Elon Musk

Elon Musk

DDoS Attack on X Raises Critical Security Concerns Following Major Staff Cuts Under Elon Musk’s Leadership

DDoS Attack on X Raises Critical Security Concerns Following Major Staff Cuts Under Elon Musk’s Leadership

The recent cyberattack on X sparks debate—was it an external assault or internal vulnerability? Hacktivist group Dark Storm claimed the DDoS attack, but questions arise about X’s weakened cybersecurity, especially after major staff cuts under Elon Musk’s ownership.

X’s Security Posture Post-Acquisition

Since Musk’s takeover in late 2022, X has undergone major cost-cutting measures, including layoffs that affected over 80% of its workforce. Cybersecurity and site reliability teams were not spared. The security teams were also effected. Former Twitter faced ongoing cybersecurity challenges, including phishing, credential-stuffing, and bot-driven attacks. Whistleblower Peiter ‘Mudge’ Zatko, Twitter’s former head of security, said that the company struggled to maintain security defenses, citing outdated infrastructure and a lack of resources.

The impact of these cuts became evident when Twitter suffered multiple security incidents post-acquisition. In 2023, data from 235 million Twitter accounts was leaked on a hacking forum. The breach was linked to an API vulnerability that had been exploited in late 2021, before Musk’s acquisition. While Twitter claimed to have patched the flaw in 2022, the mass layoffs in late 2022 may have weakened the company’s ability to detect and respond to the leak, exacerbating its impact. Furthermore, in 2023, Twitter had disabled key automated moderation tools, leading to increased spam and bot activity. Such gaps in security preparedness could make X more susceptible to attacks like the recent DDoS incident.

DDoS Mitigation: Was The Response by X Adequate?

A well-prepared platform should have robust DDoS mitigation strategies, yet X appears to have struggled with the attack. Outage tracking data from DownDetector showed that more than 41,000 users reported disruptions, with services only stabilizing after several hours. While major tech platforms like Google and Amazon have developed advanced DDoS mitigation techniques – such as Google Cloud Armor’s ability to detect and mitigate high volume Layer 7 DDoS attacks – X’s response makes me worried about whether similar countermeasures were in place.

One telling sign of potential underpreparedness was Musk’s vague attribution of the attack to “IP addresses originating in Ukraine.” Cybersecurity experts have repeatedly warned that attackers can easily spoof IP addresses, meaning this claim does little to clarify the real source of the attack. A more robust security response would involve transparent post-attack forensic analysis and the implementation of advanced traffic filtering systems to prevent such large-scale disruptions in the future.

The Trade-Off Between Cost Cutting and Cyber Resilience

X’s security challenges reveal a broader issue: the trade-off between cost reduction and cyber resilience. The 2024 Cybernews Business Digital Index report found that 84% of Fortune 500 companies, including tech companies, scored a D or worse in cybersecurity preparedness. Organizations that prioritize short-term financial savings over long-term security investments often find themselves more vulnerable to cyber threats, which can be very costly. IBM reports that in 2024, the global average cost of a data breach was 4.88 million USD – a 10% increase over previous year and the highest total ever.

Social media platforms are among the main targets for cyberattacks. Without a strong security team and effective mitigation strategies, X could remain an attractive target for DDoS attacks and other cyber threats. If Musk’s and, for that matter, other social media platforms are to maintain credibility and reliability, investing in cybersecurity infrastructure must become a priority. If not, users should decide for themselves whether they want to stay on such platforms and risk exposing sensitive data, the breach of which may lead to identity theft, financial fraud, unauthorized account access, or even full system compromise.

Tesla Suffers $500 Billion Loss as CEO Elon Musk’s Political Actions Shake Shareholder Confidence

Tesla Suffers 0 Billion Loss as CEO Elon Musk’s Political Actions Shake Shareholder Confidence

Being a CEO with strong political views can be a double-edged sword, and Elon Musk’s approach has certainly proven this. His vocal stance on issues such as government regulations, free speech, and labor policies has garnered both praise and considerable criticism. However, his political actions have also taken a toll on Tesla, with shareholders increasingly expressing concern. As a result, the company has faced one of its most significant financial setbacks.

Data from Altindex.com reveals that Tesla’s stock slump has resulted in a staggering $500 billion loss in market value, which is roughly equivalent to the combined market caps of Toyota, BYD, Ferrari, and Mercedes-Benz.

Tesla’s Second-Worst Stock Crash Since 2022

2024 began on a rocky note for Tesla, as the company struggled with slower growth projections, price reductions in key markets like China, and intensifying competition from other electric vehicle manufacturers. Despite these challenges, the world’s leading electric car producer, Tesla (TSLA), managed a notable recovery.

In November, the company hit the one-trillion-dollar mark for the first time, a huge milestone driven mainly by Elon Musk`s engagement in Donald Trump’s election campaigns, his endorsement of business-friendly policies, and a record $250 million donation, making him the election’s biggest donor.

While the company’s stock value continued soaring in the weeks after Trump’s election victory, the rally didn’t last, with TSLA stocks being on a steady downward slope for nearly three months. Since peaking at $1.42 trillion on December 17, Tesla’s stock value has dropped almost 40%, with losses accelerating after the inauguration and Musk’s increasingly disruptive presence in the new administration.

At the time of writing, Tesla`s stock value amounted to $904 billion, marking a staggering $513 billion drop in just 75 days. To put that into perspective, in just two and a half months, the company has lost an amount equal to the combined market caps of Toyota, BYD, Ferrari, and Mercedes-Benz.

Moreover, statistics show this is the second-largest two-month stock collapse Tesla has seen in its history, trailing only the 2022 crash. Between October and December of that year, the company`s market cap nosedived by over 50%, reaching a three-year low of $388 billion amid the tech industry crisis.

Musk`s Fortune Shrinks by $123 Billion Since Mid-December

This stock slump hasn’t just hit Tesla; it’s also taken a massive bite out of Musk’s fortune. As Tesla`s largest shareholder, Musk has seen his net worth plummet by a jaw-dropping $123 billion since mid-December, according to Bloomberg’s Billionaires Index.

Despite this eye-watering loss, Musk remains the wealthiest person on the planet by a considerable margin. Even after the hit, he is still worth $115 billion more than the second-ranked Meta CEO Mark Zuckerberg or Amazon`s Jeff Bezos, worth $236 and $232 billion, respectively.