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Twitter v Elon Musk: what happens next in the takeover saga?
Chris refused to give Mr Musk the top slot in Wednesday’s newsletter, but I have no such qualms. The will-he-won’t-he Twitter-buyout is the biggest media story at the moment and besides… I’ve almost made enough on the stock-price bounce to buy Chris and Esther lunch.
The big headline in this whole debacle is that Twitter still hasn’t let Musk off the hook for reneging on his original offer. Although the billionaire’s people say that Twitter must stop a Delaware court for the revived deal to go through, it looks like Twitter is holding out until it can be sure Elon ‘Lucy’ Musk won’t pull the football away again.
The serious point in all of this is the harm it is doing the workforce at Twitter. Being treated like Charlie Brown’s football can’t make for a very relaxed or productive working environment.
Axios CEO Jim VandeHei on why zero to $525 million in six years is just the start
Press Gazette says Axios has demonstrated that start-ups grounded in quality journalism can make serious money in the digital world. From a standing start in 2017, the business was sold to Cox Enterprises for $525 million this summer and Will Turvill has been talking to founder Jim VandeHei about what we can expect next.
Instagram fights back with ads in user profile feeds
The Drum’s Kendra Clark says Meta is ‘in a bit of a pickle’, with users leaving Meta-owned platforms ‘in droves’ and Apple’s privacy-centric iOS updates eroding the company’s ability to serve targeted ads. The company hopes that new advertising formats on Instagram will help it claw back ad revenue losses. Users might have something to say about that.
Layoffs at Recurrent Ventures raise questions of ‘mismanagement’
The media company Recurrent Ventures, which operates a portfolio of editorial titles ranging from Popular Science to Field & Stream, eliminated the roles of 52 employees last week in a surprise round of cuts. The cuts come just two months after the firm abruptly shut Mel magazine and not much more since we spoke to CEO Lance Johnson about the company’s acquisition strategy. Former staff are saying company infrastructure couldn’t keep up with the speed of the company’s growth.
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