The chief technology officer of Ripple Labs, David Schwartz, has taken to Twitter to comment on the recent news that Twitter has lost $40 million in advertising revenue. The loss took place due to Elon Musk implementing Community Notes on Twitter, which is basically fact-checking of advertisements.
Ripple CTO and Twitter losing $40 million; what's the deal here?
Musk has enabled users to add notes or corrections to any tweet, including advertisements. Once that happened, two big advertisers chose to leave Twitter after these community checks.
The goal Musk is chasing here is to increase the accuracy of the information published on Twitter.
Ripple's David Schwartz jokingly commented that the $40 million loss was due to his previous tweet, which he quoted — about Community Notes and special plastic bags in which vegetables can be cooked on the grill.
Man did I call it. Musk just revealed that Twitter lost $40 million in advertising revenue due to advertisers not appreciating having their ads fact checked. https://t.co/TiQbbzTvRw— David "JoelKatz" Schwartz (@JoelKatz) May 17, 2023
Elon Musk told these advertisers that they are free to publicly provide data that would contradict the Community Notes criticizing them. The Twitter boss did not reveal the names of these advertisers. He stated that this year, the social media platform is expected to bring in $3 billion in revenue. This is less than the $4.5 billion he expected if "2023 had been a normal year."
Schwartz, Hoskinson comment on recent Ledger wallet upgrade
On May 16, several crypto influencers from three of the top blockchain platforms have shared their take on the recent upgrade introduced by prominent cold wallet producer Ledger. From now on, a new feature will enable users to recover their seed phrase by splitting it in parts and sending it in encrypted form to three different devices.
This news caused major concern in the crypto community as users are afraid now that hackers will be able to gain access to their seed phrases this way. In 2020, Ledger already faced a situation when the personal data of around 300,000 Ledger clients, including their phone numbers and physical addresses, were leaked to the internet for public access.
Prominent leaders of the top DLT platforms — Charles Hoskinson (Cardano), David Schwartz (Ripple CTO) and Anatoly Yakovenko (Solana) have criticized Ledger's decision in their tweets recently.