Jasper, an Early Generative AI Winner, Cuts Internal Valuation as Growth SlowsRead more

Elon Musk. Photo by Bloomberg.

Twitter Embraces Musk—Will He Live to Regret It?

Photo: Elon Musk. Photo by Bloomberg.

Wow. It took Twitter’s board less than two weeks to traverse all five stages of grief—from denial to bargaining to acceptance—and reach a deal with Elon Musk for control of Twitter. In the end, there really was no alternative. Twitter’s routinely disappointing performance, both as a stock and as a business, truly made Musk’s offer the “best path forward for Twitter stockholders,” as chair Bret Taylor said.

That said, Musk may come to rue the day he made this deal. Owning Twitter is likely to be a lot tougher than negotiating to buy it. The biggest near-term risk is the economy. If the recent sell-off in the bond market is any indication, we may be on the verge of a recession. That should worry Musk. In a recession advertisers—who are already wary about Musk’s plans to relax Twitter’s content moderation policies—typically cut spending. As Snap indicated last week, advertisers have already pulled back a bit, thanks to macroeconomic headaches like supply chain constraints and inflation. 

Access on the go
View stories on our mobile app and tune into our weekly podcast.
Join live video Q&A’s
Deep-dive into topics like startups and autonomous vehicles with our top reporters and other executives.
Enjoy a clutter-free experience
Read without any banner ads.
Former Apple design chief Jony Ive and OpenAI CEO Sam Altman. Photos by Getty.
Designer Jony Ive and OpenAI’s Sam Altman Discuss AI Hardware Project
Jony Ive, the renowned designer of the iPhone, and OpenAI CEO Sam Altman have been discussing building a new AI hardware device, according to two people familiar with the conversations.
From left to right: Blair Effron, Robert Pruzan and David Handler. Photos by Getty; Tidal Partners.
Exclusive Finance
Disputes, Employee Misconduct Rattle Centerview’s Silicon Valley Dreams
The San Francisco Bay Area–based bankers at Centerview Partners, the investment bank that advised Silicon Valley Bank’s owner and Credit Suisse through recent turmoil, got two doses of bad news last week.
Art by Clark Miller
Exclusive startups entertainment
MasterClass Takes a Crash Course in Frugality
MasterClass had a problem with the shoot featuring its latest star instructor, Walt Disney Co. CEO Bob Iger.
OpenAI CEO Sam Altman and Microsoft CEO Satya Nadella. Photos via Getty
Exclusive microsoft ai
How Microsoft is Trying to Lessen Its Addiction to OpenAI as AI Costs Soar
Microsoft’s push to put artificial intelligence into its software has hinged almost entirely on OpenAI , the startup Microsoft funded in exchange for the right to use its cutting-edge technology.
From left: Paul Graham, Garry Tan and Michael Seibel. Photos by Getty. Art by Mike Sullivan.
Exclusive startups ai
Y Combinator’s Garry Tan Goes to the Mat
Garry Tan was in his happy place. Surrounded by food trucks and techies basking in San Francisco’s September sun, the CEO of Y Combinator snapped selfies with entrepreneurs as he meandered through a crowd of 2,700 attendees at the startup accelerator’s annual alumni event.
Dave Rogenmoser, cofounder of Jasper. Photo via Getty.
Exclusive startups ai
Jasper, an Early Generative AI Winner, Cuts Internal Valuation as Growth Slows
Jasper AI, an early darling of the generative artificial intelligence boom, has cut the internal value of its common shares 20%, according to former employees who were notified by the company.