Twitter’s New Problems 👋

Twitter’s New Problems

Now that Elon Musk has officially taken over Twitter, everything that could’ve happened took place, and it wasn’t even his actions but his influence. When it comes to his actions, he went through with his plan to remove the top brass of the company. CEO Parag Agrawal was ousted after a brief time in the position, along with CFO Ned Segal and Chief Legal Officer Vijaya Gadde, but thanks to stock holdings and other forms of compensation they will receive a combined $187 million of Musk’s money. Musk’s controversial move, however, was retweeting an article promoting a conspiracy theory linked to the attack of Paul Pelosi. This garnered a lot of attention due to Musk’s influence and it promoted many things across the platform.

One notable example was the tweet from LeBron James addressing Musk about the spike in the usage of racial slurs after the acquisition. James said he doesn’t know who Musk is and made it clear that whoever is in control should fix the situation. It must’ve been a low blow for Musk to hear that from one of the most influential people in the world, but his response was that a small group of troll accounts caused the influx of racial slurs. Musk’s takeover has inspired free-speech advocates to celebrate, although the situation has become very politicized, and many celebrities have announced their departure from the platform. All this uncertainty has caused businesses to rethink their ad spend on Twitter; GM temporarily halted their ad spend on the platform and said they would continue after assessing the future of the social media app.

Want to learn how to invest? Download the Invstr app, where you can play Fantasy Finance and manage a virtual investment portfolio, or open a brokerage account and invest for real. Take our interactive investing course on Invstr Academy and become a better investor today!

I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.

Share:
More Posts
Get your daily Invstr Crunch

Get the market news and updates you need, delivered to your inbox or available on our daily podcast.

Risk Disclosure:

Invstr is not a bank and banking services are provided by Vast Bank, N.A.

Brokerage and Banking services are currently only available to U.S. residents.

Invstr app and web services are provided by Invstr Ltd. Advisory services are provided by Invstr Financial LLC, an investment adviser registered with the Securities Exchange Commission (SEC) details of which can be obtained here. Securities brokerage and custody services are provided by Apex Clearing, a broker dealer registered with the SEC and a member of FINRA and SIPC. There is no bank guarantee on securities and securities may lose value.

Investing involves risk and can lead to losses. Past performance does not guarantee future results.

Invstr app and web services are provided by Invstr Ltd. Invstr+ advisory services are provided by Invstr Financial LLC, an investment adviser registered with the Securities Exchange Commission (SEC). Securities brokerage and custody services are provided by Apex Clearing, a broker dealer registered with the SEC and a member of FINRA and SIPC. There is no bank guarantee on securities and securities may lose value. Vast Bank N.A. a nationally chartered bank and member of the FDIC, provides the banking products, including the products and services related to digital asset accounts. As with any asset, the value of Digital assets can go up or down and there can be a substantial risk that you lose money buying or holding digital assets. You should carefully consider whether trading or holding Digital assets is suitable for you in light of your financial condition. Your digital account does not support wallet to wallet transferring of your digital assets (i.e. cryptocurrencies) outside the platform. Any Digital Assets in your digital asset account are not insured by any government entities, including but not limited to FDIC or SIPC. The Invstr Visa® Debit Card is issued by Vast Bank, N.A. pursuant to a license from Visa U.S.A Inc and may be used everywhere Visa debit cards are accepted. Invstr Ltd, Invstr Financial LLC and Invstr Securities Ltd are subsidiaries of Marketspringpad Holdings (collectively “Invstr”) and Invstr is solely responsible for the application services and website content.

Watchlists provided when users first access the service are not a recommendation to invest. Instead they are provided to help users better navigate the service. Users are free to edit and create their own watchlists. From time to time, Invstr will suggest instruments solely based on an individual’s interest and the interest levels of the Invstr community. The statistical and portfolio builder models generated by Invstr do not reflect actual investment results and are not guarantees of future results. Comments provided by Invstr leaders, influencers or members of the Invstr Community are not recommendations and should not be construed as such. Invstr does not endorse the content or the positions posted by them. Their investment approach, and that of the models provided by Invstr, may be different from yours and may not be appropriate for you.