Archive for the ‘Elon Musk’ Category

Elon Musk Says SpaceX Has Switched Incorporation to Texas – The New York Times

The private rocket company SpaceX has switched where it is incorporated to Texas from Delaware, its founder, Elon Musk, said on Wednesday, weeks after a Delaware judge voided his pay package at Tesla, another company he owns.

The Texas secretary of state, Jane Nelson, issued a certificate on Wednesday confirming that the state has accepted the companys filing to relocate its incorporation, according to a copy of the document that was posted on her offices website. A spokeswoman for Ms. Nelsons office did not immediately respond to a request for comment.

Mr. Musk, a billionaire who lives in Texas and also runs the carmaker Tesla, has had issues with Delaware. Last month, a judge there voided the pay package that had helped to make him the worlds wealthiest person.

That case was brought by a group of Tesla shareholders who were challenging a stock options package that allowed Mr. Musk to acquire about 304 million Tesla shares at a preset price $23.34 a share if the company achieved certain goals. The judge ultimately ruled that Mr. Musk had effectively overseen his own compensation plan, valued at more than $50 billion last month, with the help of compliant board members.

During the coronavirus pandemic, Mr. Musk moved Teslas headquarters to Texas from California, although he said last year that the carmaker would move one component of that operation its engineering headquarters back to California.

He has also said that he wants to reincorporate Tesla to Texas from Delaware. But because Tesla, unlike SpaceX, is publicly traded, the move would require shareholder approval.

SpaceX still designs and builds its spacecraft at its headquarters in Hawthorne, Calif., a city near Los Angeles International Airport.

Mr. Musk announced SpaceXs corporate relocation to Texas hours before the company launched a robotic lander that will attempt to carry NASA payloads to the moon. The launch time had been postponed to early Thursday morning from Wednesday because of a technical issue.

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Elon Musk Says SpaceX Has Switched Incorporation to Texas - The New York Times

Elon Musk Accuses Stephen King of ‘Deadnaming’ X After Author Insists on Calling It Twitter – Variety

Stephen King refuses to call by the new name Elon Musk picked for the social network, X. In a reply to the legendary horror writer, Musk attempted to make an anti-trans joke accusing King of deadnaming the platform.

King on Wednesday wrote, According to the New York Times, terrorists may be paying for blue check marks on Twitter (I refuse to call it X).

Musk instead of addressing the allegation that his company is taking money from known terrorist organizations took the opportunity to mock deadnaming, in which someone uses a former name of a transgender person without their consent.

Stop deadnaming Respect our transition , Musk wrote in response to King. The right-wing Libs of TikTok account chimed in, asking facetiously, Is Stephen King transphobic? Musk has previously ridiculed people who indicate their preferred pronouns and said that X/Twitter has deemed cis and cisgender to be anti-heterosexual slurs. Musk is estranged from his daughter Vivian Wilson, who in 2022 changed her name and gender; in an October 2022 interview with the Financial Times, Musk blamed his daughters decision to distance herself from him on the takeover of elite schools and universities by neo-Marxists.

King was referring to the Times Feb. 14 story about a report from the Tech Transparency Project that found X was potentially violating U.S. sanctions by accepting payments from accounts that include Hezbollah leaders, Houthi groups, and state-run media outlets in Iran and Russia for the X Premium service, which gives subscribers verified check-mark status.

Musk has not commented on the TTP report. In a statement, X said, Our teams have reviewed the report and will take action if necessary. Were always committed to ensuring that we maintain a safe, secure and compliant platform.

Meanwhile, King has previously expressed his displeasure over Musks changing the name of the social network. In a July 2023 post, he wrote, Twitter Twitter Twitter Twitter Twitter Twitter Twitter Twitter Twitter Twitter Twitter Twitter Twitter Twitter. And in case you didnt get that: Twitter.

And King and Musk have previously sparred on X/Twitter. In October 2022, King, responding to a report that Twitter going to charge for blue check-marks, wrote, Fuck that, they should pay me. If that gets instituted, Im gone like Enron. He added, It aint the money, its the principle of the thing. Musk at the time replied to King, We need to pay the bills somehow! Twitter cannot rely entirely on advertisers. How about $8 [per month]?

In April 2023, Musk purged most of Twitters legacy verified accounts after disparagingtheprevious verification policy as corrupt and nonsensical removing blue check marks of multiple high-profile accounts. Supposedly, anyone who wanted a blue check mark would need to subscribe to Twitter Blue (now called X Premium), which costs $8/month and up. In the wake of that move, King expressed confusion about the situation, tweeting, My Twitter account says Ive subscribed to Twitter Blue. I havent. My Twitter account says Ive given a phone number. I havent. Musk later claimed he was personally paying of Kings premium account and replied to the writer, Youre welcome namaste . A few days later, Twitter had restored check marks for hundreds of celebrities, including for those who said they werent paying the fee (as well as for several who are dead).

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Elon Musk Accuses Stephen King of 'Deadnaming' X After Author Insists on Calling It Twitter - Variety

The majority of traffic from Elon Musk’s X may have been fake during the Super Bowl, report suggests – Mashable

This week, Super Bowl 2024 shattered records, with the NFL championship broadcast on CBS becoming the most-watched televised event in U.S. history.

Also riding high from the big game? Elon Musk's X. The company formerly known as Twitter published its own press release, lauding Super Bowl LVIII as one of the biggest events ever on the social media platform with more than 10 billion impressions and over 1 billion video views.

However, it appears that a significant portion of that traffic on X could be fake, according to data provided to Mashable by CHEQ, a leading cybersecurity firm that tracks bots and fake users.

According to CHEQ, a whopping 75.85 percent of traffic from X to its advertising clients' websites during the weekend of the Super Bowl was fake.

"I've never seen anything even remotely close to 50 percent, not to mention 76 percent," CHEQ founder and CEO Guy Tytunovich told Mashable regarding X's fake traffic data. "I'm amazedI've never, ever, ever, ever seen anything even remotely close."

CHEQ's data for this report is based on 144,000 visits to its clients' sites that came from X during Super Bowl weekend, from Friday, Feb. 9 up until the end of Super Bowl Sunday on Feb. 11. The data was collected from across CHEQ's 15,000 total clients. It's a small portion of the relevant data, and it's not scientifically sampled, but it nonetheless suggests a dramatic trend.

CHEQ monitors bots and fake users across the internet in order to minimize online ad fraud for its clients. Tytunovich's company accomplishes this by tracking how visitors from different sources, such as X, interact with a client's page after they click one of their links. The company can also tell when a bot is passing itself off as a real user, such as when a fraudulent user is faking what type of operating system they are using to view a website.

Most X users who are regularly on the platform can attest to a noticeable uptick in seemingly inauthentic activity in recent months. When a post goes viral on X, its now commonplace to find bots filling the replies with AI-generated responses or accounts with randomly generated usernames spamming a user's mentions with unsolicited "link-in-bio" promotions. Now, there's data which backs up that user experience.

Advertisers have also noticed X's bot issues. In a recently published piece in The Guardian, Gene Marks, a small business owner shared his ad campaign results from X. After a small $50 advertising spend, X's analytics shows that his website had received 350 clicks from approximately 29,000 views. However, according to Google Analytics, X wasn't the source of any of the actual traffic his website had received during that time period.

In our conversation with Tytunovich, he referenced an often cited stat that roughly half of all internet traffic is made up of bots, and how he's long been skeptical of that data based on what CHEQ itself sees.

"We were always the conservative ones," Tytunovich explained regarding CHEQ's approach to fake user data. "We protect a lot of our customers on Google Ads, YouTube, and even TikTok, which I'm not a fan of, and we've always said 50 percent [being fake] is a bit opportunistic."

"I almost decided not to go out [and publish the X bot data] because we've never seen anything like it," he said.

When X's Super Bowl traffic is compared to other social media platforms during the same time period, the bot issue on Musk's platform appears even more stark. CHEQ also provided data to Mashable pertaining to Facebook, Instagram, and TikTok. In terms of fake traffic, no other platform came close to X's nearly 76 percent.

Out of more than 40 million visits from TikTok, only 2.56 percent were determined to be fake. Facebook sent 8.1 million visits and 2.01 percent of the monitored visits were classified as inauthentic. And over on Instagram, only 0.73 percent of the 68,700 visits from the platform were fake.

Tytunovich tells Mashable that it's not out of the ordinary to see spikes in fake traffic on social media platforms during big events like U.S. elections. However, he has never seen anything close to X's 75.85 percent.

And, unfortunately for X, its bot problem goes beyond the big game too.

CHEQ also provided Mashable with fake traffic data from the entire month of January 2024. TikTok, Facebook, and Instagram all had very similar stats to each platform's respective Super Bowl weekend numbers. Slightly more than 2.8 percent of the 306 million visits sent from TikTok were determined to be fake. Out of the 90 million visits that came from Facebook, a bit more than 2 percent were fake. And Instagram's traffic was only 0.96 percent fake, based on 749,000 visits.

But, X once again fared the worst. Of the 759,000 visits from X, 31.82 percent of that traffic was determined to be fake.

Tytunovich, who has met with Musk previously and pushed the X owner to address the bot problem, stressed to Mashable that his company cannot tell how many fake users are on social media platforms themselves. The data only details how many bots came to CHEQ's clients' sites from those platforms.

However, as Tytunovich explained, his company has a wide range of clients, including large, Fortune 500 companies, and this fake activity coming from X was seen across the board regardless of industry or market.

Mashable reached out to X for information or a statement but received an automated message from the company reading "Busy now, please check back later."

X didn't always have a bot problem of this magnitude, according to CHEQ, something Tytunovich demonstrated by providing Mashable with data from last year's Super Bowl. During the comparable weekend in February 2023, fake traffic from the platform then-known as Twitter only accounted for 2.81 percent out of 159,000 visits. That's around 72 percent less than this year's game.

Last year's Super Bowl occurred just a few months after Elon Musk acquired the platform in late October of 2022. And a lot has changed on X between last February and today under Musk's leadership. The platform was still known as Twitter then. Notable users still had their legacy verified blue checkmarks. Only around 200,000 to 300,000 users were subscribed to Twitter Blue, which is now called X Premium. X's creator monetization program, where paying X Premium subscribers can make money off of ads displaying on their content, did not yet exist. All of these changes can factor into X's current bot problem.

In addition, since Musk's take over, 80 percent of the company's Trust and Safety team's engineers have been laid off, along with half of the company's content moderators.Thousands of employees have been laid off across the company.

X has struggled with advertisers since Musk's takeover. Big brands and major companies like Disney have suspended ad campaigns on the platform due to hate speech and pro-Nazi content proliferating on X, as well as antisemitic comments made by Musk himself. According to a Bloomberg report last month, X is planning to open a Trust and Safety center in Austin, Texas and is hiring 100 employees to work in that department in order to address some of advertisers' concerns.

But, X's problems clearly go well beyond the type of content being posted by real human beings. Advertisers typically pay social media companies based on impressions and/or clicks on their advertisements. And based on this traffic data, advertisers could potentially be paying Musk and company for visits from an audience consisting mostly of bots.

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The majority of traffic from Elon Musk's X may have been fake during the Super Bowl, report suggests - Mashable

Elon Musk is moving SpaceX out of Delaware after a judge there nixed his Tesla pay package – Quartz

Elon Musk is the founder and CEO of the aerospace company SpaceX. Image: Tingshu Wang ( Reuters)

SpaceX is the latest company that billionaire Elon Musk has shuffled around the country after disagreeing with local authorities.

Tarek El Moussa's road out of debt to being a millionaire | Your Wallet

Musk posted Wednesday (Feb. 14) on the social media platform he owns, X, that he has filed to move the incorporation of the aerospace company to Texas from the typically business-friendly Delaware.

SpaceX has moved its state of incorporation from Delaware to Texas!, Musk wrote in the post, along with an image of the certificate of conversion. If your company is still incorporated in Delaware, I recommend moving to another state as soon as possible.

The news comes less than a month after a Delaware court ruling voided his $56 billion executive compensation package from Tesla.

Delaware chancery court judge Kathaleen McCormick ruled on Jan. 30 that the process leading to the approval of Musks compensation plan was deeply flawed and was unfair to shareholders. The 2018 package, the largest in history, awarded Musks 20.3 million stock options over 12 installments and was valued as high as $55.8 billion at the time. It helped make him the richest person in the world.

Musk took to X soon after the ruling to criticize the decision and threatened to move Teslas incorporation from Delaware as well. On Feb. 1, Must posted on X that Teslas shareholders would hold a vote on the potential move to Texas. However, reincorporating Tesla would be more challenging since it is a publicly-traded company.

In related news, a SpaceX rocket successfully launched a lunar space craft today that is expected to land on the moon on Feb. 22.

This marks yet another instance of a Musk-owned company being reincorporated or relocated at hiswhim.

Neuralink, Musks brain implant company, moved its state of incorporation to Nevada from Delaware last week.

In 2021, Musk moved Teslas headquarters to Austin, Texas from California after criticizing the states covid policies that forced the EV-maker to pause production at one of its factoriesthough its state of incorporation remained Delaware.

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Elon Musk is moving SpaceX out of Delaware after a judge there nixed his Tesla pay package - Quartz

Why Elon Musk is breaking up with Delaware – Financial Times

A Delaware court recently struck down Elon Musks $56 billion Tesla pay package. Soon after, Musk took to his social network X and offered some advice: Never incorporate your company in the state of Delaware. But will anyone take it? The FTs Wall Street editor Sujeet Indap explains how Delaware became the favourite place for big companies to incorporate and why thats unlikely to change.

Clips from BBC, WFAA

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For further reading:

Can Elon Musk derail Delaware?

Texas is throwing down a legal challenge to Delaware

Delaware versus Elon Musk

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On X, follow Sujeet Indap (@sindap) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.

Read a transcript of this episode on FT.com

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Why Elon Musk is breaking up with Delaware - Financial Times