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Musk’s Acquisition Leads to 71% Decline in X Holdings’ Value

The financial trajectory of X Holdings, previously known as Twitter, has taken a dramatic downturn, with a 71% decrease in market value following its acquisition by Elon Musk. This striking decline was revealed in a report by Axios, citing data from Fidelity, a mutual fund investor in X Holdings.


Elon Musk, the CEO of SpaceX and Tesla, made headlines with his $44 billion acquisition of Twitter in October 2022, subsequently rebranding it as “X” in July 2023. However, this rebranding has not been well-received, as evidenced by Fidelity’s recent valuation of X Holdings at just $12.5 billion, a significant fall from its purchase value.

A key factor in this devaluation is a 15% reduction in X’s monthly user base since Musk’s takeover. Users have expressed concerns over an increase in hate speech on the platform, leading to this notable decline.

Additionally, X has undergone drastic internal changes, including a 50% reduction in staff and a decrease in moderation efforts. The European Union issued a warning to Musk in September, noting that X had the highest rate of disinformation among major social media networks.

The period up to November 2023, as covered in Fidelity’s report, also saw major advertisers withdrawing from X. This move came in response to Musk’s endorsement of an antisemitic conspiracy theory, further damaging the company’s financial health.

Elon Musk, with a net worth of $251 billion, had declared his intention to acquire Twitter to “help humanity.” However, his subsequent decisions, including reinstating controversial figures like Donald Trump and Alex Jones, have sparked widespread criticism.

Donald Trump, facing numerous criminal charges and civil lawsuits, and Alex Jones, recently ordered to pay $1.5 billion to Sandy Hook families, are among the notable reinstatements on X. Jones’s attempt to declare bankruptcy to evade this payment was overruled by a Texas judge.

The reinstatements and Musk’s management style have added to the controversies surrounding X Holdings. As the company wrestles with these challenges, its future in the social media landscape remains in question.

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White House Announces AI Firms’ Pledge Against Image Abuse

The White House announced this week that several leading AI companies have voluntarily committed to tackling the rise of image-based sexual abuse, including the spread of non-consensual intimate images (NCII) and child sexual abuse material (CSAM). This move is a proactive effort to curb the growing misuse of AI technologies in creating harmful deepfake content.


Companies such as Adobe, Anthropic, Cohere, Microsoft, and OpenAI have agreed to implement specific measures to ensure their platforms are not used to generate NCII or CSAM. These commitments include responsibly sourcing and managing the datasets used to train AI models, safeguarding them from any content that could lead to image-based sexual abuse.

In addition to securing datasets, the companies have promised to build feedback loops and stress-testing strategies into their development processes. This will help prevent AI models from inadvertently creating or distributing abusive material. Another crucial step is removing nude images from AI training datasets when deemed appropriate, further limiting the potential for misuse.

These commitments, while voluntary, represent a significant step toward combating a growing issue. The announcement, however, lacks participation from major tech players such as Apple, Amazon, Google, and Meta, which were notably absent from today’s statement.

Despite these omissions, many AI and tech companies have already been working independently to prevent the spread of deepfake images and videos. StopNCII, an organization dedicated to stopping the non-consensual sharing of intimate images, has teamed up with several companies to create a comprehensive approach to scrubbing such content. Additionally, some businesses are introducing their own tools to allow victims to report AI-generated sexual abuse on their platforms.

While today’s announcement from the White House doesn’t establish new legal consequences for companies that fail to meet their commitments, it is still an encouraging step. By fostering a cooperative effort, these AI companies are taking a stand against the misuse of their technologies.

For individuals who have been victims of non-consensual image sharing, support is available. Victims can file a case with StopNCII, and for those under 18, the National Center for Missing & Exploited Children (NCMEC) offers reporting options.

In this new digital landscape, addressing the ethical concerns surrounding AI’s role in image-based sexual abuse is critical. Although the voluntary nature of these commitments means there is no immediate accountability, the proactive approach by these companies offers hope for stronger protections in the future.

Source: engadget.com

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Tech & IT

Microsoft Introduces Tool to Combat Deepfake Porn

Microsoft has taken a major step to protect victims of deepfake and revenge porn by partnering with StopNCII, an organization aimed at stopping the spread of non-consensual intimate images. This partnership allows victims to create a digital fingerprint, or “hash,” of explicit images, enabling platforms like Bing, Facebook, Instagram, and others to scrub the harmful content.


Microsoft recently revealed that it blocked 268,000 explicit images in a pilot program with StopNCII. Previously, the company offered a reporting tool for individuals but recognized that user reports alone weren’t enough to prevent widespread access to harmful content.

Google, despite offering its own reporting tools, has faced criticism for not partnering with StopNCII. The AI deepfake problem is growing, especially with “undressing” sites affecting high schoolers and others. While StopNCII’s tool only helps adults, the U.S. currently lacks a nationwide deepfake porn law, leaving states to create their own patchwork solutions. Some states have taken action, with San Francisco prosecutors filing lawsuits against major “undressing” sites and 23 states passing laws to address nonconsensual deepfakes.

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Tech & IT

The Truth About Free Speech, Big Tech, and Protecting Our Children

In today’s world, there is a lot of confusion about what “free speech” truly means, especially regarding the influence of Big Tech. As Americans continue to idolize tech billionaires, it’s essential to understand the legal boundaries of free speech and how these platforms operate, especially when children’s safety is at stake.


What Is Free Speech?

Free speech, as protected under the First Amendment of the U.S. Constitution, is often misunderstood. The First Amendment restricts the government’s ability to limit speech, but it doesn’t grant individuals the right to say whatever they want on private platforms. Whether it’s a social media site, a restaurant, or a business, private companies have the right to moderate or restrict speech on their terms. The idea that users are entitled to free speech on platforms like Facebook, Twitter, or Telegram is a misconception. These platforms are private businesses, not public forums.

However, these tech companies promote themselves as champions of free speech while still exercising significant control over the content they allow. This creates an illusion of free speech where, in reality, users must follow the rules set by these billionaires.

The Cost of Unchecked Platforms on Children’s Safety

One of the most alarming issues today is the way tech platforms are being exploited for child abuse and sex trafficking. While some Big Tech companies claim they are creating safe spaces, many have been slow or reluctant to address the growing epidemic of child sexual exploitation on their platforms. Reports have shown that Facebook, Instagram, Twitter, and even Telegram have become hotbeds for child trafficking and the distribution of abusive material.

For example, Telegram’s founder, Pavel Durov, has been praised for allowing free speech on his platform. However, recent investigations reveal that Telegram has been slow to cooperate with law enforcement, particularly in cases involving child abuse. French authorities recently arrested Durov for allegedly failing to provide information in child exploitation cases. This arrest raises serious concerns about the safety of children online and how tech platforms, even those claiming to defend free speech, might be complicit in illegal activities.

These companies prioritize profit over safety. They know tightening security would cost them time and money, so they continue allowing unsafe environments to thrive. Children are the ones paying the price as these platforms enable predators to find and exploit them.

The Greed Behind Big Tech

At the heart of the problem is greed. Tech billionaires like Durov, Mark Zuckerberg (Facebook), and Elon Musk (Twitter) have made fortunes by creating platforms that allow anyone to voice their opinions. However, these platforms have also created opportunities for criminals, including child traffickers. Instead of focusing on safety, these companies prioritize user engagement, which increases ad revenue, data collection, and, ultimately, their bottom line.

Despite the ongoing abuse, companies like Twitter have cut teams responsible for monitoring child exploitation. Under Elon Musk’s leadership, Twitter reduced its child safety monitoring staff, even though Musk publicly stated that protecting children would be a top priority. The result? An increase in dangerous and illegal content that harms vulnerable young users.

Similarly, Facebook and Instagram have failed to take meaningful steps to combat child trafficking on their platforms. Lawsuits have even been filed against these tech giants, accusing them of promoting child trafficking. Instead of acting decisively to protect children, these billionaires protect their business models and profits.

Protecting Free Speech While Safeguarding Children

There is a clear need to balance free speech with the responsibility to protect children. While people have the right to express their opinions, this does not mean tech platforms should turn a blind eye to illegal and harmful activities on their sites. Big Tech’s refusal to adopt stronger protections is not about defending free speech—it’s about greed and profit.

It is crucial to demand more accountability from these platforms. The public must understand that free speech doesn’t give anyone the right to endanger others, particularly children. If platforms are not ensuring safety, they should be held accountable for their negligence.

The Solution

To protect free speech and ensure the safety of our children, tech companies need to take a stand against illegal activities. This means investing in moderation, cooperating with law enforcement, and putting ethics before profit. While Big Tech platforms offer valuable services, they cannot continue to put children at risk to grow their empires.

Parents, governments, and communities must stay vigilant and pressure these platforms to enforce stronger safety measures while protecting free speech. Free speech should never come at the cost of our children’s safety.

In conclusion, the battle for free speech must not ignore the importance of protecting society’s most vulnerable. As long as greed drives tech companies’ decision-making processes, our children will remain in danger. It’s time to demand better.

Source: healthimpactnews.com

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