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Elon Musk has informed banks that he will limit Twitters compensation and use tweets to generate revenue
According to three individuals familiar with the situation, Elon Musk promised banks that agreed to help fund his $44 billion acquisition of Twitter Inc that he may cut executive and board compensation at the social media business to minimize expenses, and that he would discover new methods to monetize tweets.
According to the individuals, Musk made the pitch to bankers as he attempted to arrange funding for the buyout days after submitting his bid to Twitter on April 14. His financial pledges, which he submitted on April 21, were crucial in Twitter’s board accepting his “best and last” bid.
Musk would have to persuade banks that Twitter’s cash flow was sufficient to cover the loan he was seeking. In the end, he received $13 billion in loans guaranteed by Twitter, as well as a $12.5 billion margin loan secured by his Tesla equity. He promised to pay the remaining amount out of his pocket.
Asper to the sources, Musk’s pitch to the banks was more of a vision than a definite pledge, and the precise cost reduction he would seek once he buys Twitter is unknown. According to the sources, the proposal he detailed to banks lacked specificity.
Musk has tweeted about cutting the wages of Twitter’s board directors, which he claims will save the company $3 million. According to corporate documents, Twitter’s stock-based compensation for the 12 months ended December 31, 2021, was $630 million, up 33% from 2020.
Musk also used Twitter’s gross margin, which is substantially lower than peers like Meta Platform Inc’s Facebook and Pinterest, in his presentation to the banks, claiming that this gives plenty of room to run the firm more cost-effectively.
Because the topic is private, the sources requested anonymity. Musk’s spokesperson declined to comment.
According to Bloomberg News, Musk expressly highlighted job cutbacks in his pitch to the banks on Thursday. According to one of the insiders, Musk will not make any decisions about employment layoffs until he takes control of the firm later this year. He moved forward with the purchase despite not having access to private information about the company’s finances or headcount.
According to the individuals, Musk told the banks that he wants to build features to boost company income, including new methods to monetize tweets that contain significant information or go viral.
Elon Musk, according to sources familiar with him, will assist banks in selling syndicated loans to investors. According to reports, he may also reveal additional specifics about his Twitter business strategy later this year. The premium Blue service from Facebook now costs $2.99 ($3.99) per month. He has also hired a new CEO for Twitter, according to Reuters sources close to the company. Because of Musk’s unpredictability, several banks declined to participate in a $13 billion margin loan, according to the sources. By 2022, the loans would be worth seven times Twitter’s estimated revenues.
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Woman Alleges Cab Driver Tried to Molest Her in Navi Mumbai
Police register FIR and launch search for accused after late-night incident.
The Case
A woman travelling home after attending a party in Chembur has alleged that her cab driver tried to molest her after stopping the vehicle at an isolated location in Navi Mumbai during the early hours of September 6.
According to her complaint, the incident took place around 1:30 am. The driver reportedly stopped the cab on the roadside, saying he wanted to drink water. After getting back into the vehicle, he allegedly moved to the back seat, held the woman’s hand and tried to remove her clothes despite her resistance.
The woman strongly protested, following which the driver allegedly fled from the spot. She then contacted her family and approached the police to report what had happened. Police identified the accused as Mohammed Afzal Sheikh and registered an FIR based on the woman’s complaint. Multiple police teams have reportedly been formed to trace and arrest him.
Investigators are using technical information and other leads to locate the accused. Police have said the complaint is being taken seriously and that appropriate legal action will follow. The incident has once again raised concerns about the safety of passengers travelling alone in cabs during late-night hours. Police are continuing their investigation into the case.
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Vashi, Belapur Welcome Grand Ganesh Idols Ahead of Ganesh Chaturthi
Thousands of devotees join colourful processions as towering idols arrive in Navi Mumbai.
The Grand Ganesh Celebration
With Ganesh Chaturthi just around the corner, the festive spirit has already taken over Navi Mumbai. Vashi and CBD Belapur witnessed enthusiastic celebrations as devotees gathered to welcome two towering Ganesh idols.
In Vashi Sector 17, the 12-foot idol of Navsala Pavnara Maharaja arrived on September 4 amid the beats of dhol-tasha and chants of “Ganpati Bappa Morya.” Nearly 3,000 devotees took part in the welcome procession. The idol, depicting Lord Ganesha seated on an elephant, will be installed in a grand replica of a royal palace. The mandal is celebrating its 43rd year.
Meanwhile, CBD Belapur Sector 2 welcomed the CBD Cha Raja, a 12.5-foot idol prepared by renowned sculptor Bhendkar from Chembur. A large number of devotees gathered to seek Bappa’s blessings during the arrival ceremony.
The mandal, now entering its 44th year, is creating a replica of the famous Banke Bihari Temple in Mathura as this year’s main attraction.
Beyond the grandeur, the celebrations also reflect Navi Mumbai’s spirit of unity. People from different communities come together to participate in aarti, puja and havan at the mandal. As the city prepares for Ganesh Chaturthi, these celebrations have brought communities together and set the mood for a festival filled with devotion, tradition and togetherness.
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Ganraj Vashi Cha Raja Enters 43rd Year with Grand Arrival Celebration
Traditional performances, a vibrant procession and an eco-friendly idol mark the beginning of Ganeshotsav in Vashi.
The Grand Celebration
The festive spirit of Ganeshotsav came alive in Vashi as the Ganraj Vashi Cha Raja Public Ganeshotsav Mandal, Sector 16A, began its 43rd year with a grand idol arrival ceremony.
The procession started from Chhatrapati Shivaji Maharaj Chowk and made its way to the main pandal amid the energetic beats of dhol-tasha. Thousands of devotees joined the celebrations, turning the streets into a sea of devotion and excitement.
Traditional performances added to the charm of the procession. Mardani Khel demonstrations, a colourful Lezim performance and the presence of a Govinda troupe drew loud cheers from the crowd. The Govindas formed a human pyramid and offered a special salute to Ganraj Vashi Cha Raja.
The event was attended by BJP corporator Anjali Valunj, mandal president and social worker Vijay Valunj, social worker Ajay Valunj, along with mandal office-bearers, volunteers and devotees. This year, the mandal has also focused on protecting the environment. The Ganesha idol, depicting Lord Ganesha seated on an elephant, has been made from paper as part of its eco-friendly initiative.
The organisers said the mandal has been preserving culture and tradition for 43 years and was among the first in Navi Mumbai to organise an idol arrival ceremony. They also invited devotees from across Navi Mumbai and Maharashtra to visit the mandal and seek Bappa’s blessings.
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