X (Formerly Twitter)

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      Banks Sell $4.7 Billion of X’s Debt, in a Sign of Investor Demand

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      The social media company is attracting investor interest because of Elon Musk’s close ties to President Trump and a recent jump in revenue.When Elon Musk bought X for $44 billion in 2022, more than a quarter of that was financed by loans from banks including Morgan Stanley. Banks normally quickly sell off such loans, but in this case they kept much of that debt because investors were reluctant to bet on the social media company’s floundering business.Mr. Musk’s newfound power in President Trump’s administration has helped change investors’ minds.On Thursday, the banks sold roughly $4.7 billion of X’s debt, according to two people familiar with the transaction, more than the $3 billion that they had originally intended to sell. Mr. Musk, who has become a close adviser to the president and is running a government efficiency initiative, has faced increasing questions about whether the companies he leads — including the electric automaker Tesla and the rocket company SpaceX — are benefiting from his position as Mr. Trump’s right-hand man.X has become a go-to platform for information on the administration’s plans, which Mr. Musk broadcasts to his account’s more than 217 million followers. Advertisers have returned in droves to X, people familiar with the deals said, fueling a boost in revenue. The company told investors that its revenue in December jumped 21 percent from a month earlier, a person with knowledge of the finances said.An X spokesman and Morgan Stanley declined to comment. Bloomberg previously reported the jump in revenue and details of the transaction.Selling the debt — which totaled $12.5 billion at the time of the acquisition — helps Mr. Musk and the banks, which have been saddled with it for two years. Just two months ago, investors were negotiating to buy that debt at a loss of 10 percent to 20 percent for the banks, one person involved in the discussions said.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Elon Musk’s X Settles Trump Lawsuit

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      X has agreed to pay in the range of $10 million to settle a lawsuit brought by President Trump over the 2021 suspension of his account on the social media platform, according to a person briefed on the matter.The company, then known as Twitter, removed Mr. Trump from its platform after the riot at the U.S. Capitol on Jan. 6, 2021, citing his inflammatory posts and arguing they could lead to more violence. Mr. Trump sued, claiming Twitter and other tech firms that removed his accounts had wrongfully censored him.Elon Musk, now X’s owner and a close adviser to the president, reinstated Mr. Trump’s account shortly after acquiring the company in 2022. Mr. Musk has thrown his support behind Mr. Trump, donating more than $250 million to his campaign, and is now running a government cost-cutting initiative called the Department of Government Efficiency.The settlement further cements the relationship between Mr. Musk and Mr. Trump. Details of the agreement were not made public in court filings, but X and Mr. Trump notified the Ninth Circuit Court of Appeals on Friday that they had agreed to dismiss the lawsuit. Both parties agreed to pay their own costs, according to a court filing.The settlement amount was previously reported by The Wall Street Journal. A spokesman for X did not respond to a request for comment. It was not immediately clear what entity would receive the money.Mr. Trump sued Twitter, Facebook and Google, the parent company of YouTube, after the platforms suspended his accounts in the wake of the attack on the Capitol. After the riot, Mr. Trump had used his Twitter account to praise his supporters, calling them “patriots.”Mr. Trump also posted that he would not attend the inauguration of Joseph R. Biden Jr., which Twitter’s safety teams said at the time could have signaled his supporters to stage another attack on that event. Twitter said it suspended Mr. Trump’s account “due to the risk of further incitement of violence.”Meta, the parent company of Facebook, Instagram and WhatsApp, settled its lawsuit last month, agreeing to pay the president $25 million. Mark Zuckerberg, Meta’s chief executive, has also courted Mr. Trump in recent months, donating to his inauguration fund and making sweeping changes to Meta’s policies to allow for more types of speech across the company’s apps.In December, ABC News agreed to pay $15 million to settle a defamation lawsuit by Mr. Trump. ABC News said it would donate the money to Mr. Trump’s future presidential foundation and museum.Meta agreed to similar terms in its settlement with Mr. Trump. About $22 million will finance Mr. Trump’s presidential library, with the remaining $3 million set aside to for Mr. Trump’s legal fees and other plaintiffs who joined the lawsuit. More

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      PlayStation Network Is Working After 24-Hour Outage, Sony Says

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      Users on social media had complained that they could not access their games after the unexplained outage began on Friday night.The PlayStation Network, which users of the Sony PlayStation platform rely on to play games, download content and access apps, started working again on Saturday night after a 24-hour outage that left customers frustrated.“All services are up and running,” PlayStation announced on its website around 7 p.m. on Saturday. The problems, which prevented many customers from “launching games, apps or network features,” were first reported at 7 p.m. on Friday, the company said.“PSN has been restored,” the company’s support team posted on X at 6:58 p.m. on Saturday. “You should be able to access online features without any problems now.”The company did not explain the cause of the outage and did not immediately respond to an email seeking more information.The issues affected users of PlayStation’s most popular offerings, including its console and web products. Account management, gaming and social, PlayStation Video, PlayStation Store and PlayStation Direct were among the impacted services.PlayStation creates software and hardware, including hugely popular gaming consoles. Users play video games and run apps like Netflix, Spotify and YouTube through the PlayStation Network.On social media, some users reported that they were able to use their PlayStation on Saturday afternoon but many were still experiencing issues into the evening.During the outage, some users reported that they were not able to play offline games, a testament to how severe the server problems were, as offline games usually do not face the same issues that online games will sometimes experience.As users complained on social media, other brands fired off trolling messages.“Calling all gamers: this play station still works,” Krispy Kreme posted on X. Krispy Kreme offered free glazed doughnuts for two hours on Saturday “because sweet rewards don’t need a server.”“bet y’all want physical copies now,” GameStop, the struggling video game retail chain, said on X. More

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      Bluesky Is Different From X. For Now.

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      Liberals moving away from X are giving up on the 20th-century ideal of a public sphere, best described by Hannah Arendt as a place that “gathers us together and yet prevents our falling over each other.”Bluesky, the destination of the moment, is experiencing a post-election surge of new users as millions of mostly liberal users of X (nee Twitter) have moved over to the Twitter-like platform, which opened to the public last year. The platform had 13 million users by early November; 10 million more joined over the next month.Now that social media is ubiquitous, growth in one platform often means lost users for another. The Bluesky migration suggests that the broader the “us” gathered together, the harder it is to prevent our falling on another. (Owners of giant social media platforms often imagine they can get good moderation for many users with little effort, when that is a distinctly “pick two” choice.)On social media, the political is personal; migrating Bluesky users are signaling political separation from an increasingly conservative X and giving up on the idea of a town square that holds all voices simultaneously.It’s obvious why liberal users might want to leave X. Since Elon Musk acquired Twitter in 2022 (and renamed it in 2023), he has reshaped the platform to be more welcoming to racism, misogyny and anti-immigrant and antitrans sentiment than even the old freewheeling Twitter. Abandoning early promises to not reinstate barred users without the judgment of a review board, Mr. Musk reversed previous suspensions and bans for Nick Fuentes, an admirer of Hitler; James Lindsay, an anti-L.G.B.T.Q. activist; and, of course, Donald Trump, who was barred after the Jan. 6 insurrection.Mr. Musk hasn’t just made X more conservative; he has also made it harder for users to ignore far-right and MAGA content, dismantling tools they had relied on to filter out those voices. X was originally a rebranding of Twitter, but over time, the service has become, in internet parlance, a Nazi bar.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Elon Musk and Jeff Bezos Exchange Posts About Trump on X

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      The world’s two richest men are longtime business rivals, but now one of them has the ear of the next president of the United States.A few months ago, a three-post exchange between Jeff Bezos and Elon Musk on Mr. Musk’s X would have passed for petty sniping between billionaire rivals.But times have changed.“Just learned tonight at Mar-a-Lago that Jeff Bezos was telling everyone that @realDonaldTrump would lose for sure, so they should sell all their Tesla and SpaceX stock,” Mr. Musk wrote Wednesday night, referring to two of his companies. He added an emoji for a snickering face, with a hand covering the mouth.“Nope. 100% not true,” Mr. Bezos responded on Thursday morning.“Well, then, I stand corrected,” Mr. Musk wrote back, with a laughing-crying emoji.With President-elect Donald J. Trump’s history of animosity toward Mr. Bezos, the posts carried an unspoken message about Mr. Musk’s growing power within the incoming administration.The exchange — brief, brassy and fairly typical of Mr. Musk’s overwhelming presence on X — could foreshadow a bumpy next few years for Mr. Bezos and the companies he started, Amazon and the rocket maker Blue Origin. It was also a reminder that the power dynamics in the longtime rivalry between the world’s two richest men changed on Nov. 5.Plenty of tech executives have drawn Mr. Trump’s wrath over the last few years. Perhaps none more than Mr. Bezos, largely because he owns The Washington Post, which has frequently written critically about Mr. Trump. (The Post did not endorse a presidential candidate this year, a decision that angered many of its readers and that Mr. Bezos publicly defended.)We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Cómo gestiona Bluesky, la alternativa a X y Facebook, su crecimiento explosivo

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      En febrero de 2023, media decena de expertos en tecnología presentaron un prototipo de red social a la que solo se podía acceder por invitación. Estrenaron deliberadamente su creación, Bluesky, con poca fanfarria para poder gestionar de cerca su crecimiento.Pero últimamente ha sido todo menos lento.En la última semana, el crecimiento de Bluesky ha estallado, duplicándose con creces hasta superar los 15 millones de usuarios, ya que la gente busca alternativas a X, Facebook y Threads. Se ha disparado hasta los primeros puestos de las tiendas de aplicaciones de Apple y Google como la aplicación gratuita más descargada. Su ascenso ha sido tan rápido que la empresa se ha visto obligada a crecer prácticamente de la noche a la mañana.Los 20 empleados a tiempo completo de Bluesky han estado trabajando sin descanso para hacer frente a los problemas que conlleva el hipercrecimiento: caídas del sitio, fallas en el código y problemas de moderación de contenidos. Y lo que es más importante, han intentado contentar a los primeros usuarios a medida que llegaban nuevos miembros.“Como equipo, estamos orgullosos de nuestra capacidad para crecer rápidamente”, dijo en una entrevista Jay Graber, de 33 años, directora ejecutiva de Bluesky. “Pero siempre hay algunas dificultades mientras creces”. Añadió que la aplicación —que sigue siendo eclipsada por Facebook, Instagram y X— estaba sumando más de un millón de nuevos usuarios al día.Bluesky está surgiendo en medio de la agitación en el mundo de las redes sociales. Después de que Elon Musk comprara Twitter en 2022, lo transformó en X, cambiando muchas de sus funciones y alejando a algunos de sus usuarios más fieles. Threads, una aplicación similar a X que Meta introdujo el año pasado, se basa principalmente en una opaca selección algorítmica que reduce la política de los contenidos que ve la gente. Esto ha provocado que algunas personas se dirijan a otras redes, como Bluesky, para debatir cuestiones sociales candentes.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      La victoria de Trump es un triunfo para Elon Musk y la política de los grandes capitales

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      Es difícil separar el trabajo de campaña de Musk de otras influencias que llevaron a Trump a la Casa Blanca. Su papel podría inspirar iniciativas similares y contribuir a transformar las campañas modernas.En la estridente reunión de la noche electoral del martes, Elon Musk se sentó a dos asientos de Donald Trump, dispuesto a atribuirse mucho del mérito de su decisiva victoria presidencial.“Mi comité independiente de campaña, America PAC, mejoró enormemente la campaña republicana en el terreno en los estados disputados”, dijo Musk al comentarista conservador Tucker Carlson en una entrevista en Mar-a-Lago, la residencia y club privado de Trump en Florida. Publicó un meme desí mismo en el Despacho Oval para sus 203 millones de seguidores en X, su plataforma de redes sociales.Su vuelta de celebración fue el punto culminante de un esfuerzo que comenzó hace solo seis meses y que dependía de una arriesgada apuesta: el nuevo comité independiente de campaña de Musk dirigió eficazmente la operación de captación de votos de Trump en los estados más disputados, y Trump confió una función crucial de la campaña a un neófito en política.Es difícil separar el trabajo de campaña de Musk de otras influencias que llevaron a Trump a la Casa Blanca. Pero no cabe duda de que la elección fue una victoria no solo para Musk, sino también para la política del gran capital: un donante ultra rico aprovechó el cambiante sistema de financiación de campañas de Estados Unidos para inclinar la balanza como nunca antes.Musk financió casi en solitario una campaña que costó más de 175 millones de dólares. Sus representantes tocaron cerca de 11 millones de puertas en los estados disputados desde agosto, incluidos 1,8 millones en Míchigan y 2,3 millones en Pensilvania, según personas con conocimiento del asunto. Se gastaron otros 30 millones de dólares en un gran programa de correo directo y unos 22 millones en publicidad digital, incluso en medios afines a Trump como Barstool Sports.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      On the Trail, Vance Is Dogged by Questions About Trump’s Loss in 2020

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      Senator JD Vance of Ohio, who has faced renewed questions about the 2020 election since refusing at the vice-presidential debate this month to acknowledge that former President Donald J. Trump lost, falsely suggested on Saturday that the election had been “rigged.”“I think the election of 2020 had serious problems,” Mr. Vance said at a campaign event in Johnstown, Pa. “You want to call it rigged. Call it whatever you want to, it wasn’t OK.”Mr. Vance was asked five times in an interview with The New York Times this week whether Mr. Trump lost the 2020 election, and he declined to answer each time. Taking questions from reporters at a rally at a factory for military vehicles in Johnstown, Mr. Vance again refused to acknowledge his running mate’s defeat and downplayed the severity of the Jan. 6, 2021, attack on the Capitol even as he condemned it.“Yes, there was a riot at the Capitol on Jan. 6, but there was still a peaceful transfer of power in this country,” Mr. Vance said, describing the rioters as “a few knuckleheads who went off and did something they shouldn’t do.” The rioters, hundreds of whom were convicted of crimes in connection to the attack, had interrupted the certification of Joseph R. Biden Jr.’s victory as they stormed the Capitol that day.Johnstown, which has a storied history in the Pennsylvania steel industry, is in an overwhelmingly Republican county east of Pittsburgh that Mr. Trump won by 38 points in 2020. Some members of the audience at the event, filling roughly half the seats in the venue, stood up in their chairs and booed reporters as they asked questions about the 2020 election and the Jan. 6 riot.Mr. Vance repeated his assertion that censorship by tech companies had hurt Mr. Trump in 2020. And he chided the press for asking him about that election, saying that he had not been asked one question about inflation or the economy.“I’m a hell of a lot more worried that American citizens can’t afford a good life in their country,” Vance said, “because Kamala Harris has been the vice president, and that is what I’m trying to change.” The audience of Trump supporters gave Mr. Vance a standing ovation, and broke out into chants of: “JD.”Later, after Mr. Vance departed Johnstown for a town-hall event in a packed airport hangar in Reading, Pa., Mr. Vance said that the attorney general would be the most important job in a second Trump administration. He vowed to “clean house” at the F.B.I. and the Justice Department, and to fire those people who were responsible for Mr. Trump’s first impeachment, which he characterized as “fake.”“Here’s what President Trump and I are going to do when we get in there: We’re going to fire the people responsible,” Mr. Vance said to raucous applause. More