It’s not easy being Elon Musk.

That was the message the new Twitter owner and billionaire head of Tesla and SpaceX had for younger people who might seek to emulate his entrepreneurial success.

“Be careful what you wish for,” Musk told a business forum in Bali on Monday when asked what an up-and-coming “Elon Musk of the East” should focus on.

“I’m not sure how many people would actually like to be me. They would like to be what they imagine being me, which is not the same,” he continued. “I mean, the amount that I torture myself, is the next level, frankly.”

Musk was speaking at the B-20 business forum ahead of a summit of the Group of 20 leading economies taking place on the Indonesian resort island. He joined the conference by video link weeks after completing his heavily scrutinized takeover of Twitter.

He had been expected to attend the event in person, but Indonesian government minister Luhut Binsar Pandjaitan, who’s responsible for coordinating preparations for the summit, said Musk could not attend because he’s preparing for a court case later in the week.

He’s got plenty else to keep himself busy.

“My workload has recently increased quite a lot,” he said with a chuckle in an apparent reference to the Twitter deal. “I mean, oh, man. I have too much work on my plate, that is for sure.”

The businessman appeared in a darkened room, saying there had been a power cut just before he connected.

His face, projected on a large screen over the summit hall, appeared to glow red as it was reflected in what he said was candlelight – a visage he noted was “so bizarre.”

While Musk was among the most anticipated speakers at the business forum, his remarks broke little new ground. Only the moderator was able to ask questions.

The Tesla chief executive said the electric carmaker would consider making a much cheaper model when asked about lower-cost options for developing countries like India and G-20 host Indonesia. 

“We do think that making a much more affordable vehicle would make a lot of sense and we should do something,” he said.

Musk also reiterated a desire to significantly boost the amount and length of Twitter’s video offerings, and share revenue with people producing the content, though he didn’t provide specifics.

He bought Twitter for $44 billion last month and quickly dismissed the company’s board of directors and top executives.

He laid off much of the rest of the company’s full-time workforce by email on Nov. 4 and is now eliminating the jobs of outsourced contractors who are tasked with fighting misinformation and other harmful content.

Musk has vowed to ease restrictions on what users can say on the platform.

He’s reaped a heap of complaints — much on Twitter itself — and has tried to reassure companies that advertise on the platform and others that it won’t damage their brands by associating them with harmful content.

In his appearance Monday, Musk acknowledged the criticism.

“There’s no way to make everyone happy, that’s for sure,” he said.
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Twitter’s new owner Elon Musk is further gutting the teams that battle misinformation on the social media platform as outsourced moderators learned over the weekend they were out of a job.

Twitter and other big social media firms have relied heavily on contractors to track hate and enforce rules against harmful content.

But many of those content watchdogs have now headed out the door, first when Twitter fired much of its full-time workforce by email on Nov. 4 and now as it moves to eliminate an untold number of contract jobs.

Melissa Ingle, who worked at Twitter as a contractor for more than a year, was one of a number of contractors who said they were terminated Saturday. She said she’s concerned that there’s going to be an increase in abuse on Twitter with the number of workers leaving.

“I love the platform and I really enjoyed working at the company and trying to make it better. And I’m just really fearful of what’s going to slip through the cracks,” she said Sunday.

Ingle, a data scientist, said she worked on the data and monitoring arm of Twitter’s civic integrity team. Her job involved writing algorithms to find political misinformation on the platform in countries such as the U.S., Brazil, Japan, Argentina and elsewhere.

Ingle said she was “pretty sure I was done for” when she couldn’t access her work email Saturday. The notification from the contracting company she’d been hired by came two hours later.

“I’ll just be putting my resumes out there and talking to people,” she said. “I have two children. And I’m worried about being able to give them a nice Christmas, you know, and just mundane things like that, that are important. I just think it’s particularly heartless to do this at this time.”

Content-moderation expert Sarah Roberts, an associate professor at the University of California, Los Angeles who worked as a staff researcher at Twitter earlier this year, said she believes at least 3,000 contract workers were fired Saturday night.

Twitter hasn’t said how many contract workers it cut. The company hasn’t responded to media requests for information since Musk took over.

At Twitter’s San Francisco headquarters and other offices, contract workers wore green badges while full-time workers wore blue badges. Contractors did a number of jobs to help keep Twitter running, including engineering and marketing, Roberts said. But it was the huge force of contracted moderators that was “mission critical” to the platform, said Roberts.

Cutting them will have a “tangible impact on the experience of the platform,” she said.

Musk promised to loosen speech restrictions when he took over Twitter. But in the early days after Musk bought Twitter for $44 billion in late October and dismissed its board of directors and top executives, the billionaire Tesla CEO sought to assure civil rights groups and advertisers that the platform could continue tamping down hate and hate-fueled violence.

That message was reiterated by Twitter’s then-head of content moderation, Yoel Roth, who tweeted that the Nov. 4 layoffs only affected “15% of our Trust & Safety organization (as opposed to approximately 50% cuts company-wide), with our front-line moderation staff experiencing the least impact.”

Roth has since resigned from the company, joining an exodus of high-level leaders who were tasked with privacy protection, cybersecurity and complying with regulations.
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Australian researchers have identified 1,500 additional locations across the country that could be used as pumped storage hydropower facilities. They have said it should reduce Australia’s reliance on fossil fuels.

Academics at the Australian National University have said pumped storage hydropower is a “low-cost, mass storage option” that could help Australia reach its emissions reduction targets.

Emeritus Professor Andrew Blakers at the university’s College of Engineering, Computing and Cybernetics told VOA the process involves transferring water between two reservoirs or lakes at different elevations.

He said water is pumped to the higher reservoir when there are plentiful supplies of wind and solar energy. The water is then released at night, or at other times when it is not windy or sunny, maximizing the use of the stored energy in the reservoirs.

“We have two reservoirs; one at the top of a hill and the other down in a valley connected with a pipe or tunnel,” he said. “On sunny and windy days, the pump turbine pumps water uphill to the upper reservoir and then in the middle of the night the water is allowed to come back down through the turbine to recover the energy that was stored. So, the same water goes up and down between the two reservoirs for 100 years. So, if you want large-scale storage, you go to pumped hydro.”

Researchers studied the area near every reservoir in Australia looking for a potential site for another reservoir that could be used as pumped storage hydropower.

They identified 1,500 locations that could help Australia store the energy it generates from wind and solar projects.

Blakers says Australia is becoming a world leader in the field.

“All Australian governments and companies are focused on very rapid construction of solar and wind, and equally rapid construction of new transmission to bring the new power to the cities, and pumped hydro and battery storage to balance the variable solar and wind. Australia is the global pathfinder. We are leading in every department,” he said.

Australia has a target of producing 82% of its electricity from renewable sources by 2030.

Because of the country’s heavy reliance on coal and natural gas, it has been one of the world’s worst emitters of greenhouse gases, per capita.

Those fossil fuels continue to generate much of Australia’s electricity, but researchers believe that the country’s path toward a cleaner energy future is well underway.

The Australian National University study released Friday follows the team’s identification of 530,000 potential pumped-storage hydro sites across the world.
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Twitter paused its recently announced $8 blue check subscription service Friday as fake accounts mushroomed and new owner Elon Musk brought back the “official” badge to some users of the social media platform.

The coveted blue check mark was previously reserved for verified accounts of politicians, famous personalities, journalists and other public figures. But a subscription option, open to anyone prepared to pay, was rolled out earlier this week to help Twitter grow revenue as Musk fights to retain advertisers.

The flip-flop is part of a chaotic two weeks at Twitter since Musk completed his $44 billion acquisition. Musk has fired nearly half of Twitter’s workforce, removed its board and senior executives, and raised the prospect of Twitter’s bankruptcy. The U.S. Federal Trade Commission said Thursday it was watching Twitter with “deep concern.”

Several users reported Friday that the new subscription option for the blue verification check mark had disappeared, while a source told Reuters the offering has been dropped.

Twitter did not reply to a request for comment.

Fake accounts purporting to be big brands have popped up with the blue check since the new roll-out, including Musk’s Tesla TSLA.O and SpaceX, as well as Roblox, Nestle NESN.S and Lockheed Martin LMT.N.

“To combat impersonation, we’ve added an ‘Official’ label to some accounts,” Twitter’s support account – which has the “official” tag – tweeted on Friday.

The label was originally introduced Wednesday, but “killed” by Musk just hours later.

Drugmaker Eli Lilly and Co LLY.N issued an apology after an impostor account tweeted that insulin would be free, amid the political backlash and scrutiny of the high prices of the medicine.

“We apologize to those who have been served a misleading message from a fake Lilly account,” the company said, reiterating the name of its Twitter handle.

A number of misleading tweets about Tesla from a verified account with the same profile picture as the company’s official account were also being circulated on the platform.

“Twitter has over the past several years worked to try to improve that (misinformation). And it seems like Elon Musk has unraveled it within a matter of weeks,” said A.J. Bauer, a professor at the University of Alabama.

Musk had said Twitter users engaging in impersonation without clearly specifying it as a “parody” account would be permanently suspended without a warning. Several fake brand accounts, including those of Nintendo 7974.T and BP BP.L, have been suspended.

On Thursday, in his first company-wide email, Musk warned that Twitter would not be able to “survive the upcoming economic downturn” if it failed to boost subscription revenue to offset falling advertising income, three people who saw the message told Reuters.

Many companies, including General Motors GM.N and United Airlines UAL.O, have paused or pulled back from advertising on the platform since Musk took over. In response, the billionaire said Wednesday he aimed to turn Twitter into a force for truth and stop fake accounts.
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Crypto exchange FTX filed for U.S. bankruptcy proceedings on Friday and founder Sam Bankman-Fried stepped down as CEO, in a stunning downfall that has sent shock waves through markets and drawn calls for better regulation of the digital industry.

The distressed crypto trading platform had been struggling to raise billions in funds to stave off collapse after traders rushed to withdraw $6 billion from the platform in just 72 hours and rival exchange Binance abandoned a proposed rescue deal.

The company said in a statement shared on Twitter on Friday that FTX, its affiliated crypto trading firm Alameda Research and about 130 other companies have commenced voluntary Chapter 11 bankruptcy proceedings in Delaware.

FTX had raised $400 million from investors in January, valuing the company at $32 billion. It attracted money from investors such as Singapore state investor Temasek and the Ontario Teachers’ Pension Plan as well as celebrities and sports stars.

Bankman-Fried, 30, known for his trademark shorts and T-shirt attire, has morphed from being the poster child of crypto’s successes to the protagonist of the industry’s highest-profile blowup.

“The shock was that this guy was the face of the crypto industry, and it turned out that the emperor had no clothes,” said Thomas Hayes, managing member at Great Hill Capital LLC in New York.

The week’s turmoil hit already-struggling cryptocurrency markets, sending bitcoin to two-year lows. Bitcoin dropped after FTX’s announcement and was down 4.3% at $16,803 on Friday afternoon.

Shares of cryptocurrency and blockchain-related firms also dropped on the news.

FTX’s token FTT plunged 30% on Friday to $2.57, facing an 88% weekly loss.

Bankman-Fried, whose net worth was estimated as high as $26.5 billion by Forbes a year ago, repeatedly apologized.

“I’m really sorry, again, that we ended up here,” he said in a series of tweets.

Bankman-Fried did not respond to requests for comment.

Possible contagion effect

In its bankruptcy petition, FTX Trading said it has $10 billion to $50 billion in assets, $10 billion to $50 billion in liabilities, and more than 100,000 creditors. John J. Ray III, a restructuring expert, has been appointed to take over as CEO.

“The next question is how wide of a contagion effect this is going to have on other exchanges and where the next potential losses can occur,” said John Griffin, founder of Integra FEC, which consults on financial fraud investigations.

FTX was scrambling to raise about $9.4 billion from investors and rivals, Reuters reported, citing sources as the exchange sought to save itself after customer withdrawals.

“The Chapter 11 filing is a necessary step to allow the company to assess the situation and develop plans to move forward for the benefit of stakeholders,” Ray said in a Slack memo to FTX staff seen by Reuters.

Ray, 63, oversaw the liquidation of Enron after its bankruptcy filing and served as the senior officer of what became Enron Creditors Recovery Corp. He also oversaw the bankruptcy restructuring at Nortel Networks.

He did not respond to a request for comment.

Some investors, including Sequoia and SoftBank, had already marked FTX investments to zero. SkyBridge Capital is working to buy back its FTX stake, the alternative investment firm’s founder, Anthony Scaramucci, said in an interview with CNBC on Friday.

The reverberation went beyond the financial markets where the exchange has a significant presence, with the Mercedes Formula One team suspending its partnership agreement ahead of the season’s penultimate race in Brazil.

‘The writing was on the wall’

As FTX’s troubles mounted, regulators around the world stepped in.

FTX is under investigation by the U.S. Securities and Exchange Commission, the U.S. Justice Department and the Commodity Futures Trading Commission, according to a source familiar with the investigations.

“Once Binance walked away from buying FTX after only 24 hours of due diligence the writing was on the wall for FTX,” said Antoni Trenchev, co-founder of crypto lender Nexo.

“Now we enter the next phase of the fallout, where we witness the second order effects and discover which entities were exposed to FTX and Alameda.”
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The widespread retrenchment in the U.S. technology industry has thrown thousands of workers in Silicon Valley out of work, a trend greatly amplified on Wednesday by Meta Platforms, the parent company of Facebook, which announced it would eliminate 13% of its workforce, amounting to more than 11,000 jobs.

The announcement followed on the heels of major layoffs at other tech firms, most recently Twitter, which is restructuring in the aftermath of its takeover by Tesla founder Elon Musk, and also business software firm Salesforce and social media giant Snap, Inc.

Other major tech firms, including Apple, Amazon and Alphabet, the parent company of Google, have said that they will slow or curtail new hiring.

Announcing the job cuts, Facebook founder and Meta CEO Mark Zuckerberg admitted he had made an error in judgment by assuming the sharp growth in online commerce that coincided with the beginning of the COVID-19 pandemic signaled a permanent change in consumer habits.

“I want to take accountability for these decisions and for how we got here,” Zuckerberg said in a statement released Wednesday. “I know this is tough for everyone, and I’m especially sorry to those impacted.”

Market reacts

The move by Meta to cut costs was applauded by many investors, some of whom have been calling on the company to pay more attention to its bottom line.

Brad Gerstner, founder of Altimeter Capital and a vocal proponent of change at Meta, used Twitter to voice his approval of Zuckerberg’s announcement on Wednesday morning.

Calling the move an “important first step,” he wrote, “Innovation wins when companies are healthy and fit. The cultural mindset shift from the dangerous era of excess/free money will define the next [generation] of winners.”

Meta’s share price, which had plunged from more than $345 last November to below $89 last week, got a boost from the news. After closing at $96.48 on Tuesday, Meta shares opened the day above $100, and closed up 5% at $101.47.

Other layoffs

Employees leaving Meta and seeking other employment in the tech sector will enter a challenging environment, given the sudden layoffs of thousands of their fellow workers across the sector.

Last week, Twitter announced it would lay off about 3,700 people, or approximately half of its workforce. The layoffs occurred in Twitter offices around the world but were concentrated in the United States. The company has reportedly asked some of the workers originally let go to return, but the overwhelming majority are expected to remain separated from the company.

San Francisco-based Salesforce announced Monday it would lay off approximately 2,500 people. That revelation came just weeks after the company’s largest competitor, software giant Microsoft, eliminated nearly 1,000 jobs in October.

This continues a trend that has been accelerating since early this year as a parade of other tech firms, including Seagate, Snap, Intel, Netflix, Shopify, Lyft and others have either cut jobs or restricted hiring.

Some perspective

Representative Ro Khanna, the Democratic member of Congress who represents a district including large segments of Silicon Valley, was asked during an interview with Bloomberg Television on Monday whether he thought the region would be able to “survive” the economic shock of the thousands of layoffs.

Khanna said some perspective was in order, noting that his district alone is home to companies with $10 trillion in market value and would be able to bounce back, though perhaps not without a broader economic recovery.

“I think we’re a leading indicator of some of the slowing in the economy,” Khanna said. “But I have no doubt that these companies are very resilient and we’ll come back.”

Visa holders

The impact of the layoffs will be particularly harsh on immigrants working at U.S. tech firms. Many hold H-1B visas, which means their ability to remain in the U.S. is dependent on continued employment by a company willing to sponsor their visa applications.

H-1B visa holders, in general, face a 60-day deadline to find a new job. If they fail to do so, they are required to leave the country.

According to data compiled by the United States Citizenship and Immigration Services, the overwhelming majority of H-1B visa holders work in the technology field. In 2019, the agency reported that of the 387,492 H-1B visa holders in the country whose occupations were known, 256,226, or 66%, worked in “computer-related fields.”

H-1B visas are disproportionately issued to citizens of India, who held 71.7% of outstanding visas in 2019. The next largest recipient are citizens of China, who held 13% of H-1B visas in 2019. Canada came in third at 1.2% and no other country’s citizens held more than 1% of the total.

In his public statement, Zuckerberg acknowledged that “this [workforce reduction] is especially difficult if you’re here on a visa.” He said Meta would have dedicated immigration specialists available “to help guide you based on what you and your family need.”

Global impact

The layoffs in Silicon Valley-based tech firms have also echoed around the world, particularly at Twitter, where staff at several international offices were let go en masse.

Bloomberg News reported that Twitter laid off some 90% of its employees in India, the majority in the company’s product and engineering teams. In Ghana, the site of the company’s only office on the African continent, nearly all of the company’s 20 employees received termination notices.

Meta has several hundred employees in India, spread across Facebook and Instagram and WhatsApp, two other social media companies it owns. It was unclear Wednesday how the layoffs would affect staff there.
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Tech billionaire Elon Musk’s takeover of Twitter comes as the U.S. holds midterm elections this week, with observers warning that online misinformation about the credibility of the electoral process can have real-world effects. Is Twitter, under Musk, ready? Tina Trinh reports. Michelle Quinn contributed.
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Facebook parent company Meta is preparing to begin large-scale layoffs this week, according to U.S. media reports. 

The layoffs, which were first reported by The Wall Street Journal, are expected to affect thousands of employees and would be the company’s first job cuts of this scale in its 18-year history. 

The job cuts are expected to come as early as Wednesday.  

Meta has not commented on the news reports.  

The expected layoffs would follow a string of job cuts at technology companies in recent months, including Twitter, Microsoft, Lyft and Stripe. 

Meta’s chief executive, Mark Zuckerberg, said in his company’s last earnings call in October that “we expect to end 2023 as either roughly the same size, or even a slightly smaller organization than we are today.” 

He said the company would focus its investments on a small number of “high priority growth areas” while most other teams would “stay flat or shrink over the next year.” 

Meta, along with other technology firms, are facing economic pressures on several fronts, including slowing economic growth, rising interest rates that force digital advertisers to cut back, and increasing interest rates, which make it more expensive for companies like Meta to borrow money.  

Social media companies are also facing growing competition from newer rivals like TikTok and Snapchat.  

Twitter cut around half of its staff last week after Tesla billionaire Elon Musk took over the company. 

Bloomberg News is reporting that Twitter is now reaching out to dozens of recently fired employees and asking them to return.  

It said some employees were let go by mistake while others were laid off before management realized their skills would be useful for the company’s plans. 

Some information in this report came from Reuters. 

 
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Meta Platforms Inc. is planning to begin large-scale layoffs this week that will affect thousands of employees, The Wall Street Journal reported on Sunday, citing people familiar with the matter, with an announcement planned as early as Wednesday.

Meta declined to comment on the WSJ report.

Facebook parent Meta in October forecasted a weak holiday quarter and significantly more costs next year wiping about $67 billion off Meta’s stock market value, adding to the more than half a trillion dollars in value already lost this year.

The disappointing outlook comes as Meta is contending with slowing global economic growth, competition from TikTok, privacy changes from Apple, concerns about massive spending on the metaverse and the ever-present threat of regulation.

Chief Executive Mark Zuckerberg has said he expects the metaverse investments to take about a decade to bear fruit. In the meantime, he has had to freeze hiring, shutter projects and reorganize teams to trim costs.

“In 2023, we’re going to focus our investments on a small number of high priority growth areas. So that means some teams will grow meaningfully, but most other teams will stay flat or shrink over the next year. In aggregate, we expect to end 2023 as either roughly the same size, or even a slightly smaller organization than we are today” Zuckerberg said on the last earnings call in late October.

The social media company had in June cut plans to hire engineers by at least 30%, with Zuckerberg warning employees to brace for an economic downturn.

Meta’s shareholder Altimeter Capital Management in an open letter to Zuckerberg had previously said the company needs to streamline by cutting jobs and capital expenditure, adding that Meta has lost investor confidence as it ramped up spending and pivoted to the metaverse.

Several technology companies, including Microsoft Corp., Twitter and Snap have cut jobs and scaled back hiring in recent months as global economic growth slows due to higher interest rates, rising inflation and an energy crisis in Europe.
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South Korean team DRX were crowned League of Legends world champions on Saturday after scoring a surprise 3-2 victory over compatriots T1 in a thrilling final of the eSports tournament in San Francisco.

T1, the most successful team in eSports history, started as favorites and took the lead in the first round of the competition.

But DRX took command after many upsets, in particular thanks to 19-year-old Kim “Zeka” Geon-woo.

Their win, the team’s first-ever, was highly anticipated for talented 26-year-old Kim “Deft” Hyuk-kyu, who started competing in 2014 but had only made it past the quarterfinals once, also in 2014.

No player so “old” had ever won the world championships until this year.

The final took place at the Chase Center in San Francisco, home to the Golden State Warriors NBA team, in front of some 16,000 spectators.

The League of Legends World Championship is considered one of the most prestigious eSports tournaments. 
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U.N. rights chief Volker Turk on Saturday urged Twitter’s new owner, Elon Musk, to make respect for human rights central to the social network after he sacked around half the company’s employees.

Reports of Musk laying off the platform’s entire human rights team were “not, from my perspective, an encouraging start,” Turk said in an open letter.

The United Nations High Commissioner for Human Rights said he was writing with “concern and apprehension about our digital public square and Twitter’s role in it.”

He warned against propagating hate speech and misinformation and highlighted the need to protect user privacy.

Musk, the richest person in the world, took control of the platform a week ago in a contentious deal.

After completing his mammoth $44 billion acquisition, Musk quickly set about dissolving Twitter’s board and sacking its chief executive and top managers.

Twitter on Friday fired roughly half of its 7,500-strong workforce.

“Like all companies, Twitter needs to understand the harms associated with its platform and take steps to address them,” wrote Turk.

“Respect for our shared human rights should set the guardrails for the platform’s use and evolution. In short, I urge you to ensure human rights are central to the management of Twitter under your leadership.”

Turk posted the open letter on Twitter, where he has more than 25,000 followers.

Turk, an Austrian longtime U.N. official who took up his post as the U.N. rights chief on Oct. 17, spelt out some fundamental human rights principles, urging Musk to put them at the heart of Twitter’s management going forward.

‘Horrific’ consequences

Turk urged Twitter to stand up for the rights to privacy and free expression to the fullest extent possible, under relevant laws, and to transparently report on government pressures that would infringe those rights.

But he said free speech “is not a free pass,” saying that the viral spread of harmful disinformation, as seen during the COVID-19 pandemic, resulted in real-world harm.

“Twitter has a responsibility to avoid amplifying content that results in harms to people’s rights,” Turk said.

“There is no place for hatred that incites discrimination, hostility or violence on Twitter.

“Hate speech has spread like wildfire on social media… with horrific, life-threatening consequences.”

Twitter should therefore continue to bar such hatred on the platform, while every effort should be made to remove such content promptly, said Turk.

He also said free speech depended on the effective protection of privacy.

“It is vital that Twitter refrain from invasive user tracking and amassing related data and that it resist, to the fullest extent possible under applicable laws, unjustified requests from governments for user data,” Turk said.

He said research was essential to understand the impact of social media on societies, and therefore urged Musk to maintain access to Twitter’s data through its open application programming interfaces.

Finally, he stressed that Twitter should have content moderation capacity in all languages and contexts, not just in the United States or in English-language content. 
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Twitter on Saturday launched a subscription service for $7.99 a month that includes a blue check now given only to verified accounts as new owner Elon Musk overhauls the platform’s verification system just ahead of the U.S. midterm elections.

In an update to Apple iOS devices, Twitter said users who “sign up now” can receive the blue check next to their names “just like the celebrities, companies and politicians you already follow.” So far, verified accounts do not appear to be losing their checks.

Anyone being able to get the blue check could lead to confusion and the rise of disinformation ahead of Tuesday’s elections if impostors decide to pay for the subscription and co-opt the names of politicians and election officials. Along with widespread layoffs that began Friday, many fear the social platform that public agencies, election boards, police departments and news outlets use to keep people reliably informed could become lawless if content moderation and verification are chipped away.

The change represents the end of Twitter’s current verification system, which was launched in 2009 to prevent impersonations of high-profile accounts such as celebrities and politicians. Before the overhaul, Twitter had about 423,000 verified accounts, many of them rank-and-file journalists from around the globe that the company verified regardless of how many followers they had.

Experts have raised grave concerns about upending the platform’s verification system that, while not perfect, has helped Twitter’s 238 million daily users determine whether the accounts they were getting information from were authentic. Current verified accounts include celebrities, athletes, influencers and other high-profile public figures, along with government agencies and politicians worldwide, journalists and news outlets, activists and businesses and brands.

The update Twitter made to the iOS version of its app does not mention verification as part of the new blue check system.

Musk, who had earlier said that he wants to “verify all humans” on Twitter, has floated that public figures would be identified in ways other than the blue check. Currently, for instance, government officials are identified with text under names stating that they are posting from an official government account.

President Joe Biden’s @POTUS account, for example, says in gray letters it belongs to a “United States government official.”

Co-founder Dorsey apologizes for job losses

The change comes a day after Twitter began laying off workers to cut costs and as more companies are pausing advertising on the platform as a cautious corporate world waits to see how it will operate under its new owner.

About half of the company’s staff of 7,500 was let go, tweeted Yoel Roth, Twitter’s head of safety and integrity.

He said the company’s front-line content moderation staff was the group the least affected by the job cuts and that “efforts on election integrity — including harmful misinformation that can suppress the vote and combating state-backed information operations — remain a top priority.”

Twitter co-founder Jack Dorsey Saturday took blame for the widespread job losses. He had two runs as CEO of Twitter, with the most recent stretching from 2015 into 2021.

“I own the responsibility for why everyone is in this situation: I grew the company size too quickly,” he tweeted. “I apologize for that.”

Musk tweeted late Friday that there was no choice but to cut jobs “when the company is losing over $4M/day.” He did not provide details on the daily losses at Twitter and said employees who lost their jobs were offered three months’ pay as a severance.

Revenue already falling

Meanwhile, Twitter has already seen “a massive drop in revenue” because of pressure from activist groups on advertisers to get off the platform, Musk tweeted Friday. That hits Twitter hard because of its heavy reliance so far on advertising to make money. During the first six months of this year, nearly $92 of every $100 it made in revenue came from advertising.

United Airlines Saturday became the latest major brand to pause advertising on Twitter, confirming the move but declining to discuss the reasons for it or what it would need to see to resume advertising on the platform.

It joined the growing list of big companies pausing ads on Twitter, including General Motors, REI, General Mills and Audi.

Musk tried to reassure advertisers last week, saying Twitter would not become a “free-for-all hellscape” because of what he calls his commitment to free speech.

But concerns remain about whether a lighter touch on content moderation at Twitter will result in users sending out more offensive tweets. That could hurt companies’ brands if their advertisements appear next to them.
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