Negotiation for each tweet
Elon Musk has always been concerned about Twitter deal advisors and threw the latest jabs today. You can’t tweet a deal until the CEO of Twitter shows evidence that bots make up less than 5% of users. The tweet indicates that he may be trying to lay the groundwork for renegotiating the deal, following his remarks at the conference in Miami.
Twitter’s share price fell 8% yesterday to close at $ 37.39. That was well below $ 54.20 per share, which Musk agreed to pay last month to buy a social media company.
The mask means that the bot gives him an out. At a closed meeting with journalists, Musk was asked yesterday about a Twitter spam account. This was the focus of his tweet about trading over the weekend. If Twitter says it’s less than 5% of fake or spam accounts, it’s a seriously unfavorable misrepresentation, but in reality the numbers are quite high, Musk said. His wording was probably intentional. Significantly unfavorable amendments are used by buyers to exit or renegotiate a transaction if the business is seriously harmed. However, lawyers say they suspect Twitter’s bot count is eligible as a MAC trigger, and courts generally set high standards. (On Monday, Twitter CEO Parag Agrawal posted a long thread detailing how the company calculates the number of bots.)
Twitter claims to have signed the law and contract. Subject to the terms of the agreement, Twitter may ask Mask to conclude or pay the contract, as long as debt financing is appropriate. According to today’s Twitter SEC filing, Musk hastily tracked the diligence of trading his own will. But Mask does not always act in a way that means he is afraid of legal consequences. Regardless of Twitter’s potential legal rights, Musk has also disrupted Twitter employees and directors, pushing down Twitter’s stock price. (We’re still waiting for the SEC to take action on these tweets and comments.) If Musks Angle gets a low price, the Twitter board just offers him that, but in fact he’s included. There is no guarantee that it will be done. On the contrary, Twitter could take Mask to court (he could claim to have violated the insidious provisions of the transaction). But since the board wants to close the deal, does it really help their purpose?
Twitter founder Jack Dorsey seemed to play a role in making the deal a reality. SEC material submitted this morning reveals a change in interesting events prior to Musk’s bid to keep Twitter private.
March 27: Musk first talked to the board about investing in Twitter and said he was considering three things: joining the board on Twitter, keeping it private, and starting a competitor. Twitter later invited Mask to his board.
What does this mean? So far, despite what Musk tweeted, the deal is still going on at the original offer price. (In fact, he may be trying to raise more money to raise bids by selling SpaceX shares.) Otherwise, Musk is a bot because he has no cards to play. May continue to tweet about. Activist group of law firm Schulte Roth & Zabel. Then, if you’re a company, it’s a matter of how long you want to spend fighting, even if you have a really great fact pattern, Klein said. Life is too short to fight Elon Musk.
What’s happening here
The Supreme Court ruled in favor of Senator Ted Cruz in the election fund case. This ruling was the latest in a series of decisions to dismantle various aspects of election funding regulation under the First Amendment. The Texas Republican Party has challenged federal law that caps $ 250,000 on repayment of candidate loans for campaigns using post-election contributions.
Hedge funds are facing big losses this year. Tiger Global, a hedge fund known for its big bets on tech start-ups, said yesterday’s filing with regulators that its assets were $ 20 billion in the first three months of the year, or about half the value of the fund. Reported that he was depressed. Bill Ackmans Pershing Square was also one of the hedge fund losers in the 2022s, down about 20% in the year leading up to the first week of May.
The FDA and Abbott have reached an agreement to alleviate the shortage of infant formula. Abbott will resume production in about two weeks to see the progress of its Sturgis, Michigan plant. The factory has been closed since February because several babies who consumed the formula produced there became ill and two died.
Starbucks will cover the travel expenses of employees seeking an abortion. In yesterday’s memo, the company said it wanted its employees to receive quality health care. Starbucks is one of the few well-known companies that have announced plans to cover transportation costs, such as Yelp, Citigroup and Tesla.
Wall Street Resets Expectations
Predictions of an impending slowdown seem to be growing faster than the real economy these days, but it’s still pretty hot by all means. Goldman Sachs’ top economist, Jan Hatzius, has become the latest wallstreamer to lower expectations of the US economy over the weekend, reducing GDP forecasts this year and next year by a total of $ 200 billion.
Layoffs are increasing. Many industries, especially those affected by higher rates, appear to be vulnerable to headcount reductions, Times Lydia Depilis reports. Layoffs increased 6% in April compared to the same month in 2021, according to career change support firm Challenger Gray, Christmas. And April was the first month this year that layoffs increased year-on-year. In addition, the decline in tech stocks has led venture capital to stop funding start-ups, leading to tech temporary layoffs. Bryce Maddock, CEO of outsourcing company TaskUs, talked about a layoff in the U.S. in a earnings call last week, and some of the fast-growing tech clients are quickly shifting their focus to cost savings. I’ve seen
However, many still believe that the country can avoid the recession. According to Goldman, the housing market is generally less likely to fall than it was when it returned to 2008 due to a shortage of available housing. We also do not anticipate a sharp rise in the unemployment rate. And given how difficult it was to find workers, some speculate that employers will be slower to let go of them than usual.
I saw and heard
I sincerely ask all partners to join us to increase their financial support for Ukraine. Treasury Secretary Janet Yellen warned in her speech at the Brussels Economic Forum today that Ukraine does not have enough money to maintain its government and dodge Russia.
The virus continues to evolve. And perhaps many will experience many, many reinfections throughout their lives. Juliet Pulliam, an epidemiologist at Stellenbosch University in South Africa, talks about how scientists have discovered that people can get the coronavirus repeatedly, sometimes within a few months. ..
How Elon Musk’s Twitter Handles Unfolded Cards 1/6
A blockbuster contract. Elon Musk, the wealthiest man in the world, has restricted what the famous benevolent billionaire seemed like an unlikely attempt to buy Twitter for about $ 44 billion. Here’s how the transaction was developed:
First offer. Musk said he would like to make more than $ 40 billion of unsolicited bids on influential social networks, making Twitter a private company and giving people more freedom to talk about the service.
You need the flexibility to be in a different space than you might be in the middle of a pandemic. Melissa Pancoast has moved financial literacy startup The Beans to its WeWork office. After the pandemic turned coworking spaces into ghost towns, businesses are now lined up for them.
Cryptographic officers want more crash cushions
Last week’s crash was not surprising for some experienced crypto investors. The market is seasonal. Cryptocurrencies are no exception, and venture capital firm Andreessen Horowitz wrote philosophically this morning in the state of new cryptocurrencies. In the summer, the cold of the winter gives way, and in the winter, the snow melts in the heat of the summer.
But for Washington officials who are considering new rules for a number of new financial products, the plunge is difficult. Many people want quick action, which may be the only thing they easily agree on.
Gary Gensler, chairman of the Securities and Exchange Commission, said at an annual Wall Street regulator meeting in Washington yesterday that cryptocurrencies are a highly speculative asset class, exposing investors to losses and fraud. rice field.
Rostin Benham, Chairman of the Commodity Futures Trading Commission, told CNBC that cryptocurrencies are causing turmoil and turmoil, and that his agency should take more regulatory responsibility for digital assets. ..
Rohit Chopra, chairman of the Consumer Finance Bureau, said Bloomberg poses a lot of danger to investors lurking in the crypto of stablecoin linked to assets such as the dollar aimed at retaining stable value. He said he thought there was, but some haven’t done so these days.
What the regulated crypto market will look like in the end is everyone’s bet. The SEC has proposed bringing in exchanges and other companies that promote crypto trading under the same regulations that currently dominate the stock market. Gensler also argues that most tokens should be registered as securities. This means disclosure to investors. Some lawmakers also endorse more reports of crypto brokers for tax compliance. In addition, stablecoins backed by traditional assets such as cash and US Treasuries can be regulated like banks. However, some products are still outside the scope of regulatory authority. Salman Banaei, policy chief for the crypto company Uniswap Labs, formerly at CFTC, said existing oversight was clearly inadequate. At least there is a broad agreement.
Best of the rest
Art Holding from one of Manhattan’s toughest billionaire divorces was sold at auction for a record $ 922 million. (NYT)
Former President Donald Trump could be paid to post to his own start-up, securities filing said. (NYT)
JP Morgan CEO Jamie Dimon should work on the subway, New York City Mayor Erik Adams said in an interview. (FT)
Donations from Snapchat CEO Evan Spiegel and his wife Miranda Kerr have repaid the debt of all new graduate students at the Otis College of Art and Design in Los Angeles. (LA Times)
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