According to an estimate by Fidelity, Twitter’s value has dropped to approximately $15 billion, which is about a third of the $44 billion Elon Musk and co-investors paid for the platform in October last year.

Fidelity was part of a group of outside investors that contributed over $316 million to the Twitter acquisition. This marks the fourth time since the acquisition that Fidelity has revised down its estimated value for Twitter.

According to Media Post, as of April 28, the Fidelity Blue Chip Growth Fund’s stake in Twitter, now under Musk X Holdings Corp., was valued at nearly $6.55 million. This is a decrease from $7.8 million as of January 31 and approximately $8.63 million at the end of November 2022.

Twitter has faced challenges in retaining major advertisers due to concerns about brand safety, as Musk has rejected most content moderation efforts. Recently, Twitter further diverged from content moderation practices by withdrawing from the European Union’s Code of Practice, which aims to combat disinformation and fake news. Twitter’s decision aligns with Musk’s inclination for reduced regulation while supporting increased transparency in political advertising for major online platforms.

To generate revenue, Twitter introduced Twitter Blue subscriptions, but as of the end of March, only 1% of monthly users had subscribed.

It’s important to note that Fidelity’s latest valuation estimate does not include the potential positive impacts of Linda Yaccarino, former NBCUniversal advertising chief, being named as Twitter’s new CEO by Musk. The May activities are not reflected in the valuation.

Twitter has not provided a comment on Fidelity’s report.

Musk’s personal investment of over $25 billion, which secured an estimated 79% ownership of Twitter, is now valued at $8.8 billion, based on Fidelity’s new estimate. This represents an $850 million decrease in Musk’s total worth, which currently stands at around $187 billion, largely driven by a 63% surge in Tesla stock this year, as reported by Bloomberg.

House Communications Subcommittee Chairman Bob Latta (R-OH) has expressed his hesitancy to support a mandate for AM radio in vehicles until car companies provide answers.

According to Inside Radio, Latta, along with three other members of Congress, will host a hearing on the issue titled “Listen Here: Why Americans Value AM Radio” on June 6. Latta stated that he will make a decision on supporting the AM for Every Vehicle Act after hearing testimony from carmakers during the hearing. The hearing is intended to be educational, but the possibility of legislation remains.

While Latta appreciated Ford’s decision to reverse its initial plan to exclude AM receivers from its vehicles, he emphasizes the need to hear from other carmakers.“It is my hope that announcing this educational hearing will show the important role AM radio stations have played for decades,” Latta said when first announcing the hearing.

Latta, along with Rep. Greg Pence (R-IN) and 100 bipartisan House colleagues, sent letters to various automakers urging them to maintain AM radio in all their vehicles. Latta mentioned that many other Republican lawmakers will wait until after the hearings to decide on supporting the bill, as they want to ensure all facts are considered.

Some lawmakers have made their stance clear on the issue. Rep. Steve Alford (R-KS) called Ford’s reversal a “first big win” in Congress and called for other automakers to follow suit. Alford emphasized the importance of preserving AM radio and highlighted the impact of public pressure.

Automakers have cited electromagnetic interference as the reason for removing AM radio from their electric vehicles. The Consumer Technology Association (CTA) suggests that alternative options such as FM radio, internet streaming services, improved rural broadband, and text alerts can compensate for the loss of AM radio access.

Latta argues that lawmakers need a comprehensive understanding of the interference claims and should consider the benefits of AM radio transmission. He raises concerns about the loss of emergency broadcast capabilities if the internet were to go down, emphasizing the redundancy provided by AM radio. Latta points to past events where wireless connectivity was limited, and broadcast radio played a crucial role in disseminating essential information.

Ben Downs, owner/GM of Bryan Broadcasting, questions the need to remove AM from dashboards, stating that the argument of noise interference is unclear since the FCC has strict limits on external broadcast interference. He also believes that technical issues are not a valid reason, as existing Ford EVs and hybrids have coexisted with AM radios for years.

Opponents of the AM for Every Vehicle Act, including the CTA, predict its failure, drawing parallels to previous attempts to mandate FM radio chips in cellphones. David Donovan, President of the New York State Broadcasters Association, views it as a public safety issue and believes broadcasters have enough support in Congress to pass the bill.

On the other hand, media broker and station owner Larry Patrick doubts Congress will strongly support the legislation, noting that automakers operate internationally, and many countries have done away with AM.

The proposed legislation will go through the Communications and Technology Subcommittee chaired by Latta.

Generative AI’s most significant effect on prominent content producers and distributors lies not in disrupting the media creation process but in empowering their strongest rivals: YouTube and TikTok content creators. These platforms now have access to additional tools that enable them to penetrate further the daily video consumption that the media industry fiercely competes for.

In a newly released report titled “AI and Competitive Advantage in Media” from the studio-funded think tank ETC, generative AI is identified as a potential disruptor of the already challenging economics within the media industry. The report highlights the stable demand (limited to 24 hours a day) and the exponential growth in supply as critical factors.

Yves Bergquist, ETC’s resident data scientist, and AI expert, draws a parallel between the current developments in the media industry and the automation of manufacturing, emphasizing the shift towards making the production process computable, similar to what occurred in the manufacturing sector.

The concept of content being “computable” refers to its production in large volumes and its ability to be processed by machines. This entails every aspect of content creation, distribution, and audience feedback is transformed into data that can be analyzed and dissected.

Unlike traditional media companies, which produce content linearly and as individual entities, they are not inherently “computable.” Their content is often scarce, whole, long-form, and lacks the structured format required for easy manipulation by online audiences or machine analysis.

However, studios and streaming platforms will need to adapt and embrace this computable approach to remain relevant in the future.

ETC breaks down the creative process into three components. Yves Bergquist refers to the initial phase of generating ideas and understanding audience preferences as “zeitgeist intelligence.”

Next, we have the central aspect of the creative process, wherein creators establish their unique voices and make crucial strategic choices regarding the product they intend to develop.

Subsequently, the actual production of the product takes place.

Generative AI primarily affects this final phase of production. However, automating the production process enhances the significance of zeitgeist-sensing and creative decision-making and provides creative decision-makers with tools for rapid, cost-effective tinkering, experimentation, and prototyping.