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Twitter Tries to Turn Tables on Musk, Says will ‘Enforce Merger’

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Screen Shot 2022 05 18 at 11.06.03 AM

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.

 

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8 Comments

8 Comments

  1. 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?

  2. 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.

  3. 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!?

  4. 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.

  5. 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.

  6. 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.

  7. 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?

  8. Clayce

    May 21, 2022 at 8:48 pm

    Hang in there Musk! Their SEC figure denotes a “pig in a poke!”

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Biden’s FCC wants to bring back Obama-era ‘net neutrality’

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FCC commissioner Brendan Carr

The current Federal Communications Commission (FCC) Commissioner is warning that the Democrat-led majority of the agency wants to impose what he considers to be the “greatest threat on the internet.” Speaking in an exclusive interview with Breitbart News, FCC Commissioner Brendan Carr said the agency’s move to enact net neutrality instead of holding big tech companies like Google accountable, is the “greatest threat on the internet.”

Carr explained to Breitbart News that the concern comes as the FCC will likely announce this week that that the agency will vote at the FCC’s end-of-month meeting to reenact net neutrality.

The capability is due to the Democrats having achieved a majority at the commission, after which they announced in September that they would seek to revive the Obama-era net neutrality regulations. Breitbart notes that during President Donald Trump’s administration, then-Chairman Ajit Pai repealed the net neutrality rules.

Carr described the net neutrality proposal as a “power grab by the administrative state” and “unlawful overreach” that could run afoul of the “major questions” doctrine, which prohibits agencies from enacting policies when an issue has “vast economic and political significance.”

According to Breitbart News, “Leftists have long sought to capture more regulatory authority over the internet using Title II regulations. net neutrality regulations seek to prohibit internet service providers (ISPs), such as Comcast and Verizon, from blocking, slowing down, or allowing for “paid prioritization,” by which users can pay for faster, more consistent service.”

Allum Bokhari, a former Breitbart News reporter, explained:

The law of common carriage, mandated by the Title II regulations demanded by Democrats, is one of the solutions recommended by Supreme Court Justice Clarence Thomas to address tech censorship. Yet Democrats want the rule applied to service providers, which are not in the habit of kicking off internet users for their political viewpoints, while not recommending similar regulations on the companies and platforms that are actually responsible for suppressing online discourse over the past five years — companies like Google, YouTube, Twitter/X, and Facebook.

Progressives and Democrats lost their minds when the FCC repealed Net Neutrality under Trump, predicting the end of the internet as we know it, and a variety of other disasters. As Breitbart News predicted at the time, none of these doom-laden predictions came true, and in fact broadband speeds across the country improved.

Carr told Breitbart News that in effect there is no need to reenact net neutrality, as broadband prices have lowered and internet speeds have risen since the agency repealed net neutrality. He cautioned that net neutrality would serve as a “significant headwind” that could hamper President Joe Biden’s Internet for All agenda to connect Americans to high-speed internet.

However, Carr emphasized most of all that net neutrality regulations ignore the threats of edge providers, or big tech platforms such as Google or Facebook.

“Google — back in 2005, Google was looking for ways to create a regulatory moat around their business model. And they came up with this catchy phrase called net neutrality, which is all about, you know, imposing heavy-handed regulations at the ISP level. And, you know, largely ignoring the threats that come from Google, the edge, and you’ll flash forward to today. And anyone looking back over the last couple of years … asked, you know, what’s been the greatest threat on the internet, not your mom and pop, rural ISP. It’s the edge,” Carr explained.

“The FCC is sort of just out of sync, you know, we’re sort of engaging in this 2005-era regulatory protection,” Carr added, saying that Republicans have realized that the “true threat of a free and open internet” is coming from big tech platforms. He then said that is why the government needs to take action to reform Section 230 of the Communications Decency Act and other laws to rein in big tech platforms.

Carr credited some agencies such as the Department of Justice (DOJ) for going after Apple for its apparent abuse as a monopoly, writes Breitbart.

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