Elon Musk’s acquisition of Twitter, now called X, has resulted in a dire revenue situation, prompting banks to prepare to sell off some of the $13 billion debt loaned to him for the deal. Musk acknowledged stagnant user growth and unimpressive revenue in an email to employees, while banks aim to sell senior debt at a discount to avoid losses. Despite Musk’s optimism for X becoming cash-flow positive soon, the company still faces over $1 billion in annual interest payments and struggles to meet financial expectations, despite efforts to attract investors through AI ambitions and new features.
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Tesla launches robotaxi service in Austin
Tesla has launched its robotaxi service in Austin, Texas, featuring 10 vehicles with a human safety driver amid scrutiny of its self-driving technology. While shares have risen 50% since April, the initial launch was low-key, limited to select social media influencers, as the company seeks to revitalize sales amid challenges and backlash against Elon Musk's activism. Need More Context? 🔎
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