Twitter’s Drama Ends In A Deal | RTO’s “Troubling Double Standard” | Meet 50 Entrepreneurial CMOs

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Hello, and welcome to another edition of the CxO newsletter.

A bid rebuffed, a poison pill and now a deal. After weeks of drama,
Twitter’s board said yesterday that it will take Elon Musk up on his offer, his $44 billion bid to buy the business. The board said it expects the deal to close by the end of the year—and between now and then, there’s no shortage of questions that will need to be answered. For example:

1. Who will run it? Surely Musk, who is already the CEO of both Tesla and SpaceX, has enough on his plate and doesn’t need (or want) yet another top job. But as my colleague
Abram Brown points out, he’s not been Twitter CEO Parag Agrawal’s biggest fan—far from it. Bloomberg has speculated that he might tap twice-former CEO Jack Dorsey. If recent exchanges—Dorsey praising Musk, Musk praising Dorsey, all on Twitter, of course—are any indication, it may not be unreasonable to think Square’s Block head has another Twitter encore left in him.

2. What influence might China wield? Tesla has, in recent years, grown increasingly reliant on China,
Forbes Alan Ohnsman reports, with its Shanghai plant producing its highest number of electric vehicles in 2021. Known for its no-tolerance policy when it comes to public criticism, China banned Twitter in 2009 and, since then, has forfeited its influence. But as the New York Times’ Michael Forsythe suggests via Twitter, “that may have just changed.”

3. How will he promote free speech? “Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square,” said Musk in a statement announcing the deal. But Michael Posner, the Jerome Kohlberg professor of ethics and finance at NYU’s Stern School of Business, argues that the
ultra-rich CEO’s views on free speech and social media could actually do more harm than good, and that his leadership would do very little to advance much-needed reforms.

These are, of course, just a few of the many questions weighing on the minds of stakeholders and casual observers alike. What about the Technoking of Tesla’s takeover of Twitter is keeping you up at night?

Vicky Valet

Vicky Valet

Deputy Editor, Communities & Leadership

What's Next

RTO’s “Troubling Double Standard”: Ready to return to the office? A new survey of 10,000 workers describes a “troubling double standard” in the realities that employees and their bosses face upon reentering the workplace. Future Forum, a research consortium on the future of work, finds employees are nearly twice as likely as executives to be required to work in the office every day and, therefore, report higher levels of work-related stress and anxiety, and lower levels of work-life balance. “Executives are embracing flexibility while they’re telling everybody else to come back to the office,” Sheela Subramanian, Future Forum’s vice president, tells Jena McGregor. “What we’re seeing is just a lot more rigidity, more top-down mandates happening, and executives are not necessarily setting that model from the top.” Do better by your employees by one, considering hybrid models, and two, leading with empathy.

Mask Up, Mask Down: Just 24 hours after a federal judge scrapped the Biden administration’s public transit mask mandate, ruling it unlawful, the Department of Justice announced it will appeal the decision—if the Centers for Disease Control and Prevention deem such a requirement necessary. This development comes as similar rules across the country have been dropped, and reinstated. Washington, D.C., for example, allowed its vaccination and indoor masking mandates to expire at the end of February, only for Beltway universities including Georgetown, American, George Washington and Johns Hopkins to reinstate mandatory masking. Meanwhile, rising infections in Philadelphia led officials to take similar steps last week, only to backtrack days later. As employers strive to push forward with return to office plans, such conflicting requirements only stand to complicate matters.

Florida Vs. The Mouse:
Weeks after Disney publicly opposed HB 1557, more commonly known as the “Don’t Say Gay” law, Florida Republicans retaliated, passing a bill last week to dissolve the Reedy Creek Improvement District—a special district that, since 1967, Walt Disney World has used to operate as its own municipality, controlling things like construction permits, building codes and even fire department services. If the bill passes the house and is signed into law, Reedy Creek would be dissolved as of June 1, 2023, and the ramifications would be wide ranging. Not only would Disney be forced to navigate a lot more red tape to, for example, break ground on new construction for its theme parks and resorts, but Orange County Mayor Jerry Demings has said the decision could put a “catastrophic” strain on local taxpayers. This isn’t the first time lawmakers have retaliated against corporations for opposing legislation. Georgia Republicans, for example, passed a bill last year stripping Delta Air Lines of a multimillion-dollar jet-fuel tax break after it slammed the state’s voting restrictions. Only time will tell if repercussions such as these might discourage corporate leaders—who have, in recent years, faced pressure from stakeholders to speak out on social issues—from taking a stance.

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By The Numbers

54%

The percentage of Americans who believe President Joe Biden has not been “tough enough” against Russia, according to a poll conducted by the Associated Press-NORC Center for Public Affairs Research. This isn’t the first time his leadership has been called into question amid the crisis in Ukraine: Just last month, Pew Research Center data revealed that just 48% of Americans have confidence in Biden’s leadership—72% said the same about Ukrainian President Volodymyr Zelensky.

The CxO Profile

 
The Entrepreneurial CMO
 
 
 
The Entrepreneurial CMO

An entrepreneurial CMO is one who recognizes that the greatest risk sometimes lies in not taking one. They are beholden neither to the status quo nor to disrupting it for disruption’s sake. They are resilient, adapting to change and driving it, fueled by curiosity, creativity and an ability to test, learn and connect dots in real time. And these 50 marketing chiefs are doing just that.

Read More →
 
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