twitter inc, litigation, $44 billion deal, tesla inc ceo, $54.20 per share
Elon Musk and Twitter Inc may reach an agreement to end their litigation as soon as Wednesday and clear the way for the world’s richest person to close his $44 billion deal for the social media platform, a source familiar with the litigation told Reuters.
Musk, who is also chief executive officer of electric car maker Tesla Inc, proposed to Twitter late on Monday he would change course and abide by his April agreement to buy the company for $54.20 per share if Twitter dropped its litigation against him.
Musk’s proposal on Monday included a condition that the deal closing was pending the receipt of the necessary debt financing. The potential agreement would likely remove that condition, said the source, who requested anonymity as the discussions are confidential.
Twitter’s legal team and lawyers for Musk updated the judge on Tuesday with their attempts to try to overcome mutual distrust and find a process for closing the deal.
Musk is scheduled to be deposed on Thursday in Austin, Texas.
Musk canceled a deposition in late September, citing concerns about a Twitter attorney’s possible exposure to someone who later tested positive for COVID-19, according to a court filing made public on Wednesday.
Shares of Twitter were down 0.7% at $51.63 on Wednesday afternoon. The stock on Tuesday hit its highest level since Musk and Twitter agreed in April that he would buy the company for $54.20 per share.
Musk said in July he was walking away from the takeover agreement because he discovered Twitter had allegedly misled him about the amount of fake accounts, among other claims.
Part of Musk’s case was based on allegations by Twitter whistleblower Peiter “Mudge” Zatko that became public in August.
Twitter’s legal team has wanted to investigate if Quinn Emanuel lawyer Alex Spiro, who has led the case for Musk, communicated with the whistleblower as early as May. The law firm has said in court filings its attorneys did not communicate with Zatko or his representatives.
Spiro did not immediately respond to a request for comment.
Twitter uncovered an anonymous May 6 email to Spiro from “a former Exec at Twitter leading teams directly involving Trust & Safety/Content Moderation,” according to court documents. The sender offered to communicate “via alternate means.”
Zatko, who was head of Twitter security until he was fired in January, has said under oath he did not communicate with Musk or Musk’s attorneys at Quinn Emanuel.
The judge, Chancellor Kathaleen McCormick of Delaware’s Court of Chancery, said in a Monday ruling it is “at least plausible” Zatko sent the anonymous email. She ordered Spiro to file by 4:30 p.m. EDT on Wednesday a statement with the court explaining his actions regarding the May 6 email.

TECH NEWS RELATED

What factors influence Chinese university students' food waste behavior?

Graphical abstract. Credit: Frontiers of Agricultural Science and Engineering (2022). DOI: 10.15302/J-FASE-2022472 Food waste is a major social problem that contributes to the overutilization of natural resources, affecting economic progress and environment protection. Food waste occurs at all stages of the food supply chain, including production, transportation processing and ...

View more: What factors influence Chinese university students' food waste behavior?

Europe is looking for ways to counter the new US climate law

Credit: CC0 Public Domain The European Union should improve its state aid rules and consider more green transition funding to offset possible distortions from the new U.S. climate and tax law, European Commission President Ursula von der Leyen said. Her remarks came a day before the U.S.-EU Trade and ...

View more: Europe is looking for ways to counter the new US climate law

Microsoft is ready to fight for its $69 billion Activision deal

Credit: Pixabay/CC0 Public Domain Microsoft Corp. is ready to fight for its $69 billion acquisition of gaming company Activision Blizzard Inc. if the US Federal Trade Commission files a lawsuit seeking to block the deal, according to a person familiar with the matter. The Xbox maker hasn’t had conversations ...

View more: Microsoft is ready to fight for its $69 billion Activision deal

Study finds climate change exacerbates the food gap between North and South Mediterranean countries

Policy interventions: desirability and feasibility. Credit: Land Use Policy (2022). DOI: 10.1016/j.landusepol.2022.106263 The Mediterranean region is widely acknowledged as one of the most exposed in the world to the effects of climate change, water scarcity, biodiversity loss and land degradation, coupled with a nutrition transition of its populations. Such ...

View more: Study finds climate change exacerbates the food gap between North and South Mediterranean countries

Purported renders and specs of OnePlus 11 leaked

Purported renders and specs of OnePlus 11 have leaked thanks to @OnLeaks and GadgetGang. The OnePlus 11 is seen with a big circular camera module on the rear with three lenses (50MP + 48MP + 32MP), a curved back, the Hasselblad logo placed horizontally in the middle, and the ...

View more: Purported renders and specs of OnePlus 11 leaked

Organic aerosols in remote regions are forming clouds and may have an underestimated effect on climate change

Global contributions of secondary organic aerosols (SOA) formation to cloud condensation nuclei (CCN) distributions. (a–c) Zonally mean concentrations of CCN1.0 and CCN0.2 (a–c) from the surface to the upper troposphere in the Base case; (b–d) the fractional contributions of SOA to CCN0.2 and CCN1.0, respectively. The contribution of SOA ...

View more: Organic aerosols in remote regions are forming clouds and may have an underestimated effect on climate change

Political orientation—not party—predicts political tolerance: Study

Political orientation by party, 1976 to 1998 and 2000 to 2018. Credit: Socius: Sociological Research for a Dynamic World (2022). DOI: 10.1177/23780231221132368 In an age of high political polarization in the United States, the popular narrative often focuses on an “us versus them” battle between the two major political ...

View more: Political orientation—not party—predicts political tolerance: Study

Do you want to be a good member of society? Voting, climate change efforts are a start, survey says

Credit: Unsplash/CC0 Public Domain You go to work. You pay your taxes. You vote, and you may even go to a place of worship regularly. But which of these actions, if any, make you a good citizen? According to a survey by the Pew Research Center, voting is a ...

View more: Do you want to be a good member of society? Voting, climate change efforts are a start, survey says

Lightyear’s ‘solar car’ with 300-mile range has entered production

Do Yourself a Favor and Skip These Ultra-Cheap Projectors

Fashion brand's controversial new campaign and the long history of 'shockvertising'

Why you're less likely to get rich these days if your parents aren't already wealthy

What do scientists gain from engaging in public communications?

Pandoravirus: The melting Arctic is releasing ancient germs—how worried should we be?

Study finds low salinity can work to culture popular Florida pompano fish

Scottish EV maker Munro Vehicles launches 4×4

Opinion: Jobs are up! Wages are up! So why am I as an economist so gloomy?

Report: Climate change for food projects

Cosmic ray counts hidden in spacecraft data highlight influence of solar cycle at Mars and Venus

Study sheds light on phylogenomics and tree of life of flowering plants

OTHER TECH NEWS

Top Car News Car News