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

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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

Judge orders Biden’s DHS to release files on agents accused of censoring election ‘misinformation’

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Missouri Attorney General Andrew Bailey and Louisiana Attorney General Jeff Landry made headway in countering federal agents involved in suppressing what liberal tech labeled “misinformation” on social media.

The Attorneys General moved to release testimony from five Cybersecurity and Infrastructure Security Agency (CISA) employees after learning of their participation in the Biden administration’s counter-“disinformation” efforts. On Wednesday, a Louisiana judge ordered the Department of Homeland Security (DHS) to release the files.

Court documents dated Jan. 19 show  the agents participated. The judge’s motion Wednesday could shed light on a “switchboarding” tactic employed during the 2020 election, according to the order.

The lawsuit alleges that the defendants, which include the named individuals as well as President Joe Biden and top officials from a variety of federal agencies, “colluded and/or coerced social media companies to suppress disfavored speakers, viewpoints, and content on social media platforms by labeling the content “dis-information,” “mis-information,” and “mal-formation.”

The Daily Caller reports that the five CISA employees allegedly served as a “switchboard” to route requests from federal agencies to censor disinformation to various social media companies, according to the documents.

Switchboard work employed “an audit official to identify something on social media they deemed to be disinformation aimed at their jurisdiction,” top CISA election security agent Brian Skully testified in a deposition released Thursday.

“They couldforward that to CISA and CISA would share that with the appropriate social mediacompanies.”

 

 

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