
<h2 class="wp-block-heading" id="h-topline">Topline</h2>



<p>Even the world’s richest man has bad days, as Elon Musk faced a litany of headaches to start the week Monday—including the&nbsp;<a href="https://www.forbes.com/sites/tylerroush/2025/03/10/x-outage-thousands-report-issues-with-elon-musks-platform/">crash</a>&nbsp;of his social media site, an&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2025/03/10/tesla-stocks-election-rally-is-all-gone-erasing-91-gain/">11-figure drop</a>&nbsp;in his net worth as his primary venture Tesla faced brutal losses, while an awkward TV interview only gave critics more fodder.</p>



<h2 class="wp-block-heading" id="h-timeline">Timeline</h2>



<p>March 10, 8:54 a.m. EDTMusk’s Monday gets off to an immediate bad start as users on his X platform&nbsp;<a href="https://downdetector.com/status/twitter/" rel="noreferrer noopener" target="_blank">begin</a>&nbsp;to report widespread outages, with Musk later&nbsp;<a href="https://www.forbes.com/sites/tylerroush/2025/03/10/x-outage-thousands-report-issues-with-elon-musks-platform/">attributing</a>&nbsp;the crash to a “massive cyberattack” from “a large, coordinated group and/or a country” and noting the problem emanated from “IP addresses originating in the Ukraine area” (cybersecurity expert Cliff Steinhauer&nbsp;<a href="https://www.forbes.com/sites/tylerroush/2025/03/10/x-outage-thousands-report-issues-with-elon-musks-platform/">told</a>&nbsp;Forbes it was likely too early to determine the root of the issue).</p>



<p>March 10, 9:42 a.m.Musk shockingly&nbsp;<a href="https://x.com/elonmusk/status/1899093526190698784" rel="noreferrer noopener" target="_blank">calls</a>&nbsp;veteran and retired astronaut Sen. Mark Kelly, D-Ariz., a “traitor” after Kelly posted support for Ukraine following a visit to the country,&nbsp;<a href="https://x.com/SenDuckworth/status/1899206544907981264" rel="noreferrer noopener" target="_blank">leading&nbsp;</a><a href="https://x.com/SenRubenGallego/status/1899206416641970357" rel="noreferrer noopener" target="_blank">a slew</a>&nbsp;<a href="https://x.com/SenWarren/status/1899206461462352342" rel="noreferrer noopener" target="_blank">of Democrats—</a>including Kelly’s wife&nbsp;<a href="https://x.com/GabbyGiffords/status/1899172428032463302" rel="noreferrer noopener" target="_blank">Gabby Giffords</a>—and even one House Republican, Rep. Don Bacon, R-Neb., to criticize him, with Bacon&nbsp;<a href="https://x.com/mkraju/status/1899248385233690883" rel="noreferrer noopener" target="_blank">telling</a>&nbsp;CNN Musk’s accusation was “not right” and “reflects bad on the White House” (on Musk’s own platform, his “traitor” comment received only 15,000 Likes by Tuesday morning compared to over 230,000 likes for&nbsp;<a href="https://x.com/SenMarkKelly/status/1899155561171558505" rel="noreferrer noopener" target="_blank">Kelly’s response</a>).</p>



<p>March 10, 3:45 p.m.Left-leaning watchdog organization Media Matters, a longtime Musk target,&nbsp;<a href="https://www.npr.org/2025/03/10/nx-s1-5323844/media-matters-elon-musk-new-lawsuit" rel="noreferrer noopener" target="_blank">sues</a>&nbsp;X for bringing lawsuits against it in foreign countries as part of &#8220;a vendetta-driven campaign of libel tourism,” the suit alleged.</p>



<p>March 10, 4 p.m.<a href="https://www.forbes.com/sites/dereksaul/2025/03/10/tesla-stocks-election-rally-is-all-gone-erasing-91-gain/">Tesla</a>, the primary source of Musk’s wealth, ends Monday trading down more than 15%, its worst daily loss since September, as the electric vehicle maker became the most notable loser of the Wall Street losses tied to shaky investor sentiment amid President Donald Trump’s tariffs—Tesla stock closed more than 10% lower than it did prior to Trump’s election, wiping out what was once a more than 90% rally, and shares declined over 50% in less than three months.</p>



<p>March 10, 4:30 p.m.Musk sits down with Fox Business’ “Kudlow” and does little to assuage Tesla investor angst,&nbsp;<a href="https://www.forbes.com/sites/antoniopequenoiv/2025/03/10/elon-musk-says-hes-running-his-companies-with-great-difficulty-as-tesla-shares-plummet/">saying</a>—in a halting way that went viral on social media— that he’s juggling his Department of Government Efficiency role with his positions at Tesla and his other companies “with great difficulty” and invokes Monty Python, adding to “always look on the bright side of life.&#8221;</p>



<p>March 10, 4:56 p.m.Responding to a thread on Monday being the seventh-worst day in Tesla stock’s 15-year history, Musk&nbsp;<a href="https://x.com/elonmusk/status/1899202765781450951" rel="noreferrer noopener" target="_blank">writes</a>, “It will be fine long-term.”</p>



<p>March 10, 10:13 p.m.A federal judge&nbsp;<a href="https://www.forbes.com/sites/siladityaray/2025/03/11/federal-judge-rules-doge-must-disclose-records-about-its-operation-to-comply-with-federal-transparency-law/">rules</a>&nbsp;against DOGE for operating with “unprecedented power” and “unusual secrecy,” ordering Musk’s agency to comply with public record requests and increase its transparency.</p>



<p>March 10, 10:18 p.m.Musk&nbsp;<a href="https://x.com/elonmusk/status/1899283682851975342" rel="noreferrer noopener" target="_blank">replies</a>&nbsp;the “antibody reaction is strong” to a post suggesting Musk “will be blamed for everything,” including the “incoming&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2025/03/08/are-we-suddenly-close-to-a-recession-heres-what-the-data-actually-shows/">recession</a>.”</p>



<p>March 11, 12:14 a.m.Musk’s boss<strong>&nbsp;</strong>Trump chimes in to support Musk after his bad Monday,&nbsp;<a href="https://truthsocial.com/@realDonaldTrump/posts/114141854575248527" rel="noreferrer noopener" target="_blank">writing</a>&nbsp;on his Truth Social site he will buy a Tesla “as a show of confidence and support for Elon Musk, a truly great American.”</p>



<p>March 11, 8:22 a.m.Wedbush analyst Dan Ives, long one of the most outspoken voices on Wall Street in Musk’s and Tesla’s corner, publishes a critical note on Musk, saying patience is “wearing very thin” and Musk “needs to step up as Tesla CEO at this critical juncture” as there’s been “little to no sign of Musk” at any Tesla facility since Trump took office.</p>



<h2 class="wp-block-heading" id="h-big-number">Big Number</h2>



<p>$22.8 billion. That’s how much Musk lost off his net worth during Tesla’s Monday nosedive, according to our&nbsp;<a href="https://www.forbes.com/profile/elon-musk/?list=rtb/">estimates</a>. That’s more than the entire $22.7 billion fortune held by media mogul Rupert Murdoch.</p>



<h2 class="wp-block-heading" id="h-forbes-valuation">Forbes Valuation</h2>



<p>Musk’s $325 billion net worth still makes him by far the wealthiest person in the world with a $110 billion lead over the next richest man, Amazon founder Jeff Bezos ($215 billion net worth).</p>



<h2 class="wp-block-heading" id="h-crucial-quote">Crucial Quote</h2>



<p>“The Musk DOGE distractions” have “created a black cloud over Tesla&#8217;s stock” according to Ives.</p>



<h2 class="wp-block-heading" id="h-tesla-stock-bounces-back-some-tuesday">Tesla Stock Bounces Back Some Tuesday</h2>



<p>Shares of Tesla gained as much as 6% Tuesday morning, bouncing off of their lowest close since October, before settling into a 1% advance by 11 a.m. EDT, as the market broadly dropped on Trump’s&nbsp;<a href="https://truthsocial.com/@realDonaldTrump/posts/114144217763824399" rel="noreferrer noopener" target="_blank">decision</a>&nbsp;to increase tariffs on Canadian aluminum and steel imports to 50%. Tesla’s 2025 losses are staggering, as its nearly 45% year-to-date decline makes it the worst-performing company listed on the S&amp;P 500, according to FactSet data.</p>



<h2 class="wp-block-heading" id="h-further-reading">Further Reading</h2>



<p><a href="https://www.forbes.com/sites/alanohnsman/2025/03/10/why-tesla-isnt-the-ai-powerhouse-musk-says-it-is/" target="_blank" rel="noreferrer noopener">ForbesWhy Tesla Isn’t The AI Powerhouse Musk Says It Is<small>By&nbsp;Alan Ohnsman</small></a></p>


President Trump Returns To White House From Florida

A Timeline Of Elon Musk’s Terrible 24 Hours—A Dark Day For X, Tesla And More


<h2 class="wp-block-heading" id="h-topline">Topline</h2>



<p>Big-name billionaires worth a collective $1.2 trillion—including four of the five richest men in the world—attended the inauguration of President Donald Trump Monday morning as many looked to strengthen their relationship with the pro-business president as he takes office.&nbsp;<strong>(Follow here for&nbsp;</strong><a href="https://www.forbes.com/sites/saradorn/2025/01/20/trump-inauguration-live-updates-trump-will-return-to-office-in-hours/"><strong>Inauguration Day</strong></a><strong>&nbsp;updates.)</strong></p>



<div class="wp-block-media-text is-stacked-on-mobile"><figure class="wp-block-media-text__media"><img loading="lazy" decoding="async" width="1024" height="683" src="https://cms.forbesafrica.com/wp-content/uploads/2025/01/GettyImages-2194374953.jpg" alt="" class="wp-image-64393 size-full" srcset="https://cms.forbesafrica.com/wp-content/uploads/2025/01/GettyImages-2194374953.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2025/01/GettyImages-2194374953-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2025/01/GettyImages-2194374953-768x512.jpg 768w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /></figure><div class="wp-block-media-text__content">
<p><em><strong>Donald Trump Jr., Howard Lutnick, Sundar Pichai, Elon Musk, and Doug Burgum attend the inauguration of U.S. President-elect Donald Trump in the U.S. Capitol Rotunda on January 20, 2025 in Washington, DC. Donald Trump takes office for his second term as the 47th President of the United States. (Photo by Kenny Holston-Pool/Getty Images)</strong></em></p>
</div></div>



<h2 class="wp-block-heading">Key Facts</h2>



<p>The world’s three wealthiest people attended multiple inauguration morning events:<strong>&nbsp;</strong>Amazon founder<strong>&nbsp;Jeff Bezos&nbsp;</strong>(worth $239.4 billion according to Forbes’ estimates), Meta’s&nbsp;<strong>Mark Zuckerberg</strong>&nbsp;($211.8 billion) and&nbsp;<strong>Elon Musk&nbsp;</strong>($433.9 billion), the Tesla CEO, world’s richest person and presidential confidant who&nbsp;<a href="https://www.reuters.com/world/us/musk-spent-over-quarter-billion-dollars-help-elect-trump-2024-12-06/" rel="noreferrer noopener" target="_blank">spent</a>&nbsp;over a quarter of a billion dollars to help Trump win November&#8217;s election.</p>



<p>OpenAI CEO&nbsp;<strong>Sam Altman</strong>&nbsp;($1.1 billion) and Apple CEO&nbsp;<strong>Tim Cook&nbsp;</strong>($2.2 billion), who donated money to the inauguration, were in the Capitol Rotunda Monday morning, as was billionaire backer&nbsp;<strong>Miriam Adelson&nbsp;</strong>($31.9 billion) and former Fox News Chairman&nbsp;<strong>Rupert Murdoch</strong>&nbsp;($22.2 billion).</p>



<p><strong>Bernard Arnault&nbsp;</strong>($179.6 billion), the head of the LVMH Moët Hennessy Louis Vuitton luxury empire and the richest person in France, was&nbsp;<a href="https://x.com/elizlanders/status/1881398108179046670?s=46&amp;t=bUTQCdKx4w7TbNWl8KRyJw" rel="noreferrer noopener" target="_blank">at the inauguration</a>&nbsp;with his son, Alexandre.</p>



<p><strong>Mukesh Ambani</strong>&nbsp;($98.1 billion), the richest man in India,&nbsp;<a href="https://www.reuters.com/world/us/trumps-inauguration-billionaires-ceos-ambani-zuckerberg-bezos-attend-church-2025-01-20/" rel="noreferrer noopener" target="_blank">reportedly</a>&nbsp;attended inauguration events, and Trump’s friend&nbsp;<strong>Phil Ruffin</strong>, a Las Vegas casino executive worth $4.7 billion, was also spotted at the Capitol, according to&nbsp;<a href="https://www.nytimes.com/live/2025/01/20/us/trump-inauguration-president/e39d0884-13c3-5d0c-912c-72acfc9cd270?smid=url-share" rel="noreferrer noopener" target="_blank">The New York Times</a>.</p>



<p>Several billionaires and their spouses have been&nbsp;<a href="https://www.forbes.com/sites/saradorn/2024/12/22/the-billionaires-trumps-picked-for-next-administration-elon-musk-tilman-fertitta-and-more/">offered top roles</a>&nbsp;in the Trump administration, including&nbsp;<strong>Howard Lutnick</strong>&nbsp;(<a href="https://www.forbes.com/sites/danalexander/2024/11/20/the-most-hated-guy-on-wall-street-the-unspoken-story-around-howard-lutnick-trumps-pick-for-commerce-secretary/">$1.5 billion</a>) and&nbsp;<strong>Vivek Ramaswamy</strong>&nbsp;($1 billion), both of whom were seen at the inauguration.</p>



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="594" height="396" src="https://cms.forbesafrica.com/wp-content/uploads/2025/01/GettyImages-2194369892.jpg" alt="" class="wp-image-64391" srcset="https://cms.forbesafrica.com/wp-content/uploads/2025/01/GettyImages-2194369892.jpg 594w, https://cms.forbesafrica.com/wp-content/uploads/2025/01/GettyImages-2194369892-300x200.jpg 300w" sizes="auto, (max-width: 594px) 100vw, 594px" /><figcaption class="wp-element-caption"><strong><em>(Photo by Kenny Holston-Pool/Getty Images)</em></strong></figcaption></figure>



<p>Coinbase CEO&nbsp;<strong>Brian Armstrong</strong>&nbsp;($12.8 billion) was invited to inauguration-related events, according to&nbsp;<a href="https://www.bloomberg.com/news/articles/2025-01-10/openai-meta-uber-ceos-plan-to-attend-trump-inauguration-events" rel="noreferrer noopener" target="_blank">Bloomberg</a>, but hadn’t yet been seen as of the swearing in.</p>



<p>Other billionaires who have been offered jobs in the administration, but their attendance wasn’t confirmed, include&nbsp;<strong>Stephen Feinberg</strong>&nbsp;($5 billion),&nbsp;<strong>Warren Stephens</strong>&nbsp;($3.4 billion),&nbsp;<strong>Jared Isaacman</strong>&nbsp;($1.9 billion),&nbsp;<strong>Steve Witkoff&nbsp;</strong>($1 billion), Linda McMahon (husband&nbsp;<strong>Vince McMahon</strong>&nbsp;is worth $3 billion) and Kelly Loeffler (husband&nbsp;<strong>Jeff Sprecher</strong>&nbsp;is worth $1.1 billion).</p>



<p>Zuckerberg co-hosted a pre-Inaugural Ball&nbsp;<a href="https://puck.news/mark-zuckerberg-is-throwing-an-inauguration-party-for-trump/?_gl=1*17fobxi*_up*MQ..*_ga*OTIwODg3ODI1LjE3MzY5MzkxMjY.*_ga_SEFD191RFM*MTczNjkzOTEyNi4xLjAuMTczNjkzOTEyNi4wLjAuMA.." rel="noreferrer noopener" target="_blank">reception</a>&nbsp;for Trump alongside Adelson,<strong>&nbsp;Tilman Fertitta</strong>&nbsp;($10.2 billion) and Todd Ricketts, whose father&nbsp;<strong>J. Joe Ricketts</strong>&nbsp;and family are worth an estimated $4.2 billion.</p>



<h2 class="wp-block-heading">How Much Is Trump Worth?</h2>



<p><strong>Trump&nbsp;</strong>himself is worth an estimated $6.7 billion thanks to his stake in Truth Social&#8217;s parent company, his real estate investments and other assets.</p>



<h2 class="wp-block-heading">What Other Billionaires Could Attend?</h2>



<p>Dozens of other billionaires also&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2024/10/30/kamala-harris-has-more-billionaires-prominently-backing-her-than-trump-bezos-and-griffin-weigh-in-updated/">supported Trump</a>&nbsp;on his road to a second term who haven’t been confirmed as attendees, including&nbsp;<strong>Robert “Woody” Johnson</strong>&nbsp;($3.3 billion),&nbsp;<strong>Elizabeth&nbsp;</strong>and&nbsp;<strong>Richard Uihlein</strong>&nbsp;(each worth $5.9 billion),&nbsp;<strong>Roger Penske</strong>&nbsp;($6.5 billion) and&nbsp;<strong>Timothy Mellon</strong>&nbsp;(family was worth $14.1 billion).</p>



<h2 class="wp-block-heading">Did Billionaires Like Musk, Bezos And Zuckerberg Back Trump’s Campaign?</h2>



<p>Some of them did, but others either stayed out of the presidential race or were Trump foes before they started trying to make nice. Zuckerberg’s Meta previously&nbsp;<a href="https://www.forbes.com/sites/jemimamcevoy/2021/01/07/mark-zuckerberg-blasts-trump-and-announces-indefinite-ban-on-presidents-facebook-instagram-accounts/">banned</a>&nbsp;Trump from Instagram and Facebook—and Trump once&nbsp;<a href="https://www.politico.com/news/2024/08/28/trump-zuckerberg-election-book-00176639" rel="noreferrer noopener" target="_blank">threatened</a>&nbsp;to send him to prison—before he fell in line following the election results. Since then, Zuckerberg has&nbsp;<a href="https://www.forbes.com/sites/mollybohannon/2024/12/23/ford-will-donate-1-million-fleet-of-vehicles-to-trump-inauguration-latest-company-to-contribute/">donated</a>&nbsp;$1 million to his inaugural fund,&nbsp;<a href="https://www.reuters.com/technology/trump-zuckerberg-meet-mar-a-lago-semafor-reports-2025-01-11/" rel="noreferrer noopener" target="_blank">met with Trump</a>&nbsp;at Mar-A-Lago, made&nbsp;<a href="https://www.forbes.com/sites/siladityaray/2025/01/07/meta-ditches-fact-checks-for-x-style-community-notes-zuckerberg-says-it-will-restore-free-expression/">changes</a>&nbsp;to how its platforms fact-check posts and put Trump’s friend Dana White on Meta’s board. In the leadup to the election, Zuckerberg did not endorse a candidate but did&nbsp;<a href="https://www.bloomberg.com/news/articles/2024-07-19/mark-zuckerberg-calls-donald-trump-badass-without-endorsing-for-president" rel="noreferrer noopener" target="_blank">call</a>&nbsp;Trump’s response to his assassination attempt “badass.” Bezos also has a history of clashing with Trump: Amazon in 2019&nbsp;<a href="https://www.forbes.com/sites/sergeiklebnikov/2019/12/09/amazon-blames-trumps-personal-dislike-of-bezos-for-losing-pentagon-jedi-contract/">blamed Trump&#8217;s</a>&nbsp;&#8220;personal dislike&#8221; of Bezos for losing a multibillion-dollar cloud computing contract with the Pentagon, and Trump has been critical of the Bezos-owned Washington Post. Bezos didn’t endorse Trump last year but&nbsp;<a href="https://x.com/JeffBezos/status/1812315786507088370?lang=en" rel="noreferrer noopener" target="_blank">said</a>&nbsp;he “showed tremendous grace and courage under literal fire” following the assassination attempt, and donated $1 million to the inaugural fund. Others have supported him all along. Musk is among Trump’s biggest donors, alongside&nbsp;<a href="https://www.forbes.com/profile/miriam-adelson/?list=rtb/">Adelson</a>, the widow of billionaire Las Vegas Sands CEO Sheldon Adelson, who donated $100 million to the pro-Trump super PAC Preserve America during the election.&nbsp;<a href="https://www.forbes.com/profile/tilman-fertitta/?list=rtb/">Fertitta</a>, owner of the Houston Rockets and Landry’s restaurant group, has been nominated to serve as U.S. ambassador to Italy after the Texas billionaire&nbsp;<a href="https://www.texastribune.org/2024/12/21/donald-trump-tilman-fertitta-ambassador/" rel="noreferrer noopener" target="_blank">hosted a fundraiser</a>&nbsp;for Trump last year. Ricketts, a co-owner of the Chicago Cubs, has been a&nbsp;<a href="https://www.newyorker.com/news/the-political-scene/trump-collides-with-the-world-of-baseball" rel="noreferrer noopener" target="_blank">major fundraiser</a>&nbsp;for Republican politicians and, while he initially fundraised within the party against Trump during his first campaign, he ultimately went on to spearhead pro-Trump fundraising in 2020 and&nbsp;<a href="https://www.chicagobusiness.com/politics/todd-ricketts-attending-trump-campaign-fundraiser" rel="noreferrer noopener" target="_blank">last year</a>.</p>



<h2 class="wp-block-heading">Tangent</h2>



<p>Other corporate leaders planned on attending the inauguration, including Pfizer CEO Albert Bourla and Walmart CEO Doug McMillon, according to the&nbsp;<a href="https://www.wsj.com/politics/policy/donald-trump-inauguration-ceos-business-fundraising-2b0d5086" rel="noreferrer noopener" target="_blank">Wall Street Journal</a>. TikTok CEO Shou Zi Chew attended, after his platform took itself offline Sunday due to a nationwide ban taking effect—and restored service when Trump vowed to delay the ban upon taking office. Other supporters are throwing events around Washington over inauguration weekend,&nbsp;<a href="https://www.wsj.com/politics/policy/donald-trump-inauguration-ceos-business-fundraising-2b0d5086" rel="noreferrer noopener" target="_blank">including</a>&nbsp;an “Inaugural Crypto Ball” that featured Snoop Dogg and a party held by Uber and its CEO&nbsp;<a href="https://www.bloomberg.com/news/articles/2025-01-10/openai-meta-uber-ceos-plan-to-attend-trump-inauguration-events" rel="noreferrer noopener" target="_blank">Dara Khosrowshahi</a>. James Quincey, CEO of Coca-Cola Company, on Tuesday&nbsp;<a href="https://x.com/margomartin/status/1879330618225676448" rel="noreferrer noopener" target="_blank">presented Trump</a>&nbsp;with the &#8220;first ever Presidential Commemorative Inaugural Diet Coke bottle.&#8221; Microsoft, Ford, Google and AI search startup Perplexity also&nbsp;<a href="https://www.forbes.com/sites/mollybohannon/2025/01/09/google-will-donate-another-1-million-to-trumps-record-high-inaugural-fund/">donated $1 million</a>&nbsp;to the inaugural fund.&nbsp;<a href="https://www.wsj.com/politics/policy/donald-trump-inauguration-ceos-business-fundraising-2b0d5086" rel="noreferrer noopener" target="_blank">Ripple</a>, a crypto company, gave $5 million worth of its cryptocurrency to the inaugural committee. Other major donors include Goldman Sachs, Intuit, Toyota, Pharmaceutical Research and Manufacturers of America, General Motors, Bank of America, AT&amp;T and Stanley Black &amp; Decker, the&nbsp;<a href="https://www.wsj.com/business/trump-inauguration-sponsors-large-company-donations-a3cc1b92?mod=article_inline" rel="noreferrer noopener" target="_blank">Journal reported</a>.</p>



<h2 class="wp-block-heading">Big Number</h2>



<p>More than $170 million. That’s how much Trump’s inaugural fund is believed to&nbsp;<a href="https://www.nytimes.com/2025/01/08/us/politics/trump-inauguration-donors.html" rel="noreferrer noopener" target="_blank">have raised,</a>&nbsp;almost three times as much as the $62 million raised by President Joe Biden four years ago and well above the previous record of $107 million, set by Trump&#8217;s 2016 inauguration. Donors who gave $1 million, or raised $2 million from others, were&nbsp;<a href="https://www.wsj.com/business/trump-inauguration-sponsors-large-company-donations-a3cc1b92?mod=article_inline" rel="noreferrer noopener" target="_blank">reportedly given</a>&nbsp;six tickets to a series of events in the days leading up to the inauguration, including a “candlelight dinner” with Trump and Melania Trump and a black-tie ball.</p>


The Inauguration Of Donald J. Trump As The 47th President

Billionaires Worth A Combined $1.2 Trillion Attended Trump’s Inauguration: Here’s Who Was There—From Musk To Bezos


<p><strong>The Amazon billionaire’s heavy-lift rocket is poised for its first spaceflight. If it succeeds, it will give satellite operators and the Pentagon a long-desired alternative to SpaceX—and at a cheaper price, Forbes reveals.</strong></p>



<p>In2021, Elon Musk trolled Jeff Bezos’ Blue Origin, mocking his rival’s slow progress toward launching a rocket into space. “Can’t get it up (to orbit) lol,” he<a href="https://x.com/elonmusk/status/1386825367948644352" rel="noreferrer noopener" target="_blank">&nbsp;wrote</a>&nbsp;on Twitter.</p>



<p>Now, almost 25 years after Bezos started the company, Blue Origin is on the brink of clapping back. Its powerful New Glenn rocket is at Florida’s Kennedy Space Center for its inaugural launch, which could come as soon as early morning Monday.</p>



<p>Plenty of people in the space industry and government are cheering for it to succeed – and to end SpaceX’s near monopoly on lofting American satellites into orbit.</p>



<p>“The space industry likes having choices,” said Caleb Henry, an analyst at Quilty Space. “And it doesn&#8217;t have that today. It just has SpaceX.”</p>



<p>And Blue Origin is selling launches at a price per satellite that’s significantly better than SpaceX, a former employee told&nbsp;<em>Forbes.</em></p>



<p>The launch attempt comes less than two weeks before Donald Trump returns to the White House. During his first term, the former president attacked Bezos over negative coverage in the Washington Post, which Bezos owns. Now Trump, with Musk at his right hand, is promising a shakeup in government spending and regulation that could tilt the playing field for the commercial space industry — and threaten some of Blue Origin’s government contracts.</p>



<h3 class="wp-block-heading" id="h-animal-spirits">ANIMAL SPIRITS</h3>



<p>Bezos has positioned Blue Origin as the slow and steady alternative to SpaceX’s “move fast and fail quickly” ethos. Its motto is “gradatim ferociter,” Latin for “step by step, ferociously,” and its logo features two tortoises. So far the tortoise has been soundly beaten by SpaceX’s hare.</p>



<p>Over the past decade, SpaceX ramped up its launch cadence to unprecedented levels while its competition was largely sidelined. The old heavyweights of space launch — the United Launch Alliance, a joint venture of Boeing and Lockheed Martin, and Europe’s Arianespace — struggled with delays in developing new rockets, and Western sanctions removed Russian rockets as an option. SpaceX’s Falcon rockets propelled cargo to orbit 133 times in 2024, with one failure, the vast majority of the 145 launches attempted in the U.S. last year and more than half of the 263 worldwide, according to space activity tracker<a href="https://planet4589.org/space/papers/space24.pdf" rel="noreferrer noopener" target="_blank">&nbsp;Jonathan McDowell</a>.</p>



<p>But New Glenn, first announced in 2016, promises to be a fierce competitor. Like SpaceX’s Falcon 9, it’s a two-stage heavy lift workhorse, with the first stage designed to return to earth for reuse. But according to Blue Origin, a larger nose cone gives New Glenn twice the cargo volume of Falcon 9, and its powerful engines are designed to propel double the payload mass.</p>



<p>And Blue Origin is pricing to give customers more bang for the buck than SpaceX, according to a former employee who now works for a competitor who spoke to&nbsp;<em>Forbes</em>&nbsp;on the condition of anonymity.</p>



<p>Blue Origin is charging roughly $110 million per launch, he said, compared to about $70 million for a Falcon 9 – effectively offering to carry twice as many satellites for roughly 50% more money.</p>



<p>Blue Origin didn’t respond to a request for comment from&nbsp;<em>Forbes</em>.</p>



<p>Blue Origin&#8217;s New Glenn rocket, which stands 32 stories tall and is designed to launch 45 tons of payload into orbit, is pictured during a hotfire test at Cape Canaveral, Fla., on Dec. 27.<small>Blue Origin</small></p>



<p>New Glenn is already proving attractive to companies building large constellations of small satellites for low-Earth orbit, particularly as those satellites have gotten larger, said Henry.</p>



<p>Blue Origin has won contracts to use it to launch satellites for all of the major constellations, except, of course, for SpaceX’s Starlink. That includes AST Mobile, which is developing a network to provide cellular service from space. The company has said New Glenn can carry eight of its Block 2 satellites, which will be the largest yet put in low-Earth orbit. Falcon 9 can carry just four.</p>



<p>And Bezos’ Amazon.com is leaning heavily on Blue Origin to realize its plans for its Kuiper satellite network. Blue Origin is slated to launch at least 23% of the constellation and potentially as much as half. Amazon expects to pay Blue Origin $2.7 billion through 2028, it said in a financial filing last year.</p>



<p>The U.S. government is also eager for another option to launch its intelligence and communications satellites. In June the Defense Department picked Blue Origin, along with SpaceX and United Launch Alliance, to compete for up to $5.6 billion worth of launches through 2029.</p>



<h3 class="wp-block-heading" id="h-money-out">MONEY OUT</h3>



<p>It’s welcome revenue after years of heavy spending to build the company. On the New Glenn program alone, Blue Origin has spent on the order of $10 billion, the former employee estimated. Apart from a few NASA contracts, that money has come from the deep pockets of Bezos, who has committed to use the vast fortune he’s made from Amazon to realize his boyhood space dreams.&nbsp;<em>Forbes</em>&nbsp;estimates his net worth at $233 billion, a distant second in the world to Musk’s $416 billion.</p>



<p>While it’s taken a quarter century for Blue Origin to take its first shot at space, it has notched impressive achievements on the way, while building infrastructure for mass rocket launches that SpaceX only put together gradually after reaching orbit. The company developed a powerful rocket engine, the Be-4, that’s powered two successful launches of United Launch Alliance’s new Vulcan rocket. With its reusable New Shepard rocket, which is designed to bring tourists to the edge of space, Blue Origin has become the only rocket company besides SpaceX to pull off the trick of landing its first stage. And it has built up manufacturing facilities expected to produce over 100 Be-4 engines in 2025, and multiple boosters to support a pace of 12 launches a year.</p>



<p>“It&#8217;s easy to be a little flip about, ‘SpaceX has done so much and Blue Origin has done little,’ but it&#8217;s nuanced,” said Carissa Christensen, CEO of the space consulting firm BryceTech.</p>



<p>A successful launch would be powerful validation for Blue Origin, but the attempt comes against a cloudy political backdrop. Trump has tasked Musk with leading an effort to chop government spending and regulation. A relaxation of rules in the heavily regulated space industry would help all participants, but competitors fear<a href="https://www.forbes.com/sites/jeremybogaisky/2024/11/12/in-trumps-space-race-musks-spacex-is-a-sure-bet/">&nbsp;preferential treatment for SpaceX</a>.</p>



<p>Exhibit A: Trump’s nominee to run NASA, billionaire Jared Isaacman. His company Shift4 Payments has invested in SpaceX, and Isaacman has bankrolled two private spaceflights on Falcon rockets.</p>



<p>Last March, Isaacman&nbsp;<a href="https://x.com/rookisaacman/status/1767893365541032333" rel="noreferrer noopener" target="_blank">questioned</a>&nbsp;the wisdom of NASA’s decision to fund the development of redundant lunar landers from SpaceX and Blue Origin, in case one faltered.</p>



<p>But Bezos has professed confidence that Musk won’t use his influence in the Trump administration to benefit SpaceX at Blue Origin’s expense.</p>



<p>“I take at face value what has been said, which is that [Musk] is not going to use his political power to advantage his own companies or to disadvantage his competitors,” Bezos said in December at a&nbsp;<em>New York Times</em>&nbsp;conference.</p>



<p>Bezos, in any event, is looking far beyond the next four years. He wants Blue Origin to drive the creation of an off-world economy where manufacturing and mining is done in in space, and the “Earth will be zoned residential and light industry.” Someday he thinks that will make Blue Origin a bigger business than Amazon, he said at the&nbsp;<em>Times</em>&nbsp;event. But it’s all predicated on bringing down the cost of reaching space, starting with New Glenn.</p>



<p>“We know how to travel to space. We know how to land on the Moon. We need to be able to do it a hundred times cheaper,” Bezos told&nbsp;<a href="https://www.youtube.com/watch?v=rsuqSn7ifpU" rel="noreferrer noopener" target="_blank">space YouTuber Tim Dodd</a>&nbsp;in September. “That’s what will really open the heavens to humanity.”</p>


New York Times Holds Annual DealBook Summit

With New Glenn Launch, Bezos Looks To Break Musk’s Stranglehold On Space


<h2 class="wp-block-heading" id="h-topline">Topline</h2>



<p>Elon Musk, the billionaire owner of X, reacted to an apparent assassination attempt against former President Donald Sunday by saying no one was trying to kill either President Joe Biden or Vice President Kamala Harris, in a strongly-condemned post.</p>



<h2 class="wp-block-heading" id="h-key-facts">Key Facts</h2>



<p>Musk reshared a post Sunday night asking why people want to kill Donald Trump and&nbsp;<a href="https://archive.ph/OhrPX" rel="noreferrer noopener" target="_blank">wrote</a>: “And no one is even trying to assassinate Biden/Kamala,” followed by the thinking face emoji.</p>



<p>The post immediately faced blowback from X users, but the billionaire—who has endorsed Trump—appeared to double down,&nbsp;<a href="https://x.com/elonmusk/status/1835537404318392628" rel="noreferrer noopener" target="_blank">responding</a>&nbsp;with a “hundred points” emoji to a reply saying: “Trump threatens the machine. Biden/Kamala are the machine.”</p>



<p>Responding to another user who asked him to reconsider the post, saying “We need to unite,” Musk&nbsp;<a href="https://x.com/elonmusk/status/1835537833869623681" rel="noreferrer noopener" target="_blank">wrote</a>: “No one has even tried to do so is the point I’m making and no one will.”</p>



<p>A few hours later, Musk&nbsp;<a href="https://x.com/elonmusk/status/1835572816730636430" rel="noreferrer noopener" target="_blank">responded</a>&nbsp;to a follower asking him to reword his post because people were “misinterpreting your obvious intent” by saying: “Fair enough…I don’t want to do what they have done, even in jest.”</p>



<p>After taking down the post, Musk appeared to suggest it was a joke,&nbsp;<a href="https://x.com/elonmusk/status/1835573866271330307" rel="noreferrer noopener" target="_blank">saying</a>: “One lesson I’ve learned is that just because I say something to a group and they laugh doesn’t mean it’s going to be all that hilarious as a post on X.”</p>



<h2 class="wp-block-heading" id="h-chief-critics">Chief Critics</h2>



<p>Musk’s posts drew immediate condemnation from users on X. Conservative columnist Jonah Goldberg&nbsp;<a href="https://x.com/JonahDispatch/status/1835488915978957183" rel="noreferrer noopener" target="_blank">criticized</a>&nbsp;the post, calling it “appalling and indefensible.” Comedian Maz Jobrani tagged the Secret Secret service in his post,&nbsp;<a href="https://x.com/MazJobrani/status/1835485451727364582" rel="noreferrer noopener" target="_blank">saying</a>: “You may want to pay this guy a visit. He ain’t right in the head!” Brett Meiselas, founder of the left-leaning online outlet Meidas Touch,&nbsp;<a href="https://x.com/BMeiselas/status/1835483332844671305" rel="noreferrer noopener" target="_blank">wrote</a>: “Ok this requires an IMMEDIATE visit by the secret service and federal charges. Lock this guy up. This is so dangerous.”</p>



<h2 class="wp-block-heading" id="h-tangent">Tangent</h2>



<p>Earlier on Sunday, the New Hampshire Libertarian Party was condemned after&nbsp;<a href="https://archive.is/Ca9Xg#selection-499.0-508.0" rel="noreferrer noopener" target="_blank">tweeting</a>: “Anyone who murders Kamala Harris would be an American hero.” The Libertarian Party’s presidential nominee, Chase Oliver, called the post “abhorrent” and&nbsp;<a href="https://x.com/ChaseForLiberty/status/1835477641517748462" rel="noreferrer noopener" target="_blank">wrote on X</a>: “I 100% condemn the statement from LPNH regarding Kamala Harris…As Libertarians, we condemn the use of force, whether committed by governments, individuals, or other political entities.” The party account, however, dismissed criticism and&nbsp;<a href="https://archive.ph/VGJLH" rel="noreferrer noopener" target="_blank">wrote</a>: “Encouraging politicians to be shot is legal under the first amendment. It&#8217;s part of what makes this country great.” The account, however, eventually&nbsp;<a href="https://x.com/LPNH/status/1835310685095628880" rel="noreferrer noopener" target="_blank">took down</a>&nbsp;the post and said they had done so because they did not want to “break the terms of this website we agreed to,” but added: “It&#8217;s a shame that even on a &#8220;free speech&#8221; website that libertarians cannot speak freely.”</p>



<h2 class="wp-block-heading" id="h-further-reading">Further Reading</h2>



<p><a href="https://www.forbes.com/sites/mollybohannon/2024/09/15/trump-safe-after-attempted-assassination-suspect-identified/">Trump Safe After ‘Attempted Assassination’—Suspect Identified</a>&nbsp;(Forbes)</p>



<p><a href="https://www.forbes.com/sites/siladityaray/2024/09/16/trump-assassination-attempt-everything-we-know-about-the-arrested-suspect/">Trump Assassination Attempt: Everything We Know About The Arrested Suspect</a> (Forbes)<a href="https://www.forbes.com/sites/siladityaray/"></a></p>


Tech Illustration Images

Musk Posts Then Deletes ‘No One Is Even Trying To Assassinate Biden/Kamala’

Cannes Lions International Festival Of Creativity 2024 – Day Three

The Top 10 Richest People In The World (September 2024)


<h2 class="wp-block-heading" id="h-topline">Topline</h2>



<p>Olympics organizers have&nbsp;<a href="https://www.forbes.com/sites/maryroeloffs/2024/07/28/olympics-organizers-apologize-after-drag-queen-last-supper-slammed-by-conservatives/">apologized</a>&nbsp;for staging a scene during the opening ceremony that appeared to parody Leonardo Da Vinci’s “The Last Supper” with drag queens, after the scene sparked an uproar from some U.S. religious and conservative leaders and right-wing pundits, echoing protests in recent years against drag performances.</p>



<h2 class="wp-block-heading" id="h-key-facts">Key Facts</h2>



<p>Late into the opening ceremony of the Paris Summer Olympics on Friday night, cameras cut to a long table overlooking the Seine River filled with drag stars appearing to resemble Jesus and the 12 apostles in Da Vinci’s fresco masterpiece (Paris Olympics ceremony director Thomas Jolly later told French outlet&nbsp;<a href="https://rmcsport.bfmtv.com/jeux-olympiques/ceremonie-d-ouverture-des-jo-thomas-jolly-et-daphne-burki-repondent-aux-critiques-de-jean-luc-melenchon_AV-202407280144.html" rel="noreferrer noopener" target="_blank">BFM TV</a>&nbsp;the scene was a nod to Greek mythology, and not “The Last Supper”).</p>



<p>Right-wing pundits and some lawmakers took to social media shortly after, questioning why the scene was included in the opening ceremony, with former CNN host Piers Morgan&nbsp;<a href="https://x.com/piersmorgan/status/1817189903521976503" rel="noreferrer noopener" target="_blank">posting</a>: “Would they have mocked any other religion like this? Appalling decision.”</p>



<p>Donald Trump Jr. re-posted a photo of the depiction,&nbsp;<a href="https://x.com/DonaldJTrumpJr/status/1817155924345139227" rel="noreferrer noopener" target="_blank">saying</a>, “They’re not even pretending anymore,” while billionaire SpaceX, Tesla and X owner Elon Musk called the parody “extremely disrespectful to Christians” in a&nbsp;<a href="https://x.com/elonmusk/status/1816948075174203771" rel="noreferrer noopener" target="_blank">post</a>&nbsp;on his social media platform.</p>



<p>On Saturday, House Speaker Mike Johnson, R-La., <a href="https://x.com/SpeakerJohnson/status/1817229481972473922" target="_blank" rel="noreferrer noopener">blasted the scene</a>, calling it “shocking and insulting to Christian people around the world.”</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><p lang="en" dir="ltr">JUST IN: Telecommunications company C Spire has removed all advertising from the Olympics after they mocked Christianity in their opening ceremony.<br><br>C Spire is the sixth-largest wireless provider in the United States.<br><br>&quot;We were shocked by the mockery of the Last Supper during the… <a href="https://t.co/FHnivRD1z1">pic.twitter.com/FHnivRD1z1</a></p>&mdash; Collin Rugg (@CollinRugg) <a href="https://twitter.com/CollinRugg/status/1817286135581933676?ref_src=twsrc%5Etfw">July 27, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p>Actor and comedian Rob Schneider said he would boycott watching the Olympics, arguing in a&nbsp;<a href="https://x.com/RobSchneider/status/1817636079526383634" rel="noreferrer noopener" target="_blank">post</a>&nbsp;on X, formerly known as Twitter, the scene “disrespects Christianity and openly celebrates Satan,” while “Full House” star Candace Cameron Bure slammed the parody in an&nbsp;<a href="https://www.instagram.com/reel/C9891rPRYEm/?utm_source=ig_embed&amp;ig_rid=d66987b6-2559-4a6d-b317-94a06c9c08d7" rel="noreferrer noopener" target="_blank">Instagram</a>&nbsp;post, saying it “mock[d] the Christian faith,” saying it made her “sad for souls.”</p>



<p>Former Trump attorney Jenna Ellis also&nbsp;<a href="https://x.com/realJennaEllis/status/1816936347275231671" rel="noreferrer noopener" target="_blank">criticized</a>&nbsp;the move as “[o]vert pagan and satanic symbolism,” and Kansas City Chiefs kicker Harrison Butker—who&nbsp;<a href="https://www.forbes.com/sites/jamesfarrell/2024/05/15/heres-harrison-butkers-controversial-commencement-speech-in-full/">sparked controversy</a>&nbsp;by suggesting women should focus on being mothers —called the parody “crazy” in a story on&nbsp;<a href="https://www.instagram.com/buttkicker7/?hl=en" rel="noreferrer noopener" target="_blank">Instagram</a>.</p>



<p>Some Christian bishops also bemoaned the parody: Minnesota Bishop Robert Barron, a prominent U.S. Catholic leader,&nbsp;<a href="https://x.com/BishopBarron/status/1816989733504860577" rel="noreferrer noopener" target="_blank">called it</a>&nbsp;a “gross mockery” and emblematic of a “deeply secularist postmodern society,” while Wisconsin-based Bishop Donald Hying&nbsp;<a href="https://x.com/bishophying/status/1817013215710114236" rel="noreferrer noopener" target="_blank">slammed</a>&nbsp;it as “blasphemy,” and Texas-based Bishop Daniel Flores&nbsp;<a href="https://x.com/bpdflores/status/1816971295579337188" rel="noreferrer noopener" target="_blank">posted</a>: “the agendas just use the athletes; they deserve more respect. So do people of Christian Faith.”</p>



<p>The parody also drew backlash from conservative commentators, with&nbsp;<a href="https://x.com/LibertyLockPod/status/1816938415822159951" rel="noreferrer noopener" target="_blank">one</a>&nbsp;arguing the scene was a message to Christians that they are “NOT WELCOME,” and another claiming the Olympics have “gone full Woke dystopian,” while also&nbsp;<a href="https://x.com/kylenabecker/status/1816977236085416353" rel="noreferrer noopener" target="_blank">arguing</a>&nbsp;the depiction of a white horse carrying the Olympic flag was a reference to the pale horse, a sign of death in the Book of Revelation, the last book in the Bible.</p>



<p>Right-wing filmmaker Dinesh D’Souza—whose 2022 conspiracy documentary “2000 Mules” laid out a far-right claim the 2020 election was stolen from former President Donald Trump—<a href="https://x.com/DineshDSouza/status/1817213585581330607" rel="noreferrer noopener" target="_blank">called</a>&nbsp;the “Last Supper” parody “blasphemous,” saying: “Outrageous and disrespectful doesn’t begin to cover it.”</p>



<h2 class="wp-block-heading" id="h-contra">Contra</h2>



<p>Many on social media platforms were&nbsp;<a href="https://x.com/kevinmyoung/status/1817045800335093863" rel="noreferrer noopener" target="_blank">quick</a>&nbsp;<a href="https://x.com/Eve_Barlow/status/1817193910688719273" rel="noreferrer noopener" target="_blank">to</a>&nbsp;<a href="https://x.com/lesterkk/status/1817172582249922856" rel="noreferrer noopener" target="_blank">point out</a>&nbsp;the Olympics rendition of “The Last Supper” was far from the first parody of the Da Vinci painting, a frequent target of satire, with more recent examples used by TV shows such as “The Simpsons,” “Billions” and “The Sopranos,” and with celebrities portraying the role of Jesus, from Freddie Mercury to Marilyn Monroe.</p>



<h2 class="wp-block-heading" id="h-key-background">Key Background</h2>



<p>Drag queens became the target of right-wing criticism in recent years, coinciding with right-wing pushback against companies that have embraced LGBTQ messaging, and as some GOP-led states push for <a href="https://www.forbes.com/sites/saradorn/2024/05/10/trump-promises-rollback-on-trans-rights-heres-what-hes-said/">anti-trans legislation</a>, including bans on trans students in locker rooms and bathrooms that align with their gender identities. Right-wing protests against drag have come partly in response to a series of so-called <a href="https://www.forbes.com/sites/conormurray/2023/02/03/how-drag-queens-became-a-right-wing-target-from-alex-jones-to-tucker-carlsonwith-these-states-trying-to-ban-story-hours-and-shows/">Drag Story Hour</a> events, with some GOP lawmakers baselessly claiming the events sexualize children, and House Republicans <a href="https://www.businessinsider.com/anti-drag-queen-story-hour-bill-republicans-target-lessons-2022-10" target="_blank" rel="noreferrer noopener">introduced</a> the “Stop the Sexualization of Children” act in 2022. The Anti-Defamation League later <a href="https://www.adl.org/resources/blog/what-grooming-truth-behind-dangerous-bigoted-lie-targeting-lgbtq-community" target="_blank" rel="noreferrer noopener">said</a> those claims of “grooming children” are baseless and “bigoted.” But protests around the story hour events persisted, leading to the cancellation of some events, including a 2022 event in San Francisco disrupted by the far-right Proud Boys.</p>


Opening Ceremony – Olympic Games Paris 2024: Day 0

Olympics Drag Queen ‘Last Supper’ Sparks Outrage From Musk, Rob Schneider, GOP Pundits

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The Top 10 Richest People In The World (July 2024)


<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



<p>X, formerly known as Twitter, experienced a 30% drop in usage from 2023 to 2024, according to a study from&nbsp;<a href="https://www.edisonresearch.com/twitter-x-usage-sees-sharp-decline/" rel="noreferrer noopener" target="_blank">Edison</a>&nbsp;Research that clashes with&nbsp;<a href="https://blog.twitter.com/en_us/topics/company/2023/one-year-in" rel="noreferrer noopener" target="_blank">favorable</a>&nbsp;<a href="https://techcrunch.com/2024/01/31/x-ceo-linda-yaccarino-claims-company-has-90m-u-s-users-less-than-1-are-teens/" rel="noreferrer noopener" target="_blank">traffic</a>&nbsp;<a href="https://www.forbes.com/sites/siladityaray/2023/09/28/x-ceo-says-platform-will-be-profitable-by-early-2024-but-dodges-questions-about-musks-monthly-fee/?sh=17ed20671059">metrics</a>&nbsp;shared by the social media platform’s billionaire owner, Elon Musk, and CEO Linda Yaccarino.</p>



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



<p>The data, which is part of a&nbsp;<a href="https://www.edisonresearch.com/twitter-x-usage-sees-sharp-decline/" rel="noreferrer noopener" target="_blank">larger study</a>&nbsp;conducted by Edison, said 27% of the total population in the U.S. reported using X in 2022 and 2023, a figure that has decreased to 19% in 2024.</p>



<p>The data is a measure of people who said they were using the service, not a measure of premium X subscribers or accounts, Edison noted.</p>



<p>Edison said the social media platform also experienced declines in monthly and weekly usage, but didn’t provide details about such data.</p>



<p>The&nbsp;<a href="https://www.edisonresearch.com/wp-content/uploads/2022/03/Infinite-Dial-2022-Webinar-revised.pdf" rel="noreferrer noopener" target="_blank">2022</a>&nbsp;and&nbsp;<a href="https://www.edisonresearch.com/wp-content/uploads/2023/03/The-Infinite-Dial-2023.pdf" rel="noreferrer noopener" target="_blank">2023</a>&nbsp;usage data was gathered through a national telephone survey of about 1,500 people aged 12 and older—further details and methodology for the 2024 usage data will be released on March 28, according to Edison.</p>



<h2 class="wp-block-heading" id="h-contra">CONTRA</h2>



<p>Yaccarino has painted a different picture of traffic on X. She said during a Senate Judiciary Committee hearing in January that X had&nbsp;<a href="https://techcrunch.com/2024/01/31/x-ceo-linda-yaccarino-claims-company-has-90m-u-s-users-less-than-1-are-teens/" rel="noreferrer noopener" target="_blank">90 million U.S. users</a>, less than 1% of which she said were ages 13-17. Last year, the chief executive also said that X had&nbsp;<a href="https://www.forbes.com/sites/siladityaray/2023/09/28/x-ceo-says-platform-will-be-profitable-by-early-2024-but-dodges-questions-about-musks-monthly-fee/?sh=49f22c431059">540 million monthly active users</a>&nbsp;and 200 million to 250 million daily active users or “something like that.”</p>



<h2 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h2>



<p>Like Yaccarino, Musk has also pushed&nbsp;<a href="https://twitter.com/elonmusk/status/1731546683584995685?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1731546683584995685%7Ctwgr%5E1580ff21962ddc030a72afa2fbfbe06a871eb112%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.timesnownews.com%2Fworld%2Felon-musk-shares-progress-report-of-x-has-social-media-app-hit-all-time-high-traffic-under-tesla-ceo-article-106962193" rel="noreferrer noopener" target="_blank">favorable</a>&nbsp;X traffic data, though the sourcing on some of&nbsp;<a href="https://twitter.com/elonmusk/status/1723020532906435068" rel="noreferrer noopener" target="_blank">the</a>&nbsp;<a href="https://x.com/elonmusk/status/1747800112300999125?s=20" rel="noreferrer noopener" target="_blank">data</a>&nbsp;he’s reposted is unclear. The platform has attempted to retain and attract users with new features including revenue share payouts for creators posting on X. Users have reported payouts worth hundreds of dollars, with viral content creators like Jimmy Donaldson, also known as Mr. Beast, reporting payouts&nbsp;<a href="https://www.forbes.com/sites/antoniopequenoiv/2024/01/22/mr-beast-receives-264000-payout-from-first-video-posted-to-x/?sh=51f3747491ce">as high as $264,000</a>. Yaccarino said in a blog post last October that X had paid out&nbsp;<a href="https://blog.twitter.com/en_us/topics/company/2023/one-year-in" rel="noreferrer noopener" target="_blank">more than $20 million</a>&nbsp;to its creators. Engagement for creators has become a large part of X’s strategy following its fallout with several big-name advertisers last year in which the likes Disney, Apple, Comcast and IBM fled the platform after Musk was embroiled in controversy following his agreement with an&nbsp;<a href="https://www.forbes.com/sites/tylerroush/2023/11/16/elon-musk-condemned-after-calling-antisemitic-post-actual-truth/?sh=587974a94020">antisemitic tweet.</a></p>



<h2 class="wp-block-heading" id="h-further-reading">FURTHER READING</h2>



<p><a href="https://www.forbes.com/sites/siladityaray/2023/09/28/x-ceo-says-platform-will-be-profitable-by-early-2024-but-dodges-questions-about-musks-monthly-fee/?sh=17ed20671059">X CEO Says Platform Will Be Profitable By Early 2024—But Dodges Questions About Musk’s Monthly Fee&nbsp;</a>(Forbes)</p>



<p><a href="https://www.forbes.com/sites/antoniopequenoiv/2023/10/27/year-of-musk-x-faces-slashed-valuation-and-fewer-advertisers-one-year-after-twitter-takeover/?sh=200fcb695510">Year Of Musk: X Faces Slashed Valuation And Fewer Advertisers One Year After Twitter Takeover</a>&nbsp;(Forbes)</p>



<p><a href="https://www.forbes.com/sites/willskipworth/2023/08/15/x-apparently-slowed-access-to-sites-elon-musk-dislikes-then-abruptly-backtracked/?sh=93fcb2ee154b">X Apparently Slowed Access To Sites Elon Musk Dislikes—Then Abruptly Backtracked</a>&nbsp;(Forbes)</p>


Elon Musk Makes Twitter Account Private

Usage Of Elon Musk’s X Dropped 30% In The Last Year, Study Suggests


<p>Elon Musk’s lack of transparency in updates about his brain implant company Neuralink flouts scientific and ethical norms, raises questions about patient safety and risks setting back the entire field of neurotechnology, experts told Forbes, after the billionaire&nbsp;<a href="https://www.forbes.com/sites/roberthart/2024/02/20/elon-musk-says-neuralinks-first-brain-chip-patient-can-control-computer-mouse-by-thought/?sh=e072a8d298e2">touted early success&nbsp;</a>in the company’s first human patient last week.</p>



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



<p>“What truly puzzles me about this is not the technology itself but the way of communicating scientific news,” said Marcello Ienca, a professor of ethics of AI and neuroscience at Technical University of Munich, who stressed information about Neuralink and its work is being disseminated “through casual social media updates” rather than traditional outlets for science like peer reviewed publications, public repositories or even simple pre-prints.</p>



<p>It “seems to sidestep the established protocols that underpin scientific integrity,” Ienca said, preventing experts from evaluating or understanding “the full scope and impact” of any claimed advances.</p>



<p>“A tweet is not exactly a peer-reviewed scientific report,” said L. Syd M Johnson, an ethicist at SUNY Upstate Medical University’s Center for Bioethics and Humanities, adding that Musk’s brief update gave few details on the patient’s recovery, what degree of control they have over the mouse or whether “mouse” actually meant the onscreen cursor.</p>



<p>Most clinical trials are also registered in the public database ClinicalTrials.gov for the sake of transparency, accountability and the benefit of science, said Laura Cabrera, a neuroethicist at Pennsylvania State University’s Rock Ethics Institute, who called for the creation of “more rigorous ways” to hold companies operating in the space accountable, transparent and to make them follow similar reporting standards to federally funded trials.</p>



<p>While it isn’t illegal for Neuralink to not have registered its clinical trial, Ienca said not doing so “violates fundamental ethical guidelines for biomedical research”—notably the Declaration of Helsinki, a cornerstone statement of ethical principles for medical research involving humans—adding that Neuralink hasn’t communicated setting up any internal ethics board or establishing its own code of ethics and has not engaged in any major activities from policy organizations working in the space like the OECD.</p>



<p>Neuralink did not respond to Forbes’ request for comment.</p>



<h2 class="wp-block-heading" id="h-crucial-quote">CRUCIAL QUOTE</h2>



<p>Ienca accused Neuralink of endangering the entire field of neurotechnology over its opacity and failure to outline its position on important ethical and social issues related to its work while charging ahead with human research. “If you decide to play with fire in a house, you increase the risk threshold not only of yourself but of the whole house,” he said. “My fear is that Neuralink&#8217;s disregard for the ethical aspects of their technology may cause a backfire effect for the entire neurotechnology community.” Ienca warned the potential backlash could slow down the development of a technological innovation that could help millions of people with neuropsychiatric disorders and mental illness, many of whom cannot be cured or even treated effectively with current technology. Given the stakes, “we cannot afford a “Cambridge Analytica” scandal involving the human brain,” Ienca said.</p>



<h2 class="wp-block-heading" id="h-news-peg">NEWS PEG</h2>



<p>Neuralink secured&nbsp;<a href="https://www.forbes.com/sites/mollybohannon/2023/09/19/elon-musks-neuralink-wants-volunteers-for-first-human-trial-of-its-brain-implant-chip/">permission</a>&nbsp;in September to recruit patients to test its implantable brain device’s ability to help people with paralysis regain lost functions by controlling computers with their thoughts. Musk&nbsp;<a href="https://www.forbes.com/sites/roberthart/2024/01/30/elon-musk-teases-first-neuralink-products-after-company-implants-first-brain-chip-in-human/?sh=f3489562ac39">announced</a>&nbsp;the first patient had received the implant in January and last week&nbsp;<a href="https://www.forbes.com/sites/roberthart/2024/02/20/elon-musk-says-neuralinks-first-brain-chip-patient-can-control-computer-mouse-by-thought/?sh=e072a8d298e2">said</a>&nbsp;they appeared to have made a full recovery and could move a mouse around a screen “just by thinking.” The Tesla billionaire delivered both updates through informal posts on X, the social media platform Musk controversially acquired as Twitter in 2022. Musk has teased that&nbsp;<a href="https://www.forbes.com/sites/roberthart/2024/01/30/elon-musk-teases-first-neuralink-products-after-company-implants-first-brain-chip-in-human/">Neuralink’s first products</a>&nbsp;will include “Telepathy,” which would allow users to control a phone or computer “just by thinking,” as well as features that could restore sight to blind people. Musk has also been open on his long term aims for Neuralink and hopes the technology will be used more widely to enhance memory and elevate intelligence and ultimately acting as a foil to the&nbsp;<a href="https://www.forbes.com/sites/roberthart/2023/09/21/elon-musk-says-neuralink-could-slash-risk-from-ai-as-firm-prepares-for-first-human-trials/?sh=300741eb2956">risks of artificial intelligence</a>. The company has been&nbsp;<a href="https://www.reuters.com/technology/musks-neuralink-faces-federal-probe-employee-backlash-over-animal-tests-2022-12-05/" target="_blank" rel="noreferrer noopener">criticized</a>&nbsp;over its use of animals in experiments and questions have been raised over the&nbsp;<a href="https://www.businessinsider.com/neuralink-elon-musk-animal-testing-conflict-of-interest-researcher-says-2023-5?r=US&amp;IR=T" target="_blank" rel="noreferrer noopener">independence</a>&nbsp;of a regulatory board governing its animal research. The company has denied any wrongdoing and&nbsp;<a href="https://neuralink.com/blog/neuralink-s-commitment-to-animal-welfare/" target="_blank" rel="noreferrer noopener">stressed</a>&nbsp;it is “committed to working with animals in the most humane and ethical way possible.”</p>



<h2 class="wp-block-heading" id="h-contra">CONTRA</h2>



<p>In line with other experts Forbes spoke to, Columbia&nbsp;<a href="https://magazine.columbia.edu/article/need-protect-data-our-brains" target="_blank" rel="noreferrer noopener">neurobiologist</a>&nbsp;Rafael Yuste said the announcement of Neuralink’s progress is “not news.” It is only reported as such because “a company associated with Elon Musk” is doing it,” he said, pointing to decades of research and numerous&nbsp;<a href="https://www.forbes.com/sites/roberthart/2023/06/05/elon-musks-neuralink-wants-to-put-chips-in-our-brains---how-it-works-and-who-else-is-doing-it/?sh=d573533babb9">other companies operating&nbsp;</a>in the neurotech field. Yuste said he had “zero concerns” over Neuralink’s latest experiment. It involves a medical device that “has to be approved by the FDA” and “the data collected are protected with HIPAA,” he explained, referring to the series of federal laws governing protected health information. “I welcome anyone who wants to develop medical devices to help patients,” he said. Cabrera expressed a similar sentiment and said it’s unlikely we will need new rights to govern the medical uses of neurotechnology as these should already be well covered by existing regulation.</p>



<h2 class="wp-block-heading" id="h-what-to-watch-for">WHAT TO WATCH FOR</h2>



<p>While medical uses of neurotechnology may be well covered by existing regulation, Yuste warned “commercial neurotechnology is completely unregulated.” The growing sector—which includes non-implantable tech like external sensors—raises a host of social, legal and ethical&nbsp;<a href="https://www.vox.com/future-perfect/24078512/brain-tech-privacy-rights-neurorights-colorado-yuste" target="_blank" rel="noreferrer noopener">questions</a>&nbsp;surrounding privacy, access and freedom of thought, demands a framework of rights to govern neurotechnology and protect human rights from potential abuse or misuse from it (Yuste and others call this framework “<a href="https://neurorightsfoundation.org/" target="_blank" rel="noreferrer noopener">neurorights</a>”). The use, and potential exploitation, of the vast amounts of brain data generated from implants and sensors is of particular concern, experts warned. Neuralink stands out as a neurotech company that such considerations could apply to, although this would still be a long way in the future. “Neuralink is the only neurotechnology company, to my knowledge, that has publicly confessed that their long-term goal is the development of implantable neurotechnology for human enhancement,” Ienca said. In principle, Ienca said there’s nothing wrong with enhancement—tools that augment or add brain functions like memory or vision for healthy individuals and go beyond natural capabilities—but warned there’s a real risk of creating a “stratified society divided not just by wealth or opportunity, but by cognitive and sensory capabilities.” Johnson, on the other hand, said enhancement “would not change anything.” The wealthy would “have the same advantages and power” as they do now.</p>



<h2 class="wp-block-heading" id="h-what-we-don-t-know">WHAT WE DON’T KNOW</h2>



<p>Experts told Forbes it is unclear what will happen to Neuralink’s human subjects once the clinical trial for the brain implant is over. “When the clinical trial is over, are they on their own?,” Johnson asked, pointing to the many risks involved with the kind of surgery to place an implant, the possibility the device or performance could degrade over time and the fact that some may simply lose access to their implant once the trial is over.</p>



<h2 class="wp-block-heading" id="h-chief-critic">CHIEF CRITIC</h2>



<p>“Musk’s talk about helping disabled people – giving full body functionality to tetraplegics – is disingenuous and harmful,” Johnson said, asking whether disabled people even want brain implants or to control smartphones with their thoughts. “It fundamentally says that disabled persons are broken and need to be fixed with invasive brain implants,” Johnson said, noting that there is “so much that societies could be doing right now, but are not doing, to improve mobility, and access to jobs and education and decent places to live for disabled persons.”</p>



<h2 class="wp-block-heading" id="h-forbes-valuation">FORBES VALUATION</h2>



<p>We <a href="https://www.forbes.com/profile/elon-musk/?sh=1f50a08f7999">estimate</a> Musk to be worth $207 billion. Musk’s fortune makes him the world’s second richest person, behind French luxury goods giant <a href="https://www.forbes.com/profile/bernard-arnault/?list=rtb/">Bernard Arnault</a> and ahead of Amazon founder <a href="https://www.forbes.com/profile/jeff-bezos/?list=rtb/&amp;sh=4587e17d1b23">Jeff Bezos</a>, worth $229.6 billion and $195.7 billion, respectively.</p>


Tesla Officially Opens Gruenheide Gigafactory

Experts Criticize Elon Musk’s Neuralink Over Transparency After Billionaire Says First Brain Implant Works


<p><strong>A decision by a Delaware judge late Tuesday afternoon has multibillion-dollar implications regarding Musk’s fortune.</strong></p>



<p>Elon Musk ceded the title of world’s richest person to Frenchman Bernard Arnault of luxury conglomerate LVMH Tuesday evening, after a&nbsp;<a href="https://www.forbes.com/sites/antoniopequenoiv/2024/01/30/judge-voids-elon-musks-56-billion-pay-package-from-tesla/?sh=7ee4eb102756">Delaware judge</a>&nbsp;voided a hefty package of performance-based Tesla options&nbsp;<a href="https://www.forbes.com/sites/sergeiklebnikov/2021/05/06/elon-musk-made-billions-in-2020-every-other-ceo-made-millions/?sh=39b88bdd6f93">awarded to Musk in 2018</a>. Those shares had been worth more than $50 billion.&nbsp;<em>Forbes&nbsp;</em>estimates that Musk is now worth $184.5 billion. He now trails Arnault (estimated net worth: $210.8 billion) but remains ahead of the world’s third richest person, Amazon’s Jeff Bezos ($179 billion).</p>



<p>In her ruling, Delaware judge Kathaleen McCormick determined that Musk and his co-defendants, Tesla and certain of its board members, failed to prove that the process underlying the award of “the largest potential compensation opportunity ever observed in public markets” was fair due to conflicts of interest and Musk’s “control” over the board. Musk’s options were worth $50.9 billion (net of exercise cost) at Tuesday’s stock market close. Because of the ruling, he won’t be able to exercise or sell them. Given the high level of uncertainty about what comes next–including an appeal of the ruling,&nbsp;<em>Forbes</em>&nbsp;has discounted Musk’s options by 50%, enough to knock his net worth down by $25.5 billion after the decision.</p>



<p>“[The ruling] will certainly be appealed and there is some chance of reversal or a different remedy,” says UCLA law professor Jim Park. “Chancellor McCormick is well regarded and known as careful, so I think there’s a good chance her decision will get some deference from the Delaware Supreme Court. On the other hand, perhaps the Supreme Court will worry that the decision will send a negative message to the business community and will thus reduce the award.”</p>



<p>There is also the possibility that Tesla could just grant Musk another pay package with a more rigorous process designed to withstand legal scrutiny. After all, Tesla shareholders, whose stock has appreciated more than sevenfold since 2018, haven’t exactly celebrated the decision by the Delaware court. Shares of Tesla were trading down 0.8% at 2:30 p.m. eastern time on Wednesday.</p>



<p>“If the pay package is struck down, Musk will demand another — and he&#8217;ll get it,” says Michigan law professor Adam Pritchard. “But [it’s] very hard to say how different that would be from this package.”</p>



<p>Musk had been clamoring for even more Tesla shares prior to the Delaware decision. In an X post on January 15 he wrote, “I am uncomfortable growing Tesla to be a leader in AI &amp; robotics without having ~25% voting control.” If upheld on appeal, the judge&#8217;s decision to void Musk&#8217;s options pay package would drop his stake in Tesla from 22% to 13%.</p>


GERMANY-AUTOMOBILE-TESLA-MUSK

Elon Musk No Longer World’s Richest After Judge Voids $51 Billion Pay Package


<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



<p>As shares of Tesla&nbsp;<a href="https://finance.yahoo.com/quote/TSLA/" target="_blank" rel="noreferrer noopener">sank</a>&nbsp;13% Thursday, a day after the company&nbsp;<a href="https://www.youtube.com/watch?v=A_2Z-AEtdAg&amp;embeds_referring_euri=https%3A%2F%2Fwww.businessinsider.com%2F&amp;source_ve_path=MjM4NTE&amp;feature=emb_title" target="_blank" rel="noreferrer noopener">reported</a>&nbsp;missed estimates in its fourth-quarter earnings, the net worth of its centibillionare CEO Elon Musk dropped by more than $18 billion, though he remains the richest person in the world.</p>



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



<p>Tesla stock sank 13.2% to 180.38 on Thursday, with Musk losing $18.8 billion.</p>



<p>The decline followed the company’s Wednesday fourth-quarter&nbsp;<a href="https://www.youtube.com/watch?v=A_2Z-AEtdAg" target="_blank" rel="noreferrer noopener">earning report</a>&nbsp;that indicated it&nbsp;<a href="https://finance.yahoo.com/news/tesla-stock-plunges-12-as-ev-maker-warns-production-growth-will-be-notably-lower-than-2023-143454161.html" target="_blank" rel="noreferrer noopener">missed several estimates</a>—including that revenue for the quarter was $25.17 billion, compared to an estimated $25.87 billion.</p>



<p>Stocks for fellow American electric car makers&nbsp;<a href="https://finance.yahoo.com/quote/RIVN?p=RIVN&amp;ncid=yahooproperties_stockrecom_g40boan2td8" target="_blank" rel="noreferrer noopener">Rivian</a>&nbsp;and&nbsp;<a href="https://finance.yahoo.com/quote/LCID?p=LCID&amp;ncid=yahooproperties_stockrecom_g40boan2td8" target="_blank" rel="noreferrer noopener">Lucid</a>&nbsp;also dropped 1% and 6%, respectively, on Thursday.</p>



<h2 class="wp-block-heading" id="h-forbes-valuation"><strong>FORBES VALUATION</strong></h2>



<p>Musk lost $18.8 billion Thursday, a more than $17 billion larger decline than any other billionaire, according to&nbsp;<a href="https://www.forbes.com/real-time-billionaires/#62bf5a623d78">Forbes calculations</a>. Musk, who owns about 21% of Tesla, remains the world’s wealthiest person with an&nbsp;<a href="https://www.forbes.com/profile/elon-musk/?listuri=rtb&amp;sh=430430527999">estimated net worth</a>&nbsp;of $203.6 billion, still roughly $20 billion more than LVMH’s&nbsp;<a href="https://www.forbes.com/profile/bernard-arnault/?sh=5900e1fb66fa">Bernard Arnault</a>.</p>



<h2 class="wp-block-heading" id="h-big-number">BIG NUMBER</h2>



<p>$320 billion. That’s how much Musk was worth in November 2021, first person in history to obtain such a net worth and also&nbsp;<a href="https://www.forbes.com/sites/rachelsandler/2022/10/21/elon-musks-fortune-has-fallen-by-more-than-100-billion-in-less-than-a-year/?sh=691a348a3ea4">his peak fortune</a>.</p>



<h2 class="wp-block-heading" id="h-further-reading">FURTHER READING</h2>



<p><a href="https://www.forbes.com/sites/petercohan/2024/01/25/tesla-stock-price-down-25-in-2024-time-to-take-your-profits/?sh=5451e31a701a">With Tesla Stock Down 25% In 2024, It’s Time To Take Your Profits</a> (Forbes)</p>


Elon Musk’s Net Worth Drops $18 Billion As Tesla Stock Slides

The Top 10 Richest People In The World (January 2024)


<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



<p>Hours after Elon Musk told companies to &#8220;go f***&#8221; themselves for pulling their advertisements from X over concerns about antisemitism—and called out Disney CEO Bob Iger by name—a group of right-wing users on the social media platform have called for Disney+ subscribers to cancel their accounts.</p>



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



<p><a href="https://twitter.com/CollinRugg/status/1730227884957040938" target="_blank" rel="noreferrer noopener">Multiple</a>&nbsp;<a href="https://twitter.com/realmichaelseif/status/1730275154805068020" target="_blank" rel="noreferrer noopener">right-wing</a>&nbsp;<a href="https://twitter.com/ChayaRaichik10/status/1730296643872792752" target="_blank" rel="noreferrer noopener">accounts</a>&nbsp;on X, the platform formerly known as Twitter, called on subscribers to Disney’s streaming service Disney+ to cancel their subscriptions, with the X account End Wokeness&nbsp;<a href="https://twitter.com/EndWokeness/status/1730218208324395011" target="_blank" rel="noreferrer noopener">posting</a>&nbsp;instructions for cancellation with the caption: “Stop giving money to people that hate you.”</p>



<p>Those calls follow Disney’s decision earlier this month to&nbsp;<a href="https://www.forbes.com/sites/brianbushard/2023/11/17/apple-and-disney-pull-x-ads-after-musks-promotion-of-antisemitic-post-joining-these-other-companies/?sh=3f0da76a34fb">suspend its advertising</a>&nbsp;on the social media platform, joining a growing list of companies including Apple, IBM, Lionsgate and Xfinity, following the release of a scathing report that found advertisements on X alongside pro-Nazi posts, and after Musk endorsed a post&nbsp;<a href="https://www.forbes.com/sites/tylerroush/2023/11/16/elon-musk-condemned-after-calling-antisemitic-post-actual-truth/?sh=7e010cc14020">widely condemned</a>&nbsp;as antisemitic.</p>



<p>Disney’s decision to stop running ads on X could cost the social media platform millions of dollars, while X users’ calls for a boycott of Disney+ would have to reach many of its&nbsp;<a href="https://www.forbes.com/sites/tonifitzgerald/2023/08/09/new-record-for-disney-sheds-117-million-subscribers-password-crackdown-coming/?sh=5fe4d2b51d7b">146 million</a>&nbsp;subscribers (as of August) to have an equivalent effect.</p>



<p>Speaking at the New York Times’ DealBook Summit on Wednesday, Musk&nbsp;<a href="https://www.forbes.com/sites/antoniopequenoiv/2023/11/29/elon-musk-says-advertisers-that-have-left-x-shouldnt-come-back/?sh=1f7dc21b10c0">accused advertisers</a>&nbsp;that left the platform of “blackmailing” him with money and crudely told them to “go f**k themselves,” while addressing Iger in the crowd, saying, “hi Bob.”</p>



<p>Iger, also speaking at the summit,&nbsp;<a href="https://www.youtube.com/watch?v=8pSxx1e5n34" target="_blank" rel="noreferrer noopener">said</a>&nbsp;he has “a lot of respect for Elon and what he’s accomplished,” but took exception with Musk’s endorsement of the post on X, saying: “By him taking the position that he took in quite a public manner, we just felt that the association with that position and Elon Musk and X was not necessarily a positive one for us.”</p>



<p>Forbes Daily: Get our best stories, exclusive reporting and essential analysis of the day’s news in your inbox every weekday.Sign Up</p>



<p>By signing up, you accept and agree to our&nbsp;<a href="https://www.forbes.com/terms-and-conditions" target="_blank" rel="noreferrer noopener">Terms of Service</a>&nbsp;(including the class action waiver and arbitration provisions), and you acknowledge our&nbsp;<a href="https://www.forbes.com/privacy" target="_blank" rel="noreferrer noopener">Privacy Statement</a>.</p>



<h2 class="wp-block-heading" id="h-contra">CONTRA</h2>



<p>X could lose as much as $75 million in lost advertising revenue due to more than a dozen companies including Airbnb, Coca-Cola, Disney, IBM, Microsoft and Xfinity pulling out, the New York Times&nbsp;<a href="https://www.nytimes.com/2023/11/24/business/x-elon-musk-advertisers.html" target="_blank" rel="noreferrer noopener">reported</a>.</p>



<h2 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h2>



<p>IBM became one of the first in a string of high-profile advertisers to&nbsp;<a href="https://www.forbes.com/sites/mollybohannon/2023/11/16/ibm-suspends-advertising-on-x-after-ads-appear-near-pro-nazi-posts/?sh=17f133ce6a4d">suspend its ads</a>&nbsp;on the platform this month, after a report from left-wing watchdog Media Matters for America found advertisements for the company—as well as Apple, Oracle and Xfinity—appeared near neo-Nazi posts and posts praising Adolf Hitler. Musk suggested the watchdog went out of its way to achieve the result, claiming the finding represented a wildly different experience from that of a typical user. X Corp. later&nbsp;<a href="https://www.forbes.com/sites/tylerroush/2023/11/18/elon-musk-threatens-thermonuclear-lawsuit-against-group-reporting-antisemitic-x-posts-appearing-near-ads/?sh=27c854462b13">filed a defamation lawsuit</a>&nbsp;against Media Matters. Musk also came under fire after he&nbsp;<a href="https://www.forbes.com/sites/tylerroush/2023/11/16/elon-musk-condemned-after-calling-antisemitic-post-actual-truth/?sh=648123644020">shared</a>&nbsp;a post on X in which a user claimed “Jewish communities have been pushing the exact kind of dialectical hatred against whites that they claim to want people to stop using against them,” an argument Musk called “the actual truth.” The White House also&nbsp;<a href="https://www.forbes.com/sites/brianbushard/2023/11/17/white-house-condemns-musk-over-abhorrent-promotion-of-antisemitic-and-racist-hate/?sh=4990834c1ea5">condemned</a>&nbsp;that post, issuing a statement calling the claim an “abhorrent promotion of antisemitic and racist hate.” Musk on Wednesday apologized for the post and&nbsp;<a href="https://www.theverge.com/2023/11/29/23981771/musk-says-the-antisemitic-post-was-a-mistake" target="_blank" rel="noreferrer noopener">admitted</a>&nbsp;it was “one of the most foolish, if not the most foolish, thing I’ve done” on the platform.</p>



<h2 class="wp-block-heading" id="h-big-number">BIG NUMBER</h2>



<p>$7.2 billion. That’s how much Disney spent on advertisements in fiscal year 2022, surpassing its advertising budget in 2021 ($5.5 billion) and 2020 ($4.7 billion).</p>



<h2 class="wp-block-heading" id="h-tangent">TANGENT</h2>



<p>Disney became the latest in a wave of major companies to draw the ire of right-wing critics largely online. Earlier this year, Bud Light drew&nbsp;<a href="https://www.forbes.com/sites/conormurray/2023/05/20/far-right-pundits-are-slamming-companies-including-nike-adidas-and-ford-for-lgbtq-outreach-as-pride-month-nears/?sh=64d1685f76d0">massive pushback</a>&nbsp;among right-wingers, including pundits Candace Owens and Ben Shapiro, after the beer brand launched a partnership with transgender TikTok star Dylan Mulvaney. Fast food chain Chick-fil-A also came under fire after right-wing online circles expressed outrage over its hiring of a director of diversity, equity and inclusion in 2021, while Adidas faced right-wing pushback for a marketing campaign that included trans-inclusive swimwear. Target additionally faced right-wing blowback online for an LGBTQ Pride product line. In response to the criticism, Target&nbsp;<a href="https://www.forbes.com/sites/conormurray/2023/05/24/target-removes-pride-items-after-conservative-firestorm-sparking-criticism-from-lgbtq-groups/?sh=18e16e20e512">pulled</a>&nbsp;items from that line in late May, just a week before the start of Pride month, claiming in a statement that threats and criticism it received over the products were “impacting our team members’ sense of safety and well-being,” though the move also sparked pushback in LGBTQ circles over claims the company caved to right-wing blowback.</p>



<h2 class="wp-block-heading" id="h-further-reading">FURTHER READING</h2>



<p><a href="https://www.forbes.com/sites/antoniopequenoiv/2023/11/29/elon-musk-says-advertisers-that-have-left-x-shouldnt-come-back/?sh=1f7dc21b10c0">Elon Musk Says Advertisers That Have Left X Shouldn’t Come Back</a>&nbsp;(Forbes)</p>



<p><a href="https://www.forbes.com/sites/brianbushard/2023/11/17/apple-and-disney-pull-x-ads-after-musks-promotion-of-antisemitic-post-joining-these-other-companies/?sh=3f0da76a34fb">Apple And Disney Pull X Ads After Musk’s Promotion Of Antisemitic Post—Joining These Other Companies</a> (Forbes)</p>


Popular Streaming Services Photo Illustrations

Disney Vs. Musk: Right-Wing X Users Push For Disney+ Cancellations As Disney Pulls Ads


<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



<p>X Corporation will file a “thermonuclear” lawsuit against a media watchdog that claimed advertisements for several companies—including Apple and Disney, among others—appeared by antisemitic posts on X, Elon Musk said Saturday, following decisions from several major companies to pause ads on Musk’s social media platform.</p>



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



<p>Musk&nbsp;<a href="https://twitter.com/elonmusk/status/1725771191644758037?s=46&amp;t=vx29-32gzBE_H5suNoiKjQ" target="_blank" rel="noreferrer noopener">said</a>&nbsp;a lawsuit will be filed Monday the “split second court opens” against Media Matters for America, a left-wing watchdog, after Musk suggested Media Matters “posted a story that completely misrepresented the real experience on X.”</p>



<p>Media Matters used an alternate account to curate posts and advertising that appeared on the account’s timeline, Musk claims, in an effort to “manipulate the public and advertisers.”</p>



<p>Once the account’s feed was “curated,” Media Matters “repeatedly refreshed” the account’s timeline to find “a rare instance of ads serving next to the content they chose to follow,” Musk alleges.</p>



<p>Media Matters&nbsp;<a href="https://www.mediamatters.org/twitter/musk-endorses-antisemitic-conspiracy-theory-x-has-been-placing-ads-apple-bravo-ibm-oracle" target="_blank" rel="noreferrer noopener">reported</a>&nbsp;earlier this week that ads for major firms—including Apple, Bravo, IBM, Oracle and Xfinity—were appearing next to content that supported Adolf Hitler and the Nazi Party.</p>



<p>IBM said Thursday&nbsp;<a href="https://www.forbes.com/sites/mollybohannon/2023/11/16/ibm-suspends-advertising-on-x-after-ads-appear-near-pro-nazi-posts/?sh=5a48a3a66a4d">it was pulling ads</a>, while companies like&nbsp;<a href="https://www.forbes.com/sites/brianbushard/2023/11/17/apple-and-disney-pull-x-ads-after-musks-promotion-of-antisemitic-post-joining-these-other-companies/?sh=418431934fb3">Apple, Disney and Lionsgate</a>&nbsp;followed suit Friday.</p>



<p>Media Matters did not immediately respond to a request for comment from Forbes.</p>



<h2 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h2>



<p>X, formerly known as Twitter, has also reinstated several accounts for far-right extremists “as part of its creator ad revenue sharing program,” the watchdog claims. The report followed&nbsp;<a href="https://www.forbes.com/sites/tylerroush/2023/11/16/elon-musk-condemned-after-calling-antisemitic-post-actual-truth/?sh=52519b9f4020">comments</a>&nbsp;from Musk, who endorsed another user’s claims that Jewish communities objecting to antisemitism show “hatred against whites,” which Musk said was the “actual truth.” The user also appeared to endorse a conspiracy theory that was&nbsp;<a href="https://www.theatlantic.com/ideas/archive/2023/11/elon-musks-disturbing-truth/676019/" target="_blank" rel="noreferrer noopener">shared</a>&nbsp;by Robert Bowers, who killed 11 people at Pittsburgh’s Tree of Life synagogue in 2018, the&nbsp;<a href="https://www.forbes.com/sites/brianbushard/2023/07/13/pittsburgh-synagogue-shooting-jury-finds-gunman-eligible-for-death-penalty/?sh=766a0c161afe">deadliest</a>&nbsp;attack on Jewish people in U.S. history. Musk was widely&nbsp;<a href="https://www.forbes.com/sites/tylerroush/2023/11/16/elon-musk-condemned-after-calling-antisemitic-post-actual-truth/?sh=52519b9f4020">condemned</a>&nbsp;for his comments,&nbsp;<a href="https://www.forbes.com/sites/brianbushard/2023/11/17/white-house-condemns-musk-over-abhorrent-promotion-of-antisemitic-and-racist-hate/?sh=2e363a011ea5">including</a>&nbsp;in a statement from the White House that said Musk’s post was an “abhorrent promotion of antisemitic and racist hate.”</p>



<h2 class="wp-block-heading" id="h-tangent">TANGENT</h2>



<p>Musk earlier this week also&nbsp;<a href="https://twitter.com/elonmusk/status/1724934935943979269?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1724934935943979269%7Ctwgr%5E9f715cc15d83469cd22b35d1b6fda5bdde5015a6%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2Farticles%2F2023-11-16%2Felon-musk-calls-anti-semitic-post-on-x-the-actual-truth" target="_blank" rel="noreferrer noopener">criticized</a>&nbsp;the Anti-Defamation League, the Jewish civil rights group that Musk claims “unjustly attacks the majority of the West, despite the majority of the West supporting the Jewish people and Israel.” Musk accused the group of pushing “de facto anti-white racism.” Musk previously blamed the ADL for X’s 60% decline in ad revenue, claiming the organization had been urging advertisers to pull out of the platform.</p>



<h2 class="wp-block-heading" id="h-further-reading">FURTHER READING</h2>



<p><a href="https://www.forbes.com/sites/tylerroush/2023/11/16/elon-musk-condemned-after-calling-antisemitic-post-actual-truth/?sh=52519b9f4020">Elon Musk Condemned After Calling Antisemitic Post ‘Actual Truth’</a>&nbsp;(<em>Forbes</em>)</p>



<p><a href="https://www.forbes.com/sites/brianbushard/2023/11/17/apple-and-disney-pull-x-ads-after-musks-promotion-of-antisemitic-post-joining-these-other-companies/?sh=1c723e1a34fb">Apple And Disney Pull X Ads After Musk’s Promotion Of Antisemitic Post — Joining These Other Companies</a>&nbsp;(<em>Forbes</em>)</p>



<p><a href="https://www.forbes.com/sites/brianbushard/2023/11/17/white-house-condemns-musk-over-abhorrent-promotion-of-antisemitic-and-racist-hate/?sh=2e363a011ea5">White House Condemns Musk Over ‘Abhorrent Promotion Of Antisemitic And Racist Hate’</a>&nbsp;(<em>Forbes</em>)</p>


Elon Musk Threatens ‘Thermonuclear’ Lawsuit Against Group Reporting Antisemitic X Posts Appearing Near Ads


<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



<p>Social media company X internally valued itself at $19 billion as of Monday,&nbsp;<a href="https://fortune.com/2023/10/30/x-formerly-twitter-valued-19-billion-employee-stock-plan/" target="_blank" rel="noreferrer noopener">multiple</a>&nbsp;<a href="https://www.nytimes.com/2023/10/30/technology/x-twitter-19-billion-dollars.html" target="_blank" rel="noreferrer noopener">news</a>&nbsp;<a href="https://www.bloomberg.com/news/articles/2023-10-30/musk-s-x-valued-at-less-than-half-of-price-he-paid-for-twitter?utm_medium=social&amp;utm_source=twitter&amp;utm_content=business&amp;sref=xuVirdpv" target="_blank" rel="noreferrer noopener">organizations</a>&nbsp;reported, a 55% drop from what Elon Musk paid for the company last October—following a year of sweeping change and revenue struggles at the company formerly known as Twitter.</p>



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



<p>The company handed out stock grants to employees that showed X was worth about $19 billion, according to the&nbsp;<a href="https://www.nytimes.com/2023/10/30/technology/x-twitter-19-billion-dollars.html" target="_blank" rel="noreferrer noopener"><em>New York Times</em></a>, citing internal documents.</p>



<p>Musk purchased the majority of Twitter in October 2022 in a deal valued at $44 billion.</p>



<p>Employees were offered equity in the social media company at $45 a share in the form of restricted stock units, but they will still receive $54.20 for any outstanding shares granted to them before Musk took over the company, according to the&nbsp;<em>Times.</em></p>



<p>Musk paid $54.20 a share to take the company private in 2022.</p>



<p>This latest valuation is somewhat higher than the&nbsp;<a href="https://www.forbes.com/sites/antoniopequenoiv/2023/10/27/year-of-musk-x-faces-slashed-valuation-and-fewer-advertisers-one-year-after-twitter-takeover/?sh=517715b65510">$16.9 billion</a>&nbsp;that Fidelity—which has a small stake in X—valued the company at in late August.</p>



<p><em>Forbes</em>&nbsp;has reached out to X for comment.</p>



<h2 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h2>



<p>Since he purchased the social media platform, Musk has repeatedly said he overpaid for it. Even before the acquisition was finalized, Musk&nbsp;<a href="https://www.forbes.com/sites/siladityaray/2022/10/20/tesla-shares-drop-in-pre-market-after-missed-q3-earnings/?sh=4edbdddc6064">said</a>&nbsp;in an October 2022 Tesla earnings call (Musk is also CEO of the electric carmaker) he was “obviously overpaying for Twitter right now,” though he believed the company’s long term potential was “an order of magnitude greater than its current value.” The billionaire&nbsp;<a href="https://www.forbes.com/sites/nicholasreimann/2022/07/08/elon-musk-terminating-deal-to-buy-twitter-platform-plans-legal-action/?sh=411843c52e21">tried to call off</a>&nbsp;an agreement to buy Twitter at $54.20 a share last year, citing concerns about the number of fake accounts, but Twitter&nbsp;<a href="https://www.forbes.com/sites/joewalsh/2022/07/12/twitter-sues-elon-musk-for-trying-to-cancel-acquisition-deal/?sh=6aa832513d38">sued him</a>&nbsp;and asked a judge to force him to follow through, and he eventually closed the deal in October 2022. In April, during an interview with conservative media personality Tucker Carlson, he&nbsp;<a href="https://www.forbes.com/sites/nicholasreimann/2023/04/17/musk-admits-twitter-purchase-wasnt-financially-smart-and-he-paid-twice-what-its-worth/?sh=5767b0c265c6">admitted</a>&nbsp;the purchase was not currently “financially smart” and said the company was worth about half of what he paid for it. In a March internal memo that&nbsp;<a href="https://www.theguardian.com/technology/2023/mar/26/elon-musk-twitter-value-leaked-memo-less-than-half-paid#:~:text=Twitter%20is%20worth%20less%20than,at%20less%20than%20%2420bn." target="_blank" rel="noreferrer noopener">was leaked</a>&nbsp;to the press, Musk suggested the company was worth less than $20 billion.</p>



<h2 class="wp-block-heading" id="h-forbes-valuation">FORBES VALUATION</h2>



<p>We estimate Musk’s net worth at&nbsp;<a href="https://www.forbes.com/real-time-billionaires/#6631d4d33d78">$214.8 billion</a>, making him the wealthiest person on earth, mostly due to his stakes in Tesla and SpaceX.</p>



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<p>By signing up, you accept and agree to our&nbsp;<a href="https://www.forbes.com/terms-and-conditions" target="_blank" rel="noreferrer noopener">Terms of Service</a>&nbsp;(including the class action waiver and arbitration provisions), and you acknowledge our&nbsp;<a href="https://www.forbes.com/privacy" target="_blank" rel="noreferrer noopener">Privacy Statement</a>.</p>



<h2 class="wp-block-heading" id="h-tangent">TANGENT</h2>



<p>Since acquiring and taking control of Twitter, Musk has made a series of polarizing decisions including&nbsp;<a href="https://www.forbes.com/sites/brianbushard/2023/07/23/elon-musk-directs-xcom-to-twitter-plans-to-ditch-twitter-bird/?sh=22703c4f4542">renaming</a>&nbsp;the platform to X, loosening the site’s content moderation rules,&nbsp;<a href="https://www.forbes.com/sites/nicholasreimann/2022/11/01/twitter-will-sell-coveted-blue-checkmark-for-8-a-month-musk-says-but-benefits-still-unclear/?sh=6fa15be85ac2">charging users</a>&nbsp;to get verification check marks and&nbsp;<a href="https://www.forbes.com/sites/tylerroush/2023/07/01/elon-musk-announces-temporary-reading-limit-for-unverified-twitter-accounts-amid-outage/?sh=23b1f90475fa">temporarily limiting</a>&nbsp;the amount of posts a user can view or the amount of direct messages a user can send. In September, Musk&nbsp;<a href="https://www.forbes.com/sites/willskipworth/2023/09/04/musk-blames-anti-defamation-league-for-xs-poor-ad-sales-threatens-lawsuit/?sh=1b06f746a00e">revealed</a>&nbsp;that ad revenue was down 60% since his acquisition. Additionally, nonprofits like the Anti-Defamation League have reported a rise in hate speech, racism and harassment on the platform. Musk responded by&nbsp;<a href="https://www.forbes.com/sites/willskipworth/2023/09/04/musk-blames-anti-defamation-league-for-xs-poor-ad-sales-threatens-lawsuit/?sh=1b06f746a00e">threatening</a>&nbsp;to sue the organization. The company has also been embroiled in a number of legal challenges under Musk, both as plaintiff and defendant. X has faced lawsuits over allegations it has&nbsp;<a href="https://www.forbes.com/sites/willskipworth/2023/07/12/twitter-and-elon-musk-face-500-million-lawsuit-for-allegedly-reusing-severance-for-fired-employees/?sh=256d21d31d91">refused to pay</a>&nbsp;its employees promised severance, that it’s&nbsp;<a href="https://www.forbes.com/sites/alisondurkee/2023/07/03/twitter-faces-lawsuit-over-unpaid-office-fees-again/?sh=10cee9462613">refused to pay</a>&nbsp;its rent and office fees and that it&nbsp;<a href="https://storage.courtlistener.com/recap/gov.uscourts.nhd.60380/gov.uscourts.nhd.60380.1.0.pdf" target="_blank" rel="noreferrer noopener">breached a contract</a>&nbsp;it made with a regional jet company. As a plaintiff, X has sued the nonprofit Center for Countering Digital Hate, claiming that the organization violated X’s terms of service by collecting data for an analysis it did into hate speech on X.</p>



<h2 class="wp-block-heading" id="h-further-reading">FURTHER READING</h2>



<p><a href="https://www.forbes.com/sites/antoniopequenoiv/2023/10/27/year-of-musk-x-faces-slashed-valuation-and-fewer-advertisers-one-year-after-twitter-takeover/?sh=492ed0f55105">Year Of Musk: X Faces Slashed Valuation And Fewer Advertisers One Year After Twitter Takeover</a>&nbsp;(Forbes)</p>



<p><a href="https://www.forbes.com/sites/nicholasreimann/2023/04/17/musk-admits-twitter-purchase-wasnt-financially-smart-and-he-paid-twice-what-its-worth/?sh=5767b0c265c6">Musk Admits Twitter Purchase Wasn’t ‘Financially Smart’—And He Paid Twice What It&#8217;s Worth</a>&nbsp;(Forbes)</p>



<p><a href="https://www.forbes.com/sites/willskipworth/2023/09/04/musk-blames-anti-defamation-league-for-xs-poor-ad-sales-threatens-lawsuit/?sh=1b06f746a00e">Musk Blames Anti-Defamation League For X’s Poor Ad Sales, Threatens Lawsuit</a>&nbsp;(Forbes)</p>



<p><a href="https://www.nytimes.com/2023/10/30/technology/x-twitter-19-billion-dollars.html" target="_blank" rel="noreferrer noopener">X Says It Is Worth $19 Billion, Down From $44 Billion Last Year</a>&nbsp;(New York Times)</p>



<p><a href="https://fortune.com/2023/10/30/x-formerly-twitter-valued-19-billion-employee-stock-plan/" target="_blank" rel="noreferrer noopener">X, formerly Twitter, valued at $19 billion in new employee stock plan</a>&nbsp;(Fortune)</p>



<p><a href="https://www.bloomberg.com/news/articles/2023-10-30/musk-s-x-valued-at-less-than-half-of-price-he-paid-for-twitter?utm_medium=social&amp;utm_source=twitter&amp;utm_content=business&amp;sref=xuVirdpv" target="_blank" rel="noreferrer noopener">Elon Musk’s X Is Worth Less Than Half of Price He Paid for Twitter</a> (Bloomberg)</p>


Tag: Elon Musk

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