It’s not clear if he was simply being a twit or conveying a message that Twitter had a ton of troubles (kitchen sinking refers to acknowledging each little bit of dangerous information in a single go). However on the very least, it appears to be like like he’s lastly shopping for Twitter. And he clarified that he wouldn’t be firing 75% of the workers, as had been speculated.
However there might be extra twists on this pretzel-shaped story earlier than the Friday courtroom deadline to shut the deal passes. And for all of the world is aware of, the maverick boss should still fireplace 74% of the workers.
Credit score: Twitter (@elonmusk)
Additionally on this letter
■ Udaan faucets into convertible notes route to boost $120 million
■ ETSA 2022: Excessive-powered jury to choose winners tomorrow
■ CCI order opens door for PhonePe-backed IndusOS
Not planning to fireside 75% after takeover: Elon Musk tells Twitter workers
Elon Musk does not plan to cut 75% of Twitter’s staff when he takes over the corporate, Bloomberg has reported. It stated the tech billionaire had assured workers of the microblogging platform on Wednesday that there can be no mass cull.
Musk, whose $44-billion Twitter deal appears to be like on monitor to shut by Friday, denied the beforehand reported quantity in an deal with to workers on the firm’s San Francisco workplace, the report added.
U-turn: Musk’s assurance ought to have Twitter workers heaving a sigh of aid after a report in The Washington Submit final week suggested that he plans to fire 75% of Twitter’s staff as soon as he assumes management of the agency.
Based on the report, Musk instructed potential buyers who could again his Twitter buy that he plans to put off almost three-fourths of Twitter’s worker base of seven,500 staff, leaving the corporate with a skeleton crew. The report had cited paperwork and unnamed sources conversant in the deliberations.
Let that ‘sink in’: Aside from strolling in with a sink and altering his Twitter bio to Chief Twit, Musk additionally posted some standard messages, together with “Assembly a variety of cool folks at Twitter in the present day!”.
He additionally shared his views about Twitter, reiterating what he had stated was his important motive to amass the corporate: “A stupendous factor about Twitter is the way it empowers citizen journalism — individuals are in a position to disseminate information with out an institution bias.”
NYSE delisting: Twitter Inc shares will be suspended from trading on Friday, the New York Inventory Trade’s web site confirmed, forward of the court-ordered October 28 deadline to shut the $44-billion deal.
Reuters had reported on Tuesday that fairness buyers, together with Sequoia Capital, Binance, Qatar Funding Authority and others, had obtained the requisite paperwork for the financing dedication from Musk’s legal professionals.
Additionally Learn | Elon Musk says Twitter cannot be ‘free-for-all hellscape’, reveals why he bought it
Udaan raises $120 million by way of convertible notes, IPO delayed
Enterprise-to-business ecommerce startup Udaan has raised $120 million through convertible debt notes and debt from current shareholders and bondholders, the corporate’s chief monetary officer Aditya Pande stated in an inner e-mail to workers.
Sources instructed us that $30-50 million is anticipated to return in one other tranche.
Quote Unquote: “With this spherical, the full funds raised by Udaan by way of convertible notes and debt within the final 4 quarters have crossed $350 million, making it one of many largest structured instrument fundraises within the nation,” the CFO wrote in his mail.
He added: “Continued deal with customer-first considering and initiatives on strengthening our worth proposition for them have resulted in month-to-month purchaser repeat charges growing by 5% within the final 2 quarters.”
IPO delayed: Pande stated within the observe that the corporate is planning to go public within the subsequent 12-18 months, signalling a delay in its plans for the preliminary public providing (IPO). The delay comes at a time when most startups are extraordinarily cautious about going public as most buyers are cautious of inserting heavy bets.
Udaan chief govt officer Vaibhav Gupta told us in February that the company was planning to go public by May 2023. Nonetheless, we reported on October 12 that the IPO plans have been more likely to be delayed by one other two quarters owing to the worldwide financial slowdown.
Tapping various routes: As dealmaking turns into harder, many corporations are resorting to elevating funds by way of debt devices, thereby preserving valuation.
We had reported on how on-line pharmacy market PharmEasy, which scrapped its plans to go public, can also be trying to elevate about $100 million by way of convertible notes. In January, Udaan had additionally raised $200 million by way of the identical route from a gaggle of buyers earlier than Microsoft pitched in, taking the full to about $225 million.
Meta’s earnings hit, revenue slides over 50% as advert revenues dwindle
Fb-parent Meta reported a 4% drop in its third quarter revenue to $27.7 billion, from $29 billion a yr earlier. Web revenue stood at $4.4 billion, down 52% from a yr in the past as spending soared by 19%.
Meta’s earnings have been hit arduous by its spending on the metaverse and slowing social networking and digital promoting development. Meta’s inventory worth has nosedived 61% within the yr thus far.
Metaverse, a white elephant? Meta stated its Actuality Labs division, which is liable for the digital actuality and augmented actuality efforts which are central to the metaverse, had misplaced $3.7 billion in contrast with $2.6 billion a yr earlier. It stated working losses for the division would develop “considerably” subsequent yr.
“Even excluding its massive metaverse funding, Meta has gone from $15B in annual capex in 2018, 2019, and 2020 to $30B in annual capex in 2022. To place that in perspective, excluding your massive metaverse funding, Meta is investing extra in capex than Apple, Tesla, Twitter, Snap and Uber mixed!” wrote Meta shareholder and CEO of Altimeter Capital Brad Gerstner.
Instagram a saving grace: Meta Platforms Inc’s Instagram now has 2 billion monthly active users worldwide, closing in on the two.96 billion who use Fb, in an indication of the social media big’s shifting make-up.
Throughout its quarterly earnings name, Meta stated greater than 2 billion folks now use its messaging app WhatsApp on daily basis. Whole month-to-month customers for its household of apps quantity 3.71 billion worldwide.
ETSA 2022: Excessive-powered jury to choose winners tomorrow
The 2022 version of the Financial Occasions Startup Awards will see its high-powered jury decide winners throughout 9 classes tomorrow to have fun the excellence of the burgeoning Indian startup ecosystem.
Led by Salil Parekh, chief govt and managing director of Infosys, the jury will meet virtually to choose the winners, at a time when the worldwide startup and expertise ecosystem is being roiled by financial and geopolitical uncertainty.
Nominees revealed: Thus far, we’ve revealed the nominees in 7 classes – Bootstrap Champ, Top Innovator, Comeback Kid, Social Enterprise, Best on Campus, Woman Ahead, and Midas Touch, with every class having 5 nominations.
Jury Communicate: Jurors Sanjeev Bikhchandani and Arundhati Bhattacharya consider development in any respect prices could be very 2020 and the startup world has been pressured to maneuver on. What issues in the present day is sweet unit economics, sustainability, and a path to profitability. And fixing complicated socio-economic challenges throughout a number of sectors.
Sharing their views on what they are going to be searching for among the many contenders, jury members Shailendra Singh, Sriharhsa Majety, and Sahil Barua stated a startup that has a resilient enterprise mannequin, constructed with a long-term mindset that can see it develop into a company big within the subsequent decade or so, can be a transparent winner.
Watch this house tomorrow to know extra!
TWEET OF THE DAY
CCI order opens Play Retailer door to PhonePe’s Indus app
The Competition Commission of India’s order against Google, directing the expertise big to permit various app shops inside its default Play Retailer on the Android ecosystem, will assist PhonePe-owned Indus App Bazaar reach users directly and scale up, a high official instructed us.
However how? “It will assist us present a option to customers and assist in scaling the enterprise for apps with finer providers,” Indus App Bazaar cofounder Rakesh Deshmukh instructed ET. “We are going to proceed our work in the direction of constructing a seamless expertise for the consumer, which may solely occur as soon as Google permits the identical Android permissions the Play Retailer has, comparable to putting in from unknown sources, and so forth,” he stated.
Previous participant: IndusOS, one of many few working techniques of Indian origin, began in 2013, with an emphasis on Indian languages.
Earlier than the Chinese language invasion of the smartphone market, IndusOS powered over 100 smartphone fashions, from manufacturers comparable to Micromax, Celkon, Karbonn, Swipe and Intex, amongst others. It was the second-largest working system in India in 2016, behind Android however forward of iOS and Home windows Cellular.
At the moment’s ETtech Prime 5 e-newsletter was curated by Gaurab Dasgupta in New Delhi and Siddharth Sharma in Bengaluru. Graphics and illustrations by Rahul Awasthi.
Discover more from News Journals
Subscribe to get the latest posts sent to your email.
