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| Elon Musk- ‘There Will Be Blood’ | |
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+2oliver clotheshoffe Temple 6 posters | |
Author | Message |
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Temple Regular Member
Posts : 7317 Join date : 2014-07-29
| Subject: Elon Musk- ‘There Will Be Blood’ Fri May 20, 2022 6:01 pm | |
| 5-20-2022
‘There will be blood’: Elon Musk seeks to hire ‘hardcore streetfighters’ as Tesla stock tanks.
The world's richest man is seeking to hire a team of lawyers to sue people on behalf of his electric car company.
"Tesla is building a hardcore litigation department where we directly initiate & execute lawsuits. The team will report directly to me," Musk posted to Twitter, which he is seeking to acquire.
He included an email address and asked people to "please send 3 to 5 bullet points describing evidence of exceptional ability."
"Looking for hardcore streetfighters, not white-shoe lawyers like Perkins or Cooley who thrive on corruption," he explained.
"There will be blood," the billionaire added ominously.
Musk's search for streetfighters came the same day The New York Times reported, "Tesla’s shares have declined more than 40 percent since April 4 —
A much steeper fall than the broad market, vaporizing more than $400 billion in stock market value. And the tumble has called attention to the risks that the company faces. These include increasing competition, a dearth of new products, lawsuits accusing the company of racial discrimination and significant production problems at Tesla’s factory in Shanghai, which it uses to supply Asia and Europe."
The company's problems may get worse.
"Mr. Musk's antics have reinforced the perception that Tesla lacks an independent board of directors that could stop him from doing things that might damage the company’s business and brand," The Times reported.
"Tesla’s image is under pressure in ways that could hurt the automaker among the environmentally conscious, politically liberal customers who have long been its biggest customer base. The California Department of Fair Employment and Housing is suing Tesla, accusing it of allowing racial discrimination and harassment to flourish at its factory in Fremont, Calif., near San Francisco."
Last edited by Temple on Sun Oct 09, 2022 9:36 pm; edited 1 time in total |
| | | Temple Regular Member
Posts : 7317 Join date : 2014-07-29
| Subject: Re: Elon Musk- ‘There Will Be Blood’ Fri May 20, 2022 8:49 pm | |
| 5-20-2022
Tesla driver who killed two people while on autopilot faces vehicular manslaughter charges.
A Los Angeles County judge has found sufficient evidence to charge California resident, Kevin George Aziz Riad, with two counts of vehicular manslaughter for an accident that occurred while utilizing his Tesla's autopilot function.
According to information from the LAPD obtained by ABC, on December 29, 2019 Riad exited a freeway in Gardena, California while driving his partially automated Tesla Model S, ran a red light while going 74 mph and crashed into a Honda Civic.
Gilberto Alcazar Lopez, the driver of the Civic, and his passenger Maria Guadalupe Nieves-Lopez were on a first date at the time of the crash and both died as a result of their injuries.
Evidence indicates that on the night of the accident, Riad was using his Tesla's Autosteer and the Traffic Aware Cruise Control was activated. A Tesla engineer called upon to provide panel analysis for the upcoming trial states that sensors within the car show that at the time of impact Riad only had one hand on the steering wheel, and did not even tap his brakes leading up to the crash.
"Riad did nothing to stop the crash," says Prosecutor Brandy Chase in a quote given to The Orange County Register.
Tesla engineer Eloy Rubio Blanco offered further insight on the functionality of the Tesla's autopilot saying that it only works properly if used by a "fully attentive driver, who has their hands on the wheel and is prepared to take over at any moment ... The system will only work if torque sensors in a steering wheel detect that someone is at the wheel."
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| | | oliver clotheshoffe Regular Member
Posts : 1723 Join date : 2019-02-04 Age : 65
| Subject: Re: Elon Musk- ‘There Will Be Blood’ Sat May 21, 2022 3:45 pm | |
| I would never get in a self-driving car. Besides what's the point, the whole reason of driving a car is because it's fun |
| | | Temple Regular Member
Posts : 7317 Join date : 2014-07-29
| Subject: Re: Elon Musk- ‘There Will Be Blood’ Sat May 21, 2022 5:40 pm | |
| 5-21-2022
Flight attendants union leader sounds off amid reports of sexual misconduct.
A union leader advocating for more than 50,000 flight attendants is speaking out amid reports about Elon Musk's alleged settlement paid to an attendant for sexual misconduct
.According to Business Insider, "SpaceX, the aerospace firm founded by Musk, paid a flight attendant $250,000 to settle a sexual misconduct claim against Musk in 2018."
The news outlet also reported: "According to interviews and documents obtained by Insider, the flight attendant accused Musk of ___ exposing his erect penis to her, rubbing her leg without consent, and offering to buy her a horse in exchange for an erotic massage."
On Friday, May 20, Sara Nelson, president of the Association of Flight Attendants-CWA, weighed in with a critical response to the report. She said behavior like this is one of the driving forces behind flight attendants' decision to unionize nearly eight decades ago.
In Nelson's statement posted via Twitter, she said: "Flight attendants are not just another accessory on Musk's little rocket."
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| | | Grackle
Posts : 2495 Join date : 2017-09-09
| Subject: Re: Elon Musk- ‘There Will Be Blood’ Sat May 21, 2022 7:34 pm | |
| These accusations would be completely aside from the fact that Musk could buy twitter, right? |
| | | oliver clotheshoffe Regular Member
Posts : 1723 Join date : 2019-02-04 Age : 65
| Subject: Re: Elon Musk- ‘There Will Be Blood’ Sun May 22, 2022 9:48 am | |
| The mainstream media used to love Musk until he wanted to buy Twitter. Now they're trashing him as hard as they can. Funny how that works. |
| | | Grackle
Posts : 2495 Join date : 2017-09-09
| Subject: Re: Elon Musk- ‘There Will Be Blood’ Sun May 22, 2022 12:25 pm | |
| |
| | | Grackle
Posts : 2495 Join date : 2017-09-09
| Subject: Re: Elon Musk- ‘There Will Be Blood’ Sun May 22, 2022 9:11 pm | |
| - oliver clotheshoffe wrote:
- The mainstream media used to love Musk until he wanted to buy Twitter. Now they're trashing him as hard as they can. Funny how that works.
Not to mention that he announced that he plans to vote republican .. They'll hurl anything at him they can find ..or even shit they can't find and wish they could |
| | | Temple Regular Member
Posts : 7317 Join date : 2014-07-29
| Subject: Re: Elon Musk- ‘There Will Be Blood’ Fri May 27, 2022 10:13 pm | |
| 5-27-2022
Twitter shareholder lawsuit accuses Elon Musk of 'market manipulation'.
Elon Musk faces a lawsuit accusing him of pushing down Twitter's stock price in order to either give himself an escape hatch from his $44 billion buyout bid, or room to negotiate a discount.
The suit alleges the billionaire Tesla boss tweeted and made statements intended to create doubt about the deal, which has roiled the social media platform for weeks.
Filed Wednesday by a shareholder, the claim seeks class action status and calls on a federal court in San Francisco to back the validity of the deal and award shareholders any damages allowed by law.
Musk said last week that his bid to buy Twitter won't proceed unless he gets proof of the number of spam accounts plaguing the platform, adding more uncertainty to his roller-coaster pursuit of the platform.
Musk's tweet that the deal to buy Twitter was "temporarily on hold" defied the fact that there is nothing in the purchase contract allowing that to happen, the suit argued.
Musk negotiated his Twitter buyout in late April without carrying out due diligence expected in such megadeals, said the suit filed by William Heresniak of Virginia.
The resulting contract needed only to be approved by Twitter shareholders and regulators, and was to close by October 24 of this year, the suit said.
Musk was well aware that some Twitter accounts were controlled by software "bots" rather than real people, and had even tweeted about it prior to making his offer to buy the company, the suit argued.
"Musk proceeded to make statements, send tweets, and engage in conduct designed to create doubt about the deal and drive Twitter's stock down substantially," according to the complaint.
His aim was to gain leverage to get Twitter at a much cheaper price, or back out of the deal without suffering any penalty, the suit argued.
"Musk's market manipulation worked -- Twitter has lost $8 billion in valuation since the buyout was announced," stated the claim.
Twitter shares on Thursday closed slightly up at $39.52, in a sign of investor doubt the buyout will be consummated at the $54.20 per share that Musk originally bid.
"Musk's disregard for securities laws demonstrates how one can flaunt the law and the tax code to build their wealth at the expense of the other Americans," the court filing said.
Twitter has said in regulatory filings that it is committed to completing the takeover without delay at the agreed price and terms.
Musk did not immediately reply to a request for comment sent to Tesla's press contact email.
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| | | Temple Regular Member
Posts : 7317 Join date : 2014-07-29
| Subject: Re: Elon Musk- ‘There Will Be Blood’ Mon May 30, 2022 5:36 pm | |
| 5-30-2022 FINANCE & TAX
How Elon Musk's Twitter takeover may help change stock market rules.
At issue is Musk’s 11-day delay in revealing that he purchased a 9.1 percent stake in Twitter before announcing the acquisition plan.
Elon Musk’s apparent breach of stock-disclosure rules in his Twitter takeover bid is putting pressure on regulators to revamp decades-old market safeguards that watchdogs say are failing to protect investors.
At issue is Musk’s 11-day delay in revealing that he purchased a 9.1 percent stake in Twitter before announcing the acquisition plan. The lag allowed the Tesla CEO to buy shares at a lower price — saving him roughly $140 million — as the rest of the market remained in the dark about what he was doing.
Investor advocates are now pointing to Musk as an urgent example of why the Securities and Exchange Commission should crackdown on the practice. The agency has been trying to shorten the deadline for big shareholders like Musk to disclose their positions but is facing resistance from Wall Street lobbyists.
“Any delay whatsoever creates a huge opportunity for abuse and insider trading,” said Healthy Markets Association executive director Ty Gellasch, a former SEC official.
The Musk-focused debate is the latest example of how the billionaire has challenged the authority of the SEC in recent years, raising fundamental questions about whether regulators can rein in powerful executives who break the rules. Musk has said he does not respect the agency.
The SEC rule at the center of the debate was last updated in 1968. It set a 10-day timeline for big investors to disclose when they acquire at least 5 percent of a public company. He took 21 days to report his stake after crossing that threshold.
Musk’s actions highlight why the rule matters, said Jill Fisch, a business law professor at the University of Pennsylvania law school. Twitter shareholders have already filed a class-action lawsuit against Musk, alleging that he ripped them off to the tune of $143 million.
“What he is showing is the longer you have that you don’t have to disclose, the more stock you can buy from stockholders who don’t know what you’re doing,” Fisch said. “There are real shareholders on the other end of those trades, and [the rule] is designed to protect those shareholders.”
The SEC proposed shrinking the disclosure window to five days in February, saying it would reduce “information asymmetry” by informing the wider market more quickly about potentially market-moving information. It’s part of a broader effort by the SEC under Chair Gary Gensler to update disclosure rules to keep pace with modern trading.
Former SEC Chair Harvey Pitt, who led the agency under former President George W. Bush, said the deadline should be “as close to ‘real time’ as possible.”
“I don’t think there’s any question that Musk’s secret accumulation of Twitter stock within the disclosure period and after the disclosure period proves how imperative it is to protect investors by shortening the length of time for and expanding the disclosure,” said Better Markets CEO Dennis Kelleher, who advocates for tougher Wall Street regulations.
The agency is facing opposition from industry groups and hedge funds who want the SEC to leave the 10-day window in place. They are also pressing the agency to drop plans to change how certain financial derivatives count toward the 5 percent threshold and how groups are classified as beneficial owners.
“In our view, what has been billed as a ‘modernization’ of existing rules is actually a dramatic expansion of scope and obligations — many of which seem unrelated to a data-driven identification of problems requiring attention,” the Securities Industry and Financial Markets Association said in a comment letter on the rule last month.
MOST READ 220529-joe-biden-uvalde-773.jpg Biden in Texas: ‘We will’ do something The Putinologist: CIA chief’s long history with Putin gives him special insight Russian troops entering Sievierodonetsk in eastern Ukraine Why Trump Isn’t to Blame for the Nation’s Toxic Political Tribalism Pelosi’s husband arrested on suspicion of DUI in California Shortening the deadline would “add unnecessary costs” for investors seeking to comply, SIFMA said.
Opponents of the proposal argue that cutting the disclosure window in half would chill attempts by activist investors to shake up companies, which they say can have broader benefits.
“If activists have no economic incentive to pursue activism, other shareholders will not experience the increase in value that would have otherwise resulted from the activist’s conduct — which they enjoy for free,” Richard Zabel, general counsel for activist hedge fund Elliott Investment Management, said in a letter to the SEC last month.
The SEC confirmed in a filing Friday that is investigating the Musk disclosure. The agency declined to comment on Musk’s actions or the criticism of the proposed rule changes. Musk’s lawyer did not respond to a request for comment.
Gellasch, who represents investors including the Arizona State Retirement System and CalPERS, wants the SEC to revamp ownership disclosure forms to eliminate distinctions between activist investors, who want to overhaul a company’s operations, and passive investors.
Musk on April 4 filed the SEC’s shorter form required of passive investors who do not intend to influence the company. He then switched to the more detailed form required of activist investors the next day, after Twitter announced in a filing that it had agreed to appoint Musk to its board of directors.
While Musk did not certify on the first form that he had no intent to change or influence control of the company — he wrote “not applicable” — the use of the passive form was at odds with conversations he was already having with Twitter leadership. Twitter in a regulatory filing this month indicated Musk had started discussing a takeover as early as March 27.
Gellasch said the SEC should require heftier disclosure from everyone because an investor’s intent is irrelevant once they amass a big enough position. He also advocates cutting the disclosure window to three days, one day longer than it takes a trade to settle.
“If we want to know who the people are who are big holders of these companies then why would we artificially delay it or try to dive into their minds to see why they are large holders?” Gellasch said.
Musk’s disregard for the regulation also highlights the limits to the rule’s deterrent effect, raising questions about whether investors willing to blow past a 10-day deadline would feel hemmed in by a shorter one.
“Mr. Musk has shown time and time again that he isn’t particularly willing to follow the rules,” Pitt said.
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| | | Temple Regular Member
Posts : 7317 Join date : 2014-07-29
| Subject: Re: Elon Musk- ‘There Will Be Blood’ Sat Jun 04, 2022 6:11 pm | |
| 6-4-2022
Campaign launched to stop Musk buying Twitter.
Advocacy groups on Friday launched a campaign to stop Elon Musk from buying Twitter as the proposed purchase cleared review by US antitrust authorities.
Twitter said that the deal for Musk to acquire the company was a step closer to being sealed with the passing of a deadline for it to be challenged under a US antitrust law.
The Tesla chief's $44 billion deal to take the one-to-many messaging platform private still faces review by other regulators and must be approved by shareholders.
A "Stop The Deal" campaign launched by a coalition of nonprofit groups aims to stop the takeover.
"Elon Musk is a wolf in expensive sheep's clothing whose Twitter takeover is motivated by ego and grievance," Accountable Tech executive director Nicole Gill said in a release.
"If we don’t stop this deal, he'll hand a megaphone to demagogues and extremists, who will cheer him as they incite more hate, harm, and harassment."
The campaign will involve pressing the Securities and Exchange Commission (SEC) and other agencies to closely scrutinize everything about the takeover deal.
The coalition will also work to convince Twitter shareholders and advertisers to oppose Musk buying the San Francisco-based tech firm.
The list of more than a dozen organizations involved in the campaign includes MoveOn, SumOfUs, Media Matters for America, and the Center for Countering Digital Hate.
Musk became a major Twitter stockholder following his purchase of 73.5 million shares in early April, and less than two weeks later he launched a hostile takeover bid.
The SEC has asked Musk to explain why he didn't disclose within a required 10-day time period his increased stake in Twitter, especially if he planned to buy the company.
"Your response should address, among other things, your recent public statements on the Twitter platform regarding Twitter, including statements questioning whether Twitter rigorously adheres to free speech principles," regulators said in a letter.
Musk also faces a lawsuit filed by shareholders accusing him of pushing down Twitter's stock price in order to either give himself an escape hatch from his buyout bid or room to negotiate a discount.
The suit alleges the billionaire Tesla boss tweeted and made statements intended to create doubt about the deal.
The claim seeks class action status and calls on a federal court in San Francisco to back the validity of the deal and award shareholders any damages allowed by law.
Musk is a frequent Twitter user, regularly firing off inflammatory and controversial statements about current events or other public figures with remarks that are whimsical or business-focused.
He has sparred repeatedly with federal securities regulators, who cracked down on his social media use after a purported effort to take Tesla private in 2018 fell apart.
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| | | oliver clotheshoffe Regular Member
Posts : 1723 Join date : 2019-02-04 Age : 65
| Subject: Re: Elon Musk- ‘There Will Be Blood’ Sat Jun 04, 2022 7:32 pm | |
| Why, what's the difference between Musk owing it and that guy with the Karl Marx beard owning it? |
| | | Temple Regular Member
Posts : 7317 Join date : 2014-07-29
| Subject: Re: Elon Musk- ‘There Will Be Blood’ Mon Jun 06, 2022 5:29 pm | |
| 6-6-2022
Elon Musk accuses Twitter of being in 'material breach' of merger deal in formal complaint.
On Monday, tech billionaire Elon Musk sent a new legal warning to Twitter, accusing the company of fraudulently concealing data on how many of their users are authentic and how many are "spam bots" — and threatening to pull the plug on the acquisition deal.
"As Twitter’s prospective owner, Mr. Musk is clearly entitled to the requested data to enable him to prepare for transitioning Twitter’s business to his ownership and to facilitate his transaction financing. To do both, he must have a complete and accurate understanding of the very core of Twitter’s business model — its active user base," said the letter. "If Twitter is confident in its publicized spam estimates, Mr. Musk does not understand the company’s reluctance to allow Mr. Musk to independently evaluate those estimates."
"Based on Twitter’s behavior to date, and the company’s latest correspondence in particular, Mr. Musk believes the company is actively resisting and thwarting his information rights (and the company’s corresponding obligations) under the merger agreement," continued the letter.
"This is a clear material breach of Twitter’s obligations under the merger agreement and Mr. Musk reserves all rights resulting therefrom, including his right not to consummate the transaction and his right to terminate the merger agreement."
Musk's repeated threats to back away from the $44 billion merger over "spam bots" comes as the stock price of Tesla has tumbled, reducing the collateral Musk has available to secure the agreement — raising speculation that he is simply looking for a way out of a deal he can't afford.
However, it is not clear whether the complaints Musk raised will be a sufficient breach for him to successfully avoid the $1 billion "reverse termination fee" he would be responsible for if he backs out.
Last month, the drop in Tesla stock price threatens Musk's finances, as he has frequently used the value of his Tesla holdings to secure personal loans.
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| | | The Wise And Powerful Admin
Posts : 111040 Join date : 2014-07-29 Age : 101 Location : A Mile High
| Subject: Re: Elon Musk- ‘There Will Be Blood’ Tue Jun 07, 2022 2:29 am | |
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| | | The Wise And Powerful Admin
Posts : 111040 Join date : 2014-07-29 Age : 101 Location : A Mile High
| Subject: Re: Elon Musk- ‘There Will Be Blood’ Tue Jun 07, 2022 2:36 am | |
| Elon Musk Threatens to End Deal With Twitter
Martin Walsh, June 6, 2022 Tesla CEO Elon Musk is threatening to exercise his “right not to consummate” his acquisition of Twitter and a “right to terminate the merger agreement.” In a letter from his lawyers to the Twitter general counsel Vijaya Gadde, Musk accused Twitter of “resisting and thwarting” his right to information about fake accounts on the platform, calling it a “clear material breach” of the terms of their merger agreement. “Mr. Musk reserves all rights resulting therefrom, including his right not to consummate the transaction and his right to terminate the merger agreement,” the letter, signed by Skadden attorney Mike Ringler, says. “He said his team would do a random sampling to calculate the number of fake accounts, but Twitter’s CEO later explained that nonpublic information would be necessary to get an accurate count. Twitter executives told staff there’s ‘no such thing’ as putting the deal on hold as Musk claimed,” CNBC reported. “In Monday’s letter, Musk’s lawyer wrote that the merger agreement requires Twitter to provide the data Musk requested and disputed the company’s alleged claim that it is only required to provide information for the limited purpose of helping to close the transaction,” the report added. “To the contrary, Mr. Musk is entitled to seek, and Twitter is obligated to provide, information and data for, inter alia, ‘any reasonable business purpose related to the consummation of the transaction,’” the letter says. “At this point, Mr. Musk believes Twitter is transparently refusing to comply with its obligations under the merger agreement, which is causing further suspicion that the company is withholding the requested data due to concern for what Mr. Musk’s own analysis of that data will uncover,” it continues. Axios reported: “The bottom line: There is zero chance that Twitter will simply accept Musk’s assertion that he has the right to withdraw from the agreement. If he tries to do so, things are likely to get messy.” Last week, Musk sounded the alarm after he noticed something strange about his Twitter account. A fan of the man who has made a successful bid to purchase Twitter, to the chagrin of some of its employees, noticed that Musk’s tweets stopped loading after scrolling. “Hey @elonmusk, twitter is FKING you. Dear everyone, SCROLL down on @elonmusk’s tweets & replies and tell me….. DO THEY STOP LOADING????” the Twitter user said. “Do @elonmusk’s tweets stop loading after a short scroll for YOU too?” he said in a poll that showed around 80 percent of the respondents saying that they had noticed the issue. “The thing that’s fk’d about this is NO TRANSPARENCY. Twitter FKs users without consent (there’s a word for that, isn’t there…?) and doesn’t tell anyone what they’ve done. Users have NO RECOURSE and most never even KNOW they were—or are still BEING—FK’d. Not cool,” the user said. “Hoping soon after this tweet thread is posted this “bug” is fixed, but I’m not counting on it,” he said. The tweet caught the attention of the CEo who said in a tweet “Very strange indeed!” The U.K.’s Daily Mail reported that it “confirmed that Musk’s tweets older than 11 hours briefly stopped loading for some users, but the glitch went away on its own after repeatedly refreshing the page for around 30 minutes.” The New York Post reported that it had “confirmed at the time of writing that his feed does not display any replies that are older than 17 hours and the earlier tweets only showed up after adjusting the settings to display only public tweets.” If a Twitter employee is tinkering with his account, or if it is a bug, is unknown. |
| | | Temple Regular Member
Posts : 7317 Join date : 2014-07-29
| Subject: Re: Elon Musk- ‘There Will Be Blood’ Tue Jun 07, 2022 5:56 pm | |
| ((Musk is desperately looking for a way to get out of buying Twitter without forfeiting a billion dollars))
6-6-2022
Texas AG Ken Paxton to investigate whether Twitter is understating the number of fake accounts on the platform.
Texas Attorney General Ken Paxton said Monday he is investigating Twitter over its reporting of how many accounts on the platform are from bots and fake users, saying the company may be misrepresenting the number to inflate its value and raise its revenue. Twitter has claimed in its financial regulatory filings that less than 5% of its daily active users are spam accounts. But Paxton on Monday alleged that spam accounts could make up as much as 20% of users or more.
“Bot accounts can not only reduce the quality of users’ experience on the platform but may also inflate the value of the company and the costs of doing business with it, thus directly harming Texas consumers and businesses,” Paxton said.
False reporting of fake users could be considered “false, misleading, or deceptive” under the Texas Deceptive Trade Practices Act, he said. Paxton sent Twitter a civil investigative demand, requiring the social media company to turn over documents related to how it calculates and manages its user data.
Twitter could not be immediately reached for comment on the investigation.
The investigation comes as Tesla CEO Elon Musk is also raising questions about the number of fake accounts on Twitter. Musk, who is in negotiations to buy the social media company, threatened to walk away from the deal saying that Twitter has not provided data he has requested on spam accounts.
“This is a clear material breach of Twitter’s obligations under the merger agreement and Mr. Musk reserves all rights resulting therefrom, including his right not to consummate the transaction and his right to terminate the merger agreement,” an attorney representing Musk wrote in a letter to the Twitter's head of legal, policy and trust.
Musk has previously said the acquisition “cannot move forward” until the company provides proof of its spam metrics.
The state’s top lawyer has gone after social media companies before. He sued Meta, the parent conglomerate of Instagram and Facebook, saying some of the company’s practices around biometrics violated Texans’ privacy. Meta, in response, temporarily disabled face filters.
Paxton sent Twitter a civil investigative demand in 2021 after it banned former President Donald Trump from its platform following the Jan. 6 attack at the U.S. Capitol. Twitter at the time filed a lawsuit against Paxton, asking the judge to halt the investigation.
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| | | The Wise And Powerful Admin
Posts : 111040 Join date : 2014-07-29 Age : 101 Location : A Mile High
| Subject: Re: Elon Musk- ‘There Will Be Blood’ Wed Jun 08, 2022 10:07 pm | |
| Twitter reportedly will give Musk the full “firehose” of user data he demanded
Report: Twitter to give Musk the firehose after he threatened to kill merger. JON BRODKIN - 6/8/2022, 2:08 PM - https://arstechnica.comTwitter now plans to comply with Elon Musk's demand for user data that he says is needed to determine whether the company's spam estimates are accurate, The Washington Post reported Wednesday. "After a weeks-long impasse, Twitter's board plans to comply with Elon Musk's demands for internal data by offering access to its full 'firehose,' the massive stream of data comprising more than 500 million tweets posted each day, according to a person familiar with the company's thinking, who spoke on the condition of anonymity to describe the state of negotiations," the Post wrote. Twitter declined comment on the Post report when contacted by Ars today but pointed to its statement from Monday that "Twitter has and will continue to cooperatively share information with Mr. Musk to consummate the transaction in accordance with the terms of the merger agreement." Whether Twitter has to give all the user data to Musk is under dispute. The Post report comes two days after Musk's legal team sent a letter to Twitter claiming the company violated the merger agreement by refusing to provide the data behind its spam estimates. Providing data could help Twitter complete sale Twitter giving Musk the requested data could be bad for him if his real goal is getting out of the $44 billion purchase deal. It would undercut Musk's claim that Twitter violated the merger agreement, and Twitter seems confident that its estimate is accurate. Twitter could provide the data to Musk "as soon as this week," the Post wrote. "Currently some two dozen companies pay for access to the trove, which comprises not only a real-time record of tweets but the devices they tweet from, as well as information about the accounts that tweet." Musk's offer to buy Twitter waived "business due diligence," but he says Twitter must provide the requested data because of a clause in the merger agreement that says he is entitled to information "for any reasonable business purpose related to the consummation of the transaction." Musk's letter claims he has a "right to terminate the merger agreement" if Twitter doesn't comply. The letter also said Musk needs a "complete and accurate understanding of the very core of Twitter's business model—its active user base" in order to obtain financing and prepare for the ownership transition. "Mr. Musk believes Twitter is transparently refusing to comply with its obligations under the merger agreement, which is causing further suspicion that the company is withholding the requested data due to concern for what Mr. Musk's own analysis of that data will uncover," the letter from Musk's legal team said. How Twitter estimates spam Twitter estimates that less than 5 percent of monetizable daily active users (mDAUs) are spam or fake. Under Twitter's definition, this is the number of people who use the site each day and can see ads, and users are considered "active" whether they post tweets of their own or merely view other people's tweets. Musk has repeatedly claimed Twitter's estimate is wrong, but his assertions that the real percentage is higher are based on different types of calculations—such as the number of bots among all Twitter accounts (whether active or not) or the number of bots among accounts that post tweets every day. Texas Attorney General Ken Paxton entered the fray on Monday, echoing Musk's complaints and demanding that Twitter provide the data on fake accounts. Twitter CEO Parag Agrawal wrote in a thread on May 16 that the spam estimate is made every quarter and "is based on multiple human reviews (in replicate) of thousands of accounts, that are sampled at random, consistently over time, from *accounts we count as mDAUs*." Each review is "based on Twitter rules that define spam and platform manipulation, and uses both public and private data (eg, IP address, phone number, geolocation, client/browser signatures, what the account does when it's active...) to make a determination on each account," Agrawal explained. Twitter has been doing this quarterly review for years, and the "actual internal estimates for the last four quarters were all well under 5 percent—based on the methodology outlined above," Agrawal wrote. "The error margins on our estimates give us confidence in our public statements each quarter." Shareholder vote expected in July or August As The Washington Post noted, "Twitter's leaders are skeptical of Musk's ability to use the firehose to find previously undetected information: The data stream has been available for years to the companies that pay Twitter for the ability to analyze it to find patterns and insights in the daily conversation. They, along with some analysts and Silicon Valley insiders, say that Musk is using the data requests as a pretext to wiggle out of the deal or to negotiate a lower price." Meanwhile, "Musk's efforts to arrange new financing that will limit his cash contribution to his $44 billion acquisition of Twitter have been put on hold because of the uncertainty surrounding the deal," Reuters reported on Tuesday. Twitter is preparing to move ahead with the purchase and told staff on Wednesday that a shareholder vote on the sale to Musk will happen in late July or early August, Bloomberg reported. "We believe this agreement is in the best interest of all shareholders. We intend to close the transaction and enforce the merger agreement at the agreed price and terms," Twitter said in its statement on Monday. |
| | | Temple Regular Member
Posts : 7317 Join date : 2014-07-29
| Subject: Re: Elon Musk- ‘There Will Be Blood’ Fri Jun 17, 2022 10:27 pm | |
| 6-17-2022
Elon Musk sued for $258 billion over alleged Dogecoin pyramid scheme.
NEW YORK, June 16 (Reuters) - Elon Musk was sued for $258 billion on Thursday by a Dogecoin investor who accused him of running a pyramid scheme to support the cryptocurrency.
In a complaint filed in federal court in Manhattan, plaintiff Keith Johnson accused Musk, electric car company Tesla Inc (TSLA.O) and space tourism company SpaceX of racketeering for touting Dogecoin and driving up its price, only to then let the price tumble.
Musk is CEO of both Tesla and SpaceX.
"Defendants were aware since 2019 that Dogecoin had no value yet promoted Dogecoin to profit from its trading," the complaint said. "Musk used his pedestal as World's Richest man to operate and manipulate the Dogecoin Pyramid Scheme for profit, exposure and amusement."
The complaint also aggregates comments from Warren Buffett, Bill Gates and others questioning the value of cryptocurrency.
Tesla, SpaceX and a lawyer for Musk did not immediately respond to requests for comment.
A lawyer for Johnson did not immediately respond to requests for comment on what specific evidence his client has or expects to have that proves Dogecoin is worthless and the defendants ran a pyramid scheme.
Johnson is seeking $86 billion in damages___ representing the decline in Dogecoin's market value since May 2021, and wants it tripled.
He also wants to block Musk and his companies from promoting Dogecoin and a judge to declare that trading Dogecoin is gambling under federal and New York law.
The complaint said Dogecoin's selloff began around the time Musk hosted the NBC show "Saturday Night Live and, playing a fictitious financial expert on a "Weekend Update" segment, called Dogecoin "a hustle."
Tesla in February 2021 said it had bought $1.5 billion of bitcoin and for a short time accepted it as payment for vehicles.
Dogecoin traded at about 5.8 cents on Thursday, down from its May 2021 peak of about 74 cents.
The case is Johnson v. Musk et al, U.S. District Court, Southern District of New York, No. 22-05037.
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| | | oliver clotheshoffe Regular Member
Posts : 1723 Join date : 2019-02-04 Age : 65
| | | | Temple Regular Member
Posts : 7317 Join date : 2014-07-29
| Subject: Re: Elon Musk- ‘There Will Be Blood’ Fri Jul 08, 2022 4:51 pm | |
| (Reuters) - Tesla Inc (TSLA.O) Chief Executive Officer Elon Musk said on Friday he was terminating his $44 billion deal for Twitter Inc (TWTR.N), saying that the social media company had failed to provide information about fake accounts on the platform.
Shares of Twitter fell 6% in extended trading.
In a filing, Musk's lawyers said Twitter had failed or refused to respond to multiple requests for information on fake or spam accounts on the platform, which is fundamental to the company's business performance.
Musk had threatened to halt the deal unless the company showed proof that spam and bot accounts were fewer than 5% of users who see advertising on the social media service.
Last month, Twitter allowed Musk access to its "firehose", a repository of raw data on hundreds of millions of daily tweets.
Twitter did not immediately respond to a Reuters request for comment.
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| | | oliver clotheshoffe Regular Member
Posts : 1723 Join date : 2019-02-04 Age : 65
| Subject: Re: Elon Musk- ‘There Will Be Blood’ Sat Jul 09, 2022 9:10 pm | |
| If Twitter filed false reports with the SEC they could be in some big time trouble. |
| | | Dark Poppy Regular Member
Posts : 47 Join date : 2021-11-24
| Subject: Re: Elon Musk- ‘There Will Be Blood’ Sun Jul 10, 2022 2:44 pm | |
| Birds are better at tweeting.
Elon, if you buy twitter, delete it, it's crap. |
| | | Temple Regular Member
Posts : 7317 Join date : 2014-07-29
| Subject: Re: Elon Musk- ‘There Will Be Blood’ Tue Jul 12, 2022 7:17 pm | |
| 7-12-2022
Twitter sues to force Elon Musk to buy the company for $44 billion.
The world's richest man was sued by a social networking platform on Tuesday to force him to follow through on his purchase of the company.
"Twitter sued Elon Musk on Tuesday to force the billionaire to complete his $44 billion acquisition of the company, setting the stage for a prolonged legal battle over the fate of the social media service," The New York Times reported Tuesday. "Mr. Musk agreed in April to buy Twitter but declared last week that he intended to walk away from the deal. To push Mr. Musk to abide by the acquisition agreement, Twitter sued him in Chancery Court in Delaware. The court will determine whether he remains on the hook for the purchase or whether Twitter violated its obligation to provide Mr. Musk with data he requested, entitling him to walk away.
The contract Musk signed included a specific performance clause.
The newspaper explained three potential outcomes.
"Still, Mr. Musk’s threat of walking away could bring Twitter back to the negotiating table, allowing the billionaire to buy the company at a discount," The Times explained. "The two sides could also settle. Or they could pay a $1 billion breakup fee and walk away, an option allowed only under certain circumstances, such as if Mr. Musk’s financing fell through."
Twitter has motivation to fight to force the deal in court.
"If Mr. Musk successfully disentangles himself from Twitter, it could be disastrous for the company. Its stock has fallen more than 35 percent below his offer of $54.20 per share. Twitter’s business has also deteriorated in recent months," the newspaper explained. "In the past, Delaware’s Chancery Court has prevented companies from trying to walk away from deals. In 2001, for example, when Tyson Foods tried to back out of an acquisition of the meatpacker IBP, the court ruled that Tyson had to follow through with the agreement.
In situations where the court has allowed buyers to exit, it has required them to pay damages."
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| | | oliver clotheshoffe Regular Member
Posts : 1723 Join date : 2019-02-04 Age : 65
| Subject: Re: Elon Musk- ‘There Will Be Blood’ Tue Jul 12, 2022 7:37 pm | |
| He'll buy it at the current stock price and save 35 percent. Hell he probably figured to do that from the start knowing him. |
| | | Grackle
Posts : 2495 Join date : 2017-09-09
| Subject: Re: Elon Musk- ‘There Will Be Blood’ Tue Jul 12, 2022 9:25 pm | |
| - Dark Poppy wrote:
- Birds are better at tweeting.
Ahh ... Birds--tweeting .. I wonder if you're the first to ever put those two together .. ~Very clever~ - Quote :
Elon, if you buy twitter, delete it, it's crap. I don't wanna burst your bubble, but umm .. I don't believe Elon Musk frequents this board.. I highly doubt he ever will .. Addressing him here just seems kinda ...well, idiotic really You can maybe try posting your useless advice to him on twitter .. Ya know...with tweets? ..at which "birds are better"? ..But i suggest you could *tweet* at him till you shit yourself and he'll never acknowledge your mealy mouthed existance,- much less consider your idiotic advice ..HTH |
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