Tech
X has lost 75% of its value since Elon Musk took over
Published
3 months agoon
By
Ekwutos BlogThe value of social media platform X has plunged by over 75 per cent compared to when billionaire owner Elon Musk bought it two years ago.
The information comes from a disclosure report for Fidelity’s Blue Chip Growth Fund. As of July, the fund had an equity stake in X worth $5.5 million (€4.96 million).
Originally, Fidelity invested $19.66 million (€17.73 million) when Musk purchased the social media company. Fidelity’s report puts the total valuation of X at $9.4 billion (€8.48 billion). That’s less than a quarter of the $44 billion (about €39.6 billion) Musk paid for it in October 2022.
As X’s financial health continues to worsen, the company has taken cost-saving measures such as moving its main office from San Francisco, California, to Bastrop, Texas. According to the 2020 US census, the town’s total population was just 9,688.
What caused X’s value to decrease?
The value of X’s shares actually increased by about 22 per cent immediately following Musk’s announcement to acquire the company, then known as Twitter.
However, share prices began to fall again following several controversial decisions by Musk: chief among them was the decision to rebrand Twitter to X, changing the company’s name and logo.
Some experts expressed concern with the decision at the time, arguing that the Twitter brand was too recognisable to change.
Musk also completely revamped the platform’s verification system.
Under Twitter, certain prolific users could be verified with a blue stamp next to their names. The verification system was implemented in 2009 after Tony La Russa, then-manager of the St Louis Cardinals, sued Twitter over an account that used his name to mock drunk driving deaths.
After his acquisition of the company, Musk changed verification to be subscription-based. Instead of being given to users at risk of impersonation, blue checks were used for X Premium subscribers who paid a monthly fee.
There were also grey checks that went to government-associated accounts and gold checks that businesses could purchase. The lowest cost for a gold check was originally $1,000 per month, but decreased to $200 in January 2024.
Both the changes of the social media’s verification system and branding caused controversy among users of the platform. One factor that has directly impacted X’s value is the exodus of advertisers who left the platform over concerns about content.
In 2023, Apple, Coca-Cola, and Disney removed paid ads from X after Musk endorsed an anti-semitic post. Other companies pulled advertising due to concerns regarding hate speech and Nazi-related content on X, including the European Commission, Comcast, IBM, and the World Bank.
Why did Musk acquire Twitter?
Musk originally entered negotiations with Twitter in April 2022. He offered a value of $54.20 (€48.89) per share to purchase the company and take it private.
After several days of discussion, Twitter accepted the deal.
However, in July 2022, Musk attempted to break out of the acquisition. He claimed Twitter violated parts of their agreement by refusing to provide account data on spambots and by firing high-ranking employees and one-third of its talent acquisition team.
In response, Twitter sued Musk with the goal of forcing the transaction through. Before the trial happened that October, the billionaire changed his mind and agreed to pay the original price for Twitter’s shares.
Musk remains the owner of X, but appointed Linda Yaccarino as CEO in May 2023. Yaccarino was previously the head of global advertising and partnerships for NBCUniversal.
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The wheels of an aircraft continue to spin and move immediately after takeoff.
Tech
The wheels of an aircraft continue to spin and move immediately after takeoff.
Published
6 hours agoon
January 4, 2025By
Ekwutos BlogThe wheels of an aircraft continue to spin and move immediately after takeoff.
Depending on the diameter of the tires, they may continue to spin between 1,500 and 2,000 rpm.
The captain must stop this rotation before the tires settle into the box, a task that is accomplished by different systems depending on the level.
Here is a brief explanation of how the wheels of an aircraft stop spinning
Most modern aircraft have automatic braking technology and devices to stop the wheels from spinning after takeoff, eliminating the need for pilots to use the brakes, as the automatic braking system works immediately after takeoff.
Passengers can feel the resulting vibration if they are sitting in the front and hear some intermittent noise immediately after takeoff.
Tech
Telcos push 100% tarrif hike, await NCC approval
Published
1 day agoon
January 3, 2025By
Ekwutos BlogNigerian telecommunications companies said they proposed a 100 per cent tariff hike to the regulator, the NCC, across voice, data and digital and are awaiting approval.
The proposal, which has been submitted, aims to address rising operational costs, including inflation and increased service delivery expenses.
The disclosure was made by the Chief Executive Officer, MTN Nigeria, Karl Toriola, during an interview on Arise TV on Thursday.
However, the CEO said that it remains uncertain whether the Nigerian Communications Commission will approve the proposal.
According to Toriola, the proposed tariff hike is necessary for the sustainability of the industry, which has been facing significant financial pressures due to rising operational costs.
“We’ve put forward requests of approximately 100 per cent tariff increases to regulators. I doubt they’re going to approve that quantum of increases because they are very, very sensitive to the current economic situation in the country,” Toriola said.
Despite the challenges, Toriola expressed optimism that regulators would make the right decision, taking into account the realities of the sector.
The CEO emphasised that the focus is on ensuring the long-term sustainability of the industry, rather than short-term profitability.
“I believe we’re all on the same side, the policymakers, the regulators, our Chairman of ALTON, Gbenga Adebayo, and the industry. We’re united because we share concerns about a few fundamental issues. First, human rights, are critical to driving any economy. Without a sustainable industry, the broader economy and the well-being of the people will be negatively impacted.”
Tech
Top secret lab is developing the UK’s first quantum clock
Published
1 day agoon
January 3, 2025By
Ekwutos Blog- READ MORE: Google’s quantum chip can perform ‘impossible’ tasks in five mins
A top secret lab is developing a super-precise ‘quantum clock’ that could revolutionize British intelligence.
This super-accurate timekeeping device, to be rolled out by 2029, will allow more precise navigation and surveillance on Royal Navy ships and RAF planes.
It will also ‘enhance the accuracy of advanced weapons’ like guided missiles and give British computer boffins the edge over online adversaries like cyber criminals.
The clock’s precision will be so refined that it will lose less than one second over billions of years, allowing scientists to measure time at an unprecedented scale.
It is the first device of its kind to be built in the UK and will be deployable on military operations in the next five years, according to Defence Science and Technology Laboratory (DSTL).
‘This first trial of advanced atomic clock represents a significant achievement in the UK’s quantum technology capabilities,’ said DSTL chief executive Paul Hollinshead.
‘The data gathered will not only shape future defence effort but is also a signal to industry and academia that we are serious about exploring quantum technologies for secure and resilient operational advantage.’
Quantum clocks use quantum mechanics – the physics of matter and energy at the atomic and subatomic scale – to keep time with unprecedented accuracy by measuring energy fluctuations within atoms.
Quantum clocks are even more accurate that the ‘atomic clocks’, of which there are approximately 400 already in operation around the world.
The UK already has an atomic clock at the National Physical Laboratory in London, but this quantum clock will be the country’s first.
Nick France, CTO of Sectigo, told MailOnline: ‘A quantum clock is a type of atomic clock – essentially a super-accurate timekeeping device.
‘Atomic clocks work by measuring the resonant frequency of atoms, whereas quantum clocks measure very small energy changes (‘quantum fluctuations’) in these atoms, leading to increased accuracy even over super-accurate atomic clocks.
‘Atomic clocks currently are incredibly accurate anyway, but a quantum clock has accuracy levels where only a single second is lost in billions of years of operation.’
The British quantum clock will be ‘the first device of its kind to be built in the UK’, said the UK government in a statement, but it will not be a world first.
Back in 2010, the University of Colorado at Boulder developed a quantum clock with the US National Institute of Standards and Technology.
However, key barriers to deploying quantum clocks are their size – current models come in a van or in a car trailer and are about 1,500 litres in volume.
Potential of quantum clocks
- Enable more precise and independent navigation systems, reducing reliance on GPS satellites, which are vulnerable to jamming or destruction in conflict scenarios.
- Secure communications systems, such as encrypted military networks, which depend on highly synchronised timekeeping.
- Enhance the accuracy of advanced weapon systems, like guided missiles, which rely on accurate timing to calculate trajectories and coordinate attacks.
- Allow Armed Forces to gain an edge over adversaries in timing-critical operations, especially in areas like cyber warfare, where milliseconds can make a difference.
Source: DSTL
Just like most quantum equipment, quantum also have sensitivity to environmental factors such as heat and air molecules, limiting their transport between different places.
‘Quantum clocks are not small like watches or alarm clocks,’ France added.
‘These are devices that in current implementations can be large, even room-sized devices.
‘However, improvements in technology will decrease the size of these devices making them more portable.’
Apart from just ultra-precise timekeeping, quantum clocks could transform global navigation systems by helping satellite communications and aircraft navigation.
According to DSTL, their quantum clock will enable more precise and independent navigation systems, reducing reliance on GPS satellites, which are vulnerable to jamming or destruction in conflict scenarios.
It will improve communications systems, such as encrypted military networks, which depend on highly synchronised timekeeping, as well as boosting the accuracy of advanced weapon systems like guided missiles, which rely on accurate timing to calculate trajectories and coordinate attacks.
What’s more, British Armed Forces will get an edge over adversaries in ‘timing-critical operations’, such as cyber warfare, where milliseconds can make a difference.
Cyber warfare refers to the actions by a nation-state or international organization to attack and attempt to damage another nation’s computers or information networks.
France told MailOnline: ‘Super-accurate timekeeping is important to governments and militaries to enable accurate navigation (using GPS or similar technologies) of planes and ships, but also guidance of weapons systems such as missiles.
‘Equally important to the military as well as civilians is secure communications.
‘Much of the secure communications for governments and the military relies on accurate time sources to function.
‘But equally these accurate clocks are useful for more civilian applications and general internet security, even securing your personal data as it’s transmitted around the internet.’
Companies and governments around the world are keen to cash in on the huge potential benefits that the spooky effects of quantum technology could bring.
Google last month unveiled a new quantum computing chip it said could do in minutes what it would take leading supercomputers 10 septillion years to complete.
Eventually, such a chip could power a ‘commercial’ quantum computer that could be purchased by members of the public and used in labs, offices and even homes.
These ultra-powerful machines, which use the spooky effects of quantum physics, could do everything from speed up AI, solve climate changeand discover lifesaving drugs.
WHAT IS THE ATOMIC CLOCK?
Atomic clocks have a timekeeping mechanism that use the interaction of electromagnetic radiation with the excited states of certain atoms.
The devices are the most accurate system we have for measuring time, with consistent standards applied.
They are the primary standards for international time distribution services, and uses to control wave frequency for TV, GPS and other services.
The principle is founded in atomic physics, measuring the electromagnetic signal that electrons in atoms emit when they change energy levels.
Modern versions cool atoms to near absolute zero by slowing the atoms down with lasers. With temperature of atoms driving their accuracy.
Every few years a ‘leap second’ is added to atomic clocks, by effectively stopping them for a second, to keep them in line with Earth’s rotation speed.
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