Media
Twitter’s $44 billion acquisition with Musk is flying away, causing shares to plummet
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.
— Elon Musk (@elonmusk) July 11, 2022
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.”
An entire North Carolina police department resigned Friday after a new town manager implemented what police officers said was dangerous policies that work against their department.
Police officers in the town of Kenly submitted their “mass-resignation letters citing stress, a hostile work environment and an inability to continue the department’s long-term betterment projects,” according to Fox News.
The culprit behind the massive resignations: Town Manager Justine Jones.
According to reports, Police Chief Josh Gibson “expressed regret toward the negative changes he felt were occurring in the department” and the concern that the town would be left without protection from a police force.
“In my 21 years at the Kenly Police Department, we have seen ups and downs. But, especially in the last 3 years, we have made substantial progress that we had hoped to continue. However, due to the hostile work environment now present in the Town of Kenly, I do not believe progress is possible,” wrote Gibson in a letter.
Neither the police department nor Jones has been willing to speak to the media on the nature of these complaints, local outlets report.
The town of Kenly won’t be the last to see such drastic moves by law enforcement officers. In fact, across the nation law enforcement officers have complained about failed leadership and their inability to do their jobs.
Lawmakers, like Rep. Alexandria Ocasio Cortez (D-NY), who have called for defunding law enforcement agencies have been the impetus behind a wave of proposed anti-law enforcement policies across the nation.
For more on this story go to Fox News here.
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