Tradingfxdaily.com
  • Home
  • Forex
  • Crypto News
    • NFT News
  • World News
  • Business
  • Stock Market
  • Economic Calendar
No Result
View All Result
  • Home
  • Forex
  • Crypto News
    • NFT News
  • World News
  • Business
  • Stock Market
  • Economic Calendar
No Result
View All Result
Tradingfxdaily.com
No Result
View All Result
Home Business

Latest Stock Market and Business News: Live Updates

tradingfxdaily by tradingfxdaily
June 6, 2022
in Business
0
Latest Stock Market and Business News: Live Updates
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter
Elon Musk is threatening to pull out of his planned $44 billion acquisition of Twitter.Credit…Pool photo by Britta Pedersen

Elon Musk is threatening to pull out of his $44 billion acquisition of Twitter if the company does not provide more information on how it calculates the number of fake accounts.

In a letter delivered to Twitter on Monday and filed with the Securities and Exchange Commission, Mr. Musk’s lawyers at the law firm Skadden, Arps, Slate, Meagher & Flom argued that Twitter was “actively resisting and thwarting” Mr. Musk’s rights under the terms of his deal to acquire the social media company. His lawyers accused Twitter of a “clear material breach” of its obligations, and said that Mr. Musk had the right to break off the agreement as a result.

Related articles

GM’s Fourth-Quarter Profit Soared as Supply-Chain Problems Eased

GM’s Fourth-Quarter Profit Soared as Supply-Chain Problems Eased

January 31, 2023
Ukraine willing to be neutral, says Russia wants to split nation By Reuters

Australia deploys more experts, equipment to search for lost radioactive capsule By Reuters

January 31, 2023

The letter said Mr. Musk had “repeatedly” requested more information about how Twitter measures spam and fake accounts on its platform, and that he had “made it clear that he does not believe the company’s lax testing methodologies are adequate so he must conduct his own analysis.” He said Twitter’s cooperation was necessary to secure the debt financing that banks have committed to fund the deal.

Twitter’s response to previous queries from Mr. Musk’s team, which explained the company’s testing methodology, was “tantamount to refusing Mr. Musk’s data requests,” the letter said.

Mr. Musk, who signed a deal to acquire Twitter in April, has, in recent weeks, threatened to put the deal “on hold” over its number of fake accounts. Last month, he tweeted that “the deal cannot move forward” until Twitter shows “proof” that bots only make up less than 5 percent of its users. He made similar remarks at a conference in Miami, indicating that he may be trying to lay the groundwork to renegotiate the deal.

In doing so, Mr. Musk appeared to be laying the groundwork for arguing that Twitter had a “material adverse change” or a change that would significantly affect its business, which could allow him to break off the deal. Lawyers have questioned the merits of that argument, particularly since Twitter has long disclosed that fake accounts represent about 5 percent of its users. Mr. Musk’s letter on Monday, though, represented a new strategy.

“What he is actually doing is a much more clever attempt to get out of the merger agreement,” said Ann Lipton, a professor of corporate governance at Tulane Law School. “If Twitter were really stonewalling information requests, and those information requests were necessary or reasonable for Musk to be able to get his financing — which is what he’s claiming in this letter — then that would conceivably be a breach that allows Musk to walk away.”

Twitter could, in turn, argue it does not have the information that Mr. Musk is demanding, or that it is not necessary for the deal to close, she said.

A deal is expected to close by Oct. 24. If it does not close by then, either side can walk away.

Should the transaction still be awaiting regulatory approval at that time, Mr. Musk and Twitter would have another six months to close it.

Twitter’s stock fell 4 percent in early trading on Monday, to about $38.50 per share, far below the $54.20 price set in the deal agreed with Mr. Musk.

Source link

Share76Tweet47

Related Posts

GM’s Fourth-Quarter Profit Soared as Supply-Chain Problems Eased

GM’s Fourth-Quarter Profit Soared as Supply-Chain Problems Eased

by tradingfxdaily
January 31, 2023
0

BusinessEarningsAuto maker also posted record full-year operating profit Source link

Ukraine willing to be neutral, says Russia wants to split nation By Reuters

Australia deploys more experts, equipment to search for lost radioactive capsule By Reuters

by tradingfxdaily
January 31, 2023
0

© Reuters. A member of the Incident Management Team coordinates the search for a radioactive capsule that was lost in...

Private Equity Taps Insurers' Cash to Speed Up Growth

Private Equity Taps Insurers' Cash to Speed Up Growth

by tradingfxdaily
January 31, 2023
0

Blackstone, Carlyle and other fund managers are reaching deals to tap the insurance industry’s cash. Source link

AMD Reports Earnings Today. What to Expect.

AMD Reports Earnings Today. What to Expect.

by tradingfxdaily
January 31, 2023
0

Text size AMD stock has fallen by 30% over the last 12 months. Dreamstime After Intel’s disappointing earnings report last...

Morgan Stanley Downgrades UiPath Inc. to Equalweight

Morgan Stanley Upgrades Taylor Wimpey Plc. to Equalweight

by tradingfxdaily
January 31, 2023
0

Morgan Stanley Upgrades Taylor Wimpey Plc. to Equalweight Source link

Load More
  • Trending
  • Comments
  • Latest
Short SPX: Top Trade Opportunities

Short SPX: Top Trade Opportunities

April 5, 2022
The Top 5 Metaverses to Look Out for in 2022

The Top 5 Metaverses to Look Out for in 2022

March 26, 2022
What is Leverage in Forex? Forex Leverage Explained

What is Leverage in Forex? Forex Leverage Explained

April 19, 2022

Larry Fink says globalization is over — Here’s what it means for the markets

March 26, 2022
Tesla Stock Split: What to Know as EV Maker Prepares to Split Its Stock in 2022

Tesla Stock Split: What to Know as EV Maker Prepares to Split Its Stock in 2022

March 28, 2022
U.S. securities regulator probes Didi Global’s $4.4 billion IPO By Reuters

India’s Adani rides out storm as investors rally to $2.5 billion share sale By Reuters

0

In a Less-Globalized World, Be Careful Where You Park Your Plane

0
Cardano pares most of its Q1 losses as ADA rebounds 60% in a month — What’s next? By Cointelegraph

Cardano pares most of its Q1 losses as ADA rebounds 60% in a month — What’s next? By Cointelegraph

0

Larry Fink says globalization is over — Here’s what it means for the markets

0
Natural-Gas Industry Gets Boost as Biden Shifts Stance

Natural-Gas Industry Gets Boost as Biden Shifts Stance

0
U.S. securities regulator probes Didi Global’s $4.4 billion IPO By Reuters

India’s Adani rides out storm as investors rally to $2.5 billion share sale By Reuters

January 31, 2023
Panamanian Crypto Bill Might Get a Second Wind in the Highest Court of the Country – Regulation Bitcoin News

Panamanian Crypto Bill Might Get a Second Wind in the Highest Court of the Country – Regulation Bitcoin News

January 31, 2023
GM’s Fourth-Quarter Profit Soared as Supply-Chain Problems Eased

GM’s Fourth-Quarter Profit Soared as Supply-Chain Problems Eased

January 31, 2023
Japanese Yen Crushed as Bank of Japan Disappoints, Policy Settings Left Unchanged

USD/JPY Breaks Key Downtrend Line But Bulls Have Work to Do

January 31, 2023
Black woman who fought enslavement honoured with Canada Post stamp – National

Black woman who fought enslavement honoured with Canada Post stamp – National

January 31, 2023
Tradingfxdaily.com

Tradingfxdaily.com is your Forex, Stock News, World News, Crypto Currency News, Business News & NFT News Website. We provide you with the latest breaking news and videos straight from the Trading industry.

  • Home
  • About us
  • Contact Us
  • Privacy Policy

© 2022 - All Right Reserved. tradingfxdaily.com

No Result
View All Result
  • Home
  • Forex
  • Crypto News
    • NFT News
  • World News
  • Business
  • Stock Market
  • Economic Calendar

© 2022 - All Right Reserved. tradingfxdaily.com

EURUSD=X 
$1.08  -0.20%  
EURCAD=X 
$1.46  0.32%  
EURJPY=X 
$141.25  -0.15%  
GBPUSD=X 
$1.23  -0.43%  
EURNZD=X 
$1.69  0.46%  
AUDUSD=X 
$0.7001  -0.87%  
CADUSD=X 
$0.7436  -0.48%