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Join the Securities Litigation and Enforcement Group on LinkedInTwitter Seeks Documents Related to Federal Investigation of Elon Musk – Bloomberg
Twitter Inc.’s lawyers tried again last week to learn what Elon Musk had told federal authorities who were investigating his attempt to take the social media company private. Attorneys for Twitter wrote to a Delaware judge on Oct. 6 saying they needed documents about the probes, according to a letter unsealed in court Thursday. Musk […]
Oh Elon – Bloomberg
Well, look, it is a weird feature of US securities law that shareholders regularly sue companies for misleading them, and those companies regularly settle those lawsuits, and the companies pay money to the shareholders, but the money comes from the shareholders. The money belongs to the shareholders, so paying it out as damages seems counterproductive. I suppose there […]
Twitter v. Musk – Bloomberg
The main point I want to make here is that this is very generalizable. If you know something bad about Twitter, or if you have been reading the merger agreement online and think there’s a clause of the agreement that Musk can use to get out of it, shoot him a tweet. If you’re right, […]
Elon Musk says tweet on buying Manchester United was joke – The Washington Post
Hours after sending the internet into a frenzy with a tweet suggesting that he was buying Britain’s Manchester United soccer club, Elon Musk issued a clarification: It was all a joke. “Also, I’m buying Manchester United ur welcome,” the world’s richest man wrote Tuesday as a follow-up to a tweet that said he supported “the […]
Twitter Went Into Ludicrous Mode in Elon Musk Suit
Over the weekend, Twitter sent subpoenas to 17 Wall Street bank entities that have helped Musk put together the deal. The volume of information requested is huge, as you may expect for a deal like this: every pertinent text message, email, voice-mail, DM, and whatever other way they may have communicated. The requests cover everything from […]
Twitter Still Wants Musk’s Money – Bloomberg
But it’s the pretext he chose, and he started tweeting about the deal being “on hold” because of the spam bot issue. He tweeted this “without any advance notice to the company.” Twitter’s executives found out the deal was on hold the same way we did, by reading Twitter, if in fact any of them […]
Elon Musk appeals judge’s refusal to lift SEC restrictions on Tesla tweets
Elon Musk on Wednesday appealed a judge’s refusal to end his 2018 agreement with the Securities and Exchange Commission requiring a Tesla lawyer to vet some of his posts on Twitter. According to a court filing, Musk will ask the 2nd US Circuit Court of Appeals in Manhattan to overturn the April 27 decision by US District Judge Lewis […]
Elon Has a New Bot Excuse – Bloomberg
But in the merger agreement, there are also covenants, promises that Musk and Twitter make to each other about what they will do going forward, between the signing of the merger agreement and the closing. If Twitter breaches a representation, Musk still has to close unless the breach causes a material adverse effect. 3 But if Twitter […]
Can the SEC stand up to billionaires like Elon Musk? — NPR
And when it comes to resources, a wide gap exists between the SEC and the executives and organizations it regulates. To put this into perspective, Musk’s net worth is more than 100 times the SEC’s annual budget. “The SEC is sort of driving their Model T, when everybody else is out there in their sports […]
Elon Musk Does Not Care About Spam Bots – Bloomberg
I think it is important to be clear here that Musk is lying. The spam bots are not why he is backing away from the deal, as you can tell from the fact that the spam bots are why he did the deal. He has produced no evidence at all that Twitter’s estimates are wrong, and certainly not that […]