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Twitter’s $44 billion acquisition with Musk is flying away, causing shares to plummet

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Elon Musk

In the game of Twitter verses Elon Musk, the social media company is getting creamed.

On Friday, Billionaire and Tesla CEO Elon Musk threw a wrench in the $44 billion Twitter acquisition deal by having his attorneys write a letter to Twitter’s board announcing he is ending his bid to purchase the company. The eight-page letter prompted Twitter to respond with threats of a lawsuit to make Musk continue with the acquisition.

The letter states: “As further described below, Mr. Musk is terminating the Merger Agreement because Twitter is in material breach of multiple provisions of that Agreement, appears to have made false and misleading representations upon which Mr. Musk relied when entering into the Merger Agreement, and is likely to suffer a Company Material Adverse Effect (as that term is defined in the Merger Agreement).”

The Associated Press reported Friday that Twitter had responded to Musk’s letter on Friday, saying it will sue in order to uphold the deal. CNBC reports that Twitter shares sank in premarket trade Monday after Elon Musksaid he is trying to terminate his $44 billion takeover of the company. “Shares of the social media platform fell more than 6%, wiping nearly $1.8 billion off the company’s market value. Tesla, where Musk is CEO, fell almost 4%.”

Musk has argued that Twitter was not honest and accurate with its information regarding how many fake “bot” accounts exist. “Twitter, on the other hand, says it has given Musk the information he needs to assess its claim that spam accounts make up only 5% of monetizable daily active users, including its so-called firehose, an unfiltered, real-time stream of daily tweets” adds CNBC. Bret Taylor, Twitter’s board chair, said the company would pursue legal action in the Delaware Court of Chancery to enforce the agreement.

Showing no concern over Twitter’s threats, Musk responded Monday by posting a meme mocking Twitter.

CNBC writes that the likely scenario is that the two parties are “set for a protracted court battle, according to lawyers. Musk could also be faced with paying a $1 billion breakup fee for walking away.”

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Elections

Report: Google has ‘interfered’ in U.S. elections ‘dozens of times since 2008’

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The Media Research center released a report, published Monday by Fox News Digital, which demonstrates that Google has “interfered” in U.S. elections dozens of times since 2008. Specifically, “researchers at the center identified 41 times over the past 16 years where Google interfered in elections, a claim which the tech platform has strongly denied” reports Just the News.

“In every case, Google harmed the candidates–regardless of party–who threatened its left-wing candidate of choice,” the report states. One example is in 2008, Google “allied itself” with then-candidate Barack Obama and censored bloggers supporting then-candidate Hillary Clinton, per the report.

In 2012, Google’s algorithm negatively impacting Senator Rick Santorum, the leading GOP primary candidate, according to the researchers. Google’s interference also extended to “every federal election cycle since 2016, and it’s already impacting the 2024 election”, the report states.

Researchers recommended House Speaker Mike Johnson, R-La., to direct committees to investigate the platform and for Americans to “stop using Google products, particularly Google Search and instead opt for one of the many alternatives.”

Just the News notes Google has denied the report’s findings: “There is absolutely nothing new here – just a recycled list of baseless, inaccurate complaints that have been debunked by third parties and many that failed in the courts,” a spokesperson for the company said. “We have a clear business incentive to keep everyone using our products, so we have no desire to make them biased or inaccurate and have safeguards in place to ensure this.”

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