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The Twitter Village Has Cooked for Musk – And He Wants To Run Away

By
Ndubuisi Ekekwe
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2

One poll and many things could be on the line: “On Sunday, Twitter CEO Elon Musk conducted a poll asking Twitter users if they want him to continue running the social media platform. Majority of responders (57.5%) voted for him to step down.” Since Elon Musk began the voyage and ended up bailing out Twitter shareholders with $44 billion, his popular company, Tesla, has lost close to $700 billion on the market cap. 

Elon Musk should step down as CEO of the social media platform, according to 57.5% of the 17 million voters who responded to his poll. Musk warned users to “be careful what you wish,” but he has not stepped aside despite pledging to abide by the results. Meanwhile, Twitter users will no longer be able to link to rival social media websites — namely Facebook, Instagram, Mastodon and several others — after the company said it didn’t want to allow “free promotion” of specific sites. Twitter will allow “paid advertisement/promotion” from the banned platforms, as well as some cross-posting. (LinkedIn News)

In other words, financially, this excursion has not worked well. But do not be deceived; yes, for Musk, he is having a moment and playing with the toys. The other toy SpaceX added $50 billion in valuation within two months in a private placement. 

Consumer business requires an uncommon skill and the owners of Google are great examples on how to do just that in America: you build them and “hide”. Once that happens, no one will come after you because any attack goes to the workers and not the founders. 

How many Americans know the founders of Google? They ran that business for years but they made sure there were no vectors which could be attached easily with political activism and legions of secondary trolls. Unlike Meta (yes, Facebook) where Mark Zuckerberg was a noun and a verb for many, Google was an invisible target. (Microsoft, Oracle and Salesforce are largely enterprise businesses. Amazon’s business was business for users and Apple’s history disconnected the founder-lineage tree.)

Musk brought the mindset of enterprise business into a consumer business; that does not work. In the enterprise, you could muscle the few Tesla partners and customers. But for Twitter, you have a tribe. In the Igbo Nation, you have no chance to finish that food when the village cooks it for you, but be assured that whatever you bring as food, the village will do justice to it. That is why Musk is overwhelmed because the village of Twitter is cooking for him.

Musk’s problem is not the money he may be losing in Twitter. The real issue is that he is destroying Tesla’s brand. You want to buy a car made by that guy? That is why he may step down, not to save Twitter, but to pump more $electrons in Tesla.

Musk usually conducts a poll seeking users’ opinion before he makes some decisions on Twitter. He said Monday that “going forward, there will be a vote for major policy changes.” This suggests that the billionaire will likely heed the outcome of the poll.

With majority of responders voted for Musk to step down as the head of Twitter, both analysts and investors believe that Tesla shares will climb back to their former position in the market.

“If Musk leaves as Twitter CEO and appoints someone else (social media background ideal) this would be a major positive for Tesla shares as the Twitter overhang would be significantly reduced clearly in our opinion,” Ives added.

Comment on Feed

Comment 1: The best Elon can do now for Tesla is step down from Twitter executive role and assume the role of Chairman. Bezos is doing same with Washington Post. He signs the cheques calls the shot from behind- as the grand puppet master- but is in no way visible and close to the brand.

Comment 2: I agree with you, he is too visible on Twitter as the landlord. His attempt to run Twitter like a one man business (which it is actually) will not favour him in the long-run.

Users Voted for Musk to Step Down As Twitter Head, and It’s Good news for Tesla

Users Voted for Musk to Step Down As Twitter Head, and It’s Good news for Tesla

By
Samuel Nwite
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0

On Sunday, Twitter CEO Elon Musk conducted a poll asking Twitter users if they want him to continue running the social media platform. Majority of responders (57%) voted for him to step down.

Musk started the poll shortly after Twitter announced the “promotion of alternative social platforms policy”, which prohibits users from linking to other social media platforms. The policy received a lot of backlash, prompting Musk to reassess his position as the social media company’s head.

The tech entrepreneur, who also is the CEO of the world leading electric vehicle company Tesla, closed Twitter’s $44 billion deal early November, and has initiated series of controversial changes to the platform.

In late October, Musk unveiled plan to charge Twitter users $8 verification fee as new means of generating revenue for the company following the exit of advertisers. Majority of advertisers on Twitter had quit as concern grew about the platform’s policies following Musk’s takeover.

On Thursday, Twitter suspended the accounts of some journalists who Musk had accused of doxxing him, or tracking his location and publishing it online. The move was also widely condemned as an attack on “free speech,” which he said he was buying Twitter to promote. But besides the controversies emanating from the changes being introduced by Musk, analysts see Tesla as the major reason why he is trying to step down from his position as Twitter chief executive.

“While clearly unconventional the Musk CEO poll is a sign that the noise is growing louder and louder given the spider web of Twitter and Tesla weakness.  Poll results will dictate if Musk stays officially as CEO of Twitter….a big moment for this Twitter situation,” Wedbush analyst Dani Ives wrote.

Tesla has been the biggest victim of Musk’s Twitter adventure. The automaker has lost more than 60% of its market capitalization since Musk began the journey to purchase Twitter in April. Investors, worried about Tesla being starved of Musk’s attention because he is spending more time on Twitter, have pressured him to step down.

Musk usually conducts a poll seeking users’ opinion before he makes some decisions on Twitter. He said Monday that “going forward, there will be a vote for major policy changes.” This suggests that the billionaire will likely heed the outcome of the poll.

With majority of responders voted for Musk to step down as the head of Twitter, both analysts and investors believe that Tesla shares will climb back to their former position in the market.

“If Musk leaves as Twitter CEO and appoints someone else (social media background ideal) this would be a major positive for Tesla shares as the Twitter overhang would be significantly reduced clearly in our opinion,” Ives added.

Gary Black, investment advisor and managing partner at the Future Fund, said the Twitter overhang could partially lift once Elon appoints a new CEO, although he still has to fund Twitter’s massive losses, which could worsen. Tesla trading window is now closed to Elon until late-Jan. We believe Tesla brand risk from the Twitter chaos will ease once Elon steps down, he added.

Is Sam Bankman-Fried the Bernie Madoff of the Crypto Industry

By
Paul Ugbede Godwin
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0

FTX, froze withdrawals due to a lack of collateral in processing transactions on the Exchange in November. What was one of the titans of the Cryptocurrency Industry less than a month before the fall, seemingly overnight turned into a headline for one of the largest cases of fraud and financial mismanagement in over a decade.

Sam Bankman-Fried will go down in Crypto history as a fraud larger than Bernie Madoff. How do we explain FTX’s over $10B in losses, Where did the $2B in venture funds go?

SBF, donating $40m to not go to jail for stealing $10b+ is one of the highest ROI trades of all time, Elon Musk stated on Twitter that the donations could be over $1B distributed among the Dems. The money went somewhere, so where did it go.

Interestingly, Beto O’Rourke has returned Funds Sam Bankman-Fried “donated” to him. Time for all the other politicians who received FTX customer money to do the same thing.

FTX, is a gift for Alameda Research. FTX is gathering and attracting tons of uninformed retail order flow for Alameda to monetize by trading against, similar to PFOF. In retrospect, Alameda Research is a gift for FTX. Alameda offers valuable liquidity to customers. Otherwise, the exchange would have no volume.

Alameda Research, could make a market with limited competition against uninformed retail order flow. Alameda would simply take the other side of random buy and sell orders and make money.

Imagine, Alameda Research is the House. The house has a slight ‘edge’ – a slight positive expectancy. Over time, the skillful poker players start to show up. Jump, Wintermute, and smaller shops.

Will Clemente tweeted, SBF is already on record admitting to mistakes and negligence that were his own fault. He’s not walking away as a free man. Sam Bankman-Fried masterminded and how the mainstream media and politicians are enabling the strategic behavior we are witnessing.

On Coffeezilla’s Podcast;

The entirety of SBF’s defense is built around avoiding his own terms of service which says FTX can’t loan out funds of ordinary users. (margin trading is different!) SBF claims here they treated these accounts differently (not true). I asked Sam if they treated client assets responsibly, where is the money?

SBF, said he thought some of it was lost in the Alameda Research wire transfers before they had a bank. I told him to ignore that. What about everyone else. He said some of the assets might still be at FTX.

Read Coffeebreak’s Twitter Thread on The EXACT moment SBF admitted to fraud.

No serious CEO in their right minds would allow a token like SRM, which had a market capitalization value of $200MM based on the marked to market value of the circulating supply of the tokens, would have allowed that same token to be used as nearly $5B of collateral on the exchange.

SRM USD Chart.

This implies that a large portion of that “less liquid” collateral that Alameda was using was locked. SRM also only had an average daily volume of <$20M. FTT wasn’t much better – though it was propped up by the weekly “buy and burns” funded from a % of exchange fees.

Binance US to Acquire Bankrupt Voyager’s Assets for $1 Billion

Meanwhile, Binance’s American entity Binance.US has emerged as “the highest and best bid” for bankrupt Voyager’s assets. The total sum is roughly $1.022 billion, which includes the latter firm’s crypto portfolio (valued at an estimated $1.002 billion) and “additional consideration equal to $20 million in incremental value,” read the announcement.

 Voyager Digital Ltd. (“Voyager” or the “Company”) (OTC Pink VYGVQ; FRA: UCD2) announced today that its operating company Voyager Digital LLC selected U.S. exchange BAM Trading Services Inc. (doing business as “Binance.US”) as the highest and best bid for its assets after a review of strategic options with the core objective of maximizing the value returned to customers and other creditors on an expedited timeframe.

Binance.US is headquartered in Palo Alto, CA, and is incorporated in Delaware. It is an independent legal entity and has a licensing agreement with Binance.com.

The Binance.US bid, which sets a clear path forward for Voyager customer funds to be unlocked as soon as possible, is valued at approximately $1.022 billion and is comprised of (i) the fair market value of Voyager’s cryptocurrency portfolio at a to-be-determined date in the future, which at current market prices is estimated to be $1.002 billion, plus (ii) additional consideration equal to $20 million of incremental value. The Company’s claims against Three Arrows Capital remain with the bankruptcy estate, and any future recovery on these and other non-released claims will be distributed to the estate’s creditors.

The Binance.US bid aims to return crypto to customers in kind, in accordance with court-approved disbursements and platform capabilities.

Binance.US will make a $10 million good faith deposit and will reimburse Voyager for certain expenses up to a maximum of $15 million. Should the deal not close by April 18, 2023 subject to a one-month extension, the agreement allows Voyager to immediately move to return value to customers.

Voyager Digital LLC will seek Bankruptcy Court approval to enter into the asset purchase agreement between Voyager Digital LLC and Binance.US at a hearing on January 5, 2023. The sale to Binance.US will be consummated pursuant to a Chapter 11 plan, which will be subject to a creditor vote and is subject to other customary closing conditions. Binance.US and the Company will work to close the transaction promptly following approval of the chapter 11 plan by the Bankruptcy Court.

This sale agreement follows Voyager’s July 5, 2022 entrance into a voluntary restructuring process aimed at returning maximum value to customers. Additional information about the timeline and customer access to crypto will be shared as it becomes available. A copy of the asset purchase agreement and other pleadings filed in this case may be obtained free of charge by visiting the Voyager case website https://cases.stretto.com/Voyager.

FTX Saga Has Set Back Adoption of Crypto Assets by One or Two Years – Evgeny Gaevoy

By
Ojukwu Emmanuel
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0

CEO of Wintermute, a leading global crypto market maker Evgeny Gaevoy, has recently disclosed that the FTX saga has set back the adoption of crypto by one or two years.

Gaevoy further disclosed that other bankrupt crypto companies such as Three arrows, Celsius and FTX are currently faced with challenges because they were not completely decentralized and also not properly centralized.

In his words, “Everything that failed this year, if you look at Celsius, Three Arrows, FTX now, all those guys were taking the worst of both worlds because they were not completely decentralized, and they were not properly centralized either”.

Before the collapse of FTX, Evgeny disclosed that his company Wintermute stopped trading and withdrew a significant amount of its funds from the platform before FTX  issued a warning that “trading might be halted despite Bankman-Fried’s assertion that it was not financially impacted by the global FTX exchange’s liquidity problems.

Wintermute was one of the largest market makers on FTX, and it was reportedly the second-largest trading firm by deposit and withdrawal size on the platform.

In September 2022, the company lost a whopping $160 million in a hack that occurred on the Defi platform.

Recall that in October 2022, reports disclosed that crypto exchange platform Defi, was hacked and about millions worth of cryptocurrency was stolen from it, which was followed by a backlash from users on Twitter.

On the impact of the FTX collapse on the crypto industry, it has negatively impacted investors’ confidence.

It has also created a ripple effect in the industry as reports reveal that just over the past week, customers have pulled billions of dollars worth of assets from Binance.

The ripple effects continue to extend through to other platforms, as investors expect to continue to see it play out over the next few months.

With the industry still largely unregulated, this has raised more concerns for investors because their assets don’t have the same protections as that of banks.

The FTX collapse has also led to the high volatility of crypto as Bitcoin, the King of cryptocurrencies, fell as low as $15,600. The crypto market has continued to feel the heat hard, with the market value bleeding out roughly $183 billion.

Also, fears have risen over the financial health of other major crypto exchanges, as following FTX’s failure, some of them have filed for bankruptcy with several others considering doing so.

However, analysts predict that despite the unfriendly state of crypto markets, and the toll it has taken on investors, the digital asset industry is likely to pull through.

What is a ‘Hot’ and ‘Cold’ Digital Wallet?

By
Paul Ugbede Godwin
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0

Digital you can use, but ultimately they all serve with the key purpose of keeping your digital assets safely and securely stored on the blockchain.

When storing your Crypto, you want to keep it safe while striking the right balance between functionality and security. If you buy any amount of Crypto and you want to store it yourself, you have to choose between holding your Cryptocurrency in a “hot” wallet, a “cold” wallet, or using a combination of the two.

What is a ‘Hot’ and ‘Cold’ Wallet?

Hot (Software) Wallet

A hot wallet is a type of digital wallet that stores private keys on a device connected to the internet, such as a smartphone or PC.

Hot wallets are generally very convenient and are perfect for actively participating in decentralized finance (DeFi) protocols, minting non-fungible tokens (NFTs), and interacting with smart contracts. Hot wallets usually come in the form of a browser extension or a smartphone application.

This makes them very similar to traditional banking applications but comes with its own set of risks. Being connected to the internet means that hot wallets are a perfect target for malware and hackers.

These risks can be decreased by using antivirus software and generally being careful around the internet, but they are never completely eliminated.

For those who want extra protection from potential risks, cold wallets are suitable alternatives.

Cold (Hardware) Wallet

A cold wallet usually comes in the form of a dedicated device that isn’t connected to the internet. Private keys are stored on the cold wallet device itself and never leave it. This means it is at a far lower risk from potentially being hacked and having the assets stolen.

The drawback is that Cold Wallets make interacting with decentralized protocols and transferring assets more difficult, since it can’t be done with just a phone or a computer. Cold Wallets are often used as long-term storage options due to their security.

Ledger and Trezor are the most popular cold wallets. They connect to a computer through USB and require users to physically approve each transaction on the device.

Should I choose Hot or a Cold Wallet?

Both hot and cold wallets have strengths and weaknesses. Both types provide good baseline security if used properly, but cold wallets come with an additional layer of protection. Cold Wallets however, make a trade-off in convenience for defi use-cases.

The final choice between cold and hot wallets will be up to you and will depend on your needs and preferences. The general recommendation is to use both approaches in tandem, for maximum convenience without sacrificing security.

Closing Thoughts

The opposite of hot wallets, a cold wallet is a device that can’t connect to the internet, or can only connect manually. A hot wallet is connected to the internet and could be vulnerable to online attacks—while, Cold wallets are crypto wallets that are responsible for storing private keys in an offline environment.

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