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At Vinco, Farnsworth employed several of the same tactics that he had at MoviePass and at his earlier ventures. "Ted took these press releases and really treated them like they were works of art for him," Matt Argall, a former advisor to Farnsworth, told BI. Hudson Bay has not been served the lawsuit as of the publication of this story. "Hudson Bay's investment in Vinco Ventures was a standard, fixed price convertible loan of which millions remain unpaid," Hudson Bay told BI in a statement. "If served, Hudson Bay will seek to have these baseless, factually flawed and frivolous claims, which have been repeatedly dismissed in other proceedings against other parties, dismissed expeditiously."
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Now that Elon Musk has closed on his acquisition of the social media platform Twitter, what happens to Twitter's stock? The transaction to make Twitter a private company was completed late Thursday, according to a Securities and Exchange Commission document. By Friday morning, Twitter's stock had already stopped trading on the New York Stock Exchange, where it had been listed since 2013. Screens display Twitter's share price at the New York Stock Exchange, in New York, on Nov. 7, 2013. That was the price Musk agreed to pay for the company, and the price Twitter shareholders approved by a 98% margin in September.
Documents obtained from two data scientists employed by Musk showed they estimated in early July that the number of fake accounts on the platform at 5.3% and 11%, the Twitter lawyer told a Delaware judge. "None of these analyses so far as we can tell remotely supported what Mr. Musk told Twitter and told the world in the termination letter," said the lawyer, Bradley Wilson. Musk and Twitter are locked in a court fight and Twitter is seeking an order directing Musk to close the deal at $54.20 per share. They are scheduled to go trial starting Oct. 17 in Wilmington, in Delaware's Court of Chancery. On July 8 Musk said the actual figure was "wildly higher" and that Twitter had misled him, allowing him to walk away without penalty from the deal.
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