Diddy was one of the investors who helped Elon Musk buy Twitter for $44billion, after pumping $10million into the bid himself, it’s been revealed.
The hip-hop music legend, 53, is said to have wanted ‘a seat a the table’ so helped Musk with his billion dollar social media takeover.
Elon Musk bought the tech company for $44 billion last week – and has already made his presence known by firing hoards of staff across the globe and re-instating accounts that were previously suspended.
He was able to take over Twitter with the help of wealthy investors – including Diddy – and loans from Wall Street banks.
According to TMZ, sources say that Diddy’s investment comes from the fact that he ‘believes’ in Musk’s vision for the social media giant.
It’s believed that the pair hang out in similar circles – with them both attending one of Dave Chappelle’s show in May and Kanye West’s Dona 2 experience in February.
Diddy, who also goes by the stage name Puff Daddy, recently ascended to billionaire status, making him one of the most wealthy artists in the music industry, according to former Forbes editor Zack O’Malley.
Diddy allegedly helped Elon Musk buy Twitter by investing $10million into his takeover plans
Elon Musk has caused quite a stir since taking over Twitter last week
The Tesla CEO, who has given himself the title of ‘Chief Twit’, fired four executives shortly after taking over, who had been owed millions under the merger agreement – lodging the dissolvement on Thursday.
Former CEO Parag Agrawal had been set to received up to $60million alone, but Musk sacked them all ‘for cause’ – though it is unclear his reasons behind the move.
It is possible the firings could void the payout agreement, but the executives are ‘deliberating’ their next steps.
Agrawal and chairman Bret Taylor are no longer on the board of directors after Musk’s $44bn takeover.
Twitter Q&A: Why did Musk buy Twitter and what is he planning to change?
How did Twitter get started?
The origins of Twitter date back to 2006, when its founder Jack Dorsey was working at Odeo, a podcasting company.
After being asked to pitch ideas to his colleagues, Dorsey shared his concept for a new platform which allowed users to share short messages similar to texts.
In the first ever tweet on March 21, 2006, Dorsey wrote: ‘Just setting up my twttr.’ Twitter made its public debut in July and quickly grew in popularity.
Why was Musk critical of the platform?
Must has long been one of Twitter’s most prominent users, and has regularly tweeted criticism of the platform.
He’s long claimed it is not sufficiently protective of free speech, focusing on examples such as the ‘incredibly inappropriate’ 2020 blocking of a New York Post article on Hunter Biden, which the company has since said was a mistake.
Musk has also criticised the number of bots on the platform and suggested it was a threat to democracy.
How did he go about taking control of it?
On January 31, the billionaire started buying shares of Twitter in near-daily installments, amassing a 5 per cent stake in the company by mid-March.
In March, he said he was giving ‘serious thought’ to building an alternative to Twitter and began privately contacting Twitter board members, including Dorsey, a friend.
The next month, Musk was offered a seat on Twitter’s board on the condition he amass no more than 14.9 per cent of the company’s stock, but CEO Parag Agrawal later announced he would not be joining the board after all.
Then, on April 14, Twitter revealed in a securities filing that Musk has offered to buy the company outright for about $44bn (£39bn). This kicked off several months of rollercoaster negotiations, which appeared to fizzle out on May 13 when Musk announced his planned purchase was ‘on hold’ due to a row over bots.
Several flip-flops followed before he completed his $44bn (£38.1bn) takeover last week. ‘The bird is freed,’ he tweeted afterwards.
What changes has he been proposing?
Must has claimed to be motivated to take over Twitter because it is ‘important for the future of humanity’. The changes he is planning include –
BLUE TICK FOR $8 A MONTH – Musk wants to bring in a monthly charge for verified users from Monday. This has sparked a backlash, but the billionaire insists it is necessary if the platform is to balance it’s books.
FREE SPEECH – Musk’s feistiest priority – but also the one with the vaguest roadmap – is to make Twitter a ‘politically neutral’ digital town square for the world’s discourse that allows as much free speech as each country’s laws allow.
OPEN-SOURCED ALGORITHMS – Musk’s longstanding interest in AI is reflected in one of the most specific proposals he outlined in his merger announcement – the promise of ‘making the algorithms open source to increase trust.’ He’s talking about the systems that rank content to decide what shows up on users´ feeds.
`DEFEATING THE SPAM BOTS’ – ‘Spam bots’ that mimic real people have been a personal nuisance to Musk, whose popularity on Twitter has inspired countless impersonator accounts that use his image and name – often to promote cryptocurrency scams that look as if they’re coming from the Tesla CEO.
AD-FREE TWITTER? Musk has floated the idea of an ad-free Twitter, though it wasn’t one of the priorities outlined in the official merger announcement. He has also spoken out to reassure advertisers Twitter remains a good place to grow their businesses. However, subscribers paying the $8 a month blue tick charge have been promised fewer ads.
Will Donald Trump return?
Musk is expected to soon start welcoming back users who were handed lifetime bans from the platform – including former US president.
However, the billionaire suggested this would not happen until after the Midterm elections. ‘Twitter will not allow anyone who was de-platformed for violating Twitter rules back on platform until we have a clear process for doing so, which will take at least a few more weeks,’ he tweeted on Wednesday.
He had previously vowed to set up a “content moderation council” and said no major content decisions would be made until it was in place.
Trump has welcomed Musk’s takeover, saying the platform was not ‘in sane hands’.
What’s happened to Twitter staff?
As part of his plan to drive down costs since acquiring the social media company for $44bn (£39bn), the world’s richest man plans to cut around 3,700 jobs – about half of Twitter’s workforce.
But employees say the company is eliminating workers without enough notice in violation of federal and California law, Bloomberg reported on Friday, citing a class-action lawsuit filed in a San Francisco federal court.
The company warned staff to brace for firing notices in a memo on Thursday night. It said all employees will receive an email alert by 9am Pacific time Friday letting them know whether they still have a job at the company.
Twitter had a global workforce of some 7,500 employees at the end of 2021. The company said its offices will be temporarily sealed and all staff badge access will be suspended in order ‘to help ensure the safety of each employee as well as Twitter systems and customer data.’
Staff have now sued Musk in the US for not giving them enough notice.
What could Musk’s approach to moderation look like?
Musk has been very vocal about easing content moderation policies, noting in April that if a tweet includes contents that are ‘a gray area’ it should stay.
But following concerns from advertisers, Musk released an open letter last week in which he reassured them Twitter would not be allowed to become a ‘free for all hellscape’.
‘Fundamentally,’ he said, ‘Twitter aspires to be the most respected advertising platform in the world that strengthens your brand and grows your enterprise.’
Therefore, much about how Musk will seek to moderate abusive content or disinformation remains unclear. Some Twitter users sought to test his limits today by spreading a fake rumour about Donald Trump being dead.
Martha Lane Fox, Omid Kordestani, David Rosenblatt, Patrick Pichette, Egon Durban, Fei-Fei Li and Mimi Alemayehou have also been ousted from their positions after the SpaceX chief’s overhaul.
As well as sacking Agrawal, Musk also fired CFO Ned Segal, Chief Legal Officer Vijaya Gadde and General Counsel Sean Edgett.
In addition to cutting Twitter staff, another idea Musk has pitched is a charge for the platform’s iconic blue tick – the mark used to identify verified users – claiming the move will end the current ‘lords and peasants’ system.
The ‘badges’ could go live as soon as Monday, Bloomberg reported, with current blue check holders receiving a ‘grace period’ of multiple months before being forced to either pay or lose the badge, which is as a verification mark for high-profile users.
Musk’s touted move has been criticized by some, who say key users of the platform create the content that gives it value. Others have said previous attempts by companies to monetize something previously free have seldom been successful.
He originally suggested $20 a month for verification but appeared to lower the cost after an exchange earlier this week with horror writer Stephen King, where he offered him a discount.
The billionaire is looking to make good on his promise to make the social media platform turn a profit by introducing a charge for Twitter users wanting to keep their verification badge.
Musk suggested publishers who are ‘willing to work’ with Twitter will get a ‘paywall bypass’ and social media stars will also be getting a secondary heading like politicians. Content creators will also get rewarded through a revenue stream.
‘You get what you pay for,’ the father-of-eight tweeted on Wednesday. He also celebrated ‘being attacked by both the right and left simultaneously,’ calling it a ‘good sign.’
But in a sign that the price might not be a done deal, Musk responded to a tweet from the author of The Shining complaining about the new charge.
‘$20 a month to keep my blue check? F*** that, they should pay me,’ wrote King, who has 6.9 million followers. ‘If that gets instituted, I’m gone like Enron.’
This morning, Twitter staff are bracing for a jobs bloodbath as Elon Musk looks set to cull 3,700 workers around the world following his dramatic takeover.
Musk will be cutting around half of the workforce, with staff at the social media giant set to discover their fates at 9am PST.
Those in the San Francisco building are anxiously waiting for an email with the subject ‘Your Role at Twitter’ to drop into their inboxes by 9am today, while those in New York will find out their fates at 12pm.
Staff in London and Manchester will received the news in the same way, by 4pm local time in the UK, with many finding themselves locked out of their accounts when they woke up.
Members of staff have reported being logged out of their work accounts and locked out of laptops while the company sealed offices for all of its employees, as Elon Musk began to make sweeping layoffs on Friday.
Sacked workers are suing Musk for not giving enough notice of the mass job cuts, with some posting sentimental messages to the platform after being told they were to be unemployed.
Offices in the UK and US have been shut down for the day by Musk, who warned employees that their buildings would be locked and all staff badge access will be suspended in order ‘to help ensure the safety of each employee as well as Twitter systems and customer data.’
As part of his plan to drive down costs at the company the world’s richest man announced the cuts internally with an email, as employees banded together on internal channels to say goodbye.
Musk is allegedly working on plans to charge users to view video content on Twitter – which is already one of the only social media sites that allows nudity and pornography to be posted.
According to the Washington Post, an internal Twitter email obtained revealed the plans: ‘When a creator composes a tweet with a video, the creator can enable the paywall once a video has been added to the tweet.’
The proposed move would mean creators who already post explicit clips will be able to put up their own paywalls, charging as little as $1 for people to be able to view their X-rated footage.
Twitter is already home to a thriving exchange of pornographic imagery, which comprises about 13 percent of all content on the site, internal company data showed earlier this year.
Musk said that the plan for his social media platform is to make it the ‘most accurate source of information on Earth, without regard to political affiliation.’
He revealed his grand ambitions after a user was confused to see a fact check box pop up after clicking on a tweet published by the White House’s official account.