Tag: elon musk twitter

  • Elon Musk strikes court docket to dam Twitter’s request for expedited trial

    Elon Musk filed a movement on the Delaware Chancery Court difficult Twitter’s request to start the trial in September. Twitter’s merger settlement with Musk terminates on October 25.

    Elon Musk introduced on July 9 that he was terminating the $44 billion deal to purchase Twitter. (File photograph)

    Elon Musk filed a movement on Friday opposing Twitter Inc’s request to fast-track a trial over his plan to terminate his $44 billion deal for the social media agency.

    Musk’s attorneys, in papers filed with the Delaware Chancery Court, stated Twitter’s “unjustifiable request” to hurry the merger case to trial in two months needs to be rejected.

    It is the newest transfer in what guarantees to be a significant authorized showdown between Twitter and Musk. The San Francisco-based firm is looking for to resolve months of uncertainty for its enterprise as Musk tries to stroll away from the deal for what he says is Twitter’s “spam bot” downside.

    Twitter sued Musk on Tuesday for violating the deal to purchase the social media platform, asking a Delaware court docket to order the world’s richest particular person to finish the merger on the agreed value of $54.20 per share.

    ALSO READ | Oh the irony LOL: Elon Musk reacts after Twitter sues him for abandoning $44 billion buyout

    The firm requested the trial start in September as a result of the merger settlement with Musk terminates on October 25.

    “Twitter’s sudden request for warp speed after two months of foot-dragging and obfuscation is its latest tactic to shroud the truth about spam accounts long enough to railroad defendants into closing,” Musk’s submitting stated.

    Musk’s attorneys argued the dispute over false and spam accounts is prime to Twitter’s worth and intensely fact- and expert-intensive. They stated it might require substantial time for discovery and requested a trial date on or after Feb. 13 subsequent 12 months.

    The debt financing package deal dedicated by banks for Musk’s acquisition expires in April 2023. That means if the trial started in February and didn’t end by April, the deal might collapse.

    witter declined to touch upon Musk’s newest movement.

    Shares of Twitter had been down about 1% in prolonged buying and selling.

    — ENDS —

  • Twitter hires legislation agency Wachtell to sue Musk after pulling out of $44 billion deal

    After Tesla CEO Elon Musk known as off the deal to purchase Twitter, the microblogging platform has employed US legislation agency Wachtell, Lipton, Rosen & Katz LLP because it prepares to sue him and power him to finish the $44 billion acquisition of the social media firm.

    Twitter Inc has employed US legislation agency Wachtell, Lipton, Rosen & Katz LLP because it prepares to sue Elon Musk and power him to finish the $44 billion acquisition of the social media firm.

    Twitter Inc has employed U.S. legislation agency Wachtell, Lipton, Rosen & Katz LLP because it prepares to sue Elon Musk and power him to finish the $44 billion acquisition of the social media firm, in response to individuals acquainted with the matter.

    Musk, the chief govt officer of Tesla, on Friday terminated his deal, saying Twitter had failed to supply details about faux accounts on the platform, after which Twitter’s chairman, Bret Taylor, vowed a authorized combat.

    Twitter is planning to file a lawsuit early this week in Delaware, individuals acquainted with the matter mentioned.

    Twitter declined to remark whereas the legislation agency didn’t instantly reply to Reuters’ request for remark outdoors enterprise hours.

    Wachtell, Lipton, Rosen & Katz was one of many authorized advisers for Musk’s plan to take Tesla non-public in 2018. Musk tweeted that there was “funding secured” for a $72 billion deal to take Tesla non-public however didn’t transfer forward with a proposal.

    Musk and Tesla every paid $20 million in civil fines, and Musk stepped down as Tesla’s chairman to resolve U.S. Securities and Exchange Commission claims that he defrauded traders.

    Twitter’s current authorized staff contains Simpson Thacher & Bartlett LLP and Wilson Sonsini Goodrich & Rosati.

    — ENDS —

  • Elon Musk’s $44 billion Twitter deal will get board endorsement

    Twitter’s board has advisable unanimously that shareholders approve the proposed $44 billion sale of the corporate to billionaire and Tesla CEO Elon Musk, in response to a regulatory submitting Tuesday.

    Musk reiterated his need to maneuver ahead with the acquisition final week throughout a digital assembly with Twitter workers, although shares of Twitter stay far under his providing value, signalling appreciable doubt that it’s going to occur.

    Shares rose about 3% to $38.98 earlier than the opening bell Tuesday, far wanting the $54.20 per-share that Musk has supplied for every share. The firm’s inventory final reached that degree on April 5 when it supplied Musk a seat on the board earlier than he had supplied to purchase all of Twitter.

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    In a submitting with the US Securities and Exchange Commission detailing on Tuesday detailing a litter to traders, Twitter’s board of administrators mentioned that it “unanimously recommends that you vote (for) the adoption of the merger agreement.” If the deal had been to shut now, traders within the firm would pocket a revenue of $15.22 for every share they personal.

     

  • Elon Musk tells Twitter staff headcount will likely be rationalized

    Elon Musk addressed Twitter staff for the primary time on Thursday, projecting a necessity for “rationalization of headcount” however providing few different new particulars about his $44 billion takeover of the social media firm.

    Musk appeared by way of video name 10 minutes late to what turned out to be a freewheeling query and reply session moderated by a Twitter government, during which Musk mused concerning the existence of aliens and different house civilizations and his view that Twitter ought to assist “civilization and consciousness.”

    He instructed Twitter employees he needs to boost the service’s person numbers to not less than a billion individuals and mentioned promoting would stay vital for the corporate, regardless of beforehand saying he believes Twitter mustn’t serve advertisements, based on audio of the assembly heard by Reuters.

    “I think advertising is very important for Twitter,” Musk mentioned. “I’m not against advertising. I would probably talk to the advertisers and say, like, ‘hey, let’s just make sure the ads are as entertaining as possible.’”

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    Twitter staff took to an inner Slack channel in droves through the session, posting memes and complaining that Musk was not offering helpful solutions on his imaginative and prescient for the enterprise and worker compensation.

  • Elon Musk’s Ultimatum to Tesla Execs: Return to the Office or Get Out

    The world’s richest man seems to have had it with this complete working-from-home enterprise. Elon Musk, chief govt officer of Tesla Inc., waded into the return-to-office debate on Twitter by elaborating on an e mail he apparently despatched Tuesday to the electric-car maker’s govt workers.

    Under the topic line “Remote work is no longer acceptble” [sic], Musk wrote that “anyone who wishes to do remote work must be in the office for a minimum (and I mean minimum) of 40 hours per week or depart Tesla. This is less than we ask of factory workers.”

    The CEO went on to specify that the workplace “must be a main Tesla office, not a remote branch office unrelated to the job duties, for example being responsible for Fremont factory human relations, but having your office be in another state.”

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    While Musk didn’t instantly deal with whether or not the e-mail is genuine, he strongly steered it’s by responding to a follower asking him to handle individuals who assume going into work is an antiquated idea. “They should pretend to work somewhere else,” he replied.

    It’s not the primary time Musk’s tough-love therapy of workers has come up.

    Roughly two weeks earlier than Musk reached a deal to accumulate Twitter Inc., Keith Rabois, a Silicon Valley enterprise capitalist and entrepreneur, tweeted an anecdote that speaks to his pal’s administration fashion. At Space Exploration Technologies Corp., Musk as soon as seen a gaggle of interns milling round whereas they waited in a line for espresso.

    Musk seen this as an affront to productiveness. According to Rabois, who is aware of Musk from their days at PayPal Holdings Inc., Musk threatened to fireside all of the interns if it occurred once more, and had safety cameras put in to observe compliance.

    Rabois wrote in April that workers at Twitter — probably the most outstanding firms to permit everlasting distant work — are “in for a rude awakening.” Musk’s obvious e mail to Tesla’s govt workers suggests Twitter’s coverage will change as soon as he takes over.

    The reference to Tesla manufacturing unit employees can also be attention-grabbing in gentle of the scenario on the carmaker’s plant in Shanghai.

    Thousands of workers there have been successfully locked in for months, working 12-hour shifts, six days every week. Until lately, many had been sleeping on the manufacturing unit ground as a part of a closed-loop system meant to maintain Covid out and vehicles rolling off the manufacturing line.

    Workers introduced in to carry the manufacturing unit again on top of things are being shuttled between the power and their sleeping quarters — both disused factories or an outdated army camp — with day- and night-shift employees sharing beds in makeshift dorms.

  • So a lot to study… Elon Musk says he loves ‘all you loopy folks’

    Elon Musk, whose tweets are getting all the eye as of late, has stated there’s a lot to study from completely different folks on the microblogging website.

    Elon Musk is likely one of the most adopted individuals on Twitter and stated there’s a lot to be discovered even for harshest critics.

    Tesla CEO Elon Musk, who’s the sixth most adopted particular person on Twitter, has stated it is “pretty damn great to be able to talk to people from all walks of life and many countries on Twitter,” including that there’s a lot to be discovered even from his harshest critics.

    Read: How Elon Musk’s rising Twitter engagement helped form his companies

    He stated, “Ya know, it’s pretty damn great to be able to talk to people from all walks of life and many countries on Twitter! So much to be learned, even from the harshest critics. Basically I’m just saying I love all you crazy people.”

    Ya know, it’s fairly rattling nice to have the ability to speak to folks from all walks of life and plenty of international locations on Twitter!

    So a lot to be discovered, even from the harshest critics.

    Basically I’m simply saying I like all you loopy folks

    — Elon Musk (@elonmusk) May 27, 2022

    Most of Musk’s tweets go viral inside minutes, however just a few days again he clarified that he was not spending most of his time on the Twitter acquisition.

    He stated regardless that it’d look like he was spending most of his time on the Twitter acquisition, in actuality, he was spending lower than 5 per cent of his time on the deal. Rather, Tesla is on his thoughts 24/7, he stated.

    Days after shopping for Twitter, Musk stated he wouldn’t take the Twitter deal ahead till the corporate proves that it has lower than 5 per cent spam accounts on the platform. As against Twitter CEO Parag Agrawal, Musk just lately claimed that the microblogging website at the least consists of 20 per cent spam bots.

  • Why Twitter has ignored Elon Musk’s ‘trolling’

    A unilateral pronouncement that the acquisition of Twitter Inc is “on hold”. Fierce criticism of the social media firm’s dealing with of spam accounts. A “poop emoji” directed at Twitter’s chief govt, Parag Agrawal.

    These are simply a few of Elon Musk’s tweets within the final 4 days, culminating in a suggestion by the Tesla Inc chief govt at a convention in Miami on Monday that his $44 billion deal may very well be renegotiated at a cheaper price.

    Twitter believes Musk’s feedback have been in breach of the non-disparagement phrases of his settlement to purchase Twitter, in accordance with folks accustomed to the matter.

    Yet the San Francisco-based firm has not taken any authorized motion in opposition to Musk over what it sees as his “trolling” of the deal, and plans to take action provided that he doesn’t perform the duties wanted to finish the transaction, the sources mentioned.

    One of the sources concerned within the deal added that Twitter was making an attempt to “block out the noise”.

    Musk’s representatives have continued to collaborate with Twitter, in accordance with the sources. They have been getting ready info for submission to regulators, and – in the event that they proceed to cooperate – Twitter plans to file its proxy assertion, which is able to define for its shareholders how the deal got here collectively, as early as this week, the sources added.

    At the identical time, some Twitter executives and advisers are involved that Musk could also be laying the groundwork for renegotiating the settlement and are getting ready to defend the deal in court docket, in accordance with the sources. They pointed to Musk’s feedback concerning the deal turning into more and more damaging.

    “The more questions I ask (about the issue of spam accounts) the more my concerns grow,” Musk mentioned on the Miami convention on Monday.

    The sources requested to not be recognized as a result of they had been discussing confidential deal planning. Representatives for Twitter and Musk didn’t reply to requests for remark.

    Some of Twitter’s leaders haven’t been detached to Musk’s feedback. Agrawal took to Twitter on Monday to defend the corporate’s methodology for accounting for spam accounts, whereas Twitter chairman Bret Taylor tweeted on Friday that “we remain committed to our agreement”.

    Twitter shares ended buying and selling on Monday at $37.39, 5% decrease than the place they traded earlier than Musk revealed on April 4 he had amassed a stake within the firm, and 31% decrease than the $54.20 per share deal value. This signifies that traders deem it extremely probably that Musk will stroll away or renegotiate the deal at a cheaper price.

    Twitter is constant to supply Musk with info on spam accounts, the sources mentioned. Musk is entitled to this information as a part of his planning to personal Twitter below the phrases of his settlement with the corporate.

    Musk has questioned the accuracy of Twitter’s public disclosures during which the corporate has mentioned that these accounts make up “well under 5%” of its consumer base. Twitter has cautioned that that is an estimate.

    Independent researchers have projected that 9% to fifteen% of the thousands and thousands of Twitter profiles are bots. Musk mentioned on Monday that he suspects they make up no less than 20% of Twitter’s customers.

    One concern weighing on Twitter because it shares info with Musk is that he could violate his non-disclosure settlement with the corporate and share confidential details about its platform and customers, one of many sources mentioned. Musk has argued that Twitter must make extra info public about how its platform operates.

    Waived due diligence

    Musk, the world’s richest particular person, waived due diligence when he agreed to purchase Twitter on April 25, in an effort to get the San Francisco-based firm to just accept his “best and final offer.”

    Since then, expertise shares have plunged amid investor considerations over inflation and an financial slowdown. Musk is contractually obligated to pay Twitter a $1 billion break-up payment if he doesn’t full the deal. But the contract additionally incorporates a “specific performance” clause {that a} choose can cite to drive Musk to finish the deal.

    In follow, acquirers who lose a selected efficiency case are virtually by no means pressured to finish an acquisition and usually negotiate a financial settlement with their targets.

    Wedbush Securities referred to as Musk’s citing of the spam accounts as grounds to place the deal on maintain a “dog-ate-the-homework excuse” provided that the corporate was making the identical disclosure on the matter because it went public in 2013.

    “The stark reality for Twitter is that no other strategic/financial bidder will come near this deal and Musk knows that,” the Wedbush analysts wrote.

  • Twitter CEO Parag Agrawal says two leaders will depart firm, hiring paused

    Twitter Chief Executive Parag Agrawal introduced in an electronic mail to staff on Thursday, which was seen by Reuters, that the corporate’s leaders for the patron division and income will depart the social media firm.

    The information comes as billionaire entrepreneur Elon Musk is working to shut a $44 billion deal to accumulate Twitter. Agrawal additionally stated within the electronic mail that Twitter would pause most hiring and would evaluation all present job provides to find out whether or not any “should be pulled back.”

    Kayvon Beykpour, who leads Twitter’s client division, stated in a tweet thread on Thursday that his departure was not his resolution.

    “Parag asked me to leave after letting me know that he wants to take the team in a different direction,” Beykpour tweeted.

    Bruce Falck, who leads income product at Twitter, will depart after 5 years on the firm. In a tweet on Thursday, Falck thanked his staff and companions at Twitter.

    “We were able to achieve the results we did through your hard work – – quarterly revenue does not lie. Google it,” he tweeted.

  • Andreessen’s position in Musk-Twitter bid units up Meta battle

    A transfer by Andreessen Horowitz to hitch Elon Musk’s bid for Twitter Inc. threatens to create a battle for agency co-founder Marc Andreessen, who sits on the board of social-networking rival Meta Platforms Inc.

    Andreessen Horowitz agreed to speculate $400 million within the Twitter takeover deal, a part of $7.1 billion in new financing commitments introduced Thursday. That put one of many greatest early backers of Facebook, which modified its identify to Meta final yr, in place to develop into a brand new proprietor of Twitter.

    Firm co-founder Ben Horowitz mentioned in a tweet that Musk was maybe the one individual on the planet with the “courage, brilliance and skills” to repair Twitter’s issues and “build the public square that we all hoped for and deserve.”

    Andreessen Horowitz’s involvement has raised questions in regards to the VC agency’s hyperlinks to Meta, the place Marc Andreessen has served as a board member since 2008. Though it’s not unusual for Silicon Valley buyers to have a hand in competing startups, potential conflicts might be extra critical with publicly traded companies, mentioned John Coates, a professor at Harvard Law School.

    “It’s safe to say that Silicon Valley norms about conflicts — where they are often tolerated or even encouraged, in a culture along the lines of ‘it all comes out in the wash’ — are dangerous to carry over to the world of public companies,” he mentioned.

    A consultant for Andreessen Horowitz mentioned it deliberate to hunt authorized recommendation to make sure compliance with any guidelines across the sharing of Twitter data with the agency.

    Andreessen, 50, has come underneath scrutiny for earlier doable conflicts at Meta, comparable to investing in firms — together with Oculus VR — that Facebook ended up shopping for. At one level he was sued by buyers for advising Meta Chief Executive Officer Mark Zuckerberg on find out how to shield his majority voting management even when he bought his shares.

    On Twitter, Andreessen has been publicly supportive of Musk, and he’s railed towards the content-moderation insurance policies at social media firms. Musk has mentioned he plans to loosen the foundations if he takes cost of Twitter.

    Since the investor doesn’t sit on Twitter’s board, his connection to Meta might not be a problem, mentioned David Larcker, a professor at Stanford University. “Although I know of no way to figure this out from public data, I would guess that many executives and board members trade in the shares of their competitors,” he mentioned.

    Twitter, whereas far smaller than Facebook, is taken into account a Meta rival, competing for digital promoting {dollars} and customers’ posts. When Twitter’s board was evaluating whether or not to take Musk’s bid, they appeared on the latest decline in Meta’s valuation as a part of their deliberations, in response to an individual accustomed to the matter. They finally concluded that the billionaire’s supply was honest.

    Andreessen isn’t the one associate at his enterprise agency whose present relationships might get extra sophisticated after Musk’s deal is accomplished. Vineeta Agarwala, a common associate at Andreessen Horowitz who invests in biotech and medical firms, is married to Twitter CEO Parag Agrawal. It’s unclear if Agrawal will stay as CEO underneath Twitter as soon as Musk takes over, however Musk has beforehand mentioned that he made his bid for Twitter partly as a result of he didn’t think about the corporate’s present management.

    On Thursday, CNBC reported that Musk plans to take over as CEO for a short while after the deal closes.

  • Elon Musk left a South Africa that was rife with misinformation and white privilege

    Elon Musk’s impending takeover of Twitter has many individuals probing his public statements and his previous for clues about how he’ll form one of many world’s most influential public platforms.

    But Musk, greatest identified for proudly owning the businesses Tesla and SpaceX, has not talked a lot in public a couple of vital swath of his previous: how rising up as a white individual underneath the racist apartheid system in South Africa might have formed him.

    “It’s telling; white kids were insulated from the harsh reality of it,” mentioned Terence Beney, who’s white and graduated with Musk from Pretoria Boys High School in 1988.

    Interviews with kin and former classmates reveal an upbringing in elite, segregated white communities that have been suffering from anti-Black authorities propaganda and indifferent from the atrocities that white political leaders inflicted on the Black majority.

    Musk, 50, grew up within the financial hub of Johannesburg, the chief capital of Pretoria and the coastal metropolis of Durban. His suburban communities have been largely shrouded in misinformation. Newspapers typically arrived on doorsteps with complete sections blacked out, and nightly information bulletins ended with the nationwide anthem and a picture of the nationwide flag flapping because the names of white younger males who have been killed preventing for the federal government scrolled on the display.

    Elon Musk on the Met Gala. (Image: Reuters)

    “We were really clueless as white South African teenagers. Really clueless,” mentioned Melanie Cheary, a classmate of Musk’s throughout the two years he spent at Bryanston High School within the northern suburbs of Johannesburg, the place Black folks have been hardly ever seen apart from in service of white households residing in palatial properties.

    Musk left South Africa shortly after commencement at 17 to go to varsity in Canada, barely ever wanting again. He didn’t reply to emails requesting remark about his childhood.

    Musk has heralded his buy of Twitter as a victory without cost speech, having criticized the platform for eradicating posts and banning customers. It is unclear what function his childhood — developing in a time and place wherein there was hardly a free change of concepts and the place authorities misinformation was used to demonize Black South Africans — might have performed in that call.

    Classmates at two excessive faculties he attended described him as a loner with no shut pals. None provided recollections of issues he mentioned or did that exposed his views on the politics of the time. But Black schoolmates recall that he frolicked with Black pals.

    Musk’s father, Errol Musk, mentioned in an interview with The New York Times that Elon, his brother and sister have been conscious from a younger age that there was one thing incorrect with the apartheid system. Errol Musk, who was elected to the Pretoria City Council in 1972, mentioned they might ask him in regards to the legal guidelines prohibiting Black folks from patronizing eating places, film theaters and seashores. They needed to make calculations once they have been going out with nonwhite pals about what they may safely do, he mentioned.

    “As far as being sheltered from it, that’s nonsense. They were confronted by it every day,” recalled Errol Musk, who mentioned he belonged to the anti-apartheid Progressive Party. “They didn’t like it.”

    Still, Errol Musk provided an outline of their lives that underscored how eliminated they have been from the nation’s violent actuality. They received alongside properly with Black folks, he mentioned, pointing to his kids’s good relationship with their home employees, and he described life in South Africa throughout apartheid as being principally higher and safer than it’s now.

    According to a biography of Elon Musk, written by Ashlee Vance, Musk mentioned he didn’t need to partake in South Africa’s obligatory navy service as a result of it will have pressured him to take part within the apartheid regime — and that will have contributed to his determination to go away South Africa shortly after highschool commencement.

    The apartheid system created a distinction amongst white folks, particularly between those that spoke Afrikaans and those that spoke English, like Musk’s household. While political energy lay with the Afrikaners — the perfecters of apartheid who descended from Dutch, German and French settlers — English-speaking white South Africans loved wealth that felt to some like a birthright, Cheary mentioned.

    “We were the white, English-speaking elite of the world,” she mentioned. “It was literally our kingdom.”

    Pretoria Boys had a socially progressive undercurrent. The faculty’s headmaster had participated in freedom wrestle actions; some college students would journey to anti-apartheid gatherings.

    “I’m pretty confident in saying that a place like Pretoria Boys High, you were exposed to progressive ideas, even if you didn’t adopt them,” mentioned Beney, 51, who does coverage work for public well being and social welfare organizations.

    Yet none of them skilled the beatings and gunshots of state safety forces just like the Black kids who have been preventing for fundamental rights in township faculties. And many college students purchased into authorities propaganda, Beney mentioned.

    He recalled a debate in one in every of his lessons at Pretoria Boys within the mid-Nineteen Eighties over the federal government’s requirement that they serve within the navy, squashing efforts by Black South Africans to defeat an oppressive regime.

    A slight few mentioned they might refuse to kill on behalf of an unjust political system. But others mentioned that whereas apartheid had its injustices, the nation was in an all-out battle. Some insisted that the combat was to guard towards communists. Others justified the battle by arguing that Black folks have been vulnerable to evil concepts.

    Another frequent trope amongst college students again then, Beney mentioned, was that Black folks couldn’t be trusted with the best to vote as a result of that they had no custom of democracy.

    The apartheid system had pressured the Black majority to dwell in sure areas. The approach that was taught in class was that the nation was made up of many tribes, with some choosing independence in their very own homelands, in response to Stanley Netshituka, who grew to become the primary Black scholar at Pretoria Boys in 1981.

    Netshituka mentioned he had some pals from liberal households who understood how unhealthy issues have been for Black South Africans. But they have been the exception, he mentioned.

    “I would say the majority were blissfully ignorant and happy to be blissfully ignorant,” mentioned Netshituka, 54, who was allowed to attend the college as a result of his father was a diplomat for Venda, one of many ethnic homelands in South Africa that was thought of a semi-independent nation on the time.

    In the identical breath, classmates would name Black freedom fighters terrorists however inform him that “not all Black people are necessarily bad because I can see you’re not so bad,” he recalled.

    Musk grew to become pals with a cousin of Netshituka’s, Asher Mashudu, in response to Mashudu’s brother, Nyadzani Ranwashe. One time at lunch, a white scholar used an anti-Black slur, and Musk chided the scholar however then received bullied for doing so, Ranwashe mentioned.

    Mashudu was killed in a automotive accident in 1987, and Ranwashe mentioned he remembered Musk being one in every of solely a handful of white individuals who attended the funeral within the household’s rural village.

    “It was unheard of during that time,” he mentioned.