Twitter was down 11 percent today after a Citron Research report called the platform, the “Harvey Weinstein of social media” and set a low target price of $20. As of publishing today, the stock was down more than 11 percent at $29.29 a share.
In their report Citron did not mince words, basing their conclusions on an Amnesty International Report claiming widespread abuse on the Twitter platform. “Citron has been following Twitter for years and when we read the just published piece from Amnesty International, we immediately knew the stock had become uninvestable and advertisers will soon be forced to take a hard look at all sponsorships with Twitter,” Citron wrote.
Citron was reacting to an Amnesty International report that took Twitter to task for not doing more to curb abusive behavior. “We have built the world’s largest crowdsourced data set about online abuse against women… Twitter is a place where racism, misogyny and homophobia are allowed to flourish basically unchecked,” the report stated.
The report went on to call out Twitter for not doing more. “To be clear: it is NOT our job as a human rights organization to be analyzing abusive tweets on this platform – it’s Twitter’s. “But [the company’s] refusal to make public this information, while allowing abuse to flourish basically unchecked, meant we had to do this study for them,” the report said.
For its part, Twitter says it’s been working to reign in the kind of abuses that the Amnesty report criticized them for. “Our abusive behavior policy strictly prohibits behavior that harasses, intimidates or silences another user’s voice. We are also investing in better technology and tools to enable us to more proactively identify abusive, violative material, to limit its spread and reach on the platform and to encourage healthier conversations,” a Twitter spokesperson told TechCrunch.
Vijaya Gadde, Legal, Policy and Trust & Safety Global Lead at Twitter, defended his company, claiming that it wasn’t clear how Amnesty defined abusive language in the report. “With regard to [the] forthcoming [Amnesty International] report, I would note that the concept of ‘problematic’ content for the purposes of classifying content is one that warrants further discussion. It is unclear how [Amnesty has] defined or categorized such content, or if [they] are suggesting it should be removed from Twitter. We work hard to build globally enforceable rules and have begun consulting the public as part of the process — a new approach within the industry,” she said in a statement.
The First Tesla Semi Has Been Delivered After Lengthy Delays
There had long been suggestion Pepsi would be one of Tesla’s biggest customers — with a subsidiary spotted installing charging stations at one of its plants and test driving the trucks earlier this year. Tesla also placed an order for 100 of the high tech trucks shortly after they were announced in 2017. In October, Musk confirmed the company’s first truck was almost ready for delivery, and it would be going to the soft drink manufacturer.
Today, Tesla finally made it official and delivered its first production semis to Pepsi. Speaking at the handover, which took place at a Tesla Gigafactory in Nevada, Musk described his motivation for designing the truck. The Tesla CEO claims that trucks make up less than 1% of vehicles in the United States, but are responsible for a large chunk of emissions. Musk said it will both help the environment and improve the health of individuals living near highways. At the end of the presentation, Musk thanked Pepsico and described them as a “great partner.”
The trucks’ keycards were then handed over to Pepsi’s representatives, followed by several high fives. The trucks’ first cargo run involved “an enormous amount of Frito Lays” which were handed out to people in attendance. Pepsi’s Kirk Tanner then took the mic and said: “I want to thank the people who have spent countless hours to make this a reality.” before thanking Elon Musk and the other Tesla representatives. Other companies are also interested in Tesla’s electric semi. Budweiser, Walmart, and UPS are amongst those who have placed pre-orders — with Budweiser ordering at least 40 of the large electric vehicles.
Kanye West Is No Longer Buying Twitter-Rival Parler
It’s unclear whether West’s recent controversies have anything to do with the Parler deal falling apart. In a statement shared with CNBC, Parler’s owner notes that the “decision was made in the interest of both parties in mid-November.” Parler says it will be on the lookout for the growth opportunities, without clarifying if it was looking for investors to scale up, or full-fledged buyers. The latter seems unlikely to happen, given the current state of layoffs in the tech industry and the looming fears of a recession.
Parlement Technologies reportedly had high hopes from its acquisition deal with Kanye West. Soon after the agreement press release went out, Parler sent out an email to its “VIP” users, offering them perks like a gold badge for being valuable personalities on the platform. Politico reports that the email campaign inadvertently revealed the personal contact information of nearly a dozen lawmakers and some well-known conservative personalities.
Citing an insider source, Axios reports that West’s unstable financial situation following the cancellation of lucrative deals with the likes of Adidas played a role in his Parler plans falling apart. In the meanwhile, West has returned to Twitter, after his account was restricted for a few weeks ago over sharing anti-Semitic remarks. West currently has a huge follower base of over 18 million on Twitter, which dwarfs the total number of users on Parler, as of December 2021.
Elon Musk Says Twitter’s Potential Removal From iOS App Store Was ‘Misunderstanding’
Barely two days after Elon Musk feuded with Apple publicly, he met with Tim Cook to settle the differences. “We resolved the misunderstanding about Twitter potentially being removed from the App Store. Tim was clear that Apple never considered doing so,” Elon Musk tweeted last evening. This was a few hours after he shared a video of Apple’s HQ to disclose the location of the meeting.
However, Elon Musk didn’t reveal if Apple will continue advertising on Twitter. According to the Washington Post, Apple was the biggest ad spender on Twitter in Q1 2022. It spent an average of $4 million per week to run ads on Twitter between January to March this year — this added up to about 4% of Twitter’s revenue. However, Reuters reports that Apple reduced its weekly ad budget on Twitter to $131,600 a few weeks after Elon Musk bought the social media company. We also haven’t heard from Apple’s CEO, Tim Cook, about the agenda of his meeting with Elon Musk.
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