SAN FRANCISCO — No one wanted to miss out on the cryptocurrency mania.
Over the last two years, as the prices of Bitcoin and other virtual currencies surged, crypto start-ups proliferated. Companies that market digital coins to investors flooded the airwaves with TV commercials, newfangled lending operations offered sky-high interest rates on crypto deposits and exchanges like Coinbase that allow investors to trade digital assets went on hiring sprees.
A global industry worth hundreds of billions of dollars rose up practically overnight. Now it is crashing down.
After weeks of plummeting cryptocurrency prices, Coinbase said on Tuesday that it was cutting 18 percent of its employees, after layoffs at other crypto companies like Gemini, BlockFi and Crypto.com. High-profile start-ups like Terraform Labs have imploded, wiping away years of investments. On Sunday, an experimental crypto bank, Celsius, abruptly halted withdrawals.
dropped by about 65 percent since autumn, and analysts predict the sell-off will continue. Stock prices of crypto companies have cratered, retail traders are fleeing and industry executives are predicting a prolonged slump that could put more companies in jeopardy.
stocks crashing, interest rates soaring and inflation high, cryptocurrency prices are also collapsing, showing they have become tied to the overall market. And as people pull back from crypto investments, the outflow is exposing the unstable foundations of many of the industry’s most popular companies.
OpenSea, the largest marketplace for the unique digital images known as nonfungible tokens, reached a staggering $13 billion valuation. And Wall Street banks such as JPMorgan Chase, which previously shunned crypto assets, and Fortune 500 companies like PayPal rolled out crypto offerings.
confidence evaporated in the early 2000s, many of the dot-coms went bust, leaving just the biggest — such as eBay, Amazon and Yahoo — standing.
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This time, investors predict there will be more survivors. “You certainly have some overhyped companies that don’t have the fundamentals,” said Mike Jones, an investor at the venture firm Science Inc. “But you also have some really strong companies that are trading way below where they should.”
There have been warning signs that some crypto companies were not sustainable. Skeptics have pointed out that many of the most popular firms offered products underpinned by risky financial engineering.
Terraform Labs, for example, offered TerraUSD, a so-called stablecoin with a fixed value linked to the U.S. dollar. The coin was hyped by its founder, Do Kwon, who raised more than $200 million from major investment firms such as Lightspeed Venture Partners and Galaxy Digital, even as critics warned that the project was unstable.
The coin’s price was algorithmically linked to a sister cryptocurrency, Luna. When the price of Luna plummeted in May, TerraUSD fell in tandem — a “death spiral” that destabilized the broader market and plunged some investors into financial ruin.
drew scrutiny from several state regulators. In the end, a drop in crypto prices appeared to put the company under more pressure than it could withstand.
With the price of Bitcoin tumbling, Celsius announced on Sunday that it was freezing withdrawals “due to extreme market conditions.” The company did not respond to a request for comment.
The market instability has also triggered a crisis at Coinbase, the largest U.S. crypto exchange. Between the end of 2021 and late March, Coinbase lost 2.2 million active customers, or 19 percent of its total, as crypto prices dropped. The company’s net revenue in the first three months of the year shrank 27 percent from a year earlier, to $1.2 billion. Its stock price has plunged 84 percent since it went public last year.
This month, Coinbase said it would rescind job offers and extend a hiring freeze to battle the economic downturn. On Tuesday, it said it would cut about 1,100 workers.
Brian Armstrong, Coinbase’s chief executive, informed employees of the layoffs in a note on Tuesday morning, saying the company “grew too quickly” as crypto products became popular.
Expand Your Cryptocurrency Vocabulary
Card 1 of 9
Bitcoin. A Bitcoin is a digital token that can be sent electronically from one user to another, anywhere in the world. Bitcoin is also the name of the payment network on which this form of digital currency is stored and moved.
Blockchain. A blockchain is a database maintained communally and that reliably stores digital information. The original blockchain was the database on which all Bitcoin transactions were stored, but non-currency-based companies and governments are also trying to use blockchain technology to store their data.
Coinbase. The first major cryptocurrency company to list its shares on a U.S. stock exchange, Coinbase is a platform that allows people and companies to buy and sell various digital currencies, including Bitcoin, for a transaction fee.
Web3. The name “web3” is what some technologists call the idea of a new kind of internet service that is built using blockchain-based tokens, replacing centralized, corporate platforms with open protocols and decentralized, community-run networks.
DAOs. A decentralized autonomous organization, or DAO, is an organizational structure built with blockchain technology that is often described as a crypto co-op. DAOs form for a common purpose, like investing in start-ups, managing a stablecoin or buying NFTs.
“It is now clear to me that we over-hired,” he wrote. A Coinbase spokesman declined to comment.
“It had been growth at all costs over the last several years,” said Ryan Coyne, who covers crypto companies and financial technology at the Mizuho Group. “It’s now turned to profitable growth.”
memo to staff, the Winklevoss twins said the industry had entered a “crypto winter.”
commercial starring the actor Matt Damon, who declared that “fortune favors the brave” as he encouraged investors to put their money in the crypto market. Last week, Crypto.com’s chief executive announced that he was laying off 5 percent of the staff, or 260 people. On Monday, BlockFi, a crypto lending operation, said it was reducing its staff by roughly 20 percent.
Gemini and BlockFi declined to comment. A Crypto.com spokesman said the company remains focused on “investing resources into product and engineering capabilities to develop world-class products.”
Cryptocurrencies have long been volatile and prone to boom-and-bust cycles. In 2013, a Chinese ban on Bitcoin sent its price tumbling. In 2017, a proliferation of companies creating and selling their own tokens led to a run-up in crypto prices, which crashed after regulators cracked down on so-called initial coin offerings.
These bubbles are built into the ecosystem, crypto enthusiasts said. They attract talented people to the industry, who go on to build valuable projects. Many of the most vocal cheerleaders encourage investors to “buy the dip,” or invest more when prices are low.
“We have been in these downward spirals before and recovered,” Mr. Jones, the Science Inc. investor, said. “We all believe in the fundamentals.”
Some of the companies have also remained defiant. During Game 5 of the N.B.A. finals on Monday night, Coinbase aired a commercial that alluded to past boom-and-bust cycles.
“Crypto is dead,” it declared. “Long live crypto.”
LONDON — When Jakob Bitner was 7, he left Russia for Germany with his parents and sister. Twenty-eight years later, he is set on solving a vexing green-energy problem that could help Germany end its dependence on imported energy from Russia, or anywhere.
The problem: how to make wind and solar energy available 24 hours a day, seven days a week, even if the sun is not shining or the wind not blowing.
The company that Mr. Bitner co-founded in Munich in 2016, VoltStorage, found some success selling storage battery packs for solar power to homeowners in Europe. Now the company is developing much larger batteries — each about the size of a shipping container — based on a chemical process that can store and discharge electricity over days, not just hours like today’s most popular battery technology.
These ambitions to overcome the unreliable nature of renewable energy fit perfectly with Europe’s targets to reduce dependence on fossil fuels. But Mr. Bitner’s company is facing a frustrating reality that threatens to undercut Europe’s plans and poses a wider challenge in the global fight against climate change: a lack of money to finish the job.
plenty of capital available globally for the multitrillion-dollar task of funding this transition to greener energy.
Europe’s Shift Away From Fossil Fuels
The European Union has begun a transition to greener forms of energy. But financial and geopolitical considerations could complicate the efforts.
The war in Ukraine has made Europe’s energy transition even more urgent. The European Union has said it will cut imported Russian natural gas by two-thirds this year and completely by the end of the decade. While some of that supply will be made up by imports from other countries, such as the United States and Qatar, expanding domestic renewable energy capacity is a critical pillar to this plan.
But attracting investors to projects trying to move beyond mature technologies like solar and wind power is tough. Venture capitalists, once cheerleaders of green energy, are more infatuated with cryptocurrencies and start-ups that deliver groceries and beer within minutes. Many investors are put off by capital-intensive investments. And governments have further muddied the water with inconsistent policies that undermine their bold pledges to reduce carbon emissions.
Venture capitalists’ other interests
Tony Fadell, who spent most of his career trying to turn emerging technologies into mainstream products as an executive at Apple and founder of Nest, said that even as the world faced the risks of climate change, money was flooding into less urgent developments in cryptocurrency, the so-called metaverse and the digital art collections sold as NFTs. Last year, venture capitalists invested $11.9 billion in renewable energy globally, compared with $30.1 billion in cryptocurrency and blockchain, according to PitchBook.
Of the $106 billion invested by venture capitalists in European start-ups last year, just 4 percent went into energy investments, according to PitchBook.
“We need to get real,” said Mr. Fadell, who now lives in Paris and has proposed ideas on energy policy to the French government. “Too many people are investing in the things that are not going to fix our existential problems. They are just investing in fast money.”
It has not helped that the industry has been burned before by a green tech boom. About 15 years ago, environmentally conscious start-ups were seen as the next big thing in Silicon Valley. One of the premier venture capital firms, Kleiner Perkins Caufield & Byers, made former Vice President Al Gore a partner and pledged that clean energy would eventually make up at least a third of its total investments.Instead, Kleiner became a cautionary tale about the risks of investing in energy-related companies as the firm missed out on early backing of social media companies like Facebook and Twitter.
There is evidence that these old fears are receding. Two years ago 360 Capital, a venture capital firm based in Paris and Milan dealing in early-stage investment, introduced a dedicated fund investing in clean energy and sustainability companies. The firm is now planning to open up the fund to more investors, expanding it to €150 million from a €30 million fund.
There are a growing number of dedicated funds for energy investments. But even then there is a tendency for the companies in them to be software developers, deemed less risky than builders of larger-scale energy projects. Four of the seven companies backed by 360 Capital’s new fund are artificial intelligence companies and software providers.
Still, the situation has changed completely since the company’s first major green-energy investment in 2008, Fausto Boni, the firm’s founder, said. “We see potentially lots of money coming into the sector, and so many of the issues we had 15 years ago are on their way to being overcome,” he said. But the availability of bigger investments needed to help companies expand in Europe still lags behind, he added.
The funding gap
Breakthrough Energy Catalyst, which is backed by Bill Gates, is trying to fill the gap. It was formed in late 2021 to help move promising technology from development to commercial use. In Europe, it is a $1 billion initiative with the European Commission and European Investment Bank to support four types of technologies — long-duration energy storage, clean hydrogen, sustainable aviation fuels and direct air capture of carbon dioxide — that it believes need to scale quickly.
In Europe, there are “significant difficulties with the scaling-up phase,” said Ann Mettler, the vice president for Europe at Breakthrough Energy and a former director general at the European Commission. There is money for start-ups, but when companies become reasonably successful and a bit larger, they are often acquired by American or Chinese companies, she said. This leaves fewer independent companies in Europe focused on the energy problems they set out to solve.
Companies that build complex — and often expensive — hardware, like Mr. Bitner’s batteries for long-duration energy storage, have an especially hard time finding investors willing to stomach the risks. After a few investment rounds, the companies are too big for early-stage investors but too small to appeal to institutional investors looking for safer places to park large amounts of cash.
“If you look at typical climate technologies, such as wind and solar and even the lithium-ion batteries, they took well over four decades to go from the early R&D to the large-scale commercialization and cost competitiveness,” Ms. Mettler said, referring to research and development. “Four decades — which obviously we don’t have.”
What investors want
There are some signs of improvement, including more funds focused on clean energy or sustainability and more companies securing larger investment rounds. But there is a sense of frustration as investors, companies and European governments agree that innovation and adoption of new technology need to happen much more quickly to reduce carbon emissions sharply by 2030.
“You won’t find a place in the world that is more attuned to what is needed than Europe,” Ms. Mettler said. “It’s not for lack of ambition or vision — it’s difficult.”
But investors say government policy can help them more. Despite climate pledges, the regulations and laws in place haven’t created strong enough incentives for investments in new technologies.
Industries like steel and concrete have to be forced to adopt greener methods of production, Mr. Boni, the 360 Capital founder, said.
For energy storage, hydrogen, nuclear power and other large-scale projects, the government should expedite permitting, cut taxes and provide matching funds, said Mr. Fadell, who has put his personal fortune into Future Shape, which backs start-ups addressing societal challenges.
“There are few investors willing to go all in to put up $200 million or $300 million,” Mr. Fadell said. “We need to know the government is on our side.”
Since its founding in 1923, Disney has stood alone in Hollywood in one fundamental way: Its family-friendly movies, television shows and theme park rides, at least in theory, have always been aimed at everybody, with potential political and cultural pitfalls zealously avoided.
The Disney brand is about wishing on stars and finding true love and living happily ever after. In case the fairy tale castles are too subtle, Disney theme parks outright promise an escape from reality with welcome signs that read, “Here you leave today and enter the world of yesterday, tomorrow and fantasy.”
Lately, however, real world ugliness has been creeping into the Magic Kingdom. In this hyperpartisan moment, both sides of the political divide have been pounding on Disney, endangering one of the world’s best-known brands — one that, for many, symbolizes America itself — as it tries to navigate a rapidly changing entertainment industry.
In some cases, Disney has willingly waded into cultural issues. Last summer, to applause from progressives and snarls from the far right, Disney decided to make loudspeaker announcements at its theme parks gender neutral, removing “ladies and gentlemen, boys and girls” in favor of “dreamers of all ages.” But the entertainment giant has also found itself dragged into the fray, as with the recent imbroglio over a new Florida law that among many things restricts classroom instruction through third grade on sexual orientation and gender identity and has been labeled by opponents as “Don’t Say Gay.”
Disney then aggressively denounced the bill — only to find itself in the cross hairs of Fox News hosts and Florida’s governor, Ron DeSantis, who sent a fund-raising email to supporters saying that “Woke Disney” had “lost any moral authority to tell you what to do.” Florida lawmakers began threatening to revoke a 55-year-old law that enables Walt Disney World to essentially function as its own municipal government. (Disney had already been at odds with the governor on pandemic issues like a vaccine mandate for employees.)
In trying to offend no one, Disney had seemingly lost everyone.
Candlelight Processional events, Bible verses and all.
It took the company until 2009 to introduce a Black princess.
But in recent years, there has been a noticeable change. Robert A. Iger, who served as chief executive from 2005 to 2020, pushed the world’s largest entertainment company to emphasize diverse casting and storytelling. As he said at Disney’s 2017 shareholder meeting, referring to inclusion and equality: “We can take those values, which we deem important societally, and actually change people’s behavior — get people to be more accepting of the multiple differences and cultures and races and all other facets of our lives and our people.”
powerful Afrocentric story line. Under his tenure, Disney refocused the “Star Wars” franchise around female characters. A parade of animated movies (“Moana,” “Coco,” “Raya and the Last Dragon,” “Soul,” “Encanto”) showcased a wide variety of races, cultures and ethnicities.
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The result, for the most part, has been one hit after another. But a swath of Disney’s audience has pushed back.
review bombed” in the fall because it depicted a gay superhero kissing his husband, with online trolls flooding the Internet Movie Database with hundreds of homophobic one-star reviews. In January, Disney was accused by the actor Peter Dinklage and others of trafficking in stereotypes by moving forward with a live-action “Snow White” movie — until it was revealed that the company planned to replace the seven dwarfs with digitally created “magical creatures,” which, in turn, prompted complaints by others about the “erasure” of people with dwarfism.
Disney executives tend to dismiss such incidents as tempests in teapots: trending today, replaced by a new complaint tomorrow. But even moderate online storms can be a distraction inside the company. Meetings are held about how and whether to respond; fretful talent partners must be reassured.
As Disney prepared to introduce its streaming service in 2019, it began an extensive review of its film library. As part of the initiative, called Stories Matter, Disney added disclaimers to content that the company determined included “negative depictions or mistreatment of people or cultures.” Examples included episodes of “The Muppet Show” from the 1970s and the 1941 version of “Dumbo.”
“These stereotypes were wrong then and are wrong now,” the disclaimers read.
The Stories Matter team privately flagged other characters as potentially problematic, with the findings distributed to senior Disney leaders, according to two current Disney executives, who spoke on the condition of anonymity to discuss confidential information. Ursula, the villainous sea witch from “The Little Mermaid” (1989), was one. Her dark color palette (lavender skin, black legs) could be viewed through a racial lens, the Stories Matter team cautioned; she is also a “queer coded” character, with mannerisms inspired in part by those of a real-life drag queen.
changing of the guard, with Mr. Iger stepping down as executive chairman in December.
Mr. Iger occasionally spoke out on hot-button political issues during his time as chief executive. His successor, Bob Chapek, decided (with backing from the Disney board) to avoid weighing in on state political battles. Disney lobbyists would continue to work behind the scenes, however, as they did with the Florida legislation.
gently explored gender identity. Gonzo donned a gown, defying a directive from Miss Piggy “that the girls come as princesses and the boys come as knights.” Out magazine wrote that the episode “just sent a powerful message of love and acceptance to gender-variant kids everywhere!” And a far-right pundit blasted Disney for “pushing the trans agenda” on children, starting an online brush fire.
Around the same time, some L.G.B.T.Q. advocates were criticizing Disney over “Loki,” a Disney+ superhero show. In the third episode of “Loki,” the title character briefly acknowledged for the first time onscreen what comic fans had long known: He is bisexual. But the blink-and-you-missed-it handling of the information angered some prominent members of the L.G.B.T.Q. community. “It’s, like, one word,” Russell T. Davies, a British screenwriter (“Queer as Folk”), said during a panel discussion at the time. “It’s a ridiculous, craven, feeble gesture.”
The fighting will undoubtedly continue: The Disney-Pixar film “Lightyear,” set for release in June, depicts a loving lesbian couple, while “Thor: Love and Thunder,” arriving in July, will showcase a major L.G.B.T.Q. character.
Last month, when Disney held its most recent shareholder meeting, Mr. Chapek was put on the spot by shareholders from the political left and right.
One person called Disney to task for contributions to legislators who have championed bills that restrict voting and reproductive rights. Mr. Chapek said that Disney gave money to “both sides of the aisle” and that it was reassessing its donation policies. (He subsequently paused all contributions in Florida.) Another representative for a shareholder advocacy group then took the microphone and noted that “Disney from its very inception has always represented a safe haven for children,” before veering into homophobic and transphobic comments and asking Mr. Chapek to “ditch the politicization and gender ideology.”
In response, Mr. Chapek noted the contrasting shareholder concerns. “I think all the participants on today’s call can see how difficult it is to try to thread the needle between the extreme polarization of political viewpoints,” he said.
“What we want Disney to be is a place where people can come together,” he continued. “My opinion is that, when someone walks down Main Street and comes in the gates of our parks, they put their differences aside and look at what they have as a shared belief — a shared belief of Disney magic, hopes, dreams and imagination.”
KYIV, Ukraine — There are fields instead of city streets, farmsteads instead of apartment buildings. Open highways stretch to the horizon.
The battles in the north that Ukraine won over the past seven weeks raged in towns and densely populated suburbs around the capital, Kyiv, but the war is about to take a hard turn to the southeast and into a vast expanse of wide-open flatland, fundamentally changing the nature of the combat, the weapons at play and the strategies that might bring victory.
Military analysts, Ukrainian commanders, soldiers and even Russia’s president, Vladimir V. Putin, acknowledge that a wider war that began with a failed attempt to capture the capital will now be waged in the eastern Donbas region.
With few natural barriers, the armies can try to flank and surround each other, firing fierce barrages of artillery from a distance to soften enemy positions.
Russia invaded in February, Ukraine had been fighting Russia-backed separatists there since 2014, when Moscow fomented an uprising and sent in forces to support it. That war had settled into a stalemate, with each side controlling territory and neither gaining much ground.
Now, what may be the decisive phase of Mr. Putin’s latest war is returning to that same region, blighted by eight years of conflict and littered with land mines and trenches, as he tries to conquer the portion of Donbas still held by Ukraine. Neither side has made a major move in recent days, and analysts say it will most likely require a long and bloody conflict for either one to prevail.
Slovakia this week provided Ukraine with a potent, long-range antiaircraft missile system, the S-300. And on Wednesday, President Biden announced an $800 million military aid package to Ukraine that for the first time included more-powerful weaponry, including 18 155-millimeter howitzers, 40,000 rounds of artillery ammunition and 200 armored personnel carriers.
warn the United States of “unpredictable consequences” of shipping such arms, American officials said on Friday.
Perhaps the biggest difference from the northern phase of the war, fought among towns, woods and hills, will be the terrain. Military analysts are forecasting an all-out, bloody battle on the steppe.
“There’s nowhere to hide,” said Maksim Finogin, a veteran of Ukraine’s conflict in Donbas.
considering applying for membership in the alliance. Dmitri A. Medvedev, Russia’s former president and prime minister, said Moscow would be forced to “seriously strengthen” its defenses in the Baltics if the two countries were to join.
“The surrounding forces draw in closer, tighten the flanks and then methodically destroy” those trapped inside with artillery, he said, recalling a strategy that nearly cost him his life.
designated a single theater commander, Gen. Aleksandr V. Dvornikov, a former commander of the Russian army in Syria known for brutal tactics there.
And the fight in the east will begin closer to supply lines stretching back to the Russian border; that could be key for a mechanized Russian army advancing in a major conventional assault across the countryside.
“They are now prepared to fight the war that they really want,” the retired Gen. Philip M. Breedlove, a former NATO supreme allied commander for Europe, said of the Russians. “They want to meet force on force in open fields and go at it.”
Andrew E. Kramer reported from Kyiv, Ukraine; Eric Schmitt from Washington; Thomas Gibbons-Neff from Kharkiv, Ukraine; and Michael Schwirtz from Lviv, Ukraine.
Concerns center around Twitter’s ability to moderate content
Fear Musk’s views on moderation may allow trolling to flourish
Twitter management, employees make daily decisions -spokesperson
April 7 (Reuters) – News of Tesla (TSLA.O) Chief Executive Elon Musk taking a board seat at Twitter (TWTR.N) has some Twitter employees panicking over the future of the social media firm’s ability to moderate content, company insiders told Reuters.
Within hours of the surprise disclosure this week that Musk, a self-described “free speech absolutist,” acquired enough shares to become the top Twitter shareholder, political conservatives began flooding social media with calls for the return of Donald Trump. The former U.S. president was banned from Facebook and Twitter after the Jan 6. Capitol riot over concerns around incitement of violence.
“Now that @ElonMusk is Twitter’s largest shareholder, it’s time to lift the political censorship. Oh… and BRING BACK TRUMP!,” tweeted Republican Congresswoman Lauren Boebert on Monday.
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Despite Twitter’s reiteration this week that the board does not make policy decisions, four Twitter employees who spoke with Reuters said they were concerned about Musk’s ability to influence the company’s policies on abusive users and harmful content.
With Musk on the board, the employees said his views on moderation could weaken years-long efforts to make Twitter a place of healthy discourse, and might allow trolling and mob attacks to flourish.
In the wake of Trump’s ban from Facebook and Twitter, the billionaire tweeted that many people would be unhappy with U.S. tech companies acting “as the de facto arbiter of free speech.”
Musk has not articulated what he wants to do as a new board member but he has telegraphed his intentions with his Twitter activity. A week before Musk disclosed a 9.1% stake in Twitter, he polled his 80 million followers on whether the site adhered to the principle of free speech, and the majority voted ‘no.’
The employees, who asked not to be named for fear of retribution, point to Musk’s history of using Twitter to attack critics. In 2018, Musk came under fire for accusing a British diver who had helped rescue children trapped in a cave in Thailand of being a pedophile.
Musk won a defamation case brought by the diver in 2019.
When asked for comment, a Twitter spokesperson repeated a statement from Tuesday that the board “plays an important advisory and feedback role across the entirety of our service,” but daily operations and decisions are made by Twitter’s management and employees.
“Twitter is committed to impartiality in the development and enforcement of its policies and rules,” the spokesperson said.
Some employees that Reuters spoke to were not so sure about the company’s commitment to this.
“I find it hard to believe (the board) doesn’t have influence,” said one employee. “If that’s the case, why would Elon want a board seat?”
But other employees Reuters spoke to said that Musk’s involvement could help quicken the pace of new feature and product launches, and provide a fresh perspective as an active user of Twitter.
Neither Tesla nor Musk responded to requests for comment.
Twitter’s board figures prominently in discussions within Twitter, more so than at other tech companies, one employee said. That is because unlike Meta Platforms Inc, where founder and CEO Mark Zuckerberg controls the company through a dual class share structure, Twitter only has a single class of shares, making it more vulnerable to activists like Musk. Teams within Twitter often consider how to communicate a strategy or decision to the board, for instance, the employee said.
On Thursday, Musk tweeted an image from 2018 of him smoking weed on the Joe Rogan podcast on Spotify, with the text: “Twitter’s next board meeting is going to be lit.”
One employee familiar with the company’s operations said there were no current plans to reinstate Trump. A Twitter spokesperson said there were no plans to reverse any policy decisions.
But a veteran auto analyst who covers Musk’s operating style at Tesla said such a decision may only be a matter of time.
“If Donald Trump was actually rich, he would have liked to have done the same thing but he couldn’t afford it. So Elon is doing what Trump would have liked to have done,” said Guidehouse Insights analyst Sam Abuelsamid.
“I wouldn’t be surprised” if Twitter restores Trump’s account now that Elon owns nearly 10% of the company,” he said.
Longer term, employees said Musk’s involvement may change Twitter’s corporate culture, which they say currently values inclusivity. Musk has faced widespread criticism for posting memes that mocked transgender people and efforts to stem the spread of COVID-19, and for comparing some world leaders to Hitler.
Several employees were alarmed by the warm welcome Musk received from Twitter CEO Parag Agrawal and cofounder Jack Dorsey, which prompted them to hit the job market this week.
“Some people are dusting off their resumes,” one person said. “I don’t want to work for somebody (like Musk).”
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Reporting by Sheila Dang in Dallas; additional reporting by Hyunjoo Jin in San Francisco; Editing by Kenneth Li, Aurora Ellis and Bernadette Baum
Our Standards: The Thomson Reuters Trust Principles.
The authorities closed several beaches in Peru on Sunday and warned about abnormal wave activity.
The deaths in Peru were reminiscent of the aftermath of the powerful tsunami set off by an undersea earthquake off Indonesia in December 2004 which killed more than 250,000 people. A dozen of the dead then were hit by waves on the eastern coast of Africa, in Kenya and Tanzania.
In Tonga on Sunday, many residents lost not only communication ties but power. Up to 80,000 people there could be affected, the International Federation of Red Cross and Red Crescent Societies told the BBC.
One immediate need was clear: potable water.
“The ash cloud has, as you can imagine, caused contamination,” said Ms. Ardern, the New Zealand prime minister. “That’s on top of already a challenging environment, in terms of water supply.”
New Zealand and other nations in the region pledged to give Tonga aid to recover. So did the United States. But with heavy concentrations of airborne ash making flights impossible, it was difficult even to know what was needed.
Ms. Ardern said flights over Tonga were planned for Monday or Tuesday, depending on ash conditions. New Zealand’s navy was also preparing a backup plan, should the ash remain heavy, she said.
In a post on Twitter, Antony J. Blinken, the American secretary of state, offered his condolences: “Deeply concerned for the people of Tonga as they recover from the aftermath of a volcanic eruption and tsunami. The United States stands prepared to provide support to our Pacific neighbors.”
Tonga has experienced a succession of natural disasters in recent years. In 2018, more than 170 homes were destroyed and two people killed by Cyclone Gita, a Category 5 tropical storm. In 2020, Cyclone Harold caused about $111 million in damage, including extensive flooding.
MANILA — Typhoon Rai slammed into the southeastern part of the Philippines on Thursday, bringing heavy rains and flooding that displaced thousands over a large area.
The typhoon, the 15th major weather disturbance to hit the country this year, intensified rapidly in the morning and was classified as a super typhoon, with sustained winds of 120 miles per hour near the center and gusts of up to 168 miles per hour. The designation is similar to a Category 5 hurricane in the United States.
The Coast Guard said the situation in the south was dire, with rescuers reporting taking a baby to safety using a plastic basin. They also used rubber boats to ferry people to safety, as the waters quickly rose in Cagayan de Oro, a city of 730,000 on Mindanao Island that is bisected by a major river system.
The Office of Civil Defense in Manila said that nearly 100,000 people in several regions had been moved to safer ground. There were no immediate reports of casualties, but communications were disrupted in many areas, making it hard to immediately assess the situation.
Haiyan in 2013, which left more than 6,500 people dead or missing.
Gov. Arthur Yap of Bohol Province said officials had also pre-emptively evacuated residents from low-lying areas that were usually flooded during typhoons.
WEE WAA, Australia — Two years ago, the fields outside Christina Southwell’s family home near the cotton capital of Australia looked like a dusty, brown desert as drought-fueled wildfires burned to the north and south.
Last week, after record-breaking rains, muddy floodwaters surrounded her, along with the stench of rotting crops. She had been trapped for days with just her cat, and still didn’t know when the sludge would recede.
“It seems to take for bloody ever to go away,” she said, watching a boat carry food into the town of Wee Waa. “All it leaves behind is this stink, and it’s just going to get worse.”
Life on the land has always been hard in Australia, but the past few years have delivered one extreme after another, demanding new levels of resilience and pointing to the rising costs of a warming planet. For many Australians, moderate weather — a pleasant summer, a year without a state of emergency — increasingly feels like a luxury.
Black Summer bush fires of 2019 and 2020 were the worst in Australia’s recorded history. This year, many of the same areas that suffered through those epic blazes endured the wettest, coldest November since at least 1900. Hundreds of people, across several states, have been forced to evacuate. Many more, like Ms. Southwell, are stranded on floodplain islands with no way to leave except by boat or helicopter, possibly until after Christmas.
La Niña in full swing, meteorologists are predicting even more flooding for Australia’s east coast, adding to the stress from the pandemic, not to mention from a recent rural mouse plague of biblical proportions.
pregnancies on pause, shows that the El Niño-La Niña cycle has been around long enough for flora and fauna to adapt.
more than doubled since the 1970s.
Ron Campbell, the mayor of Narrabri Shire, which includes Wee Waa, said his area was still waiting for government payments to offset damage from past catastrophes. He wondered when governments would stop paying for infrastructure repairs after every emergency.
“The costs are just enormous, not just here but at all the other places in similar circumstances,” he said.
60 percent of the trees in some places. Cattle farmers culled so much of their herds during the drought that beef prices have risen more than 50 percent as they rush to restock paddocks nourished (nearly to death) by heavy rain.
Bryce Guest, a helicopter pilot in Narrabri, once watched the dust bowls grow from above. Then came “just a monstrous amount of rain,” he said, and new kind of job: flights to mechanical pumps pushing water from fields to irrigation dams in a last-ditch effort to preserve crops that had been heading for a record harvest.
On one recent flight, he pointed to mountains of stored grain — worth six figures, at least — that were ruined by the rains, with heavy equipment trapped and rusting next to it. Further inland, a home surrounded by levees had become a small island accessible only by boat or copter.
“Australia is all about water — everything revolves around it,” he said. “Where you put your home, your stock. Everything.”
The flood plains in what is known as the Murray-Darling basin stretch out for hundreds of miles, not unlike the land at the mouth of the Mississippi River. The territory is so flat that towns can be cut off with roads flooded by less than an inch of additional rain.
That happened a few weeks ago in Bedgerabong, a few hundred miles south of Narrabri. On a recent afternoon, a couple of teachers were being driven out of town in a hulking fire truck — equipment for one disaster often serves another. Across a flooded road behind them, three other teachers had decided to camp out so they could provide some consistency for children who had already been kept out of school for months by pandemic lockdowns.
Paul Faulkner, 55, the principal of the school (total enrollment: 42), said that many parents craved social connection for their children. The Red Cross has sent in booklets for those struggling with stress and anxiety.
“Covid has kept everyone from their families,” he said. “This just isolates them even more.”
He admitted that there were a few things they did not discuss; Santa, for one. The town is expected to be cut off until after the holidays as the waters that rose with surging rains over a few days take weeks to drain and fade.
In Wee Waa, where the water has started to recede, supplies and people flowed in and out last week by helicopter and in a small boat piloted by volunteers.
Still, there were shortages everywhere — mostly of people. In a community of around 2,000 people, half of the teachers at the local public school couldn’t make it to work.
At the town’s only pharmacy, Tien On, the owner, struggled with a short-handed staff to keep up with requests. He was especially concerned about delayed drug deliveries by helicopter for patients with mental health medications.
Ms. Southwell, 69, was better prepared than most. She spent 25 years volunteering with emergency services and has been teaching first aid for decades. After a quick trip into Wee Waa by boat, she returned to her home with groceries and patience, checking a shed for the stray cats she feeds and discovering that only one of her chickens appeared to have drowned.
She said she wasn’t sure how much climate change could be blamed for the floods; her father had put their house on higher stilts because they knew the waters would rise on occasion.
All she knew was that more extreme weather and severe challenges to the community would be coming their way.
“The worst part of it is the waiting,” she said. “And the cleanup.”
The intense rains and heavy winds that descended last week on British Columbia, the Canadian province known for its mountains, coastline and majestic forests, forced 17,000 people from their homes, emptying entire towns and inundating farms.
Vancouver, Canada’s third-largest city, lost its road and rail links to the rest of the country, cut off by washed-out bridges and landslides.
It was the second time in six months that the province had endured a major weather-related emergency, and experts say the two disasters are probably related to changes in the climate.
British Columbia has been besieged this year by record-breaking heat, wildfires and floods. The disasters have killed hundreds — including three people in the recent rains — and caused hundreds of millions of dollars in damage. The impact has rippled across Canada after hobbling the province and the port of Vancouver, which is vital to the country’s economy.
record temperatures as high as 121 degrees Fahrenheit brought drought and uncontrollable wildfires. The heat, which was concentrated in the province’s interior, killed 595 people from June to August, and fire consumed an entire town.
North America’s first carbon tax. It has also taken physical measures. The port in Vancouver, he said, has been lifted by about three feet to accommodate rising sea levels.
But province’s mountainous nature, he said, limits what is possible and will make rebuilding a difficult and prolonged process.
“To try and make everything resilient is very hard,” he said. “We don’t have many options for routes coming through the mountains.”
The delays in reopenings will most likely significantly affect all of Canada since Vancouver’s port connects the country to Asia, both for imports of consumer goods and economically vital exports of resources like grains and potash for fertilizers. While a rail line to the port in Prince Rupert in northern British Columbia remains open to the east, Professor Prentice said that the port could not physically handle all of Vancouver’s traffic on top of its normal operations.
While it may be possible to beef up the transportation network during rebuilding, Professor Prentice said that the only long-term solution remained dealing effectively with climate change.
Ms. Smith of Clean Energy Canada said that Prime Minister Justin Trudeau’s government had a credible and ambitious climate plan but that the country had yet to rein in its oil and gas industry, particularly oil sands operations based largely in neighboring Alberta.
“We need to reduce the emissions from the oil and gas sector; it is one of Canada’s biggest challenges,” she said. “All of these other good policies, we need to see them implemented without delays. There’s a lot of inaction that gets disguised as flexibility, and we’re past that time.”
While the water has started to recede in most flood zones, it is unclear when evacuees will return home or abandoned cars will be returned to their owners. And more danger may be ahead for British Columbia. Forecasts predict another batch of heavy rain this week.
DHAKA, Bangladesh — Its name translates into “floating island,” and for up to 100,000 desperate war refugees, the low-slung landmass is supposed to be home.
One refugee, Munazar Islam, initially thought it would be his. He and his family of four fled Myanmar in 2017 after the military there unleashed a campaign of murder and rape that the United Nations has called ethnic cleansing. After years in a refugee camp prone to fires and floods, he accepted an invitation from the government of neighboring Bangladesh to move to the island, Bhasan Char.
Mr. Islam’s relief was short lived. Jobs on the island were nonexistent. Police officers controlled the refugees’ movements and sometimes barred residents from mingling with neighbors, or children from playing together outside. The island was vulnerable to flooding and cyclones and, until relatively recently, would occasionally disappear underwater.
So, in August, Mr. Islam paid human smugglers about $400 to ferry his family somewhere else.
“When I got the chance, I paid and left,” said Mr. Islam, who asked that his location not be revealed because leaving Bhasan Char is illegal. “I died every day on that island, and I didn’t want to be stuck there.”
worsened storms and sent sea levels rising. Human Rights Watch, in a recent report, said refugees and humanitarian workers alike fear that inadequate storm and flood protection could put those on the island at serious risk.
Nevertheless, the Bangladesh government has moved ahead with resettling Rohingya refugees there. They have built housing for more than 100,000 people, with a series of red-roofed dormitories checkering more than two square miles of the western side of the island.
The number of people trying to escape the island has become a growing problem. About 700 have tried to flee, according to the police, sometimes paying $150 per person to find rides on rickety boats. The police have arrested at least 200 people who attempted to leave.
The police cite safety concerns. In August, a boat carrying 42 people capsized, leaving 14 people dead and 13 missing.
“When we catch them, we send them back to the island,” said Abul Kalam Azad, a police officer in the port city of Chattogram on the southeastern coast of Bangladesh. “They say they are mostly upset for not having any job in Bhasan Char. They are eager to work and earn money.”
Some simply want to see their families again.
Last year, Jannat Ara left her hut in Cox’s Bazar for a dangerous sea journey to take a job in Malaysia that would provide food for eight members of her family. Her boat was intercepted by the Bangladesh navy. She was sent to Bhasan Char, where she lived with three other women.
Alone and desperate to leave, in May she seized the first chance she could get to escape. Her parents paid around $600 for the journey back to Cox’s Bazar, she said. She traveled for hours in pitch dark before arriving back at the camp.
“Only Allah knows how I lived there for a year,” Ms. Ara said. “It is a jail with red roof buildings and surrounded by the sea from all sides. I used to call my parents and cry every day.”
Human rights groups have questioned whether the refugees at Bhasan Char have enough access to food, water, schooling and health care. In an emergency, they say, the island also lacks an ability to evacuate residents.
“The fear is always there,” said Dil Mohammad, a Rohingya refugee who arrived on the island in December. “We are surrounded by the sea.”
But the biggest worry, Mr. Mohammad said, is the education of his children.
“My elder son used to go to the community school when we were in Cox’s Bazar,” he said, “but he is about to forget everything he learned, as there is no option for him to study in Bhasan Char.”
The fear of being stuck on the vulnerable island without any means of getting out has led to protests against Bangladeshi authorities by the refugees. The protests began in May, when U.N. human rights investigators paid a visit. They continued in August after the boat incident, with protesters carrying signs criticizing the Bangladesh government and appealing to the U.N. to get sent back to Cox’s Bazar.
Mr. Islam, the Rohingya refugee who fled in August, was one of the protesters. But he was already thinking about getting out.
He lost three cousins during a killing spree carried out by the Myanmar military in Rakhine state in 2017. Once they arrived in Cox’s Bazar, he and his family built a hillside hut out of sticks and plastic tarpaulins and shared it with another family of three.
During hot summer nights, Mr. Islam said, he and the other man slept outside so that their children and wives could sleep comfortably inside.
The promise of an apartment on Bhasan Char held appeal. In January, while other families were forced to go there, he volunteered. They carried a few blankets and two bags of clothes.
He came to regret the decision. When he arrived back at Cox’s Bazar in August, he saw it with new eyes.
“I felt,” he said, “as if I was walking into my home.”