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   DealBook: ‘Maximum fun’ at Twitter?
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   With his criticisms of executives, Elon Musk is already shaking things up.
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             April 28, 2022
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                  Not everyone is smiling.
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             Musk vs. the company he’s buying
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             Elon Musk doesn’t own Twitter yet, but he’s already making his presence felt there. Musk took aim at Twitter employees and others this week in
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              a round of tweets
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             that raised
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              new concerns
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             about the company’s future under his freewheeling approach to content moderation. (He also said — with tongue presumably in cheek — that he would buy Coca-Cola next, “
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              to put the cocaine back in
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             .”)
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              Musk criticized a longtime Twitter executive who has shaped its content policies.
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             He tweeted that a past moderation decision by Vijaya Gadde, Twitter’s top lawyer and safety expert, was “obviously incredibly inappropriate.” He later posted a meme mocking Gadde. Almost immediately, some people began tweeting abusive, racist and sexist attacks at her.
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              “Let’s make Twitter maximum fun!” Musk also tweeted.
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             But the company’s current and former leaders did not appear to share
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              that sentiment
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             . Here is how some of them reacted to his criticisms:
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               “Bullying is not leadership,”
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                tweeted
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                Dick Costolo
               </span>
               , who was Twitter’s C.E.O. from 2010 to 2015. He also
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                responded to the meme Musk posted
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               , writing: “what’s going on? You’re making an executive at the company you just bought the target of harassment and threats.”
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              <span style="font-size:17px;line-height:25px">
               Twitter’s C.E.O.,
               <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
                Parag Agrawal,
               </span>
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                offered a muted defense
               </a>
               of his staff. He tweeted that he was
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                “proud” of employees
               </a>
               who were working to improve Twitter “despite the noise.”
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                In private
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               , Twitter employees grumbled that he wasn’t outspoken enough in defending them.
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                Jack Dorsey
               </span>
               was silent. He stepped down as Twitter’s C.E.O. last year but remains a member of the board.
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              Could Musk back out of the deal?
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             Some investors are still
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              betting on it
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             , with Twitter’s stock trading below Musk’s offer price, signaling skepticism about the deal. And Tesla’s stock has fallen by around a fifth since Musk first revealed his stake in Twitter, reflecting worries that a distracted C.E.O. could be bad for the electric carmaker, as well as concerns about his use of Tesla shares as collateral for bank loans. Musk’s free-speech policies may also cause trouble with European regulators and Chinese censors. And there are questions about the financial viability of the deal: Twitter would take on some $13 billion in debt as part of Musk’s buyout, versus about $5 billion on its balance sheet now, and its earnings are modest relative to that much bigger interest bill. (The company reports its first-quarter earnings later this morning.)
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             ADVERTISEMENT
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              Musk is stuck with another Twitter-related challenge.
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             Even if he owns Twitter, his use of it will be constrained by a 2018 agreement with the S.E.C. Yesterday, a federal judge in New York
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              denied Musk’s request to end the settlement
             </a>
             , which requires him to run his social media posts about Tesla by a company lawyer and bars him from discussing the S.E.C. case. Musk has said that he accepted the agreement only because the litigation would have put too much financial pressure on Tesla. He has also argued that the agreement impeded his free speech rights and was being used by the S.E.C. to harass him. “None of the arguments hold water,” the court concluded.
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             HERE’S WHAT’S HAPPENING
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              First quarter G.D.P. data could show that the U.S. economic recovery is on track.
             </span>
             Consumer spending and business investment
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              are expected to show solid gains
             </a>
             , even though Wall Street forecasters expect that the G.D.P., adjusted for inflation, hardly grew. The report will be published at 8:30 a.m. Eastern —
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              follow The New York Times’s live briefing
             </a>
             for updates.
            </p>
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Some of Europe’s largest energy companies will pay for Russian gas in rubles.
             </span>
             Critics say their willingness to go along with the Kremlin’s terms will
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              undercut E.U. sanctions and prop up the Russian economy with billions in cash
             </a>
             .
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              Meta reports a 21 percent drop in profits.
             </span>
             It was the company’s
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              second consecutive quarterly decline
             </a>
             , the first time that has happened in over a decade. But investors were heartened by higher-than-expected user growth, pushing its stock up sharply after hours. Amazon and Apple earnings will be released today.
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              Boeing says an Air Force One deal is expected to cost it more than $1 billion.
             </span>
             Dave Calhoun, the C.E.O., said the company faced “
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              a very unique set of risks
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             that Boeing probably shouldn’t have taken” during the negotiations with President Donald Trump over two new planes.
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              A Deutsche Bank whistle-blower is found dead.
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             The body of Val Broeksmit, 46,
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              was found at a high school in L.A.
             </a>
             this week, and the police said they do not suspect foul play. Broeksmit, the son of a Deutsche Bank executive,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              handed over confidential bank documents
             </a>
             to government officials after his father’s suicide.
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            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             Fraud charges for Bill Hwang of Archegos
            </h2>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Bill Hwang, whose $10 billion investment firm Archegos collapsed last year, roiling markets and costing banks billions,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              was arrested yesterday
             </a>
             . Federal prosecutors in Manhattan said Hwang had engaged in a fraud that was “historic in scope,” and they charged him and his top lieutenant with racketeering conspiracy, securities fraud and wire fraud. It is one of the highest-profile Wall Street prosecutions in years.
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              Hwang’s losses were most likely the result of a mixture of bad behavior and lax regulations.
             </span>
             His derivatives trading strategy hugely inflated his firm’s hidden positions and gave it outsize power to move stock prices. Much of it was legal, as long as the intent of those trades was not to do something illegal, like manipulate the market. Lawrence Lustberg, a lawyer for Hwang, told The Times that his client was “entirely innocent of any wrongdoing.” But it’s clear that the poorly drawn lines of what is allowed and tolerated on Wall Street enabled Hwang and others to benefit for years at the expense of other investors — and the market as a whole.
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              The collapse has put a spotlight on so-called family offices
             </span>
             . Family offices like Archegos can trade like hedge funds but avoid much of the oversight of those funds. In December, the S.E.C. proposed new disclosure requirements for holders of return swaps, the types of derivatives that Hwang used to inflate his fund’s positions and potentially move markets.
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Big banks lent Hwang billions to trade despite obvious red flags
             </span>
             . Before his current legal troubles, Hwang paid $44 million to settle a 2012 charge of insider trading brought by the S.E.C. So while a number of large banks, including Credit Suisse, Goldman Sachs and Morgan Stanley, were potentially deceived by Hwang about the size of his overall bets, they were more than willing to work with an investor who had previously been charged by the S.E.C. — which also brought a case against Hwang yesterday tied to the latest charges.
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            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             “I think a union was really kind of my only option to make this a viable choice for myself and other people.”
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-style:italic;font-size:inherit">
              — Tyler Mulholland, who helped lead the campaign to unionize a Manhattan store of the outdoor equipment retailer REI. Mulholland, 32, is one of many young college-educated workers with nonprofessional jobs
             </span>
             <span style="font-style:italic;font-size:inherit">
              <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
               helping to propel their workplaces to unionize
              </a>
             </span>
             <span style="font-style:italic;font-size:inherit">
              .
             </span>
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                <img class="css-17i7zb3 e1aggfhi0" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2022%252F04%252F28%252Fworld%252F28db-milner%252F28db-milner-articleLarge.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSJ9:1nk2kh:r0t3HK2JAuTy3lfuZMAt9UxykeaUjtB5F9zmRpMYSN8" style="width:83%;max-width:500px;display:inline-block;height:auto;padding-top:15px;padding-bottom:0;line-height:0"/>
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                 <span class="css-2zlgwg e1aggfhi3" style="margin:0;font:normal 12px georgia,serif;color:#666">
                  Yuri Milner in 2017.
                 </span>
                 <span style="margin:0;font:normal 11px georgia,serif;padding-left:5px;color:#888;letter-spacing:.01em">
                  Steve Jennings/Getty Images for TechCrunch
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            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             Russian billionaire pledges $100 million for Ukrainians
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             This morning, a foundation started by the Russian-born tech billionaire Yuri Milner and his wife, Julia Milner, will announce a pledge of $100 million toward humanitarian aid for refugees from Ukraine. The effort, Tech for Refugees, will also be supported by the nonprofit arms of Airbnb and the logistics company Flexport.
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              The nine-figure donation is a strong rebuke of Russia’s war.
             </span>
             Last month, the Milners’ Breakthrough Prize Foundation, which awards money to scientists and is the source of the $100 million donation, released a statement condemning Russia’s invasion of Ukraine, as did DST Global, his investment firm. “We have been devastated by the heartbreaking suffering of the Ukrainian people,” the Milners say in today’s announcement. “We believe that this initiative, in partnership with some of the world’s most creative technology companies and organizations, can provide practical assistance for people living in turmoil outside their homeland.”
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              The donation is notable for its size, but also for its source.
             </span>
             Milner made most of his fortune by funding U.S. tech start-ups, including early investments in Facebook and Twitter, and has made a mansion in Los Altos Hills, Calif., his primary residence for over a decade. His early investment funds were linked to the Kremlin, but he has
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              sought to distance himself from Russia
             </a>
             and says he stopped taking money from Russian investors many years ago. He appeared on
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              a rundown of Russian oligarchs
             </a>
             that the U.S. Treasury released in 2018, but he doesn’t appear on any sanctions lists now.
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