DIRS.INFO The most relevant business & tech news

☆ The clock is ticking for Elon Musk to buy Twitter — and he's running out of time
▼ + stars: | 2022-10-25 | by ( Grace Kay | ) www.businessinsider.com time to read: +4 min

ET to close his deal with Twitter or a trial date will be set. If Musk becomes Twitter's new owner, Twitter will undergo a chapter of major change and likely layoffs. When Musk initially filed to end the court case and buy the company at the original price, Twitter appeared wary of the billionaire's intentions. The company has said it will not close the deal until Musk can prove he has funding in place. Last week, The Washington Post reported that Musk planned to cut about 75% of the company's staff.

☆ Elon Musk promised on a video call with bankers that he will close the Twitter deal by Friday, according to a report
▼ + stars: | 2022-10-25 | by ( Grace Kay | ) www.businessinsider.com time to read: +2 min

Elon Musk promised bankers he plans to close the Twitter deal by Friday, Bloomberg reported. ET on October 28 to close the deal or face a trial. Spokespeople for Musk and Twitter did not immediately respond to Insider's request for comment ahead of publication. Insider's Kali Hays previously reported that the deal was on track to close on Friday, citing two people familiar with the agreement. Musk has until the end of the work week to close the deal and avoid a trial.

☆ Greenlight's Einhorn optimistic Twitter deal with Musk will close
▼ + stars: | 2022-10-21 | by ( Nupur Anand | ) www.reuters.com time to read: +2 min

Einhorn told his investors in August that he had bought a stake in Twitter, and now said he believes the lawsuit in Delaware that could decide the fate of the deal "is going well for TWTR." Register now for FREE unlimited access to Reuters.com RegisterEarlier this month, Musk reversed course again and said he would proceed with the deal on original terms. A Delaware judge ordered a pause to Twitter's lawsuit against Musk, giving the billionaire until Oct. 28 to close the deal. "We expect that one way or another, the deal will close at or near the originally agreed upon price," Greenlight said, referring to the $54.20 price per share the deal was originally proposed. Greenlight's manager said the investment in Twitter is "inherently short-term," adding the hedge fund plans to exit its position upon resolution of the platform sale.

☆ Twitter stock falls after report says Biden admin weighing security review of Musk ventures
▼ + stars: | 2022-10-21 | by ( Clare Duffy | ) edition.cnn.com time to read: +3 min

The stock reaction, which rebounded somewhat later in the morning, followed a Bloomberg report that Biden administration officials are in early discussions about possibly subjecting some of Musk’s ventures to national security reviews, including the planned Twitter (TWTR) takeover. It’s unclear what, if any, impact the reported security review could have on completing a deal that has already been subject to months of uncertainty. In a separate report Thursday evening, Bloomberg said that bankers and lawyers for both Twitter and Musk are preparing the paperwork needed to complete the deal. Bloomberg also last week reported that the company had frozen employees’ stock accounts in anticipation of the deal’s completion. On a conference call this week to discuss Tesla’s earnings results, Musk said he was “excited” about the Twitter deal, but also admitted that he is “obviously overpaying” for it.

☆ Twitter locks staff stock accounts in anticipation of deal - Bloomberg News
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +1 min

Oct 18 (Reuters) - Twitter Inc (TWTR.N) has frozen equity award accounts for employees days ahead of the deadline to close its deal with Elon Musk, Bloomberg News reported on Tuesday, a sign that the social media firm hopes the deal will consummate. The report sent Twitter shares up 1.8% at $51.6, still lower than Musk's offer price of $54.2 per share. Musk, chief executive of Tesla Inc (TSLA.O), and Twitter are directed by the Delaware court to close the $44 billion deal on Oct. 28. Musk in May tried to walk away from the deal alleging that Twitter understated bot and spam accounts on the social media platform, which started a series of lawsuits between the two parties. Register now for FREE unlimited access to Reuters.com RegisterReporting by Yuvraj Malik in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Biden's comment that his son Beau 'lost his life in Iraq' caught attention. Here's why he would say that.
▼ + stars: | 2022-10-13 | by ( Nicole Gaudiano | ) www.businessinsider.com time to read: +3 min

Some publications have seized on Joe Biden's statement that his son "lost his life in Iraq." But Biden has long tied the toxic burn pits his son was exposed to during his military service to his brain cancer. "I say this as a father of a man who won the Bronze Star, the Conspicuous Service Medal, and lost his life in Iraq. He said then that he became aware of the possible link while reading, "The Burn Pits: The Poisoning of America's Soldiers," by Joseph Hickman. Biden said his grandson, who was seated next to the girl, lost his father "to the same burn pits."

☆ Oil giant Exxon was ordered to reinstate 2 employees and pay $800,000 for illegally firing them after suspecting them of leaking information to the media
▼ + stars: | 2022-10-12 | by ( Grace Dean | ) www.businessinsider.com time to read: +3 min

Exxon Mobil fired two workers it suspected of leaking information to the WSJ, the DoL said. The company has been ordered to reinstate them and pay them $800,000 in back wages and damages. Employees had told the WSJ in 2020 they thought Exxon's growth plans in Texas were unrealistic. The company has been ordered to reinstate the employees and pay them $800,000 in back wages and damages, the DoL said. OSHA said that neither of the fired scientists were revealed as sources for the article.

☆ U.S. judge approves sales process for shares in Citgo Petroleum's parent
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +3 min

Register now for FREE unlimited access to Reuters.com RegisterDelaware District court judge Stark last year approved the sale of shares in PDV Holding, whose only asset is Citgo shares, to pay Canadian miner Crystallex $970 million. Citgo is the crown jewel of Venezuela's overseas assets, and has split from its Caracas-based ultimate parent, Venezuelan state-run oil firm PDVSA. Judge Stark's process sets a nine-month calendar after the official launch date before he reviews a high bid. The number of shares sold would only be enough to cover the Crystallex judgment and any others the court attaches to the case. Koch Minerals and Koch Nitrogen last week applied to the Delaware District Court to link their $387 million judgment.

☆ Elon Musk claims whistleblower burned 10 notebooks as part of a Twitter order to destroy sensitive information about the company
▼ + stars: | 2022-10-11 | by ( Grace Kay | ) www.businessinsider.com time to read: +3 min

A whistleblower said he destroyed notebooks and computer files at Twitter's request, per a court filing. Elon Musk requested sanctions against Twitter on October 3, alleging it destroyed evidence. The filing was made public on Monday, but filed the day before Musk made a U-turn on the purchase. Zatko's notes included details from meetings with executives, as well as communications with Twitter CEO Parag Agrawal regarding his concerns over Twitter's security practices, per the court filing. After Zatko's whistleblower complaint became widely reported in August, Musk amended his countersuit against Twitter to include the former security chief's allegations.

☆ Twitter’s future isn’t just Elon Musk’s problem
▼ + stars: | 2022-10-06 | by ( John Foley | ) www.reuters.com time to read: +6 min

Buying Twitter is financially onerous, too, but compared with buying a bank, it’s pretty simple stuff. Social media companies, conversely, are a place where people tweet poop emojis and exchange cat GIFs. Congress isn’t blind to the legal vacuum in which large social media companies operate. But while politicians squabble, social media continues to shape society in ways that may only become apparent years later. In a tweet later that day, the Tesla chief said that buying Twitter would accelerate the creation of X, an "everything app."

The deal will move forward if the Delaware court currently hearing Twitter's lawsuit against Musk puts an immediate stop to the case, Musk said in his proposal to Twitter on Monday. Twitter said in a statement: "We received the letter from the Musk parties which they have filed with the SEC. The proposal could end a monthslong saga between the two sides that included a lawsuit scheduled to be argued at trial in a Delaware court month. Unable to address the impasse, Twitter sued Musk in Delaware court — the primary U.S. venue for deciding corporate disputes — on July 12 to enforce the transaction. An additional complexity was added when a whistleblower came forward to accuse Twitter of security lapses — an accusation Musk subsequently sought to include in his evidence against the company.

☆ Delaware Freezes Out Russia-Linked Startups, Extending Sanctions’ Reach
▼ + stars: | 2022-09-29 | by ( Andrew Scurria | ) www.wsj.com time to read: +7 min

PREVIEWDelaware is now extending U.S. sanctions meant to punish Russia for its invasion of Ukraine to business ventures incorporated in the state. Blocked startups also can’t raise outside financing because they can’t amend their articles of incorporation in Delaware to issue new capital stock, according to several startup founders and their lawyers. Some startups have persuaded Delaware to restore their good standing after demonstrating that corporate officers no longer live in Russia. Blocked startups face other financial repercussions. It can’t proceed with expansion plans so long as it is blocked in Delaware, Mr. Zykov said.

☆ $100 million N.J. deli scheme leads to federal charges against a father and his son
▼ + stars: | 2022-09-26 | by ( Dan Mangan | Dan Mangan Is A Reporter Covering Health Care For Cnbc.Com. | Mangan Has Been A Journalist For More Than Years | ) www.nbcnews.com time to read: +4 min

Your Hometown Deli, the business at the center of the probe, was located in Paulsboro, New Jersey, over the Delaware River from Philadelphia. The parent company, Hometown International, had merged with a bioplastics company. The $100 million New Jersey deli, as Your Hometown Deli came to be known, was first brought to the public’s attention by investor David Einhorn in a letter to clients. The securities fraud and securities price manipulation counts carry maximum penalties of 20 years in prison and a $5 million fine. The conspiracy to commit securities fraud and conspiracy to manipulate securities prices counts each carry a maximum penalty of five years in prison.

Your Hometown Deli, the business at the center of the probe, was located in Paulsboro, New Jersey, over the Delaware River from Philadelphia. The parent company, Hometown International, had merged with a bioplastics company. The $100 million New Jersey deli, as Your Hometown Deli came to be known, was first brought to the public's attention by investor David Einhorn in a letter to clients. The securities fraud and securities price manipulation counts carry maximum penalties of 20 years in prison and a $5 million fine. The conspiracy to commit securities fraud and conspiracy to manipulate securities prices counts each carry a maximum penalty of five years in prison.

☆ Elon Musk will be forced to acquire Twitter for $44 billion, says a top M&A legal expert who warns that the billionaire is 'in trouble' as he heads to court
▼ + stars: | 2022-09-26 | by ( Kali Hays | ) www.businessinsider.com time to read: +7 min

Elon Musk has spent the past few months trying to get out of his agreement to acquire Twitter. Musk needs only to convince Judge Kathaleen McCormick of one of his claims, while Twitter needs to convince her of all of its claims. Musk can appeal the ruling, and likely will, but he will almost certainly still be forced to buy Twitter, Miller said. Musk knew Twitter has some "bots" and even stated in the press release announcing the deal that he would "defeat" them. "Musk could probably go to Mars and try do this under Martian law and have a better chance than going to Texas law," Miller said.

☆ Elon Musk was texting Larry Ellison 'into the early morning hours' just before announcing his Twitter purchase was on hold, a new court filing says
▼ + stars: | 2022-09-26 | by ( Grace Kay | ) www.businessinsider.com time to read: +4 min

Elon Musk texted with Larry Ellison before saying his Twitter deal was on hold, per a court filing. Twitter is arguing Musk's legal team is withholding text messages it subpoenaed related to the deal. Twitter subpoenaed Ellison in August, but the text messages have yet to be publicly filed. In 2018, Ellison was named to Tesla's board of directions and said he was "very close friends with Elon Musk." Twitter's legal team appears to be building a case around some of Musk's texts.

☆ 'Punked': DeSantis keeps White House, Delaware and media guessing on migrant flight plans
▼ + stars: | 2022-09-21 | by ( Marc Caputo | Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Lauren-Egan-Circle-Byline-Template.Jpg | ) www.nbcnews.com time to read: +9 min

White House press secretary Karine Jean-Pierre accused DeSantis of not wanting a workable, bipartisan solution on immigration. “Obviously,” DeSantis said, “it’s sad that Martha’s Vineyard people deported them the next day. Ray Ewing / Vineyard Gazette via APThe migrants who were flown to Martha’s Vineyard weren’t deported; they were moved to a military base near Cape Cod. “If you say you’re a sanctuary state, then don’t complain. Share in the pain — whether you’re president, God or anyone else.”Marc Caputo reported from Florida and Lauren Egan reported from Delaware.

☆ If you file taxes in these 17 states, you could be getting an inflation-relief check from the government—here's who qualifies
▼ + stars: | 2022-09-21 | by ( Mike Winters | ) www.cnbc.com time to read: +12 min

Single tax filers qualify for funds up to $250, heads of household up to $375 and couples filing jointly up to $500. While most of the rebate checks from earlier this year have been mailed out already, the newer bonus checks are currently being processed. To receive the rebates, residents must file their 2020 and 2021 tax returns by Dec. 31, 2022. Charlie Baker announced that tax rebate checks will be sent to full-year residents who file a 2021 tax return on or before Oct. 17, 2022. No action is needed, as residents receive these payments automatically by direct deposit or check.

☆ Hertz Customers Allege False-Arrest Problem Continues After Bankruptcy
▼ + stars: | 2022-09-20 | by ( Dean Seal | ) www.wsj.com time to read: 1 min

A lawsuit against Hertz alleges that some customers were held at gunpoint by police after the company incorrectly reported vehicles as stolen. A lawsuit by five Hertz Global Holdings customers has accused the rental giant of faulty inventory tracking that caused the drivers to face wrongful arrest for car theft. The lawsuit, filed in the Delaware Superior Court on Tuesday, said the five named customers were stopped in the past year by police and held at gunpoint for renting and driving vehicles that Hertz incorrectly reported as stolen.

☆ Biden to make remarks Tuesday on election transparency bill
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +3 min

U.S. President Joe Biden exits the polling station after voting in the Delaware primary, in Wilmington, Delaware, U.S., September 13, 2022. REUTERS/Kevin LamarqueWASHINGTON, Sept 20 (Reuters) - U.S. President Joe Biden will deliver remarks on Tuesday about a bill that would require super PACs and certain other groups to disclose donors who contributed $10,000 or more during an election cycle. The bill is slated for a Senate vote this week, top Senate Democrat Chuck Schumer said Monday, as Democrats seek to boost election transparency ahead of the November midterms after failing to pass more ambitious voting rights legislation earlier this year. Register now for FREE unlimited access to Reuters.com RegisterThe measure, known as the DISCLOSE Act, was initially included in Democrats' voting rights bill that sought to counteract voting restrictions in Republican-led states. Proponents of the state measures said they were necessary to counter fraud, which Republican former President Donald Trump has falsely claimed led to his 2020 election defeat.

☆ Delaware prepares for potential arrival of migrants after DeSantis chartered flights to Martha's Vineyard
▼ + stars: | 2022-09-20 | by ( Nicole Gaudiano | ) www.businessinsider.com time to read: +3 min

Ron DeSantis and Texas Gov. A Texas sheriff announced on Monday that he is opening a criminal investigation into the transport of migrants to Martha's Vineyard, saying they were "lured" with "promises of a better life." DeSantis had suggested in November that he could send migrants to Biden's home state of Delaware. Newsweek reportered on Tuesday that the same aircraft that flew migrants to Martha's Vineyard is bound for Delaware Coastal Airport in Sussex County, Delaware, "though there is no evidence at this time that migrants will be on board." Last week, Republican Sen. Ted Cruz of Texas tweeted "Rehoboth Beach, Delaware next" and tagged Abbott and DeSantis.

☆ A judge might force Elon Musk to buy Twitter
▼ + stars: | 2022-09-20 | by ( Alex Kantrowitz | Big Technology | ) www.businessinsider.com time to read: +10 min

The trial between Twitter and Elon Musk will begin on October 17 at the Delaware Chancery Court. The Delaware judge hearing Twitter's case vs. Elon Musk listened incredulously as Musk's lawyers asked her to postpone the trial. The DecoPac deal, like many acquisitions, had a clause called "specific performance," which allows the courts to force the deal to close. It didn't take long for McCormick's life at the Chancery Court to get interestingElon Musk agreed to buy Twitter in April 2022. And Twitter then sued Musk for specific performance in Delaware Chancery Court later that month.

☆ Twitter is about to get its first chance to question Elon Musk under oath, and it's making a rare move in also deposing his lawyer
▼ + stars: | 2022-09-20 | by ( Grace Kay | ) www.businessinsider.com time to read: +3 min

It's Twitter's first chance to question Musk under oath regarding his decision to ditch the deal. Most recently, Musk's legal team has amended its countersuit to include an explosive whistleblower complaint from a former Twitter security chief. During the pretrial discovery process, Twitter's lawyers have repeatedly complained of a lack of compliance from Musk and his legal team. Earlier this month, the Delaware judge overseeing the case called Musk's lawyers "suboptimal" in their efforts to produce people with knowledge of the deal. On Tuesday, Musk's legal team brought Twitter cofounder Jack Dorsey in for a deposition over zoom.

REUTERS/Lucy NicholsonSept 19 (Reuters) - Faraday Future Intelligent Electric (FFIE.O) shareholder FF Top Holding has sued the electric vehicle startup seeking the removal of two board members, according to a court filing, escalating the battle for the revamp of the company's board. Register now for FREE unlimited access to Reuters.com RegisterFF Top added that the "current board has driven the company into the ground". read moreFF Top earlier this month delivered a notice to the company seeking the removal of Swenson. Faraday Future's shares have slumped about 93% since going public through a reverse merger with a blank-check firm in July last year. Register now for FREE unlimited access to Reuters.com RegisterReporting by Akash Sriram in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ The whistleblower hearing was more of a win for Twitter than Elon Musk in their $44 billion court battle, some experts say
▼ + stars: | 2022-09-15 | by ( Grace Kay | ) www.businessinsider.com time to read: +5 min

Experts told Insider the Twitter whistleblower's hearing did little to aid Elon Musk's legal case. Musk's legal team has amended its countersuit against Twitter to include Zatko's claims. Another avenue for Musk's team could be if the FTC imposes a fine or revisits its 2011 settlement with Twitter. But, Zatko appeared to have no firsthand knowledge of FTC compliance issues in his testimony, experts said. Zatko has been subpoenaed for the $44 billion court battle between Musk and Twitter.

Search resuls for: "The Delaware"

25 mentions found