🐦 Why did Elon Musk buy Twitter?

PLUS: The shaky economics of Coke’s big year. [The Hustle] Bitcoin. Dogecoin. A thousand other coins. Blockchain. Forks? ICOs? Mining? Keys? Wallets? We want to know what you want to know about crypto. Share your thoughts [in this 15-second survey](. In today’s email: - Twitter’s new owner: Did Elon Musk really just buy Twitter? - Chart: Coke’s growth, and rising costs. - Spy bill: New laws could limit employee monitoring tech. - Around the web: Astronaut simulators, bread finders, panda hugs, and more cool internet finds. 🎧 On the go? [Listen to today’s 10-minute podcast]( to hear Jacob and Rob discuss Musk buying Twitter, hilarious takes on Netflix’s password-sharing crackdown, and Zuck’s quest to build the next Apple store. The big idea [Elon Musk and Twitter logo]( Why did Elon Musk buy Twitter? We knew he loved sh*tposting — we just didn’t know how much. Per The Wall Street Journal, Twitter’s most famous [sh*tposter]( (AKA Twitter troll), who moonlights as CEO of Tesla and SpaceX, is [buying]( the company for $44B. So how did we get here? Here’s a brief timeline of events leading up to the purchase: - April 4: Musk disclosed he purchased a 9.3% stake in Twitter — becoming the company’s largest shareholder - April 5: Musk was offered a board seat, which he later declined - April 14: Musk [offered to buy]( Twitter for $43B - April 15: Twitter’s board adopted a “poison pill” defense — a [move]( that prevents unwanted takeovers - April 21: Musk secured funding for his proposed purchase, including [~$25B]( in debt financing led by Morgan Stanley - April 25: Twitter accepted Musk’s offer Whew. So what caused Twitter to come around? Musk, [considered]( by some the “greatest car salesman who has ever lived,” supposedly took his sales chops to Zoom last Friday, outlining his intentions to a group of shareholders via videoconference… … which are what, exactly? Musk has been adamant about [several changes]( he would make after taking the company private, including: - Reducing content moderation: Musk [tweeted]( that a social media platform’s policies should leave both the left and right equally unhappy, and said Twitter has the “potential to be the platform for free speech around the globe.” - Eliminating bots: Musk [pledged]( to “defeat the spam bots or die trying” and “authenticate all real humans.” - Relying less on advertising: In since-deleted tweets, Musk made the case for Twitter embracing a subscription model, and getting rid of ads for premium subscribers. Additionally, Musk has joined the tech-Twitter elite in advocating for new features — including an edit button, longer tweets, and an open source algorithm. But Musk has many critics… … and they’re not convinced his intentions are pure. The New Yorker’s Kyle Chayka [argues]( that Musk’s bid is an attempt to maintain his ability to influence millions of people without interference. If that’s the case, Musk’s past criticism of [Jeff Bezos]( and Marc Benioff, owners of The Washington Post and Time magazine, respectively, could end up looking comically hypocritical. However, just yesterday, Musk [extended]( an olive branch to his critics, tweeting that he hopes they stay on the platform “because that is what free speech means.” It raises the question: Can you really trust a sh*tposter? [Share on Facebook]( [Share on Twitter]( [Send as email to a friend](mailto:?subject=The%20Hustle%20wrote%20something%20I%20think%20you%27ll%20like...%0A&body=Why+did+Elon+Musk+buy+Twitter%3F%0Ahttps%3A%2F%2Fthehustle.co%2F04262022-Musk-buys-Twitter%3Futm_campaign%3DTuesday%2BEmail%26utm_content%3D04262022-Musk-buys-Twitter%26utm_medium%3Demail%26utm_source%3Ddaily%0A%0AYou%20can%20subscribe%20with%20my%20link%20here%20to%20get%20the%20latest%20in%20tech%20and%20business%20daily:%0A [View on our website]( SNIPPETS Truck takeover: Ford [announced]( plans to boost production of the Ford F-150 Lightning, the EV model of its most popular truck. The company aims to increase production to 150k vehicles in the next year, up from its initial plan of 40k. Profitable pivot: Harry’s, a D2C pioneer, said it now makes [50%+]( of its revenue from brick-and-mortar stores, including a lucrative partnership with Target. The company’s sales increased 47% in 2021. Password crackdown: Netflix [announced]( it will finally address password sharing on the app. Rather than freeze the 100m+ accounts that share passwords, Netflix is going to charge a fee for subscribers to add “sub accounts.” Sneak preview: Leaked images allegedly [reveal]( the design for Google’s 1st smartwatch. The pictures feature a prototype of the watch that was left at a restaurant. Sobering business: An entrepreneur launched an alcohol-free bar in Austin for people who are sober-curious or recovering from addiction. He's since taken [his act national]( by creating pop-up alcohol-free parties. --------------------------------------------------------------- Hey — enjoy getting quick updates on what you care about? Take [20 seconds]( to personalize your Snippets. Pick your preferences👇 and we’ll send you more of what you love. Boom. [Personalize my Email →]( Chart [Coca-Cola growth]( Singdhi Sokpo / The Hustle Coke’s year is off to a bubbly start Coke [reported]( earnings yesterday. - The good news: Revenue jumped 16% to $10.5B, buoyed by renewed consumer demand at places like stadiums and restaurants. - The bad news: It’s unclear if that’ll last. Costs were a challenge, rising [17%]( YoY. Aluminum, plastic, sugar, and shipping crates — fairly important staples in Coke’s pantry — have all shot up in price over the pandemic. Coke accounted for that by charging more, but CEO James Quincey [told]( CNBC that people won’t just “swallow inflation endlessly.” Translation: At some point, people will look at the price of a Coke and say, “yeah… no.” Unrelated, but related: The Coca-Cola Company bought Columbia Pictures in 1982. Under Coke’s ownership, the studio made hits like Ghostbusters and The Karate Kid, but it eventually spun off and sold to Sony in 1989. [Share on Facebook]( [Share on Twitter]( [Send as email to a friend](mailto:?subject=The%20Hustle%20wrote%20something%20I%20think%20you%27ll%20like...%0A&body=Coke%E2%80%99s+year+is+off+to+a+bubbly+start%0Ahttps%3A%2F%2Fthehustle.co%2F04262022-Coca-Cola%3Futm_campaign%3DTuesday%2BEmail%26utm_content%3D04262022-Coca-Cola%26utm_medium%3Demail%26utm_source%3Ddaily%0A%0AYou%20can%20subscribe%20with%20my%20link%20here%20to%20get%20the%20latest%20in%20tech%20and%20business%20daily:%0A [View on our website]( Spy Bill [laptop computer]( A new bill would limit employer spying Remote work has driven an increase in employee-monitoring software, while other workplaces have long used such tech to track workers’ location and productivity. Employees — no surprise — [hate it](. And some legislators want to set a few ground rules Bills in New York, Connecticut, and Delaware would require employers to tell employees when they’re using electronic monitoring, per [CalMatters](. Going further, the [Workplace Technology Accountability Act]( in California comes with additional requirements: - Employers must tell workers when, how, and why they’re being monitored, and how their data will be used - Workers can view and correct data - Employers can’t monitor workers off-duty, on personal devices, or in private areas (e.g., bathrooms, locker rooms, and cafeterias) - No tech that monitors facial recognition, gait, or [emotions]( Employers also wouldn’t be allowed to use algorithms to make decisions about who should be punished or fired, and must complete impact assessments on how monitoring affects employees. Why this matters Monitoring can be harmful to employees’ [mental health]( and their physical bodies. Amazon was recently fined $60k by Washington’s Department of Labor & Industries, which determined that the company’s quotas and productivity tracking tech were [connected]( to employee injuries. California Assemblymember Ash Kalra, who introduced the bill, also argues that low-income workers of color are most negatively affected by monitoring tech “designed to squeeze out every single ounce of productivity.” And some tech exhibits racial biases. For example, [studies]( found AI often reads Black faces as angrier than others, regardless of their actual expression. BTW: Employees often resist intrusive monitoring — which is why [mouse jigglers]( have been on the rise. [Share on Facebook]( [Share on Twitter]( [Send as email to a friend](mailto:?subject=The%20Hustle%20wrote%20something%20I%20think%20you%27ll%20like...%0A&body=A+new+bill+would+limit+employer+spying%0Ahttps%3A%2F%2Fthehustle.co%2F04262022-privacy-bill%3Futm_campaign%3DTuesday%2BEmail%26utm_content%3D04262022-privacy-bill%26utm_medium%3Demail%26utm_source%3Ddaily%0A%0AYou%20can%20subscribe%20with%20my%20link%20here%20to%20get%20the%20latest%20in%20tech%20and%20business%20daily:%0A [View on our website]( TRENDS Gifting, but as a big business opportunity Not to tarnish any acts of love, but you should see this. As remote work rages on, establishing personal connections in a professional capacity can be tough. So, corporate gifting platform [&Open]( garnered $7.2m in VC funding last May. &Closed. In our Trends signal, we highlight [opportunities to break into the business of giving](. Here’s the quick: - Private gifting: Gifts.com gets 400k visits/mo. but may lack that special touch. We see market gaps for niche, artisanal options. - Corporate gifting: Forget digital whatever, tasteful bundles are in. Trendster Sam Eitzen details insights from clearing 7 figures after his 1st year [selling niche or local gifts to bigger brands](. Join Trends for the sharp weekly newsletter and remarkable network of professionals. [Get Trends access →]( AROUND THE WEB 🎉 On this day: In 1977, New York City’s famous Studio 54 [opened](. A PR guru’s deep entertainment connections would soon turn the discotheque into one of the hottest clubs in history. 🚀 That’s cool: This [simulator]( lets you attempt to dock a SpaceX Dragon 2 vehicle with the ISS, using the same controls as NASA astronauts. Patience is key. 🍞 That’s interesting: Prashant Baid simply cannot eat 20 slices of bread in 3 days. So, he [created]( a website for people to find half-loaves and it’s taking off. 🦘Useful: [Jumpstick]( lets you explore the internet by topic. Just choose your interests and start jumping. 🐼 Aww: And now, your new [dream job](. Tweet of the day [Elon buying Twitter meme] Source: [Twitter]( (where else?) SHARE THE HUSTLE Hey. Stop keeping us a secret. Refer just 3 people and we’ll start to send some goodies as a thank you. [My First Million ebook]( Spread the news. Help us grow 🌱 [Share The Hustle 🤠→]( Or copy this custom referral link: [ Your referral count: 0 How did you like today’s email? Today's email was brought to you by [Jacob Cohen](, [Juliet Bennett Rylah](, and [Rob Litterst](. Editing by: Jennifer “Just setting up my twttr” Wang. Was this email forwarded to you? Sign up [here](. [PODCAST]( [JOBS]( [CONTACT US](mailto:news@thehustle.co) [Facebook]( [Youtube]( [Instagram]( [Twitter]( 25 FIRST ST. 2ND FLOOR, CAMBRIDGE, MA 02141, UNITED STATES  +1 888 482 7768 Never want to hear from us again? Break our hearts and [unsubscribe](list=thehustle). [The Hustle logo](