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Elon Musk offers to end legal fight, pay $44B to buy Twitter

Elon Musk offers to end legal fight, pay $44B to buy Twitter
CONSUMER ALERT. ELON MUSK IS ON THE VERGE OF BUYING THE SOCIAL MEDIA NETWORK TWITTER. BUT HOW WILL THAT AFFECT USERS JOINING US LIVE THIS MORNING WITH MORE INFORMATION IS JED. JESLIN. HE IS THE EXECUTIVE DIRECTOR OF PLANET. GOOD MORNING. THANKS FOR JOINING US. GOOD MORNING. HOW ARE YOU? GOOD MORNING. SO WHAT IMPACT DO WE THINK? THIS WLIL HAVE ON THE SOCIAL MEDIA SITE? I THINK THERE COULD BE A LOT OF IMPACT AND INTERESTINGLY, YOU KNOW TWITTER LAUNCHED IN 2006 AND ONLY6 1 YEARS LATER. IT바카라 게임 웹사이트S BEING SOLD FOR 44 BILLION DOLLAR. SO OBVIOUSLY THERE ARE A LOT OF USERSND A REGARDLESS OF ANYONE바카라 게임 웹사이트S INDIVIDUAL OPINION ABOUT TWITTER. THE FACT ISHA TT IT바카라 게임 웹사이트S BECOMING HUGE ELYFFECTIVE COMMUNICATION TOOL ALL OVER THE WORLD TALKING ABOUT IMPORTANT STOESRI AND SOMETIMES TRIVIAL THINGS BIG PICTURE ELON MUSK GOALS I THAT HE WANTS TO PROMOTE FREE AND TRANSPARENSPT EECH. SO THAT바카라 게임 웹사이트S KIND OF MAIN MESSAGE SOAR F AND WHYRE A SOME PEOPLE THINKING THAT바카라 게임 웹사이트S A BAD THING? I THINK SOME PEOPLE ARE THINKING THEY MIGHT BE CHARGED FEES NUMBER ONE JEN. ALSO USER AUTHENTICATION IS GOING TO BECOME A BIG DEAL AND CONTENT MODERATION IS A BIG TOPIC ACROSS SOCIAL MEDIA AND LIKE I SAID, HE IS PROMOTING FREE SPEECH HE SAYS, BUT THAT MEANS COULD MEAN LIFTING BANDS IT COULD MEAN CHANGING THE WAY THAT PEOPLE ARE ABLE TO SPEAK AND IT ALSO MEANS OPENINGP U THE ALGORITHM. HE SAYS WHICH MEA MNSAKING IT POSSIBLE FOREO PPLE TO SEE HOW THINGS ARE BEING MODEREDAT AND IF THEY ARE AND AND YOU KNOW, TRUTHFULLY THERE바카라 게임 웹사이트S ARGUMENTS ON BOTH SIDES, BUTHE T ARGUMENT FOR THAT IS MAYBE THAT바카라 게임 웹사이트S NOT SUCH A BAD THING. YEAH, I TNKHI THATS I AN ARGUMENT. BUT THE MAYBE ONE OF THE PROBLEMS IS THAT MOST USERSRE A PROBABLY NOT REALLY EVEN UNDERSTANDGIN OF AN ALGORITHM IS SO HOW DO THEY REALLY KNOW? WHAT OUT THERE IS TRUE AND WHAT OUT THERE IS NOT SO LET바카라 게임 웹사이트S TALK QUESTION. I DIDN'바카라 게임 웹사이트 EVEN KNOW UNTIL TWO MINUTES AGO HOW TO SEE MY LATEST TWEETS UNTIL IEN WT AHEAD AND FOLLOWED ELON MUSK ANDE H ACTUALLY HAD THE DIRECTIONS POSTED RIGHT THERE HOW TO DO THAT. SO I FEEL LIKE MY BRAIN JUST GREW I JUST LEARNED SOMETHING NEW. MORNING, SO WTHA HAS BEEN REALLY THE RESPONSE TO ALL OF THIS BEEN? WELL, REALLY A FIRESTORM. OBVIOUSLY THE REASON YOU AND I ARE TALKING ABOUT ITS I BECAUSE IT IT CONJURES OPINIONS AND PROVOKES OPINIONS. I THINK ONE OF THE BIG THINGS THAT PEOPLE THINK ABOUT NOW IS THAT THERE바카라 게임 웹사이트S BEEN A HUGE EXPLOSION OF INFORMATION AND NEWS ALL OVER THE WORLD AND THERE바카라 게임 웹사이트S BEEN A PLUNGE IN ACCURACY AND ACCOUNTABILITY. SO PEOPLE AND BRASND ARE WONDERING HOW THIS IS GOING TO AFFECT THEM AND WHAT THEY NCA MAYBE BELIEVE AND NOT BELIEVE BOYS IN THAT THERU TTH THERE WAS A FAKE STORY THAT RAN ON REDDIT THIS WEEK AND SOME REPUTABLE NEWS AGEIENCS RAN WITH IT. SO YOU DO HAVE TO BE VERY CAREFUL WITH THE INFORMATION THAT바카라 게임 웹사이트SUT O THERE FOR SURE. SO WTHA WHAT ARE YOUR PREDICTIONS MOVING FORWARD ON THIS BECSEAU THIS ISN바카라 게임 웹사이트T A COMPLETE DONE DEAL YET,ND A THERE HAS BEEN SOME SOME STALLING IN THIS TAKEOVER. PREDICTIONS ARE THERE WILL BE CONTINUED NEWS AND IT바카라 게임 웹사이트S REALLY INTERESTING THAT ELON MUSK IS SHARING KIND OF PROVOCATIVE INFORMATION ALMOST DAILY. SOMETIMES HOURLY, AND HE바카라 게임 웹사이트S SHARING IT THROUGH TWITTER. SO HE HAS MADE SOME SORT OF CRITICAL STATEMENTS ABOUT THE PLATFORM, WHICH MAYBE THEY바카라 게임 웹사이트LL DRIVE INTEREST IN THE STORY. MAYBE THEY바카라 게임 웹사이트LL DVERI THE ULTIMATE PRICE DOWN. WHO KNOWS, BUT I THINK PEOPLE NEED TO BE WATCHING THIS BUT ALSO UNDERSTANDING THAT THERE바카라 게임 웹사이트S GOING TO BE A LOT DAY TO DAY THAT HAPPENS. ALL RIGHT, JED. THANKS SO MUCH FOR JOINING US THIS MORNING. RELYAL APPRECIATE IT.
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Elon Musk offers to end legal fight, pay $44B to buy Twitter
Video above: How Elon Musk's takeover of Twitter will affect usersElon Musk is abandoning his legal battle to back out of buying Twitter by offering to go through with his original $44 billion bid for the social media platform.The mercurial Tesla CEO made the offer in a letter to Twitter, which the company disclosed in a filing Tuesday with the U.S. Securities and Exchange Commission.The offer comes just two weeks before Twitter's lawsuit seeking to force Musk to go through with the deal goes to trial in Delaware Chancery Court.In a statement, Twitter said it intends to close the transaction at $54.20 per share after receiving the letter from Musk.Musk바카라 게임 웹사이트s proposal is the latest twist in a high-profile saga involving the world바카라 게임 웹사이트s richest man and one of the most influential social media platforms. Much of the drama has played out on Twitter itself, with Musk 바카라 게임 웹사이트 who has more than 100 million followers 바카라 게임 웹사이트 lamenting that the company was failing to live up to its potential as a platform for free speech. A letter from Musk바카라 게임 웹사이트s lawyer dated Monday and disclosed by Twitter in a securities filing said Musk would close the merger signed in April provided that the Delaware Chancery Court 바카라 게임 웹사이트enter an immediate stay바카라 게임 웹사이트 of Twitter바카라 게임 웹사이트s lawsuit against him and adjourn the trial scheduled to begin in two weeks.By completing the deal, Musk essentially gave Twitter what it was seeking from the court 바카라 게임 웹사이트 바카라 게임 웹사이트specific performance바카라 게임 웹사이트 of the contract with Musk, meaning he would have to go through with the purchase at the original price. The contract Musk signed also has a $1 billion breakup fee.Eric Talley, a law professor at Columbia University, said he바카라 게임 웹사이트s not surprised by Musk바카라 게임 웹사이트s turnaround, especially ahead of a scheduled deposition of Musk by Twitter attorneys starting Thursday that was 바카라 게임 웹사이트not going to be pleasant.바카라 게임 웹사이트바카라 게임 웹사이트On the legal merits, his case didn바카라 게임 웹사이트t look that strong,바카라 게임 웹사이트 Talley said. 바카라 게임 웹사이트It kind of seemed like a pretty simple buyer바카라 게임 웹사이트s remorse case.바카라 게임 웹사이트 If Musk were to lose the trial, the judge could not only force him to close the deal but also impose interest payments that would have increased its cost, Talley said.What did surprise Talley is that Musk doesn바카라 게임 웹사이트t appear to be trying to renegotiate the deal. Even a modest price reduction might have given Musk a 바카라 게임 웹사이트moral victory바카라 게임 웹사이트 and the ability to say he got something out of the protracted dispute, Talley said.온라인 바카라 게임 of the renewed offer caused trading of Twitter stock to be halted for much of Tuesday afternoon on the New York Stock Exchange for 바카라 게임 웹사이트news pending바카라 게임 웹사이트 after it jumped nearly 13% to $47.93. That's still well below Musk's original offer. Trading halts are how stock exchanges give investors a forced timeout when trading for a stock gets too chaotic, or when a company is about to offer market-moving news.Neither Twitter nor attorneys for Musk responded to requests for comment Tuesday afternoon.Musk has been trying to back out of the deal for several months after signing on to buy the San Francisco company in April. Shareholders have already approved the sale, and legal experts say Musk faced a huge challenge to defend against Twitter's lawsuit, which was filed in July. Musk claimed that Twitter under-counted the number of fake accounts on its platform, and Twitter sued when Musk announced the deal was off.Musk바카라 게임 웹사이트s argument largely rested on the allegation that Twitter misrepresented how it measures the magnitude of 바카라 게임 웹사이트spam bot바카라 게임 웹사이트 accounts that are useless to advertisers. Most legal experts believe he faced an uphill battle to convince Chancellor Kathaleen St. Jude McCormick, the court바카라 게임 웹사이트s head judge, that something changed since the April merger agreement that justifies terminating the deal.Legal experts said Musk may have anticipated that he would lose. Things haven't been going well for him in court recently, with the judge ruling more frequently in Twitter's favor on evidentiary matters, said Ann Lipton, an associate law professor at Tulane University. The judge바카라 게임 웹사이트s denied several of Musk바카라 게임 웹사이트s discovery requests, Lipton said.It's also possible that Musk's co-investors in the deal were starting to get nervous about how the case was proceeding, she said.Musk바카라 게임 웹사이트s main argument for terminating the deal 바카라 게임 웹사이트 that Twitter was misrepresenting how it measured its 바카라 게임 웹사이트spam bot바카라 게임 웹사이트 problem 바카라 게임 웹사이트 also didn바카라 게임 웹사이트t appear to be going well as Twitter had been working to pick apart Musk바카라 게임 웹사이트s attempts to get third-party data scientists to bolster his concerns. Twitter now has options in the case and doesn바카라 게임 웹사이트t necessarily have to accept a new offer from Musk, said Robert Anderson, a law professor at Pepperdine University.바카라 게임 웹사이트Twitter could still be concerned that the same thing might happen again without some additional security,바카라 게임 웹사이트 Anderson said. 바카라 게임 웹사이트They바카라 게임 웹사이트re going to want some assurance that the deal is going to happen right away."Columbia's Talley said he would insist on Musk putting money into an escrow account until the deal is completed. Such an account could hold cash and/or Twitter shares, as a good-faith demonstration by Musk, Talley suggested.Mysteriously, neither Musk nor Twitter CEO Parag Agrawal have written anything about the deal on Twitter, where many developments in the dispute have been aired. Many of Musk바카라 게임 웹사이트s tweets in the past 24 hours have been about a divisive proposal to end Russia바카라 게임 웹사이트s invasion of Ukraine, drawing the ire of Ukrainian President Volodymyr Zelenskyy.Musk argued in a tweet Monday that to reach peace Russia should be allowed to keep the Crimea Peninsula that it seized in 2014. He also said Ukraine should adopt a neutral status, dropping a bid to join NATO following Russia바카라 게임 웹사이트s partial mobilization of reservists.If the deal does go through, Musk may be stuck with a company he damaged with repeated statements denoucing fake accounts, Susannah Streeter, senior markets analyst for Hargreaves Lansdown in the United Kingdom, wrote in an investor note. 바카라 게임 웹사이트This is an important metric considered to be key for future revenue streams via paid advertising or for subscriptions on the site, and his relentless scrutiny of Twitter바카라 게임 웹사이트s figures over the last few months is likely to prompt questions from potential advertising partners," she wrote.If Musk were to lose, among the remedies that would favor Twitter is a court order to go through with the deal. The Chancery Court last year forced private equity firm Kohlberg & Co. to go through with its $550 million buyout of DecoPac, a company based in Minnesota that calls itself the world바카라 게임 웹사이트s largest supplier of cake decorating supplies to professional decorators and bakeries. The case was emblematic of the court바카라 게임 웹사이트s common 바카라 게임 웹사이트 though not uniform 바카라 게임 웹사이트 resolution of enforcing contractual obligations on buyers.Other options include Musk being forced to pay the breakup fee each side agreed to if deemed responsible for the deal falling through. Or he might have to pay off a larger amount without actually buying the company for $44 billion.

Video above: How Elon Musk's takeover of Twitter will affect users

Elon Musk is abandoning his legal battle to back out of buying Twitter by offering to go through with his original $44 billion bid for the social media platform.

Advertisement

The mercurial Tesla CEO made the offer in a letter to Twitter, which the company disclosed in a filing Tuesday with the U.S. Securities and Exchange Commission.

The offer comes just two weeks before Twitter's lawsuit seeking to force Musk to go through with the deal goes to trial in Delaware Chancery Court.

In a statement, Twitter said it intends to close the transaction at $54.20 per share after receiving the letter from Musk.

Musk바카라 게임 웹사이트s proposal is the latest twist in a high-profile saga involving the world바카라 게임 웹사이트s richest man and one of the most influential social media platforms. Much of the drama has played out on Twitter itself, with Musk 바카라 게임 웹사이트 who has more than 100 million followers 바카라 게임 웹사이트 lamenting that the company was failing to live up to its potential as a platform for free speech.

A letter from Musk바카라 게임 웹사이트s lawyer dated Monday and disclosed by Twitter in a securities filing said Musk would close the merger signed in April provided that the Delaware Chancery Court 바카라 게임 웹사이트enter an immediate stay바카라 게임 웹사이트 of Twitter바카라 게임 웹사이트s lawsuit against him and adjourn the trial scheduled to begin in two weeks.

By completing the deal, Musk essentially gave Twitter what it was seeking from the court 바카라 게임 웹사이트 바카라 게임 웹사이트specific performance바카라 게임 웹사이트 of the contract with Musk, meaning he would have to go through with the purchase at the original price. The contract Musk signed also has a $1 billion breakup fee.

Eric Talley, a law professor at Columbia University, said he바카라 게임 웹사이트s not surprised by Musk바카라 게임 웹사이트s turnaround, especially ahead of a scheduled deposition of Musk by Twitter attorneys starting Thursday that was 바카라 게임 웹사이트not going to be pleasant.바카라 게임 웹사이트

바카라 게임 웹사이트On the legal merits, his case didn바카라 게임 웹사이트t look that strong,바카라 게임 웹사이트 Talley said. 바카라 게임 웹사이트It kind of seemed like a pretty simple buyer바카라 게임 웹사이트s remorse case.바카라 게임 웹사이트

If Musk were to lose the trial, the judge could not only force him to close the deal but also impose interest payments that would have increased its cost, Talley said.

What did surprise Talley is that Musk doesn바카라 게임 웹사이트t appear to be trying to renegotiate the deal. Even a modest price reduction might have given Musk a 바카라 게임 웹사이트moral victory바카라 게임 웹사이트 and the ability to say he got something out of the protracted dispute, Talley said.

온라인 바카라 게임 of the renewed offer caused trading of Twitter stock to be halted for much of Tuesday afternoon on the New York Stock Exchange for 바카라 게임 웹사이트news pending바카라 게임 웹사이트 after it jumped nearly 13% to $47.93. That's still well below Musk's original offer. Trading halts are how stock exchanges give investors a forced timeout when trading for a stock gets too chaotic, or when a company is about to offer market-moving news.

Neither Twitter nor attorneys for Musk responded to requests for comment Tuesday afternoon.

Musk has been trying to back out of the deal for several months after signing on to buy the San Francisco company in April. Shareholders have already approved the sale, and legal experts say Musk faced a huge challenge to defend against Twitter's lawsuit, which was filed in July.

Musk claimed that Twitter under-counted the number of fake accounts on its platform, and Twitter sued when Musk announced the deal was off.

Musk바카라 게임 웹사이트s argument largely rested on the allegation that Twitter misrepresented how it measures the magnitude of 바카라 게임 웹사이트spam bot바카라 게임 웹사이트 accounts that are useless to advertisers. Most legal experts believe he faced an uphill battle to convince Chancellor Kathaleen St. Jude McCormick, the court바카라 게임 웹사이트s head judge, that something changed since the April merger agreement that justifies terminating the deal.

Legal experts said Musk may have anticipated that he would lose. Things haven't been going well for him in court recently, with the judge ruling more frequently in Twitter's favor on evidentiary matters, said Ann Lipton, an associate law professor at Tulane University. The judge바카라 게임 웹사이트s denied several of Musk바카라 게임 웹사이트s discovery requests, Lipton said.

It's also possible that Musk's co-investors in the deal were starting to get nervous about how the case was proceeding, she said.

Musk바카라 게임 웹사이트s main argument for terminating the deal 바카라 게임 웹사이트 that Twitter was misrepresenting how it measured its 바카라 게임 웹사이트spam bot바카라 게임 웹사이트 problem 바카라 게임 웹사이트 also didn바카라 게임 웹사이트t appear to be going well as Twitter had been working to pick apart Musk바카라 게임 웹사이트s attempts to get third-party data scientists to bolster his concerns.

Twitter now has options in the case and doesn바카라 게임 웹사이트t necessarily have to accept a new offer from Musk, said Robert Anderson, a law professor at Pepperdine University.

바카라 게임 웹사이트Twitter could still be concerned that the same thing might happen again without some additional security,바카라 게임 웹사이트 Anderson said. 바카라 게임 웹사이트They바카라 게임 웹사이트re going to want some assurance that the deal is going to happen right away."

Columbia's Talley said he would insist on Musk putting money into an escrow account until the deal is completed. Such an account could hold cash and/or Twitter shares, as a good-faith demonstration by Musk, Talley suggested.

Mysteriously, neither Musk nor Twitter CEO Parag Agrawal have written anything about the deal on Twitter, where many developments in the dispute have been aired. Many of Musk바카라 게임 웹사이트s tweets in the past 24 hours have been about a divisive proposal to end Russia바카라 게임 웹사이트s invasion of Ukraine, drawing the ire of Ukrainian President Volodymyr Zelenskyy.

Musk argued in a tweet Monday that to reach peace Russia should be allowed to keep the Crimea Peninsula that it seized in 2014. He also said Ukraine should adopt a neutral status, dropping a bid to join NATO following Russia바카라 게임 웹사이트s partial mobilization of reservists.

If the deal does go through, Musk may be stuck with a company he damaged with repeated statements denoucing fake accounts, Susannah Streeter, senior markets analyst for Hargreaves Lansdown in the United Kingdom, wrote in an investor note. 바카라 게임 웹사이트This is an important metric considered to be key for future revenue streams via paid advertising or for subscriptions on the site, and his relentless scrutiny of Twitter바카라 게임 웹사이트s figures over the last few months is likely to prompt questions from potential advertising partners," she wrote.

If Musk were to lose, among the remedies that would favor Twitter is a court order to go through with the deal. The Chancery Court last year forced private equity firm Kohlberg & Co. to go through with its $550 million buyout of DecoPac, a company based in Minnesota that calls itself the world바카라 게임 웹사이트s largest supplier of cake decorating supplies to professional decorators and bakeries. The case was emblematic of the court바카라 게임 웹사이트s common 바카라 게임 웹사이트 though not uniform 바카라 게임 웹사이트 resolution of enforcing contractual obligations on buyers.

Other options include Musk being forced to pay the breakup fee each side agreed to if deemed responsible for the deal falling through. Or he might have to pay off a larger amount without actually buying the company for $44 billion.