Media
Twitter Tries to Turn Tables on Musk, Says will ‘Enforce Merger’
No take backs, Twitter. The tech giant’s board is trying to turn the tables on Elon Musk and announced Tuesday that it plans to “close the transaction and enforce the merger agreement” reported The New York Times.
Axios wrote a ‘cliff’s notes’ style report about the complex situation to make it more understandable:
Driving the news: “The board and Mr. Musk agreed to a transaction at $54.20 per share,” Twitter’s board said in a statement to The New York Times. “We believe this agreement is in the best interest of all shareholders. We intend to close the transaction and enforce the merger agreement.”
- This followed an earlier statement from Twitter that said it was “committed to completing the transaction on the agreed price and terms as promptly as practicable.”
Flashback: Twitter’s board urged shareholders in a regulatory filing Tuesday to vote in favor of the deal.
The big picture: Musk said last week that the $44 billion deal with Twitter was “temporarily on hold” until CEO Parag Agrawal publicly proves that less than 5% of users are bots or spam accounts.
- “My offer was based on Twitter’s SEC filings being accurate,” Musk said in a tweet. “Yesterday, Twitter’s CEO publicly refused to show proof of <5%. This deal cannot move forward until he does.”
Yes, but: Musk currently has a contractual obligation to buy Twitter at the agreed price, Axios’ Felix Salmon writes.
Axios also made an excellent timeline of the Twitter saga thus far, culminating with the following on May 17:
- “My offer was based on Twitter’s SEC filings being accurate,” Musk said in a tweet. “Yesterday, Twitter’s CEO publicly refused to show proof of <5%. This deal cannot move forward until he does.”
- In a lengthy regulatory filing the Twitter board urged shareholders to vote in favor of the deal and provided a play-by-play look into how the board reached an agreement with Musk last month.
Rupert Murdoch, the 92-year-old media tycoon, announced his decision to step down from his roles as Chairman of Fox Corporation and Executive Chairman of News Corp on Thursday. The transition is set to take effect in November, with his son, Lachlan Murdoch, assuming the position of sole chairman for both media conglomerates.
According to reports from Fox News, Murdoch addressed his colleagues in a letter, where he explained that his decision was prompted by a desire to embrace new roles while recognizing the capable leadership of his son, Lachlan. He stated, “For my entire professional life, I have been engaged daily with news and ideas, and that will not change. But the time is right for me to take on different roles, knowing that we have truly talented teams and a passionate, principled leader in Lachlan who will become sole Chairman of both companies.”
Despite the transition, Rupert Murdoch made it clear that he would remain actively involved in the “contest of ideas,” highlighting the intensifying battle over freedom of speech and freedom of thought. He criticized elites and the media for prioritizing narratives over the pursuit of truth.
“In my new role, I can guarantee you that I will be involved every day in the contest of ideas,” he wrote.
Lachlan Murdoch issued a statement, congratulating his father for his remarkable 70-year career and acknowledging his enduring impact on the companies he founded. He expressed gratitude for Rupert Murdoch’s vision, pioneering spirit, and steadfast determination, assuring that he would continue to provide valuable counsel in his role as Chairman Emeritus.
Rupert Murdoch’s media empire includes FOX News Channel, which has been a dominant force in 24-hour news coverage since its launch in 1996. Under his leadership, it became one of the world’s most influential news sources. Additionally, Murdoch served as the CEO of 21st Century Fox from 1979 until 2015 and as its Chairman from 1991 to 2015.
Murdoch’s career began in 1954 when he assumed control of News Limited, a public corporation in Australia previously led by his father. He expanded his media holdings internationally, acquiring major UK publications like News of the World and The Sun in 1969, as well as U.S. newspapers including the New York Post and The Village Voice.
His impact extended to television with the launch of the FOX Broadcasting company in 1986 and the subsequent establishment of FOX Sports. In 2019, Fox Corporation emerged as a standalone, publicly traded entity following the separation of 21st Century Fox, redefining the U.S. media landscape.
Rupert Murdoch’s contributions to the media industry have earned him numerous accolades, including the Companion of the Order of Australia (A.C.) and induction into the Television Academy Hall of Fame. Alongside his family, he has supported various charitable organizations across the U.S., the U.K., Australia, Asia, and Israel.
The transition of leadership marks a significant moment in the media world, as Rupert Murdoch’s enduring legacy continues to influence the future of media and journalism.
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nattiedwards
May 19, 2022 at 10:10 am
Really? It is like buying a house before extending the $$$ to make sure that electricity, water, and sewer lines within other ‘amenities’ are running legally and adequately to move in?
ken miller
May 19, 2022 at 7:05 pm
Was Musk doing this to show he public how FAKE the Social Media sites really are? Was he proving how STUPID Dummy KKK RAT voters really are and how easily manipulated they can be? If there are a substantial # of bots, are the Twitter execs guilty of LYING to the SEC? Looks like Musk is as smart as everyone thinks he is.
Maxim
May 19, 2022 at 7:27 pm
Why a false or erroneous filling was given to SEC by Twitter!? It is like False advertising, and you return the Merchandise if so.
All to legalize can last for years as from the beginning twitter obstructed the sale. Any Good Business lawyer her to explain why is different!?
Tom Kukuk
May 19, 2022 at 10:39 pm
Anyone who’s been involved with an acquisition knows that the initial offer is based on investigation or “due diligence”. Exaggerated sales or profits are often reality and it’s up to the purchaser to verify information you’ve been given.
If Twitter has more bots than they filed with the SEC the adjusted sale price will be the least of their troubles. If more than 20%, advertisers will sue for fraud and that business will drop like a rock. Investors beware, ask questions about WOKE fraud. Better yet just watch the @ProjectVeritas investigations.
Mary
May 20, 2022 at 10:17 am
Elon Musk might find out more deleterious activities with Twitter. The former CEO is as bad as Zuckerberg and others. Those BIG YECH made a mistake when they manipulated the voting. There is PROOF that Zuckerberg has been working on tampering with the Voting system in USA for many years. BIG TECH has a megalomaniac attitude and lifestyle. They appear to think they are in charge. they are in charge of what> the outhouse.
Marc
May 21, 2022 at 1:36 am
In a normal world, the SEC would have something to say about Twitter’s inaccurate or fraudulent filings (if they are). Under this communist regime, it’s anybody’s guess. If the SEC is as corrupt as the FBI, CIA, FDA, CDC, and the NIH — and I’m pretty sure they are — then, given Musk’s new-found, public disdain for the left, the regime may find a way to make an example out of Musk.
Stephane
May 21, 2022 at 4:31 am
parag agrawal: LUCIFER incarnate?
Is he the epitomy of the Indian Beggar?
Rich but still the dreadful liar and thief?
Clayce
May 21, 2022 at 8:48 pm
Hang in there Musk! Their SEC figure denotes a “pig in a poke!”