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Elon Musk has informed banks that he will limit Twitters compensation and use tweets to generate revenue

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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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Entertainment

After the release of Runway 34 Ajay Devgn receives a handwritten message from Amitabh Bachchan

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Amitabh Bachchan, who also featured opposite Ajay Devgn in the aviation drama, has praised Ajay Devgn’s latest directorial Runway 34. Ajay, who earlier stated that he would not have done the film if Amitabh Bachchan had not agreed to feature in it, shared a handwritten message from the legendary actor on his social media pages on Saturday. After reading the handwritten message in which Amitabh termed it an “amazing honour” to be directed by Ajay in the film, Ajay said that he feels emotional.

Ajay posted a photo of Amitabh’s message with the caption, “It’s difficult to put into words the honour of having the legendary Amitabh Bachchan feature in your directorial debut. And when he writes a handwritten message with his passionate comments, it elicits a dizzying mix of appreciation and fulfilment. Thank you very much, Amit Ji! #Runway34.”

The letter was written on a notepad with the names of Amitabh Bachchan and Jaya Bachchan, as well as a logo in the shape of a B for Bachchan. It was dated April 29. In the letter, Amitabh wrote, “Hello, Ajay! Ajay! Ajay! It was an unbelievable honour to be a part of ’34’ and to get such a wonderful director’s gift. Your work is excellent. It’s amazing how well you’ve put everything together. They claim it’s your finest, but I’m confident there will be many more. Congratulations.”

“And, Amitji closed his message with these lines,” Ajay wrote in another letter from Amitabh. “PS: Your expressions and performance in the cockpit were pure brilliance,” the note stated.” “Well deserved words on both sides,” his wife Kajol said on his Instagram account after seeing the messages.

Runway 34 is based on a true story from 2015, in which a Doha to Kochi flight narrowly avoided disaster after having trouble landing at the airport owing to poor weather and limited visibility. Captain Vikrant Khanna, played by Ajay Devgn, is a flying prodigy, and Tanya Albuquerque, played by Rakul Preet Singh, is his co-pilot. In the case, Amitabh Bachchan portrays Narayan Vedant, the investigating officer. Ajay has directed and produced the film in addition to acting in it.

According to the film’s review, “Ajay, once again donning the director’s hat, does an outstanding job. I must say, he’s a fantastic storyteller. He creates an immersive experience with Runway 34, rather than just acting.”

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India

CDS tension continues as General Pande gains command of the troops

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Pande served as vice commander of the army for three months before taking over as army chief. He formerly served as the commander of the Eastern Command, situated in Kolkata, which is in charge of securing India’s eastern borders with China.

During his tenure, the Indian Army deployed new weapon systems in the eastern sector to reinforce its stance against the Chinese People’s Liberation Army (PLA) in the wake of the Ladakh border standoff.

Pande has commanded an engineer brigade in the western theatre, an infantry brigade along the Line of Control (LoC), a mountain division in the Ladakh region, and a corps in the northeast throughout his 39-year military career. He has also acted as the commanding officer of the Andaman and Nicobar Command, stationed in Port Blair.

As previously reported, Pande’s immediate priorities are expected to include building capacity to meet China’s military challenges, giving a boost to the military’s threaterisation drive, improving the army’s tooth-to-tail ratio, and maximizing the defence budget with a focus on indigenization.

He took over as chief at a time whenever the boundary standoff in eastern Ladakh is set to enter its third year, with no end in sight, despite India and China’s partial success in disengaging rival soldiers from some friction areas on the LAC and ongoing talks to end the deadlock that has cast a pall over the bilateral relationship.

His appointment also comes at a time when India is developing a plan for military catheterization to better use the three services’ capabilities for future conflicts and operations. Rawat was in charge of the catheterization effort. The fall of the CDS was viewed as a blow to continuing military reforms, such as catheterization.

Officials said Naravane was given a ceremonial guard of honour at South Block and lay a wreath at the National War Memorial to honour India’s dead troops. At Rashtrapati Bhavan, the departing chief and his wife Veena Naravane paid a visit to President Ram Nath Kovind.

Naravane also met with Rajnath Singh, the defence minister, who complimented the general’s efforts to the country.”Had a lovely meeting with Army Chief of Staff General MM Naravane, who is retiring today after 42 years of service to the country.” As military chief, his achievements have bolstered India’s defence capabilities and preparedness. Singh replied on Twitter, “I wish him well in his future endeavours.”

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India

Morbe Dam has enough water to last till September

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NMMC’s Morbe Dam, on the borders of Panvel, has adequate supplies to meet Navi Mumbai’s demand till early September, according to the company. Even though the dam flooded during the previous monsoon, the water levels at the dam are presently marginally lower than they were at the same time the previous year. The municipal government has implemented a policy to better manage drinking water by limiting supplies in areas where theft and illegal connections have been recorded. Residents, on the other hand, have been complaining about water shortages for the last several weeks, with some neighbourhoods receiving just one to two hours of water each day instead of the customary six.

“For almost a month, we’ve been getting water for two hours during the day. “Our objections have not been heard so far,” said Chandrakant Jee, a resident of Ghansoli. While certain portions of the city are experiencing water shortages, the NMMC claims that water use has increased owing to the hot summer, and that supply is being streamlined in the issue areas where complaints have been received. “When several users are identified on a single connection, action is taken.” After several years, we have finally started a survey of water connections. This is done to keep track of unauthorised users and assure appropriate supply to legitimate customers.

The present water supply is higher than the national average. “We continue to provide over 221 litres of water per person every day, which is more than the national average of 150 litres for metro areas.” Residents have been urged to utilise water wisely, according to the NMMC city engineer. Morbe Dam has a total storage capacity of 190.89 million cubic metres (MCM). The storage capacity was recently 85.749 MCM, which is 44.92 per cent of the overall storage capacity.

The dam’s highest water level is 88 metres. The current water level is 75.49 metres. The dam’s catchment region got almost 4,200 mm of rainfall last year, and it overflowed towards the end of September. “The Morbe dam provides 470 MLD, and there is enough storage to last 125 days,” Desai added.

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