More than half of 17.5 million users who responded to a Twitter poll that asked whether billionaire Elon Musk should step down as head of the social media platform voted Yes when the poll closed on Monday.
There was no immediate announcement from Twitter, or Musk, about whether that would happen, though he said that he would abide by the results. The results of the unscientific online survey, which lasted 12 hours, showed that 57.5 per cent of those who voted wanted him to leave.
Musk’s promise to let users decide his future role at Twitter appeared to come out of nowhere Sunday, though he had also promised in November that a reorganization was happening soon. Musk also acknowledged on Sunday that he made a mistake in launching new speech restrictions that banned mentions of rival social media websites.
In public banter with Twitter followers Sunday, Musk expressed pessimism about the prospects for a new CEO, saying that person “must like pain a lot” to run a company that “has been in the fast lane to bankruptcy.”
“No one wants the job who can actually keep Twitter alive. There is no successor,” Musk tweeted.
Blocking links to other platforms
In yet another significant policy change, Twitter had announced that users will no longer be able to link to Facebook, Instagram, Mastodon and other platforms the company described as “prohibited.”
But that decision generated so much immediate criticism, including from past defenders of Twitter’s new billionaire owner, that Musk promised not to make any more major policy changes without an online survey of users.
The action to block competitors was Musk’s latest attempt to crack down on certain speech after he shut down a Twitter account last week that was tracking the flights of his private jet.
The banned platforms included mainstream websites such as Facebook and Instagram, and upstart rivals Mastodon, Tribel, Nostr, Post and former president Donald Trump’s Truth Social. Twitter gave no explanation for why the blacklist included those seven websites but not others such as Onlyfans, Weibo, TikTok or LinkedIn, as well as platforms favoured by conservatives such as Gab, Gettr and Parler.
Elon Musk, centre, was seen Sunday at the FIFA World Cup final in Lusail City, Qatar, seated next to former White House adviser Jared Kushner, left. (Dan Mullan/Getty Images)
Twitter had said it would at least temporarily suspend accounts that include the banned websites in their profile — a practice so widespread it would have been difficult to enforce the restrictions on Twitter’s millions of users around the world. Not only links but attempts to bypass the ban by spelling out “instagram dot com” could have led to a suspension, the company said.
A test case was the prominent venture capitalist Paul Graham, who in the past has praised Musk but on Sunday told his 1.5 million Twitter followers that this was the “last straw” and to find him on Mastodon. His Twitter account was promptly suspended, and soon after restored as Musk promised to reverse the policy implemented just hours earlier.
Musk said Twitter will still suspend some accounts according to the policy but “only when that account’s *primary* purpose is promotion of competitors.”
Mastodon has grown rapidly in recent weeks as an alternative for Twitter users who are unhappy with Musk’s overhaul of Twitter since he bought the company for $44 billion US in late October and began restoring accounts that ran afoul of the previous Twitter leadership’s rules against hateful conduct and other harms.
Week of new, contentious edicts
Musk last week also took aim at journalists who were writing about the jet-tracking account, which can still be found on other social media sites, alleging that they were broadcasting “basically assassination co-ordinates.”
He used that to justify Twitter’s moves last week to suspend the accounts of numerous journalists who cover the social media platform and Musk, among them reporters working for The New York Times, Washington Post, CNN, Voice of America and other publications. Many of those accounts were restored following an online poll by Musk.
Front Burner22:24Elon Musk’s Twitter culture war
Then, over the weekend, The Washington Post’s Taylor Lorenz became the latest journalist to be temporarily banned. She said she was suspended after posting a message on Twitter tagging Musk and requesting an interview.
Sally Buzbee, The Washington Post’s executive editor, called it an “arbitrary suspension of another Post journalist” that further undermined Musk’s promise to run Twitter as a platform dedicated to free speech.
Musk, 51, was questioned in court on Nov. 16 about how he splits his time among Tesla and his other companies, including SpaceX and Twitter. Musk had to testify in Delaware’s Court of Chancery over a shareholder’s challenge to Musk’s potentially $55 billion compensation plan as CEO of the electric car company.
Musk said he never intended to be CEO of Tesla, and that he didn’t want to be chief executive of any other companies either, preferring to see himself as an engineer instead.
Tesla shares have already lost nearly 60 per cent of their value this year, as, like other carmakers, it battles supply chain issues and increasing competition in the EV space.
Tesla shares jumped in premarket trading as the results of Musk’s Twitter poll became clear, but they gave up most of their gains.
TOKYO (AP) — Japanese technology group SoftBank swung back to profitability in the July-September quarter, boosted by positive results in its Vision Fund investments.
Tokyo-based SoftBank Group Corp. reported Tuesday a fiscal second quarter profit of nearly 1.18 trillion yen ($7.7 billion), compared with a 931 billion yen loss in the year-earlier period.
Quarterly sales edged up about 6% to nearly 1.77 trillion yen ($11.5 billion).
SoftBank credited income from royalties and licensing related to its holdings in Arm, a computer chip-designing company, whose business spans smartphones, data centers, networking equipment, automotive, consumer electronic devices, and AI applications.
The results were also helped by the absence of losses related to SoftBank’s investment in office-space sharing venture WeWork, which hit the previous fiscal year.
WeWork, which filed for Chapter 11 bankruptcy protection in 2023, emerged from Chapter 11 in June.
SoftBank has benefitted in recent months from rising share prices in some investment, such as U.S.-based e-commerce company Coupang, Chinese mobility provider DiDi Global and Bytedance, the Chinese developer of TikTok.
SoftBank’s financial results tend to swing wildly, partly because of its sprawling investment portfolio that includes search engine Yahoo, Chinese retailer Alibaba, and artificial intelligence company Nvidia.
SoftBank makes investments in a variety of companies that it groups together in a series of Vision Funds.
The company’s founder, Masayoshi Son, is a pioneer in technology investment in Japan. SoftBank Group does not give earnings forecasts.
Shopify Inc. executives brushed off concerns that incoming U.S. President Donald Trump will be a major detriment to many of the company’s merchants.
“There’s nothing in what we’ve heard from Trump, nor would there have been anything from (Democratic candidate) Kamala (Harris), which we think impacts the overall state of new business formation and entrepreneurship,” Shopify’s chief financial officer Jeff Hoffmeister told analysts on a call Tuesday.
“We still feel really good about all the merchants out there, all the entrepreneurs that want to start new businesses and that’s obviously not going to change with the administration.”
Hoffmeister’s comments come a week after Trump, a Republican businessman, trounced Harris in an election that will soon return him to the Oval Office.
On the campaign trail, he threatened to impose tariffs of 60 per cent on imports from China and roughly 10 per cent to 20 per cent on goods from all other countries.
If the president-elect makes good on the promise, many worry the cost of operating will soar for companies, including customers of Shopify, which sells e-commerce software to small businesses but also brands as big as Kylie Cosmetics and Victoria’s Secret.
These merchants may feel they have no choice but to pass on the increases to customers, perhaps sparking more inflation.
If Trump’s tariffs do come to fruition, Shopify’s president Harley Finkelstein pointed out China is “not a huge area” for Shopify.
However, “we can’t anticipate what every presidential administration is going to do,” he cautioned.
He likened the uncertainty facing the business community to the COVID-19 pandemic where Shopify had to help companies migrate online.
“Our job is no matter what comes the way of our merchants, we provide them with tools and service and support for them to navigate it really well,” he said.
Finkelstein was questioned about the forthcoming U.S. leadership change on a call meant to delve into Shopify’s latest earnings, which sent shares soaring 27 per cent to $158.63 shortly after Tuesday’s market open.
The Ottawa-based company, which keeps its books in U.S. dollars, reported US$828 million in net income for its third quarter, up from US$718 million in the same quarter last year, as its revenue rose 26 per cent.
Revenue for the period ended Sept. 30 totalled US$2.16 billion, up from US$1.71 billion a year earlier.
Subscription solutions revenue reached US$610 million, up from US$486 million in the same quarter last year.
Merchant solutions revenue amounted to US$1.55 billion, up from US$1.23 billion.
Shopify’s net income excluding the impact of equity investments totalled US$344 million for the quarter, up from US$173 million in the same quarter last year.
Daniel Chan, a TD Cowen analyst, said the results show Shopify has a leadership position in the e-commerce world and “a continued ability to gain market share.”
In its outlook for its fourth quarter of 2024, the company said it expects revenue to grow at a mid-to-high-twenties percentage rate on a year-over-year basis.
“Q4 guidance suggests Shopify will finish the year strong, with better-than-expected revenue growth and operating margin,” Chan pointed out in a note to investors.
This report by The Canadian Press was first published Nov. 12, 2024.
TORONTO – RioCan Real Estate Investment Trust says it has cut almost 10 per cent of its staff as it deals with a slowdown in the condo market and overall pushes for greater efficiency.
The company says the cuts, which amount to around 60 employees based on its last annual filing, will mean about $9 million in restructuring charges and should translate to about $8 million in annualized cash savings.
The job cuts come as RioCan and others scale back condo development plans as the market softens, but chief executive Jonathan Gitlin says the reductions were from a companywide efficiency effort.
RioCan says it doesn’t plan to start any new construction of mixed-use properties this year and well into 2025 as it adjusts to the shifting market demand.
The company reported a net income of $96.9 million in the third quarter, up from a loss of $73.5 million last year, as it saw a $159 million boost from a favourable change in the fair value of investment properties.
RioCan reported what it says is a record-breaking 97.8 per cent occupancy rate in the quarter including retail committed occupancy of 98.6 per cent.
This report by The Canadian Press was first published Nov. 12, 2024.
