Twitter rebrands with X logo after Musk vow to eliminate ‘all the birds’
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Elon Musk’s Twitter is a ‘$44 billion albatross’ a year later on October 31, 2023 at 10:00 am Business News | The Hill

Late last October, Elon Musk officially closed a deal to acquire the platform then known as Twitter for $44 billion after months of legal proceedings and threats to back out of the purchase.
“The bird is freed,” Musk tweeted the night the deal was finalized, in an apparent reference to Twitter’s iconic bird logo and his plans to transform the site into a “platform for free speech around the globe.”
The mercurial billionaire’s takeover was met with varying levels of alarm as he quickly fired top executives, cut half of the company’s workforce and rolled out and walked back various policy changes.
One year later, experts described the platform now known as X as “unrecognizable” and “completely useless.” The fallout from Musk’s stewardship, they argue, was “much more serious” than they previously could have imagined.
Musk lives up to initial fears, expectations early on
When Musk initially offered to buy Twitter in April 2022, some pointed to his business prowess as the head of both Tesla and SpaceX as a potential benefit from a takeover.
However, Claire Wardle, the co-founder and co-director of Brown University’s Information Futures Lab, said she immediately had her doubts.
“There was a lot of people like, ‘Well, look what he did with Tesla … He’s a great businessman. Therefore, he’s going to be a great leader of Twitter,’” Wardle told The Hill. “And I think I was kind of surprised by that because the truth is, content moderation is really hard.”
“I just kept thinking, ‘I’m not quite sure this man, who has no experience in content moderation or thinking about how these platforms work within the context of democracies — it just seems a strange decision for him to be the leader,” she said.
Musk officially took control of Twitter on Oct. 27, assuring advertisers that the platform “obviously cannot become a free-for-all hellscape, where anything can be said with no consequences!”
Lawrence Lessig, a Harvard Law professor part of the university’s new Applied Social Media Lab, noted that the billionaire came to Twitter with “an extraordinarily naïve view” of free speech.
“The idea that there’s such a thing as a platform that ‘allows all speech’ is just crazy talk. There is no such platform,” Lessig said.
“There’s no publishing platform that has ever in the history of man embraced that and for good reason. It inspires and brings out the worst in culture,” he added.
Musk immediately fired several top executives, including chief executive Parag Agrawal, chief financial officer Ned Segal and chief legal officer Vijaya Gadde. Notably, Gadde was also in charge of trust and safety matters at the company.
Just days later, reports emerged that racist and antisemitic tweets were spreading rapidly on Twitter. Musk briefly launched his first attempt to turn the platform’s traditional verification system into a paid feature in early November before rolling it back as accounts impersonating public figures wreaked chaos.
Within weeks, he had reinstated the accounts of former President Trump, who had been banned in the wake of the Jan. 6 riot, and the rapper formerly known as Kanye West, who was barred for posting antisemitic messages.
Musk also rolled back Twitter’s policy barring COVID-19 misinformation, dismantled the company’s Trust and Safety Council and temporarily banned several journalists covering the billionaire’s feud with an account tracking his private jet.
One year later, X is ‘unrecognizable’
The platform, which Musk rebranded as X earlier this year, faced a deluge of misinformation and disinformation this month following the attacks by the Palestinian militant group Hamas on Israel and Israel’s subsequent bombardment of Gaza.
Old and unrelated photos and videos — and even video game footage — were misrepresented as current and genuine. A fake memo claimed that President Biden had sent $8 billion in military aid to Israel. Accounts posing as official news outlets spread false claims about the conflict.
The spread of misinformation and disinformation, which has similarly plagued other social media platforms, has been been a particular problem for X in the wake of Musk’s takeover.
A report released last month found that X had the highest ratio of misinformation and disinformation out of several major social media platforms.
Wardle noted that X’s blue checkmarks previously served as important “heuristics” and “mental shortcuts” to tell users whether they could trust information from accounts.
However, the checkmarks — which used to denote that an account from a government official, media organization or public figure had been verified — now indicate whether someone has paid for the platform’s subscription service.
“We knew that [removing them] was going to be a disaster,” Wardle said. “And then of course, we’ve seen over the last three weeks that it really is all the things that we feared.”
Jennifer Grygiel, an associate professor of communications at Syracuse University, said the transformation of the blue checkmark system has also “changed the usefulness and value” of the platform for journalists and news publishers.
“When I think of the old Twitter … it was influential because it was the fastest kind of wire that we’d ever seen,” Grygiel told The Hill. “It felt like it was where public discourse happened because it was so fast. It felt conversational.”
Prior to the takeover last year, the platform had taken on a role as “the place that people would turn to in breaking news situations,” Wardle added.
“Every department of health, every emergency unit across the world … they saw Twitter as a way to communicate in real time, knowing that it was either gonna go directly to citizens or it was gonna get picked up by journalists, who would then report it,” she said.
Under Musk’s leadership, “that’s all changed,” Grygiel said. “Maybe he purchased Twitter, but it’s unrecognizable.”
Musk faces ‘myriad’ challenges but X remains standing
Musk’s $44 billion purchase of the social media company, which is currently worth an estimated $10 billion, has left him with a “myriad of financial and execution challenges,” Wedbush analyst Dan Ives said in a statement to The Hill.
“This remains a $44 billion albatross for Musk to recoup his investments,” he added.
Without making changes to X’s content moderation policies and bringing back advertisers, Wardle said she “can’t see a future” for the platform.
“I don’t see a way out unless things fundamentally changed, and I don’t think he would be the sort of person that would want to fundamentally change those things,” she said.
However, despite Musk’s chaotic tenure at the company, there has not yet been a mass exodus from X, Grygiel noted. The various alternatives that have emerged, including Meta’s Threads, have largely failed to gain traction so far.
“It has a social function still, it still has a business function too,” they said. “So in the absence of alternatives, I think we still see big brands out there using this. Maybe there’s less advertising, but it’s still there.”
Technology, Business, News, content moderation, disinformation, Israel-Hamas conflict, misinformation, Threads, Twitter, Twitter takeover, Twitter verification Late last October, Elon Musk officially closed a deal to acquire the platform then known as Twitter for $44 billion after months of legal proceedings and threats to back out of the purchase. “The bird is freed,” Musk tweeted the night the deal was finalized, in an apparent reference to Twitter’s iconic bird logo and…
Business
Google Accused Of Favoring White, Asian Staff As It Reaches $28 Million Deal That Excludes Black Workers

Google has tentatively agreed to a $28 million settlement in a California class‑action lawsuit alleging that white and Asian employees were routinely paid more and placed on faster career tracks than colleagues from other racial and ethnic backgrounds.
- A Santa Clara County Superior Court judge has granted preliminary approval, calling the deal “fair” and noting that it could cover more than 6,600 current and former Google workers employed in the state between 2018 and 2024.

How The Discrimination Claims Emerged
The lawsuit was brought by former Google employee Ana Cantu, who identifies as Mexican and racially Indigenous and worked in people operations and cloud departments for about seven years. Cantu alleges that despite strong performance, she remained stuck at the same level while white and Asian colleagues doing similar work received higher pay, higher “levels,” and more frequent promotions.
Cantu’s complaint claims that Latino, Indigenous, Native American, Native Hawaiian, Pacific Islander, and Alaska Native employees were systematically underpaid compared with white and Asian coworkers performing substantially similar roles. The suit also says employees who raised concerns about pay and leveling saw raises and promotions withheld, reinforcing what plaintiffs describe as a two‑tiered system inside the company.
Why Black Employees Were Left Out
Cantu’s legal team ultimately agreed to narrow the class to employees whose race and ethnicity were “most closely aligned” with hers, a condition that cleared the path to the current settlement.

The judge noted that Black employees were explicitly excluded from the settlement class after negotiations, meaning they will not share in the $28 million payout even though they were named in earlier versions of the case. Separate litigation on behalf of Black Google employees alleging racial bias in pay and promotions remains pending, leaving their claims to be resolved in a different forum.
What The Settlement Provides
Of the $28 million total, about $20.4 million is expected to be distributed to eligible class members after legal fees and penalties are deducted. Eligible workers include those in California who self‑identified as Hispanic, Latinx, Indigenous, Native American, American Indian, Native Hawaiian, Pacific Islander, and/or Alaska Native during the covered period.
Beyond cash payments, Google has also agreed to take steps aimed at addressing the alleged disparities, including reviewing pay and leveling practices for racial and ethnic gaps. The settlement still needs final court approval at a hearing scheduled for later this year, and affected employees will have a chance to opt out or object before any money is distributed.
H2: Google’s Response And The Broader Stakes
A Google spokesperson has said the company disputes the allegations but chose to settle in order to move forward, while reiterating its public commitment to fair pay, hiring, and advancement for all employees. The company has emphasized ongoing internal audits and equity initiatives, though plaintiffs argue those efforts did not prevent or correct the disparities outlined in the lawsuit.
For many observers, the exclusion of Black workers from the settlement highlights the legal and strategic complexities of class‑action discrimination cases, especially in large, diverse workplaces. The outcome of the remaining lawsuit brought on behalf of Black employees, alongside this $28 million deal, will help define how one of the world’s most powerful tech companies is held accountable for alleged racial inequities in pay and promotion.
Business
Luana Lopes Lara: How a 29‑Year‑Old Became the Youngest Self‑Made Woman Billionaire

At just 29, Luana Lopes Lara has taken a title that usually belongs to pop stars and consumer‑app founders.
Multiple business outlets now recognize her as the world’s youngest self‑made woman billionaire, after her company Kalshi hit an 11 billion dollar valuation in a new funding round.
That round, a 1 billion dollar Series E led by Paradigm with Sequoia Capital, Andreessen Horowitz, CapitalG and others participating, instantly pushed both co‑founders into the three‑comma club. Estimates place Luana’s personal stake at roughly 12 percent of Kalshi, valuing her net worth at about 1.3 billion dollars—wealth tied directly to equity she helped create rather than inheritance.

Kalshi itself is a big part of why her ascent matters.
Founded in 2019, the New York–based company runs a federally regulated prediction‑market exchange where users trade yes‑or‑no contracts on real‑world events, from inflation reports to elections and sports outcomes.
As of late 2025, the platform has reached around 50 billion dollars in annualized trading volume, a thousand‑fold jump from roughly 300 million the year before, according to figures cited in TechCrunch and other financial press. That hyper‑growth convinced investors that event contracts are more than a niche curiosity, and it is this conviction—expressed in billions of dollars of new capital—that turned Luana’s share of Kalshi into a billion‑dollar fortune almost overnight.
Her path to that point is unusually demanding even by founder standards. Luana grew up in Brazil and trained at the Bolshoi Theater School’s Brazilian campus, where reports say she spent up to 13 hours a day in class and rehearsal, competing for places in a program that accepts fewer than 3 percent of applicants. After a stint dancing professionally in Austria, she pivoted into academics, enrolling at the Massachusetts Institute of Technology to study computer science and mathematics and later completing a master’s in engineering.
During summers she interned at major firms including Bridgewater Associates and Citadel, gaining a front‑row view of how global macro traders constantly bet on future events—but without a simple, regulated way for ordinary people to do the same.

That realization shaped Kalshi’s founding thesis and ultimately her billionaire status. Together with co‑founder Tarek Mansour, whom she met at MIT, Luana spent years persuading lawyers and U.S. regulators that a fully legal event‑trading exchange could exist under commodities law. Reports say more than 60 law firms turned them down before one agreed to help, and the company then spent roughly three years in licensing discussions with the Commodity Futures Trading Commission before gaining approval. The payoff is visible in 2025’s numbers: an 11‑billion‑dollar valuation, a 1‑billion‑dollar fresh capital injection, and a founder’s stake that makes Luana Lopes Lara not just a compelling story but a data point in how fast wealth can now be created at the intersection of finance, regulation, and software.
Business
Harvard Grads Jobless? How AI & Ghost Jobs Broke Hiring

America’s job market is facing an unprecedented crisis—and nowhere is this more painfully obvious than at Harvard, the world’s gold standard for elite education. A stunning 25% of Harvard’s MBA class of 2025 remains unemployed months after graduation, the highest rate recorded in university history. The Ivy League dream has become a harsh wakeup call, and it’s sending shockwaves across the professional landscape.

Jobless at the Top: Why Graduates Can’t Find Work
For decades, a Harvard diploma was considered a golden ticket. Now, graduates send out hundreds of résumés, often from their parents’ homes, only to get ghosted or auto-rejected by machines. Only 30% of all 2025 graduates nationally have found full-time work in their field, and nearly half feel unprepared for the workforce. “Go to college, get a good job“—that promise is slipping away, even for the smartest and most driven.
Tech’s Iron Grip: ATS and AI Gatekeepers
Applicant tracking systems (ATS) and AI algorithms have become ruthless gatekeepers. If a résumé doesn’t perfectly match the keywords or formatting demanded by the bots, it never reaches human eyes. The age of human connection is gone—now, you’re just a data point to be sorted and discarded.
AI screening has gone beyond basic qualifications. New tools “read” for inferred personality and tone, rejecting candidates for reasons they never see. Worse, up to half of online job listings may be fake—created simply to collect résumés, pad company metrics, or fulfill compliance without ever intending to fill the role.
The Experience Trap: Entry-Level Jobs Require Years
It’s not just Harvard grads who are hurting. Entry-level roles demand years of experience, unpaid internships, and portfolios that resemble a seasoned professional, not a fresh graduate. A bachelor’s degree, once the key to entry, is now just the price of admission. Overqualified candidates compete for underpaid jobs, often just to survive.
One Harvard MBA described applying to 1,000 jobs with no results. Companies, inundated by applications, are now so selective that only those who precisely “game the system” have a shot. This has fundamentally flipped the hiring pyramid: enormous demand for experience, shrinking chances for new entrants, and a brutal gauntlet for anyone not perfectly groomed by internships and coaching.
Burnout Before Day One
The cost is more than financial—mental health and optimism are collapsing among the newest generation of workers. Many come out of elite programs and immediately end up in jobs that don’t require degrees, or take positions far below their qualifications just to pay the bills. There’s a sense of burnout before careers even begin, trapping talent in a cycle of exhaustion, frustration, and disillusionment.
Cultural Collapse: From Relationships to Algorithms
What’s really broken? The culture of hiring itself. Companies have traded trust, mentorship, and relationships for metrics, optimizations, and cost-cutting. Managers no longer hire on potential—they rely on machines, rankings, and personality tests that filter out individuality and reward those who play the algorithmic game best.
AI has automated the very entry-level work that used to build careers—research, drafting, and analysis—and erased the first rung of the professional ladder for thousands of new graduates. The result is a workforce filled with people who know how to pass tests, not necessarily solve problems or drive innovation.
The Ghost Job Phenomenon
Up to half of all listings for entry-level jobs may be “ghost jobs”—positions posted online for optics, compliance, or future needs, but never intended for real hiring. This means millions of job seekers spend hours on applications destined for digital purgatory, further fueling exhaustion and cynicism.
Not Lazy—Just Locked Out
Despite the headlines, the new class of unemployed graduates is not lazy or entitled—they are overqualified, underleveraged, and battered by a broken process. Harvard’s brand means less to AI and ATS systems than the right keyword or résumé format. Human judgment has been sidelined; individuality is filtered out.

What’s Next? Back to Human Connection
Unless companies rediscover the value of human potential, mentorship, and relationships, the job search will remain a brutal numbers game—one that even the “best and brightest” struggle to win. The current system doesn’t just hurt workers—it holds companies back from hiring bold, creative talent who don’t fit perfect digital boxes.
Key Facts:
- 25% of Harvard MBAs unemployed, highest on record
- Only 30% of 2025 grads nationwide have jobs in their field
- Nearly half of grads feel unprepared for real work
- Up to 50% of entry-level listings are “ghost jobs”
- AI and ATS have replaced human judgment at most companies
If you’ve felt this struggle—or see it happening around you—share your story in the comments. And make sure to subscribe for more deep dives on the reality of today’s economy and job market.
This is not just a Harvard problem. It’s a sign that America’s job engine is running on empty, and it’s time to reboot—before another generation is locked out.













