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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInElon’s Back – Bloomberg
Why? Why would you spend this much time and money trying to get out of the deal, and be this annoying about it, and then just unconditionally surrender two weeks before trial? One possibility is that it became increasingly obvious to Musk that he was going to lose the trial, and that didn’t seem fun, so he […]
Elon Musk Is Back to Square One With Twitter – Bloomberg
It’s been 174 days since Elon Musk announced his offer to snag Twitter for $54.20 a share, and ha ha ha we’re officially back to square one. In the midst of trying to solve the Russia-Ukraine war, the Tesla founder managed to take some time out of his busy schedule to write a letter to […]
Elon Musk Proposes Closing Twitter Deal on Original Terms – WSJ
Elon Musk has offered to close his $44 billion deal to buy Twitter Inc. on the terms he originally agreed to, according to a person familiar with the matter, an unexpected twist that could allow the two sides to avert a high-stakes trial set to begin soon. The billionaire’s lawyers communicated the proposal to Twitter’s […]
Twitter Hit with Cybersecurity-Related Securities Suit Over Whistleblower Allegations | The D&O Diary
In the midst of its battles with Elon Musk over Musk’s attempt to walk away from his proposed takeover of the company, Twitter was rocked by the news that a whistleblower had sent Congress and federal agencies explosive reports of “major security problems” at the company. According to the news reports, the whistleblower’s disclosure not […]
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, […]
A Who’s Who of Silicon Valley Lawyers Up for the Musk-Twitter Trial – The New York Times
Mr. Musk enthusiastically agreed to buy Twitter in April for $44 billion, but has since tried to back out of the blockbuster deal, leading to lawsuits and recriminations. Both sides are set for a showdown in Delaware Chancery Court in October over whether Mr. Musk needs to stick with the acquisition. The torrent of legal […]
Twitter rejects Elon Musk’s claims that he was hoodwinked
Twitter on Thursday dismissed Elon Musk’s claims in a Delaware court filing that he was hoodwinked into signing the deal to buy the social media company, saying that it was “implausible and contrary to fact.” Musk made the claims in a countersuit that he filed under seal last Friday, which was made public on Thursday. “According to Musk, he […]
Elon Musk Sued by Twitter Investor Over Busted $44 Billion Deal – Bloomberg
A Twitter Inc. shareholder hit Elon Musk with a proposed class action, effectively joining the tech giant’s bid to block the world’s richest man from backing out of his pledge to pay $44 billion to acquire the influential social networking platform. The lawsuit was filed in Delaware Chancery Court—the same forum that’s set to hold […]
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 on the cheap: Is Elon Musk eyeing a discount?
I know it’s conventional wisdom that he wants to back out of the deal; Twitter, he says, is hiding the football on the number of fake accounts and those annoying bots. But as we’ve reported before, bankers who know him are dubious that he really wants to call it quits. They say he just wants […]