Elon Musk Offers to Buy Twitter for $41 Billion

[Blizzard]

this is getting weirder. just saying.

 

[Sugar Cookie]

Elon Musk wants to terminate his $44 billion deal to buy Twitter - the latest in a whirlwind process in which he became the company's biggest shareholder, turned down a board seat, agreed to buy the social media platform and then started raising doubts about going through with the deal.

Musk claimed in a regulatory filing Friday evening that he is ending the deal because Twitter is "in material breach of multiple provisions" of the original agreement, which was signed in April.

Musk has for weeks expressed concerns, without any apparent evidence, that there are a greater number of bots and spam accounts on the platform than Twitter has said publicly. Analysts have speculated that the concerns may be an attempt to create a pretext to get out of a deal he may now see as overpriced.

Elon Musk terminating $44 billion deal to buy Twitter

Musk claimed in a regulatory filing Friday evening that he is ending the deal because Twitter is "in material breach of multiple provisions" of the original agreement, which was signed in April.

abc7ny.com

 

[BuffettGirl]

Twitter lied. What did they expect would happen?

 

[knockout]

Twitter lied. What did they expect would happen?

Stock market did a Brandon, soon after his offer, so he’s been trying to get out the deal
Company probably worth half what it was before the market dropped. Only reason Twitter stock remained this high is because investors are hopeful his offer holds up, will probably drop $10 Monday

 

[BuffettGirl]

Stock market did a Brandon, soon after his offer, so he’s been trying to get out the deal
Company probably worth half what it was before the market dropped. Only reason Twitter stock remained this high is because investors are hopeful his offer holds up, will probably drop $10 Monday

Good!

 

[Turd Fergusen]

Twitter to sue Elon Musk for backing out of $44B takeover deal​

Twitter is assembling a high-profile legal team to sue Telsa CEO Elon Musk for terminating his $44 billion deal to buy the platform, according to a report on Sunday.

Bloomberg News said that the social media giant aims to file suit against Musk — who backed out of the planned takeover on Friday — early this week in Delaware where the company’s corporate home lies.

Twitter has hired the law firm Wachtell, Lipton, Rosen & Katz, which is known for its work in mergers.

If successful, the social media company could force Musk to pay a $1 billion breakup fee, according to the report.

Musk backed out of the deal after Twitter failed to provide information about fake accounts on the platform, court documents filed by his team claimed.

His attorneys alleged in a Friday court filing that “Twitter is in material breach of multiple provisions” of the buyout deal, and that the company “appears to have made false and misleading representations upon which Mr. Musk relied when entering into the Merger Agreement.”

Twitter to sue Elon Musk for backing out of $44B takeover deal: report

Twitter is assembling a high-profile legal team to sue Telsa CEO Elon Musk for terminating his $44 billion deal to buy the platform.

nypost.com

 

[knockout]

Of course they will, it got Brandoned like rest of the market, worth maybe 20 billion now

 

[CRWX]

I knew he was going to weasel out of this the minute money was on the table. He just likes reading his own quotes in the media he claims to dislike.

 

[ronda2711]

--------------------------


come get me




yum yum





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[Turd Fergusen]

Elon Musk subpoenas Twitter co-founder Jack Dorsey for info on spam bots​

Elon Musk has subpoenaed Twitter co-founder and former CEO Jack Dorsey, who initially praised the Tesla CEO’s $44 billion takeover billion deal as part of a “mission to extend the light of consciousness.”

The subpoena, which was revealed in a Delaware Chancery Court filing on Monday, focuses on Twitter’s alleged problem with spam bots and marks an escalation in Musk’s legal battle. The trial is scheduled to start in October.

The subpoena states that Dorsey will be asked for information about “the impact or effect of false or spam accounts on Twitter’s business and operations” — as well as metrics the company uses to measure spam bots.

Musk also wants “documents and communications” related to how Twitter’s spam bot calculations may have figured into compensation for executives or board members, according to the subpoena.

Elon Musk subpoenas Twitter co-founder Jack Dorsey for info on spam bots

The subpoena, which was revealed in a Delaware Chancery Court filing on Monday, focuses on Twitter’s alleged problem with spam bots and marks an escalation in Musk’s legal battle.

nypost.com

 

[Turd Fergusen]

This is BIG!

Famed hacker blows whistle on Twitter, claims app is risk to national security​

A well-known “ethical hacker” who was hired by Twitter to overhaul its cybersecurity alleged that the social media giant has become a security risk for the US after it reneged on a deal with the federal government to set up a system that adequately protects user data.

Peiter “Mudge” Zatko — a software engineer who became a star in the hacker community after leading a 1990s-era group called “Cult of the Dead Cow” — filed a complaint with the Securities and Exchange Commission alleging widespread dysfunction at Twitter.

Zatko was named head of security by Twitter two years ago after the company was victimized by embarrassing glitches, including the commandeering by hackers of high-profile accounts belonging to the likes of Barack Obama, Elon Musk, Joe Biden, Warren Buffett, Jeff Bezos, Kim Kardashian, Kanye West and Mike Bloomberg.

Famed hacker blows whistle on Twitter, claims app is risk to national security

Zatko was named head of security by Twitter two years ago after the company was victimized by embarrassing glitches.

nypost.com

 

[Turd Fergusen]

Twitter has reportedly failed to adequately police underage pornography across its social network — a mess posing the risk of a federal investigation that could cost the company billions of dollars in fines, The Post has learned.

The embattled social media site — which is in the middle of a court battle with Elon Musk to enforce an agreement to sell him the company for $44 billion — may have broken a so-called consent decree with the Federal Trade Commission when the company reportedly found in an internal study this year that it doesn’t adequately stop underage users from viewing and uploading porn, two former FTC officials told The Post.

Specifically, Twitter executives reportedly found in an internal study the company lacked adequate controls to prevent underage users from both accessing and uploading pornography, according to an Aug. 30 story in the Verge, which cited an internal Twitter team’s findings. Unlike other major social media companies, Twitter allows porn on its site.

The internal researchers reportedly said the site also is unable to consistently detect banned content such as child porn, revenge porn and non-consensual “upskirt” photos once it’s uploaded to the site.

“Twitter cannot accurately detect child sexual exploitation and non-consensual nudity at scale,” the researchers wrote in April, according to the Verge.

While regulators haven’t publicly reacted to the report thus far, Twitter’s failures could run afoul of its commitments under a consent decree signed in 2011, which requires that Twitter “shall not misrepresent” the extent to which it protects the security and privacy of users, former FTC officials said. The alleged problems with porn moderation could qualify as undisclosed user privacy and security problems, according to the officials.

Full Article:

Exclusive | Twitter could face billions in fines over not protecting minors from porn: ex-FTC officials

If Twitter can’t “control” which users view or upload porn, the ex-FTC official said, “then it’s reasonable to conclude that they would be in violation of the 2011 prohibition not to misrepresent s…

nypost.com

 

[knockout]

Seems Elon is winning the war, think he’ll get to back out with no fine
This right here could be his get out of deal free card

Twitter could face billions in fines over not protecting minors from porn: ex-FTC officials​

Exclusive | Twitter could face billions in fines over not protecting minors from porn: ex-FTC officials

If Twitter can’t “control” which users view or upload porn, the ex-FTC official said, “then it’s reasonable to conclude that they would be in violation of the 2011 prohibition not to misrepresent s…

nypost.com

 

[Sejanus]

What, they never heard of Google?

 

[Metalfan]

Stupid whipper snappers! Back in my day, we had to work for our porn,like hide it and what not. These little bitches have Delete and cloud storage! Absolutely preposterous!.....

 

[Satanica]

WILMINGTON, Del. — Billionaire Elon Musk accused Twitter of fraud by concealing serious flaws in the social media company’s data security, which the entrepreneur said should allow him to end his $44 billion deal for the company, according to a Thursday court filing.

Musk, the world’s richest person, amended his previously filed lawsuit by adopting allegations by a Twitter whistleblower, who told Congress on Tuesday of meddling on the influential social media platform by foreign agents.

The chief executive of electric vehicle maker Tesla also alleged that Twitter hid from him that it was not complying with a 2011 agreement with the Federal Trade Commission regarding user data.
[....]

Elon Musk accuses Twitter of fraud and says 'he has the full right' to end deal

In a court filing, Musk said the influential social media platform covered up security flaws, adopting allegations by a Twitter whistleblower who testified before the Senate on Tuesday.

www.nbcnews.com

 

[Turd Fergusen]

Elon Musk planning to cut 75% of Twitter workforce​

Billionaire Elon Musk told prospective investors in his deal to buy Twitter that he planned to get rid of nearly 75% of the social media company’s 7,500 workers, the Washington Post reported on Thursday, citing interviews and certain documents.

The job cuts are expected in the coming months, no matter who owns the company, according to the report.

Twitter’s current management planned to pare the company’s payroll by about $800 million by the end of next year, a number that would mean the departure of nearly a quarter of the workforce, the report said.

Human resources staff at the social media company have told employees that they were not planning for mass layoffs, but documents showed extensive plans to push out staff and cut down on infrastructure costs were already in place before Musk offered to buy the company.

Elon Musk planning to cut 75% of Twitter workforce: report

The job cuts are expected in the coming months, no matter who owns the company, according to the report.

nypost.com

 

[Turd Fergusen]

Elon Musk’s xAI buys social media platform X for $45B: ‘Futures are intertwined’​

Elon Musk made a shock announcement Friday that his artificial intelligence venture xAI has acquired his X social media platform in an all-stock transaction for $45 billion – a billion more than the mogul paid for the site in 2022.

“The combination values xAI at $80 billion and X at $33 billion,” Musk revealed in a statement posted on X — formerly known as Twitter.

Musk, the world’s richest man with a net worth estimated at $330 billion, said that the deal included $12 billion of debt — which raises the overall valuation for X to $45 billion.

“Today, we officially take the step to combine the data, models, compute, distribution and talent,” he wrote.
“This combination will unlock immense potential by blending xAI’s advanced AI capability and expertise with X’s massive reach.”

X CEO Linda Yaccarino echoed Musk’s optimism regarding the deal, posting, “The future could not be brighter.”

Elon Musk’s xAI buys social media platform X for $45B: ‘Futures are intertwined’

The combined company would be valued at $80 billion.

nypost.com