11/29/23981771/musk-says-the-antisemitic-post-was-a-mistake" target="_blank" rel="noreferrer noopener">admitted</a>&nbsp;it was “one of the most foolish, if not the most foolish, thing I’ve done” on the platform.</p>



<h2 class="wp-block-heading" id="h-big-number">BIG NUMBER</h2>



<p>$7.2 billion. That’s how much Disney spent on advertisements in fiscal year 2022, surpassing its advertising budget in 2021 ($5.5 billion) and 2020 ($4.7 billion).</p>



<h2 class="wp-block-heading" id="h-tangent">TANGENT</h2>



<p>Disney became the latest in a wave of major companies to draw the ire of right-wing critics largely online. Earlier this year, Bud Light drew&nbsp;<a href="https://www.forbes.com/sites/conormurray/2023/05/20/far-right-pundits-are-slamming-companies-including-nike-adidas-and-ford-for-lgbtq-outreach-as-pride-month-nears/?sh=64d1685f76d0">massive pushback</a>&nbsp;among right-wingers, including pundits Candace Owens and Ben Shapiro, after the beer brand launched a partnership with transgender TikTok star Dylan Mulvaney. Fast food chain Chick-fil-A also came under fire after right-wing online circles expressed outrage over its hiring of a director of diversity, equity and inclusion in 2021, while Adidas faced right-wing pushback for a marketing campaign that included trans-inclusive swimwear. Target additionally faced right-wing blowback online for an LGBTQ Pride product line. In response to the criticism, Target&nbsp;<a href="https://www.forbes.com/sites/conormurray/2023/05/24/target-removes-pride-items-after-conservative-firestorm-sparking-criticism-from-lgbtq-groups/?sh=18e16e20e512">pulled</a>&nbsp;items from that line in late May, just a week before the start of Pride month, claiming in a statement that threats and criticism it received over the products were “impacting our team members’ sense of safety and well-being,” though the move also sparked pushback in LGBTQ circles over claims the company caved to right-wing blowback.</p>



<h2 class="wp-block-heading" id="h-further-reading">FURTHER READING</h2>



<p><a href="https://www.forbes.com/sites/antoniopequenoiv/2023/11/29/elon-musk-says-advertisers-that-have-left-x-shouldnt-come-back/?sh=1f7dc21b10c0">Elon Musk Says Advertisers That Have Left X Shouldn’t Come Back</a>&nbsp;(Forbes)</p>



<p><a href="https://www.forbes.com/sites/brianbushard/2023/11/17/apple-and-disney-pull-x-ads-after-musks-promotion-of-antisemitic-post-joining-these-other-companies/?sh=3f0da76a34fb">Apple And Disney Pull X Ads After Musk’s Promotion Of Antisemitic Post—Joining These Other Companies</a> (Forbes)</p>


Popular Streaming Services Photo Illustrations

Disney Vs. Musk: Right-Wing X Users Push For Disney+ Cancellations As Disney Pulls Ads


<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



<p>X Corporation will file a “thermonuclear” lawsuit against a media watchdog that claimed advertisements for several companies—including Apple and Disney, among others—appeared by antisemitic posts on X, Elon Musk said Saturday, following decisions from several major companies to pause ads on Musk’s social media platform.</p>



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



<p>Musk&nbsp;<a href="https://twitter.com/elonmusk/status/1725771191644758037?s=46&amp;t=vx29-32gzBE_H5suNoiKjQ" target="_blank" rel="noreferrer noopener">said</a>&nbsp;a lawsuit will be filed Monday the “split second court opens” against Media Matters for America, a left-wing watchdog, after Musk suggested Media Matters “posted a story that completely misrepresented the real experience on X.”</p>



<p>Media Matters used an alternate account to curate posts and advertising that appeared on the account’s timeline, Musk claims, in an effort to “manipulate the public and advertisers.”</p>



<p>Once the account’s feed was “curated,” Media Matters “repeatedly refreshed” the account’s timeline to find “a rare instance of ads serving next to the content they chose to follow,” Musk alleges.</p>



<p>Media Matters&nbsp;<a href="https://www.mediamatters.org/twitter/musk-endorses-antisemitic-conspiracy-theory-x-has-been-placing-ads-apple-bravo-ibm-oracle" target="_blank" rel="noreferrer noopener">reported</a>&nbsp;earlier this week that ads for major firms—including Apple, Bravo, IBM, Oracle and Xfinity—were appearing next to content that supported Adolf Hitler and the Nazi Party.</p>



<p>IBM said Thursday&nbsp;<a href="https://www.forbes.com/sites/mollybohannon/2023/11/16/ibm-suspends-advertising-on-x-after-ads-appear-near-pro-nazi-posts/?sh=5a48a3a66a4d">it was pulling ads</a>, while companies like&nbsp;<a href="https://www.forbes.com/sites/brianbushard/2023/11/17/apple-and-disney-pull-x-ads-after-musks-promotion-of-antisemitic-post-joining-these-other-companies/?sh=418431934fb3">Apple, Disney and Lionsgate</a>&nbsp;followed suit Friday.</p>



<p>Media Matters did not immediately respond to a request for comment from Forbes.</p>



<h2 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h2>



<p>X, formerly known as Twitter, has also reinstated several accounts for far-right extremists “as part of its creator ad revenue sharing program,” the watchdog claims. The report followed&nbsp;<a href="https://www.forbes.com/sites/tylerroush/2023/11/16/elon-musk-condemned-after-calling-antisemitic-post-actual-truth/?sh=52519b9f4020">comments</a>&nbsp;from Musk, who endorsed another user’s claims that Jewish communities objecting to antisemitism show “hatred against whites,” which Musk said was the “actual truth.” The user also appeared to endorse a conspiracy theory that was&nbsp;<a href="https://www.theatlantic.com/ideas/archive/2023/11/elon-musks-disturbing-truth/676019/" target="_blank" rel="noreferrer noopener">shared</a>&nbsp;by Robert Bowers, who killed 11 people at Pittsburgh’s Tree of Life synagogue in 2018, the&nbsp;<a href="https://www.forbes.com/sites/brianbushard/2023/07/13/pittsburgh-synagogue-shooting-jury-finds-gunman-eligible-for-death-penalty/?sh=766a0c161afe">deadliest</a>&nbsp;attack on Jewish people in U.S. history. Musk was widely&nbsp;<a href="https://www.forbes.com/sites/tylerroush/2023/11/16/elon-musk-condemned-after-calling-antisemitic-post-actual-truth/?sh=52519b9f4020">condemned</a>&nbsp;for his comments,&nbsp;<a href="https://www.forbes.com/sites/brianbushard/2023/11/17/white-house-condemns-musk-over-abhorrent-promotion-of-antisemitic-and-racist-hate/?sh=2e363a011ea5">including</a>&nbsp;in a statement from the White House that said Musk’s post was an “abhorrent promotion of antisemitic and racist hate.”</p>



<h2 class="wp-block-heading" id="h-tangent">TANGENT</h2>



<p>Musk earlier this week also&nbsp;<a href="https://twitter.com/elonmusk/status/1724934935943979269?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1724934935943979269%7Ctwgr%5E9f715cc15d83469cd22b35d1b6fda5bdde5015a6%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2Farticles%2F2023-11-16%2Felon-musk-calls-anti-semitic-post-on-x-the-actual-truth" target="_blank" rel="noreferrer noopener">criticized</a>&nbsp;the Anti-Defamation League, the Jewish civil rights group that Musk claims “unjustly attacks the majority of the West, despite the majority of the West supporting the Jewish people and Israel.” Musk accused the group of pushing “de facto anti-white racism.” Musk previously blamed the ADL for X’s 60% decline in ad revenue, claiming the organization had been urging advertisers to pull out of the platform.</p>



<h2 class="wp-block-heading" id="h-further-reading">FURTHER READING</h2>



<p><a href="https://www.forbes.com/sites/tylerroush/2023/11/16/elon-musk-condemned-after-calling-antisemitic-post-actual-truth/?sh=52519b9f4020">Elon Musk Condemned After Calling Antisemitic Post ‘Actual Truth’</a>&nbsp;(<em>Forbes</em>)</p>



<p><a href="https://www.forbes.com/sites/brianbushard/2023/11/17/apple-and-disney-pull-x-ads-after-musks-promotion-of-antisemitic-post-joining-these-other-companies/?sh=1c723e1a34fb">Apple And Disney Pull X Ads After Musk’s Promotion Of Antisemitic Post — Joining These Other Companies</a>&nbsp;(<em>Forbes</em>)</p>



<p><a href="https://www.forbes.com/sites/brianbushard/2023/11/17/white-house-condemns-musk-over-abhorrent-promotion-of-antisemitic-and-racist-hate/?sh=2e363a011ea5">White House Condemns Musk Over ‘Abhorrent Promotion Of Antisemitic And Racist Hate’</a>&nbsp;(<em>Forbes</em>)</p>


Elon Musk Threatens ‘Thermonuclear’ Lawsuit Against Group Reporting Antisemitic X Posts Appearing Near Ads


<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



<p>Social media company X internally valued itself at $19 billion as of Monday,&nbsp;<a href="https://fortune.com/2023/10/30/x-formerly-twitter-valued-19-billion-employee-stock-plan/" target="_blank" rel="noreferrer noopener">multiple</a>&nbsp;<a href="https://www.nytimes.com/2023/10/30/technology/x-twitter-19-billion-dollars.html" target="_blank" rel="noreferrer noopener">news</a>&nbsp;<a href="https://www.bloomberg.com/news/articles/2023-10-30/musk-s-x-valued-at-less-than-half-of-price-he-paid-for-twitter?utm_medium=social&amp;utm_source=twitter&amp;utm_content=business&amp;sref=xuVirdpv" target="_blank" rel="noreferrer noopener">organizations</a>&nbsp;reported, a 55% drop from what Elon Musk paid for the company last October—following a year of sweeping change and revenue struggles at the company formerly known as Twitter.</p>



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



<p>The company handed out stock grants to employees that showed X was worth about $19 billion, according to the&nbsp;<a href="https://www.nytimes.com/2023/10/30/technology/x-twitter-19-billion-dollars.html" target="_blank" rel="noreferrer noopener"><em>New York Times</em></a>, citing internal documents.</p>



<p>Musk purchased the majority of Twitter in October 2022 in a deal valued at $44 billion.</p>



<p>Employees were offered equity in the social media company at $45 a share in the form of restricted stock units, but they will still receive $54.20 for any outstanding shares granted to them before Musk took over the company, according to the&nbsp;<em>Times.</em></p>



<p>Musk paid $54.20 a share to take the company private in 2022.</p>



<p>This latest valuation is somewhat higher than the&nbsp;<a href="https://www.forbes.com/sites/antoniopequenoiv/2023/10/27/year-of-musk-x-faces-slashed-valuation-and-fewer-advertisers-one-year-after-twitter-takeover/?sh=517715b65510">$16.9 billion</a>&nbsp;that Fidelity—which has a small stake in X—valued the company at in late August.</p>



<p><em>Forbes</em>&nbsp;has reached out to X for comment.</p>



<h2 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h2>



<p>Since he purchased the social media platform, Musk has repeatedly said he overpaid for it. Even before the acquisition was finalized, Musk&nbsp;<a href="https://www.forbes.com/sites/siladityaray/2022/10/20/tesla-shares-drop-in-pre-market-after-missed-q3-earnings/?sh=4edbdddc6064">said</a>&nbsp;in an October 2022 Tesla earnings call (Musk is also CEO of the electric carmaker) he was “obviously overpaying for Twitter right now,” though he believed the company’s long term potential was “an order of magnitude greater than its current value.” The billionaire&nbsp;<a href="https://www.forbes.com/sites/nicholasreimann/2022/07/08/elon-musk-terminating-deal-to-buy-twitter-platform-plans-legal-action/?sh=411843c52e21">tried to call off</a>&nbsp;an agreement to buy Twitter at $54.20 a share last year, citing concerns about the number of fake accounts, but Twitter&nbsp;<a href="https://www.forbes.com/sites/joewalsh/2022/07/12/twitter-sues-elon-musk-for-trying-to-cancel-acquisition-deal/?sh=6aa832513d38">sued him</a>&nbsp;and asked a judge to force him to follow through, and he eventually closed the deal in October 2022. In April, during an interview with conservative media personality Tucker Carlson, he&nbsp;<a href="https://www.forbes.com/sites/nicholasreimann/2023/04/17/musk-admits-twitter-purchase-wasnt-financially-smart-and-he-paid-twice-what-its-worth/?sh=5767b0c265c6">admitted</a>&nbsp;the purchase was not currently “financially smart” and said the company was worth about half of what he paid for it. In a March internal memo that&nbsp;<a href="https://www.theguardian.com/technology/2023/mar/26/elon-musk-twitter-value-leaked-memo-less-than-half-paid#:~:text=Twitter%20is%20worth%20less%20than,at%20less%20than%20%2420bn." target="_blank" rel="noreferrer noopener">was leaked</a>&nbsp;to the press, Musk suggested the company was worth less than $20 billion.</p>



<h2 class="wp-block-heading" id="h-forbes-valuation">FORBES VALUATION</h2>



<p>We estimate Musk’s net worth at&nbsp;<a href="https://www.forbes.com/real-time-billionaires/#6631d4d33d78">$214.8 billion</a>, making him the wealthiest person on earth, mostly due to his stakes in Tesla and SpaceX.</p>



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<p>By signing up, you accept and agree to our&nbsp;<a href="https://www.forbes.com/terms-and-conditions" target="_blank" rel="noreferrer noopener">Terms of Service</a>&nbsp;(including the class action waiver and arbitration provisions), and you acknowledge our&nbsp;<a href="https://www.forbes.com/privacy" target="_blank" rel="noreferrer noopener">Privacy Statement</a>.</p>



<h2 class="wp-block-heading" id="h-tangent">TANGENT</h2>



<p>Since acquiring and taking control of Twitter, Musk has made a series of polarizing decisions including&nbsp;<a href="https://www.forbes.com/sites/brianbushard/2023/07/23/elon-musk-directs-xcom-to-twitter-plans-to-ditch-twitter-bird/?sh=22703c4f4542">renaming</a>&nbsp;the platform to X, loosening the site’s content moderation rules,&nbsp;<a href="https://www.forbes.com/sites/nicholasreimann/2022/11/01/twitter-will-sell-coveted-blue-checkmark-for-8-a-month-musk-says-but-benefits-still-unclear/?sh=6fa15be85ac2">charging users</a>&nbsp;to get verification check marks and&nbsp;<a href="https://www.forbes.com/sites/tylerroush/2023/07/01/elon-musk-announces-temporary-reading-limit-for-unverified-twitter-accounts-amid-outage/?sh=23b1f90475fa">temporarily limiting</a>&nbsp;the amount of posts a user can view or the amount of direct messages a user can send. In September, Musk&nbsp;<a href="https://www.forbes.com/sites/willskipworth/2023/09/04/musk-blames-anti-defamation-league-for-xs-poor-ad-sales-threatens-lawsuit/?sh=1b06f746a00e">revealed</a>&nbsp;that ad revenue was down 60% since his acquisition. Additionally, nonprofits like the Anti-Defamation League have reported a rise in hate speech, racism and harassment on the platform. Musk responded by&nbsp;<a href="https://www.forbes.com/sites/willskipworth/2023/09/04/musk-blames-anti-defamation-league-for-xs-poor-ad-sales-threatens-lawsuit/?sh=1b06f746a00e">threatening</a>&nbsp;to sue the organization. The company has also been embroiled in a number of legal challenges under Musk, both as plaintiff and defendant. X has faced lawsuits over allegations it has&nbsp;<a href="https://www.forbes.com/sites/willskipworth/2023/07/12/twitter-and-elon-musk-face-500-million-lawsuit-for-allegedly-reusing-severance-for-fired-employees/?sh=256d21d31d91">refused to pay</a>&nbsp;its employees promised severance, that it’s&nbsp;<a href="https://www.forbes.com/sites/alisondurkee/2023/07/03/twitter-faces-lawsuit-over-unpaid-office-fees-again/?sh=10cee9462613">refused to pay</a>&nbsp;its rent and office fees and that it&nbsp;<a href="https://storage.courtlistener.com/recap/gov.uscourts.nhd.60380/gov.uscourts.nhd.60380.1.0.pdf" target="_blank" rel="noreferrer noopener">breached a contract</a>&nbsp;it made with a regional jet company. As a plaintiff, X has sued the nonprofit Center for Countering Digital Hate, claiming that the organization violated X’s terms of service by collecting data for an analysis it did into hate speech on X.</p>



<h2 class="wp-block-heading" id="h-further-reading">FURTHER READING</h2>



<p><a href="https://www.forbes.com/sites/antoniopequenoiv/2023/10/27/year-of-musk-x-faces-slashed-valuation-and-fewer-advertisers-one-year-after-twitter-takeover/?sh=492ed0f55105">Year Of Musk: X Faces Slashed Valuation And Fewer Advertisers One Year After Twitter Takeover</a>&nbsp;(Forbes)</p>



<p><a href="https://www.forbes.com/sites/nicholasreimann/2023/04/17/musk-admits-twitter-purchase-wasnt-financially-smart-and-he-paid-twice-what-its-worth/?sh=5767b0c265c6">Musk Admits Twitter Purchase Wasn’t ‘Financially Smart’—And He Paid Twice What It&#8217;s Worth</a>&nbsp;(Forbes)</p>



<p><a href="https://www.forbes.com/sites/willskipworth/2023/09/04/musk-blames-anti-defamation-league-for-xs-poor-ad-sales-threatens-lawsuit/?sh=1b06f746a00e">Musk Blames Anti-Defamation League For X’s Poor Ad Sales, Threatens Lawsuit</a>&nbsp;(Forbes)</p>



<p><a href="https://www.nytimes.com/2023/10/30/technology/x-twitter-19-billion-dollars.html" target="_blank" rel="noreferrer noopener">X Says It Is Worth $19 Billion, Down From $44 Billion Last Year</a>&nbsp;(New York Times)</p>



<p><a href="https://fortune.com/2023/10/30/x-formerly-twitter-valued-19-billion-employee-stock-plan/" target="_blank" rel="noreferrer noopener">X, formerly Twitter, valued at $19 billion in new employee stock plan</a>&nbsp;(Fortune)</p>



<p><a href="https://www.bloomberg.com/news/articles/2023-10-30/musk-s-x-valued-at-less-than-half-of-price-he-paid-for-twitter?utm_medium=social&amp;utm_source=twitter&amp;utm_content=business&amp;sref=xuVirdpv" target="_blank" rel="noreferrer noopener">Elon Musk’s X Is Worth Less Than Half of Price He Paid for Twitter</a> (Bloomberg)</p>


Twitter logo

X Says It’s Worth Less Than Half What Elon Musk Paid


<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



<p>Starlink internet satellites will be made accessible to aid organizations in Gaza, according to a Saturday <a href="https://x.com/elonmusk/status/1718224153474388433?s=20" target="_blank" rel="noreferrer noopener">post</a> from SpaceX CEO Elon Musk, as the region continues to experience Israeli bombardments amid a <a href="https://www.forbes.com/sites/antoniopequenoiv/2023/10/27/gaza-experiences-communications-blackout-as-israel-expands-ground-force-activity/?sh=507ea9da7774">communications blackout</a> that began Friday.</p>


<div class="wp-block-image">
<figure class="alignleft size-full is-resized"><img loading="lazy" decoding="async" width="1024" height="733" src="https://cms.forbesafrica.com/wp-content/uploads/2021/12/GettyImages-1358883297.jpg" alt="" class="wp-image-53654" style="aspect-ratio:1.3969986357435198;width:528px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2021/12/GettyImages-1358883297.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2021/12/GettyImages-1358883297-300x215.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2021/12/GettyImages-1358883297-768x550.jpg 768w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption"> (Photo by Theo Wargo/Getty Images for TIME)</figcaption></figure></div>


<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



<p>Musk pledged Starlink connectivity support for “internationally recognized aid groups” and the United Nations in&nbsp;<a href="https://x.com/elonmusk/status/1718224153474388433?s=20" target="_blank" rel="noreferrer noopener">two</a>&nbsp;<a href="https://x.com/elonmusk/status/1718225344568668417?s=20" target="_blank" rel="noreferrer noopener">posts</a>&nbsp;on X, formerly known as Twitter.</p>



<p>Musk initially responded to a&nbsp;<a href="https://x.com/DrLoupis/status/1717960271895883898?s=20" target="_blank" rel="noreferrer noopener">post</a>&nbsp;that called for Starlink support in Gaza, saying it&nbsp;<a href="https://x.com/elonmusk/status/1718206478283133105?s=20" target="_blank" rel="noreferrer noopener">wasn’t clear</a>&nbsp;who had the authority for ground links in Gaza and that SpaceX had not received a request from any terminals in the region, which are required on the ground to receive the satellite internet service.</p>



<p>Musk has also faced calls to extend internet access to civilians and journalists documenting the situation in Gaza.</p>



<p>The posts come less than a day after the Gaza Strip was hit with&nbsp;<a href="https://www.forbes.com/sites/antoniopequenoiv/2023/10/27/gaza-experiences-communications-blackout-as-israel-expands-ground-force-activity/?sh=507ea9da7774">major communications disruptions</a>, causing multiple humanitarian agencies such as the Red Crescent, the World Health Organization and the United Nations International Children&#8217;s Emergency Fund to lose contact with their medical teams and workers.</p>



<h2 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h2>



<p>The communications collapse in Gaza occurred Friday, when telecommunications company Paltel told the&nbsp;<a href="https://apnews.com/article/israel-palestinians-gaza-airstrikes-region-e41b5b12e8cdf9db62395314d9a782b6?taid=653bf435d6113200015b4286&amp;utm_campaign=TrueAnthem&amp;utm_medium=AP&amp;utm_source=Twitter" target="_blank" rel="noreferrer noopener">Associated Press</a>&nbsp;that Israeli bombardments in Gaza caused “a complete disruption of all communication and internet services.” Amid the disruption, Rear Adm. Daniel Hagari, a spokesman for the Israeli military, said on Friday that ground forces were expanding activity in Gaza, in a tweet translated by&nbsp;<a href="https://www.cnbc.com/2023/10/27/israel-hamas-war-updates-and-latest-news-on-gaza-conflict.html" target="_blank" rel="noreferrer noopener">CNBC</a>. An Israeli ground invasion of Gaza has been widely anticipated in the three weeks since Hamas launched an attack on Israel, starting the ongoing war. Mark Regev, senior adviser to Israeli Prime Minister Benjamin Netanyahu, told MSNBC on Friday night that Hamas would “feel our wrath tonight,” a statement followed up by a constant bombardment at the Israel-Gaza border as the Israeli military forces&nbsp;<a href="https://apnews.com/article/israel-palestinians-gaza-airstrikes-region-e41b5b12e8cdf9db62395314d9a782b6?taid=653bf435d6113200015b4286&amp;utm_campaign=TrueAnthem&amp;utm_medium=AP&amp;utm_source=Twitter" target="_blank" rel="noreferrer noopener">ramped up ground operations</a>.</p>



<h2 class="wp-block-heading" id="h-big-number">BIG NUMBER</h2>



<p>More than 8,000. That’s how many people have died on both sides of the Israel-Hamas conflict, according to the&nbsp;<a href="https://apnews.com/article/israel-hamas-war-death-toll-numbers-injured-5c9dc40bec95a8408c83f3c2fb759da0" target="_blank" rel="noreferrer noopener">Associated Press</a>. The Palestinian death toll streaked past 7,000 this week, according to the Hamas-controlled Palestinian Health Ministry in Gaza. Some 1,400 Israelis were reportedly killed in Hamas’ attack.</p>



<p>Forbes Daily: Get our best stories, exclusive reporting and essential analysis of the day’s news in your inbox every weekday.Sign Up</p>



<p>By signing up, you accept and agree to our&nbsp;<a href="https://www.forbes.com/terms-and-conditions" target="_blank" rel="noreferrer noopener">Terms of Service</a>&nbsp;(including the class action waiver and arbitration provisions), and you acknowledge our&nbsp;<a href="https://www.forbes.com/privacy" target="_blank" rel="noreferrer noopener">Privacy Statement</a>.</p>



<h2 class="wp-block-heading" id="h-further-reading">FURTHER READING</h2>



<p><a href="https://www.forbes.com/sites/antoniopequenoiv/2023/10/27/gaza-experiences-communications-blackout-as-israel-expands-ground-force-activity/?sh=6383a8ce7774">World Health Organization Loses Contact With Gaza Staff Amid Communications Blackout&nbsp;</a>(<em>Forbes</em>)</p>



<p><a href="https://apnews.com/article/israel-palestinians-gaza-airstrikes-region-e41b5b12e8cdf9db62395314d9a782b6?taid=653bf435d6113200015b4286&amp;utm_campaign=TrueAnthem&amp;utm_medium=AP&amp;utm_source=Twitter" target="_blank" rel="noreferrer noopener">Israel steps up air and ground attacks in Gaza and cuts off the territory’s communications</a> (AP)</p>



<p><a href="https://www.forbes.com/sites/antoniopequenoiv/"></a></p>


Israeli attacks continue on the 22nd day in Gaza

Elon Musk Says Starlink Will Support ‘Recognized’ Aid Groups In Gaza


<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



<p>Elon Musk, <a href="https://www.forbes.com/profile/elon-musk/?sh=5b8ba5487999">the world’s richest man</a>, grew his net worth by $10.5 billion Wednesday, a 4.2% increase, on the back of an approximately 6% jump in Tesla’s stock, which comprises a vast majority of his wealth—putting his total riches at $260.4 billion.</p>



<h2 class="wp-block-heading">KEY FACTS</h2>



<p>Tesla’s 5.9% increase brought the share price to about $261 for the stock when markets closed Wednesday afternoon.</p>



<p>This comes despite a&nbsp;<a href="https://ir.tesla.com/press-release/tesla-vehicle-production-deliveries-and-date-financial-results-webcast-third-quarter-2023" target="_blank" rel="noreferrer noopener">report</a>&nbsp;released Monday that showed a 7% decline in vehicle deliveries during the third quarter, something the company blamed on factories being temporarily shut down for upgrades.</p>



<p>Still, investors bet on a fourth-quarter rebound with the launch of a revamped Model 3 car in China and the expected launch of the Cybertruck, according to&nbsp;<a href="https://www.investors.com/news/tesla-stock-flashes-buy-signal-leads-sp-500-bulls-shrug-off-bad-news/" target="_blank" rel="noreferrer noopener">Investor’s Business Daily</a>.</p>



<h2 class="wp-block-heading">KEY BACKGROUND</h2>



<p>Musk first&nbsp;<a href="https://www.forbes.com/sites/forbeswealthteam/article/elon-musk/?sh=27503b4726af">jumped</a>&nbsp;into the top spot on&nbsp;<em>Forbes’&nbsp;</em>Billionaires List in September 2021. “I’m sending a giant statue of the digit ‘2’ to Jeffrey B., along with a silver medal,” he told&nbsp;<em>Forbes&nbsp;</em>after&nbsp;<a href="https://www.forbes.com/profile/jeff-bezos/?sh=4ffe328c1b23">overtaking Amazon’s Jeff Bezos</a>—who, with a $149.8 billion estimated net worth, is now No. 3—for the spot. Recently, he and French fashion mogul&nbsp;<a href="https://www.forbes.com/profile/bernard-arnault/?list=rtb/&amp;sh=25a8e88f66fa">Bernard Arnault</a>&nbsp;have been flipping back and forth between the No. 1 and No. 2 spots, though Musk has maintained his spot as No. 1 in recent weeks. Around $170.6 billion of his $260.4 billion net worth comes in the form of Tesla stock. Other significant assets include his 42% stake in SpaceX, which amounts to $60.2 billion, and his acquisition of Twitter in October 2022, which is now worth $8.9 billion (he purchased the social media platform for $44 billion).&nbsp;<em>Forbes&nbsp;</em>estimates he has $5.2 billion in cash and other liquid assets.</p>



<h2 class="wp-block-heading">TANGENT</h2>



<p>Musk has given away a meager fraction of his wealth to charitable causes,&nbsp;<em>Forbes&nbsp;</em>has found.&nbsp;<em>Forbes</em>&nbsp;<a href="https://www.forbes.com/sites/forbeswealthteam/article/elon-musk/?sh=27503b4726af">estimates</a>&nbsp;Musk, who signed the Giving Pledge in 2012, has donated $281 million over his lifetime to charitable causes, which is less than 1% of his net worth as of September 2023. Though, he’s not alone among America’s richest in his lack of philanthropy. Oracle cofounder Larry Ellison, Nvidia cofounder Jensen Huang and 124 others on&nbsp;<em>Forbes’&nbsp;</em>400 list have all given away&nbsp;<a href="https://www.forbes.com/sites/phoebeliu/2023/10/03/the-forbes-philanthropy-score-2023-how-charitable-are-the-richest-americans/?sh=51f3f084eccc">less than 1%</a>&nbsp;of their wealth. Of the 400 richest Americans, only a handful have given away&nbsp;<a href="https://www.forbes.com/sites/phoebeliu/2023/10/03/the-forbes-philanthropy-score-2023-how-charitable-are-the-richest-americans/?sh=51f3f084eccc">more than 20%</a>&nbsp;of their wealth: John Arnold, Edythe Broad, Warren Buffett, Bill Gates, Melinda French Gates, Amos Hostetter Jr., Pierre Omidyar, MacKenzie Scott, Lynn Schusterman, Jeff Skoll and George Soros.</p>



<h2 class="wp-block-heading">FURTHER READING</h2>



<p><a href="https://www.forbes.com/sites/forbeswealthteam/article/elon-musk/?sh=27503b4726af">Elon Musk’s Road To Riches: Behind The Billions</a> (Forbes)</p>



<p><a href="https://www.forbes.com/sites/maryroeloffs/2023/10/03/grimes-reportedly-sues-elon-musk-over-parental-rights-to-child/?sh=3131bc3421ed">Grimes Reportedly Sues Elon Musk Over Parental Rights To Child</a>&nbsp;(Forbes)</p>



<p><a href="https://www.forbes.com/sites/willskipworth/2023/09/12/musk-bio-bombshells-secret-child-techno-mechanicus-and-rocky-romantic-relationships-among-these-explosive-revelations/?sh=4322672b17b4">Musk Bio Bombshells: Secret Child Techno Mechanicus And Rocky Romantic Relationships Among These Explosive Revelations</a>&nbsp;(Forbes)</p>



<p><a href="https://www.forbes.com/sites/willskipworth/2023/10/02/elon-musk-sued-for-falsely-linking-man-to-neo-nazi-group-and-federal-agency/?sh=3cc354ea7956">Elon Musk Sued For Falsely Linking Man To Neo-Nazi Group—And Federal Agency</a>&nbsp;(Forbes)</p>



<p><a href="https://www.forbes.com/sites/willskipworth/2023/09/18/elon-musk-says-he-might-put-xtwitter-behind-a-paywall/?sh=639508407209">Elon Musk Says He Might Put X/Twitter Behind A Paywall</a>&nbsp;(Forbes)</p>


gettyimages-490597722-594×594

Elon Musk Becomes $10 Billion Richer After Tesla Stock Shoots Up 6%


<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



<p>Tesla CEO Elon Musk took to X to scrutinize a German humanitarian group conducting a rescue operation in the Mediterranean Sea, suggesting such operations and their transport of rescued immigrants to Italy are a violation of the country’s sovereignty.</p>



<h2 class="wp-block-heading">KEY FACTS</h2>



<p>The video was posted by a user claiming to show German NGO ships in the Mediterranean Sea collecting illegal immigrants before they are unloaded in Italy— and also pledging support for the far-right Alternative for Germany party, a&nbsp;<a href="https://www.politico.eu/article/afd-alternative-for-germany-deutschland-immigration-economy-decline-climate-change-right-wing-populism-opinion-mathias-dopfner/" target="_blank" rel="noreferrer noopener">surging political party</a>&nbsp;that runs on an anti-immigrant platform.</p>



<p>Musk reposted the video, asking if the German public was aware of such rescue operations—which prompted a reply from the German government’s official X account, which said, “Yes. And it’s called saving lives.”</p>



<p>Musk said he doubted the majority of the German public supported the operations, claiming they are “surely” violations of Italy’s sovereignty and saying they had “invasion vibes.”</p>



<p>The German government confirmed this week it was backing three NGOs that operate in the Mediterranean Sea and bring migrants to Italy, according to&nbsp;<a href="https://www.reuters.com/world/europe/elon-musk-wades-into-german-debate-over-migration-2023-09-29/" target="_blank" rel="noreferrer noopener">Reuters</a>, which reported the funding has been met with pushback from Italy’s government.</p>



<p>Far-right Italian Prime Minister Meloni said in a letter sent to German Chancellor Olaf Scholz this month that she “learned with astonishment” that Germany, “without coordinating with the Italian government,” allegedly decided to bankroll NGOs engaged in the “reception” of migrants in Italian territory,&nbsp;<a href="https://www.reuters.com/world/italy-learned-with-astonishment-german-funding-migrant-charities-2023-09-25/" target="_blank" rel="noreferrer noopener">Reuters</a>&nbsp;reported.</p>



<p>Meloni suggested in the letter that Germany, which is <a href="https://apnews.com/article/germany-migration-asylum-housing-22372cf1e5ece2e55c5f2e6c9d10e594" target="_blank" rel="noreferrer noopener">struggling to provide space</a> for asylum seekers, should instead focus on helping migrants on its own soil, arguing the work of the NGOs incentivizes people to attempt dangerous trips for asylum in other countries.</p>



<h2 class="wp-block-heading">CONTRA</h2>



<p>The German foreign ministry has denied the idea that the NGOs provoke migrants to make the&nbsp;<a href="https://www.voanews.com/a/more-than-2-500-migrants-dead-or-missing-in-mediterranean-in-2023-un-says-/7289741.html" target="_blank" rel="noreferrer noopener">deadly maritime trips</a>&nbsp;to Europe and&nbsp;<a href="https://www.theguardian.com/world/2023/sep/25/italian-pm-astonished-at-germany-paying-charities-for-refugee-rescues" target="_blank" rel="noreferrer noopener">said</a>&nbsp;rescuing those at sea is a &#8220;legal, humanitarian and moral duty.”</p>



<h2 class="wp-block-heading">BIG NUMBER</h2>



<p>More than 220,000. That’s the number of people who applied for asylum in Germany between January and August this year, according to&nbsp;<a href="https://www.theguardian.com/world/2023/sep/30/german-government-rebukes-elon-musk-over-refugee-rescue-criticism" target="_blank" rel="noreferrer noopener"><em>The Guardian</em></a>. Additionally, more than 127,000 migrants have reached Italy by sea so far this year, almost double the amount of the same period last year, the&nbsp;<a href="https://apnews.com/article/migration-italy-lampedusa-3b47cdacb91c2d72f99b11aa396a6d59" target="_blank" rel="noreferrer noopener">Associated Press</a>&nbsp;reported.</p>



<h2 class="wp-block-heading">KEY BACKGROUND</h2>



<p>Musk, who has amplified&nbsp;<a href="https://www.forbes.com/sites/anafaguy/2023/05/09/musk-fuels-unfounded-texas-shooter-conspiracy-theories-doubting-shooters-far-right-connections/?sh=372bbb268098">conspiracy theories</a>&nbsp;and&nbsp;<a href="https://www.forbes.com/sites/saradorn/2022/12/13/elon-musk-tests-the-waters-of-extremism-in-attacking-fauci-roth-in-latest-shift-to-the-right/?sh=39966e9a1681">right-wing ideology</a>&nbsp;on X, has recently become more publicly invested on the topic of immigration. The tech billionaire&nbsp;<a href="https://www.forbes.com/sites/roberthart/2023/09/29/elon-musk-citizen-journalist-heres-why-the-tesla-billionaire-visited-the-texas-mexico-border/?sh=d8128627f196">visited the United States’ border</a>&nbsp;with Mexico on Thursday and livestreamed his experience on X. Musk said he traveled to the border to meet with local officials and law enforcement so he could gain an “unfiltered” perspective on migration and “see exactly what’s going on.” Musk, who was born in South Africa and is an immigrant to the U.S. himself, considered himself “extremely pro-immigrant,” saying the country’s immigration system should “greatly expand” so as to accept “hardworking and honest” people who will be contributors. He also said a “collapse in social services” would materialize if the U.S. didn’t curb illegal immigration.</p>



<h2 class="wp-block-heading">FURTHER READING</h2>



<p><a href="https://www.forbes.com/sites/roberthart/2023/09/29/elon-musk-citizen-journalist-heres-why-the-tesla-billionaire-visited-the-texas-mexico-border/?sh=d8128627f196">Elon Musk, Citizen Journalist: Here’s Why The Tesla Billionaire Visited The Texas-Mexico Border</a>&nbsp;(<em>Forbes</em>)</p>



<p><a href="https://apnews.com/article/elon-musk-germany-migrants-rescue-ship-mediterranean-fab94f0fc68833f80ad5df8ca9a071e1" target="_blank" rel="noreferrer noopener">Germany’s government and Elon Musk spar on X over migrant rescue ships</a>&nbsp;(AP)</p>


Elon Musk Attacks Germany Over Its Migrant Rescues, Cites ‘Invasion Vibes’


<h3 class="wp-block-heading" id="h-topline">Topline</h3>



<p>Elon Musk claimed Wednesday X, formerly known as Twitter, could one day become a trillion dollar company, a stellar valuation that few companies have achieved, despite the major turmoil arising since the billionaire took the helm last October.</p>



<h3 class="wp-block-heading" id="h-key-facts">KEY FACTS</h3>



<p>One of Musk’s first moves after acquiring Twitter was to immediately lay off most of the company’s workforce—staff numbers&nbsp;<a href="https://www.forbes.com/sites/willskipworth/2023/07/12/twitter-and-elon-musk-face-500-million-lawsuit-for-allegedly-reusing-severance-for-fired-employees/">reportedly</a>&nbsp;fell from more than 7,500 to around 1,300—raising concerns the firm would not have enough staff to properly&nbsp;<a href="https://www.nytimes.com/2023/02/28/technology/twitter-outages-elon-musk.html" target="_blank" rel="noreferrer noopener">maintain</a>&nbsp;the platform,&nbsp;<a href="https://www.forbes.com/sites/roberthart/2022/11/24/twitter-reportedly-leaves-brussels-europes-regulatory-hub-amid-concerns-about-musks-content-moderation-plans/">moderate content or comply</a>&nbsp;with regulatory requirements.</p>



<p>The abrupt nature of the layoffs and how they were handled have triggered numerous lawsuits from former employees that could end up&nbsp;<a href="https://www.forbes.com/sites/willskipworth/2023/07/12/twitter-and-elon-musk-face-500-million-lawsuit-for-allegedly-reusing-severance-for-fired-employees/?sh=89bfd311d91c">costing</a>&nbsp;the platform hundreds of millions of dollars.</p>



<p>Unpopular policy changes, notably easing content moderation, implementing an&nbsp;<a href="https://mashable.com/article/half-of-twitter-blue-earliest-subscribers-no-longer-subscribed" target="_blank" rel="noreferrer noopener">unpopular paid subscription</a>&nbsp;and overhauling the identity verification system, spooked users and sparked chaos when impersonators abused the new system, with advertising revenue&nbsp;<a href="https://www.cbsnews.com/news/twitter-traffic-falls-under-elon-musk-threads-mastodon-bluesky-competition/" target="_blank" rel="noreferrer noopener">plunging</a>&nbsp;as companies pulled ads.</p>



<p>Lawsuits from former staff are just a small fraction of X’s&nbsp;<a href="https://www.forbes.com/sites/antoniopequenoiv/2023/07/12/twitter-troubles-here-are-all-the-big-legal-hurdles-twitters-faced-since-elon-musks-takeover/">legal woes</a>, which include numerous&nbsp;<a href="https://www.forbes.com/sites/alisondurkee/2023/07/03/twitter-faces-lawsuit-over-unpaid-office-fees-again/?sh=2e30ea122613">reports</a>&nbsp;of unpaid office bills, a major copyright lawsuit for letting users post video and audio using copyrighted&nbsp;<a href="https://www.forbes.com/sites/antoniopequenoiv/2023/06/14/twitter-sued-for-250-million-by-music-publishers-claiming-copyright-infringement/?sh=69657fb72d14">music</a>,&nbsp;<a href="https://www.ft.com/content/a8281bf4-bd83-42ac-875f-9061ee1b357b" target="_blank" rel="noreferrer noopener">potential brushes with regulators&nbsp;</a>failing to curb the spread of illegal content online and not paying&nbsp;<a href="https://www.forbes.com/sites/siladityaray/2023/08/03/twitter-gets-sued-for-allegedly-not-complying-with-french-law-that-requires-it-to-pay-news-publishers/">news publishers for content</a>&nbsp;and&nbsp;<a href="https://www.forbes.com/sites/antoniopequenoiv/2023/08/04/twitter-hq-landlord-paid-san-francisco-over-4000-in-fees-after-musks-team-installed-x-sign-on-roof/">fees</a>&nbsp;for installing a giant illuminated “X” sign on the roof of the company’s headquarters.</p>



<p>Tech issues have also plagued the platform since Musk’s arrival, including&nbsp;<a href="https://www.theverge.com/2023/1/13/23553161/third-party-twitter-clients-apps-outage-twitterific-tweetbot" target="_blank" rel="noreferrer noopener">unexplained</a>&nbsp;<a href="https://variety.com/2023/digital/news/twitter-reports-glitches-outages-1235667776/" target="_blank" rel="noreferrer noopener">outages</a>, privacy&nbsp;<a href="https://techcrunch.com/2023/02/03/twitter-circle-glitches-have-users-worried-about-privacy/" target="_blank" rel="noreferrer noopener">glitches</a>, randomly&nbsp;<a href="https://techcrunch.com/2023/05/01/twitter-is-randomly-logging-out-users-youre-welcome/" target="_blank" rel="noreferrer noopener">logging</a>&nbsp;out users,&nbsp;<a href="https://arstechnica.com/tech-policy/2023/06/twitter-bug-marks-regular-users-as-spambots-restricting-their-accounts/" target="_blank" rel="noreferrer noopener">restrictions</a>&nbsp;on what users can see and throttling the number of posts users could see in a day.</p>



<p>X is also fending off a number of&nbsp;<a href="https://www.forbes.com/sites/roberthart/2023/07/05/leaving-elon-musks-twitter-here-are-some-alternatives-from-meta-threads-to-mastodon-to-bluesky/">rivals</a>&nbsp;vying for Twitter’s spot, including Bluesky and Spill, headed by&nbsp;<a href="https://edition.cnn.com/2023/02/13/tech/twitter-competitors/index.html" target="_blank" rel="noreferrer noopener">former employees</a>&nbsp;and notably Meta’s long awaited&nbsp;<a href="https://www.forbes.com/sites/roberthart/2023/07/04/metas-twitter-rival-threads-will-launch-thursday-as-chaos-continues-on-elon-musks-platform/">Threads</a>, which became the<a href="https://www.forbes.com/sites/siladityaray/2023/07/10/with-100-million-users-in-five-days-threads-is-the-fastest-growing-app-in-history/">&nbsp;fastest growing app i</a>n history days after launching but has since seen a&nbsp;<a href="https://www.forbes.com/sites/siladityaray/2023/07/28/zuckerberg-implies-less-than-half-of-threads-users-have-stuck-around/?sh=678c145489cd">slump</a>&nbsp;in users.</p>



<h2 class="wp-block-heading" id="h-news-peg">NEWS PEG</h2>



<p>A trillion dollar market cap for X “is not out of the question,” Musk said in a post on Wednesday. It is not the first time the billionaire has made such a&nbsp;<a href="https://www.cnbc.com/2018/01/23/musk-tesla-could-be-trillion-dollar-company-and-other-predictions.html" target="_blank" rel="noreferrer noopener">prediction</a>&nbsp;and he has a reputation for making sometimes outlandish forecasts. The figure would be a substantial markup from the $44 billion Musk purchased Twitter for in 2022. In a matter of months, Twitter has undergone a drastic transformation, including a&nbsp;<a href="https://www.forbes.com/sites/roberthart/2023/07/25/elon-musks-twitter-rebrand-sets-stage-for-everything-app-x-to-takeoff-experts-say-heres-how/">rebrand to X</a>. Musk changed the iconic bird logo, which experts told&nbsp;<em>Forbes</em>&nbsp;risks erasing billions in brand value. Though unconventional, the transformation signals a move towards transforming the platform into an “everything app” in the vein of China’s WeChat, something Musk has&nbsp;<a href="https://www.forbes.com/sites/siladityaray/2023/07/25/musk-says-x-name-change-is-a-result-of-his-push-to-build-an-everything-app/?sh=50e8e10675a1">been promising</a>&nbsp;to build a rival for. These superapps are like virtual Swiss army knives that combine features from multiple apps such as ride hailing, food delivery, payments, investing and messaging and they dominate markets in some parts of Asia where they are essentially ubiquitous in everyday life. There is significant&nbsp;<a href="https://www2.deloitte.com/content/dam/Deloitte/us/Documents/financial-services/us-fsi-western-super-apps.pdf" target="_blank" rel="noreferrer noopener">potential</a>&nbsp;for such a model to take off in Western markets and experts&nbsp;<a href="https://www.forbes.com/sites/roberthart/2023/07/25/elon-musks-twitter-rebrand-sets-stage-for-everything-app-x-to-takeoff-experts-say-heres-how/">told</a>&nbsp;<em>Forbes&nbsp;</em>the rebrand is an opportunity for Musk to add features to elevate the platform beyond social media.</p>



<h2 class="wp-block-heading" id="h-forbes-valuation">FORBES VALUATION</h2>



<p>$231.2 billion. That’s how much&nbsp;<em>Forbes</em>&nbsp;<a href="https://www.forbes.com/profile/elon-musk/?sh=5c26ba107999">estimates</a>&nbsp;Musk is worth. He occupies the top position on&nbsp;<em>Forbes’</em>&nbsp;list of the world’s richest people, leading French luxury goods magnate&nbsp;<a href="https://www.forbes.com/profile/bernard-arnault/?list=rtb/">Bernard Arnault</a>, who is in second place, by around $18 billion. Musk’s fortune is largely derived from his stake in electric carmaker Tesla and a cohort of valuable companies he cofounded, including rocket firm SpaceX, brain implant company Neuralink and tunneling firm Boring Company.</p>



<h2 class="wp-block-heading" id="h-tangent">TANGENT</h2>



<p>Very few companies have managed to hit a $1 trillion valuation but X would not be the first of Musk’s companies to reach that threshold. Tesla topped a $1 trillion market capitalization in&nbsp;<a href="https://edition.cnn.com/2021/10/25/investing/tesla-stock-trillion-dollar-market-cap/index.html" target="_blank" rel="noreferrer noopener">2021</a>, the sixth company in U.S. history to pass the milestone. Its value has since dropped well below that level, though is still valued at more than $730 billion.</p>



<h2 class="wp-block-heading" id="h-further-reading">FURTHER READING</h2>



<p><a href="https://www.forbes.com/sites/roberthart/2023/07/25/elon-musks-twitter-rebrand-sets-stage-for-everything-app-x-to-takeoff-experts-say-heres-how/">Elon Musk’s Twitter Rebrand Sets Stage For Everything App ‘X’ To Takeoff, Experts Say—Here’s How</a> (Forbes)</p>


Elon Musk Thinks X Could Become A Trillion Dollar Company—Here Are The Challenges Facing The Platform Since He Took Over


<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



<p>Tech executives Mark Zuckerberg and Elon Musk suggested in June they’d be interested in clashing in a UFC-style cage fight, and egged each other on while tensions escalated between the two billionaires and their companies—but Zuckerberg&nbsp;<a href="https://www.forbes.com/sites/mollybohannon/2023/08/13/zuckerberg-thinks-its-time-to-move-on-from-planned-cage-fight-with-musk-elon-isnt-serious/">downplayed the potential</a>&nbsp;of a billionaire brawl Sunday when he said Musk “isn’t serious” about picking a date.</p>



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



<p>The idea of a cage match was first posed by Musk&nbsp;<a href="https://twitter.com/elonmusk/status/1671364992665264131" target="_blank" rel="noreferrer noopener">over Twitter</a>, where the Tesla CEO responded to a thread about Instagram’s then-upcoming rival app Threads, saying, “I’m up for a cage match if he is lol.”</p>



<p>Zuckerberg responded the next day with an Instagram story showing a screenshot of Musk’s tweet captioned “send me location”—a reference to a famous line from former UFC lightweight champion Khabib Nurmagomedov (a Meta spokesperson confirmed to&nbsp;<a href="https://www.theverge.com/2023/6/21/23769263/mark-zuckerberg-elon-musk-fight-cage-match-worldstar" target="_blank" rel="noreferrer noopener">The Verge</a>&nbsp;that Zuckerberg was being serious in his response to Musk).</p>



<p>As hype around a potential fight picked up, UFC president Dana White joined in on the anticipation, posting a video of himself sporting a&nbsp;<a href="https://www.instagram.com/reel/CuCyF4HJQut/?img_index=1" target="_blank" rel="noreferrer noopener">Zuckerberg vs Musk shirt</a>&nbsp;that was made available for purchase on the UFC’s website.</p>



<p>White was quoted in a July 1 story from the&nbsp;<a href="https://www.nytimes.com/2023/07/01/technology/elon-musk-mark-zuckerberg-cage-match.html" target="_blank" rel="noreferrer noopener"><em>New York Times</em></a><em>&nbsp;</em>saying he would help organize an exhibition match between the tech CEOs and that they both wanted to fight—with both men agreeing there should be a charity component to the bout.</p>



<p>On July 3, photos of Musk training with UFC legend Georges St. Pierre, mixed martial arts coach John Danaher and Brazilian Jiu-jitsu black belt Lex Fridman surfaced online—with an&nbsp;<a href="https://www.instagram.com/p/CuQLly_vqrT/?img_index=1" target="_blank" rel="noreferrer noopener">Instagram post</a>&nbsp;from St. Pierre showing the four men in training gear.</p>



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<p>Zuckerberg, who is trained in the grappling combat discipline of Jiu-jitsu, also employed the training services of elite fighting talent in July—made evident by&nbsp;<a href="https://twitter.com/stylebender/status/1678848822041255937" target="_blank" rel="noreferrer noopener">gym photos</a>&nbsp;taken with UFC middleweight champion Israel Adesanya and UFC featherweight champion Alexander Volkanovski on July 11.</p>



<p>The two billionaires reinvigorated interest in a potential match in early August, when Musk said he was weightlifting to prepare for the fight, suggesting it would be live-streamed on X—the rebranded Twitter platform—and that all proceeds would go to a charity for veterans.</p>



<p>Zuckerberg responded to Musk’s posts via Threads, asking if a “more reliable platform” should be used for a live-stream of the fight and adding he was “not holding his breath” for a fight to materialize.</p>



<p>Although Zuckerberg has&nbsp;<a href="https://www.threads.net/@zuck/post/CvnechDSJeC" target="_blank" rel="noreferrer noopener">made clear</a>&nbsp;he is ready for a match, the same can’t be said for Musk, who said the date is “still in flux” and he&nbsp;<a href="https://twitter.com/elonmusk/status/1688377445957652480?s=20" target="_blank" rel="noreferrer noopener">may need surgery</a>&nbsp;before a fight can happen.</p>



<p>Days after calling the idea “in flux,” Musk said the Italian government agreed to an “<a href="https://www.forbes.com/sites/dereksaul/2023/08/11/elon-musk-says-italian-government-approved-epic-location-for-his-billionaire-clash-against-mark-zuckerberg/?sh=1d1742f043f9">epic location</a>” for a fight that would be managed by his and Zuckerberg’s respective foundations, not the UFC.</p>



<p>Zuckerberg shot down Musk’s plans, saying, “if he ever agrees on an actual date, you&#8217;ll hear it from me,” adding that he’d prefer to work with professional fight promotions such as UFC and ONE.</p>



<p>Just days after Zuckerberg expressed hesitation about Musk’s commitment to the match, the Meta CEO&nbsp;<a href="https://www.forbes.com/sites/mollybohannon/2023/08/13/zuckerberg-thinks-its-time-to-move-on-from-planned-cage-fight-with-musk-elon-isnt-serious/">posted on Threads</a>&nbsp;on August 13 “it’s time to move on” because Musk won’t confirm a date, adding Musk said he needs surgery—and months of recovery—before fighting and wanted to do a practice round in Zuckerberg’s backyard.</p>



<p>The same day Zuckerberg announced the desire to move on, Musk&nbsp;<a href="https://twitter.com/elonmusk/status/1690747345674137600" target="_blank" rel="noreferrer noopener">posted</a>&nbsp;a screenshot to X of the purported conversation in which he suggested a practice round; Zuckerberg responded over text telling him he should train on his own and say when he’s ready to compete, adding he doesn’t “want to keep hyping something that will never happen.”</p>



<h2 class="wp-block-heading" id="h-tangent">TANGENT</h2>



<p>In the background of Musk and Zuckerberg fight-related banter, tensions between the two have&nbsp;<a href="https://www.forbes.com/sites/phoebeliu/2023/07/09/billionaire-brawl-now-whos-winning-the-fight-between-musk-and-zuckerberg/?sh=11d0221d26bc">increased</a>&nbsp;following the launch of Instagram’s Threads platform, a direct competitor to Twitter that launched July 5 and racked up its first&nbsp;<a href="https://www.forbes.com/sites/siladityaray/2023/07/10/with-100-million-users-in-five-days-threads-is-the-fastest-growing-app-in-history/?sh=287d252549ab">100 million users</a>&nbsp;on July 10. That same day, Musk called Zuckerberg a “<a href="https://www.forbes.com/sites/maryroeloffs/2023/07/10/musk-hits-below-the-belt-with-latest-zuckerberg-attacks-zuck-is-a-cuck/?sh=356527f622ee">cuck</a>” over Twitter and proposed a “dick measuring contest” with him. An attorney for Twitter accused and threatened to sue Meta for allegedly misusing Twitter’s &#8220;trade secrets and other intellectual property&#8221; and employing former Twitter staffers for help with developing Threads, labeling it as a “copycat” app of Twitter.</p>



<h2 class="wp-block-heading" id="h-contra">CONTRA</h2>



<p>Musk biographer Walter Isaacson later claimed in a Twitter Spaces session that&nbsp;<a href="https://www.businessinsider.com/elon-musk-mark-zuckerberg-cage-fight-match-unlikely-walter-isaacson-2023-7" target="_blank" rel="noreferrer noopener">he doubted</a>&nbsp;a fight would happen and that it was “a metaphor” for the competition between the CEOs’ rivaling social media sites.</p>



<h2 class="wp-block-heading" id="h-big-number">BIG NUMBER</h2>



<p>-160. That was the&nbsp;<a href="https://dknation.draftkings.com/pop-culture/2023/6/22/23769810/mark-zuckerberg-vs-elon-musk-odds-cage-fight-who-will-win-wheres-the-asteroid" target="_blank" rel="noreferrer noopener">hypothetical line</a>&nbsp;DraftKings set in June for Zuckerberg to win the match, making him the betting favorite, with bettors needing to wager $160 on Zuckerberg to return a $100 profit. DraftKings set the odds for a Musk upset at +140, meaning a $100 bet would deliver a $140 profit. The sports betting company attributed the lines to Zuckerberg’s younger age and his regular physical activity.</p>



<h2 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h2>



<p>A cage match between the tech CEOs might involve some parameters to account for their difference in size. Notably, Musk told White that he would not be willing to “lose any weight” for a potential matchup. Musk, 52, stands around 6’1” tall and has made clear on Twitter that he&nbsp;<a href="https://twitter.com/elonmusk/status/1671699387620237312" target="_blank" rel="noreferrer noopener">almost never works out</a>. Zuckerberg, 39, is 5 &#8216;7” and regularly takes to physical training and competition, recently securing two medals in his first&nbsp;<a href="https://www.cnn.com/2023/05/09/business/mark-zuckerberg-jiu-jitsu-winner/index.html" target="_blank" rel="noreferrer noopener">Jiu-jitsu tournament</a>&nbsp;in May, though he was also choked out in one of his fights, according to the&nbsp;<a href="https://www.nytimes.com/2023/06/02/style/mark-zuckerberg-workout.html" target="_blank" rel="noreferrer noopener"><em>New York Times</em></a>&nbsp;(Zuckerberg has denied the claim). Zuckerberg also seems to be the more avid fight fan, as he and his wife, Priscilla Chan, attended a UFC&nbsp;<a href="https://www.insider.com/video-mark-zuckerberg-attends-ufc-event-priscilla-chan-looks-shook-2022-10" target="_blank" rel="noreferrer noopener">fight card</a>&nbsp;last October.</p>



<h2 class="wp-block-heading" id="h-forbes-valuation">FORBES VALUATION</h2>



<p>We estimate Musk is the richest person in the world, with an estimated net worth of&nbsp;<a href="https://www.forbes.com/profile/elon-musk/?list=rtb/&amp;sh=5a59a8f87999">$225.2 billion</a>. Zuckerberg’s net worth is estimated at&nbsp;<a href="https://www.forbes.com/profile/mark-zuckerberg/?sh=350141a23e06">$107 billion</a>—placing him at No. 8 on&nbsp;<em>Forbes</em>’ list of the&nbsp;<a href="https://www.forbes.com/real-time-billionaires/#7b288cfb3d78">world’s real-time billionaires</a>.</p>



<h2 class="wp-block-heading" id="h-further-reading">FURTHER READING</h2>



<p><a href="https://www.forbes.com/sites/antoniopequenoiv/2023/07/11/mark-zuckerberg-training-with-ufc-champions-israel-adesanya-and-alexander-volkanovski-as-elon-musk-spat-intensifies/?sh=52e0cfd75d9a">Mark Zuckerberg Training With UFC Champions Israel Adesanya And Alexander Volkanovski As Elon Musk Spat Intensifies</a>&nbsp;(Forbes)</p>



<p><a href="https://www.nytimes.com/2023/07/01/technology/elon-musk-mark-zuckerberg-cage-match.html" target="_blank" rel="noreferrer noopener">A ‘Cage Match’ Between Elon Musk and Mark Zuckerberg May Be No Joke</a>&nbsp;(New York Times)</p>



<p><a href="https://www.forbes.com/sites/maryroeloffs/2023/07/10/musk-hits-below-the-belt-with-latest-zuckerberg-attacks-zuck-is-a-cuck/?sh=356527f622ee">Musk Hits Below The Belt With Latest Zuckerberg Attacks: ‘Zuck Is A Cuck’</a> (Forbes)</p>


Elon Musk Vs Mark Zuckerberg Illustration

Zuckerberg Vs Musk: Disputes Heat Up Over Billionaire Cage Fight—Here’s Everything We Know


<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



<p>Billionaire Elon Musk—the owner of X, previously known as Twitter—made a broad offer in a tweet late Saturday night, saying the platform will fund legal fees for people who “were unfairly treated” by their employers because of something they posted or liked on X.</p>



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



<p>Musk added in the tweet that there was “no limit” to the amount of fees X would cover and said in a following&nbsp;<a href="https://twitter.com/elonmusk/status/1688051512843395072" target="_blank" rel="noreferrer noopener">tweet</a>&nbsp;that X “won’t just sue, it will be extremely loud and we will go after the boards of directors of the companies too.”</p>



<p>Musk has responded to a number of replies to his initial offering, including&nbsp;<a href="https://twitter.com/libsoftiktok/status/1688035428194988032" target="_blank" rel="noreferrer noopener">one</a>&nbsp;from right-wing account “Libs of TikTok” that claimed someone was fired for following its account and another that said former President Donald Trump was “unfairly treated” by the government for his Twitter usage, to which Musk&nbsp;<a href="https://twitter.com/elonmusk/status/1688089619970088960" target="_blank" rel="noreferrer noopener">said</a>&nbsp;“such aggressive legal action against a former president is not right.”</p>



<p>There were no details provided on how Musk defined “unfairly treated” or how people should contact the former executive, and&nbsp;<a href="https://twitter.com/bernybelvedere/status/1688025090925948928" target="_blank" rel="noreferrer noopener">some</a>&nbsp;have pointed out the offer could apply to Twitter employees who were fired shortly after Musk’s takeover.</p>



<p>It’s unclear what prompted Musk to make the offer, but it came shortly after a&nbsp;<a href="https://www.cnn.com/2023/08/05/sport/nascar-noah-gragson-suspended-spt/index.html" target="_blank" rel="noreferrer noopener">NASCAR driver was suspended</a>&nbsp;for allegedly liking a meme on Instagram mocking George Floyd.</p>



<h2 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h2>



<p>Musk, who first arrived at Twitter after buying the platform in October 2022, immediately made headlines for firing thousands in cost saving measures and for&nbsp;<a href="https://www.nytimes.com/2022/11/15/technology/elon-musk-twitter-fired-criticism.html" target="_blank" rel="noreferrer noopener">firing</a>&nbsp;people who were openly critical of him. One employee was&nbsp;<a href="https://apnews.com/article/twitter-musk-iceland-fired-wheelchair-haraldur-employee-0329405846dac8f1f08ac55594881bb6" target="_blank" rel="noreferrer noopener">publicly mocked</a>&nbsp;by Musk after he tweeted about being cut off from access to his work computer, leading Musk to eventually&nbsp;<a href="https://twitter.com/elonmusk/status/1633253950198624257" target="_blank" rel="noreferrer noopener">apologize</a>&nbsp;to the employee and tweet that he’s “considering remaining at Twitter.” Since Musk’s takeover—and&nbsp;<a href="https://www.forbes.com/sites/brianbushard/2023/07/23/elon-musk-directs-xcom-to-twitter-plans-to-ditch-twitter-bird/">rebranding</a>—of X, the platform has undergone a number of changes and struggles. Musk has maintained a focus on freedom of speech and&nbsp;<a href="https://twitter.com/elonmusk/status/1602278477234728960?lang=en" target="_blank" rel="noreferrer noopener">fighting</a>&nbsp;what he calls the “woke mind virus,” leading him to loosen X’s moderation policies and reinstate formerly banned accounts. Advertisers weren’t happy about the policy change, though, and Musk saw many back out of deals with the platform in response. One U.K.-based nonprofit&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2023/07/31/twitter-threatens-legal-action-against-nonprofit-for-claiming-hate-speech-rose-after-musks-takeover/?sh=320994364061">penned a report</a>&nbsp;last year finding X rarely removed hateful content posted by subscribers to the site’s paid Twitter Blue service, leading the social media company to&nbsp;<a href="https://www.forbes.com/sites/petersuciu/2023/08/03/elon-musk-is-suing-a-nonprofit-that-researches-hate-speech-for-driving-away-advertisers/?sh=613993835ea7">sue the group</a>&nbsp;last week.</p>



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<h2 class="wp-block-heading" id="h-tangent">TANGENT</h2>



<p>In another late-night&nbsp;<a href="https://twitter.com/elonmusk/status/1688091377823895552" target="_blank" rel="noreferrer noopener">tweet</a>&nbsp;from the weekend, Musk announced his much-anticipated UFC-style&nbsp;<a href="https://www.forbes.com/sites/antoniopequenoiv/2023/07/12/zuckerberg-vs-musk-everything-we-know-about-the-possible-cage-fight/?sh=3e7845ef2cc8">fight</a>&nbsp;with Meta CEO Mark Zuckerberg will be&nbsp;<a href="https://www.forbes.com/sites/maryroeloffs/2023/08/06/elon-musk-says-fight-with-zuckerberg-will-be-live-streamed-on-x-for-charity/?sh=2dcbe26f711c">livestreamed</a>&nbsp;on X and “all proceeds will go to charity for veterans.” Musk and Zuckerberg have been teasing a fight since&nbsp;<a href="https://twitter.com/elonmusk/status/1671364992665264131'" target="_blank" rel="noreferrer noopener">June</a>, shortly before Meta released its Twitter-competitor, Threads.</p>



<h2 class="wp-block-heading" id="h-forbes-valuation">FORBES VALUATION</h2>



<p><em>Forbes</em>&nbsp;<a href="https://www.forbes.com/profile/elon-musk/?sh=11dfda637999">estimates</a>&nbsp;Musk to be worth $232.5 billion, making him the richest person in the world as of August 6.</p>



<h2 class="wp-block-heading" id="h-further-reading">FURTHER READING</h2>



<p><a href="https://www.nytimes.com/2022/11/15/technology/elon-musk-twitter-fired-criticism.html" target="_blank" rel="noreferrer noopener">NYTIMES<strong>Elon Musk Fires Twitter Employees Who Criticized Him</strong></a><a href="https://www.forbes.com/sites/maryroeloffs/2023/08/06/elon-musk-says-fight-with-zuckerberg-will-be-live-streamed-on-x-for-charity/" target="_blank" rel="noreferrer noopener">MORE FROM FORBES<strong>Elon Musk Says Fight With Zuckerberg Will Be Live-Streamed On X For Charity</strong><small>By <strong>Mary Whitfill Roeloffs</strong></small></a></p>


Tag: Elon Musk

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