Twitter is playing hardball with Elon Musk, who initially agreed to buy the social media platform for $44-billion. During a town hall meeting, executives of the company told staffers they would not renegotiate the price of his takeover agreement, per The Daily Beast.
Furthermore, Twitter doesn’t plan on backing down from the agreement even as Musk attempts to cast doubt about the number of fake accounts on the platform.
Nonetheless, earlier this week, the company stated that they had plans to “close the transaction and enforce the merger agreement” between the Telsa CEO and the social media giant.
The terms of the buyout contract will make it hard for him to evade the deal with Twitter. It contains a $1 billion breakup fee, and the company could sue to compel Musk to follow through on the transaction.
Last week, the entrepreneur tweeted that he was placing the deal on hold until Twitter could verify that spam and fake accounts do not comprise more than 5 percent of its users.
Musk stated that he was dedicated to purchasing the company and indicated that he was open to a deal at a lower price.
Elon Musk: We’ll Tell The World ‘In Great Detail’ How Advertiser Boycott Killed X
“What this advertising boycott is gonna do, it’s gonna kill the company. And the whole world will know that those advertisers killed the company. And we’ll document it in great detail.”
After a report that various advertisers saw ad placements next to anti-Semitic content on X, a large portion have pulled their advertising from the social media platform. X owner Elon Musk had a strong message for those boycotting the company.
While speaking with CNBC’s Andrew Ross Sorkin, Musk was asked about those companies taking their advertising dollars away from the company and how he views them.
“I hope they stop. Don’t advertise,” Musk said.
“You don’t want them to advertise?,” the CNBC host asked.
“No,” replied Musk. “If somebody’s going to try to blackmail me with advertising? Blackmail me with money? Go f— yourself,” Musk said confidently. “Go. F—. Yourself. Is that clear? I hope it is. Hey, Bob (Iger), if you’re in the audience. That’s how I feel. Don’t advertise.”
When Andrew Ross Sorkin followed up by asking about the economics and the business model of the company without the backing of advertisers, Musk was adamant it will cause the platform to fold.
“What this advertising boycott is gonna do, it’s gonna kill the company,” Musk said. “And the whole world will know that those advertisers killed the company. And we’ll document it in great detail.”
When the CNBC anchor pushed back on the idea that advertisers would be responsible for the downfall of the company, the X owner said “Tell it to Earth. Let’s see how Earth responds to that.”
The advertising boycott comes as Musk faced charges of publishing anti-Semitic content himself. As part of a quasi-apology tour, he visited Israel and met with prominent leaders in the country. Some estimates put the boycott at costing the social media platform $75 million thus far. That comes on the heels of Elon Musk claiming the platform has experienced an advertising drop of 50% in 2023.
NAB President Curtis LeGeyt: ‘I Don’t Think Nostalgia Should Be Enough to Save AM’
“AM is not good business for automakers.”
NAB President Curtis LeGeyt appeared on Texas Public Radio for an in-depth discussion on the state of the AM for Every Vehicle Act and the future of AM radio. Furthermore, LeGeyt was blunt on one stance that shouldn’t be the reason to save AM radio.
“I don’t think nostalgia should be enough to save AM,” LeGeyt said on KSTX San Antonio’s The Source.
The standout moment from the discussion with LeGeyt was regarding the decision to cut AM, which was coming from a place of removing in-car free entertainment. He noted the automakers’ reasons for possibly making this decision, “Don’t pass the smell test.”
“These auto manufacturers want to make sure they can monetize anything happening in an automobile,” LeGeyt added. “AM is not good business for automakers.”
Congress is actively supporting the AM for Every Vehicle Act. The interview on Texas Public Raider ended with the NAB president addressing the future of radio without dashboard access. LeGeyt warned that if radio were not accessible in cars, it would jeopardize its viability.
Futuri Partners with RCS to Resell AI-Powered Software Outside U.S.
“We’re proud to partner with Philippe Generali and the fantastic team at RCS to help bring our solutions to the global markets that need them.”
After the debut of its SpotOn and Futuri AudioAI features, Futuri has announced a new partnership with leading broadcast software company RCS to integrate its software and resell it outside the United States.
The announcement of the new partnership comes after the company has already agreed to deals with new partners in both Germany and France.
RCS will resell Futuri AudioAI, which was previously known as RadioGPT, and the company’s new spec spot, commercial, and promo software SpotOn for the Cleveland-based broadcast technology firm.
“Futuri has driven the conversation about the adoption of AI in the broadcast industry, and the response we’ve had from companies worldwide that want strategic AI solutions has been vast,” said Futuri Founder and CEO Daniel Anstandig. “We’re proud to partner with Philippe Generali and the fantastic team at RCS to help bring our solutions to the global markets that need them.”
“Expanding upon our collaboration with Futuri, we leverage our respective strengths to propel new technology on a global scale,” said RCS President and CEO Philippe Generali. “This partnership represents a noteworthy milestone in the evolution of audio creation and consumption. We are excited to reshape the media landscape, a tradition we have upheld for decades.”