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☆ Elon Musk says there is no successor if he were to step down as Twitter CEO, saying 'no one wants the job'
▼ + stars: | 2022-12-19 | by ( Kate Duffy | ) www.businessinsider.com time to read: +2 min

Elon Musk said there was no successor if he were to step down as Twitter CEO. Twitter has to find a boss who is able to keep the social-media platform "alive," he said. Musk made the comments before the closure of his Twitter poll, which asked users if he should stay. In response to a Twitter user who assumed Musk had already chosen a new leader, the billionaire wrote in a tweet that "no one wants the job who can actually keep Twitter alive." "The question is not finding a CEO, the question is finding a CEO who can keep Twitter alive," Musk tweeted.

☆ Rupert Murdoch will be deposed in Dominion's $1.6 billion lawsuit against Fox
▼ + stars: | 2022-12-06 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +2 min

Fox Corp . Chairman Rupert Murdoch is scheduled to appear for a deposition next week as part of Dominion Voting's defamation lawsuit against the company and its cable TV networks. In its $1.6 billion lawsuit against Fox, Dominion has argued that Fox News and Fox Business made false claims that its voting machines were rigged in the 2020 presidential election between Donald Trump and Joe Biden. Earlier this year Fox's TV personalities, including Maria Bartiromo, Sean Hannity, Tucker Carlson and Jeanine Pirro, appeared for depositions. Dominion has argued Fox and its top executives played a role in Fox's TV personalities spreading misinformation about voter fraud. And with the Dominion case moving closer to the trial's expected start date in April, neither side has shown signs of entering settlement talks.

☆ Fox CEO Lachlan Murdoch to face questioning as part of Dominion Voting's $1.6 billion lawsuit
▼ + stars: | 2022-12-01 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +2 min

Lachlan Murdoch, co-chairman and chief executive officer of Fox Corp., attends the annual Allen and Co. Sun Valley media conference in Sun Valley, Idaho, July 11, 2019. Fox Corp . CEO Lachlan Murdoch is slated to appear for a deposition on Monday as the Dominion Voting Systems defamation lawsuit against the company and its cable networks moves forward. Dominion's lawsuit against Fox, which is seeking $1.6 billion in damages, has argued Fox News and Fox Business made false claims its voting machines rigged the results of the 2020 election between Donald Trump and Joe Biden. A Fox Corp. spokesman declined to comment on Thursday. Fox has previously asked the court to keep all collected materials private, claiming Dominion mischaracterized what the documents show as actual malice.

[1/2] Elon Musk, Chief Executive Officer (CEO) of SpaceX, Tesla and Twitter, arrives for a trial about his Tesla pay package at the Delaware Court of Chancery in Wilmington, Delaware, U.S., November 16, 2022. "The amount of pain, no words can express," Musk testified on Wednesday. The package allows Musk to buy 1% of Tesla's stock at a deep discount each time escalating performance and financial targets are met. "It wasn't a knock-down, drag-out affair," Todd Maron testified about the pay talks in 2017 when he was general counsel. You could almost make an argument they didn't pay him enough because he ran off after Twitter."

The justices took up Amgen's appeal of the lower court ruling that threw out the Repatha patents. Amgen and other drugmakers have called the case a test of their ability to earn and defend patents for important drugs. Amgen first sued Regeneron and Sanofi in 2014 over their rival drug Praluent, which works by a similar mechanism as Repatha. Thousand Oaks, California-based Amgen sold more than $1.1 billion worth of Repatha worldwide last year. Regeneron sold $170 million worth of Praluent in the United States last year, and Sanofi sold over $200 million worth in the rest of the world.

☆ Elon Musk is now officially Twitter's new owner, ending months of costly litigation
▼ + stars: | 2022-10-28 | by ( Kali Hays | Grace Kay | ) www.businessinsider.com time to read: +3 min

Twitter and Musk fought for months over his attempt to back out of the acquisition. A Delaware judge gave the two parties an October 28 deadline to come to a deal outside of court. Musk made a U-turn on the offer in October, after spending months trying to pull out of the agreement. Representatives for Twitter and Musk did not immediately respond to Insider's request for comment. Twitter promptly sued him in Delaware Court of Chancer.

$55 BILLION TESLA PAY LAWSUITA shareholder of Tesla wants a judge to find that Musk's Tesla pay package, which is estimated to be worth $55 billion, unjustly enriches Musk. read more read moreTesla has said it does not tolerate discrimination and has taken steps to address workers' complaints. LAWSUITS SPARKED BY MUSK'S TWEETSIn August 2018, Musk sent a tweet that he had "funding secured" to take Tesla private, sending shares sharply higher. Tesla shareholders are suing in Delaware to tighten oversight of Musk's tweets about the company. read moreJPMorgan Chase & Co (JPM.N) also sued Tesla in November for $162.2 million, saying it was forced to reprice Tesla stock warrants after the 2018 tweet.

☆ Elon Musk says 'Twitter obviously cannot become a free-for-all hellscape' without consequences in bid to calm advertisers
▼ + stars: | 2022-10-27 | by ( Tim Levin | ) www.businessinsider.com time to read: +3 min

Elon Musk tweeted out a message to Twitter's advertisers on Thursday. He said Twitter will embrace free speech, but it can't turn into a "hellscape" without consequences. Musk is trying to prevent advertiser flight from the platform he will soon own if the deal closes Friday. The Tesla CEO on Thursday gave his most detailed explanation yet as to why he's buying Twitter for $44 billion in a note addressed to Twitter's advertisers. Most of it has been wrong," Musk said in a message posted to his Twitter account.

☆ Elon Musk changes his Twitter bio to 'Chief Twit' ahead of rapidly approaching deadline to finalize deal
▼ + stars: | 2022-10-26 | by ( Travis Clark | ) www.businessinsider.com time to read: +2 min

Elon Musk changed his Twitter bio to "Chief Twit" on Wednesday. It could be a sign that he plans to appoint himself Twitter CEO once he purchases the platform. CNBC first reported in May that Musk was likely to name himself interim CEO after closing the $44 billion deal. But a lot has changed since May, so it's unclear if Musk plans to take on a temporary or permanent title, if any at all. Some of the released texts showed the falling out that led to Musk initially pulling out of the deal.

☆ Elon Musk posted a video of himself entering Twitter's headquarters carrying a bathroom sink
▼ + stars: | 2022-10-26 | by ( Grace Kay | Kali Hays | ) www.businessinsider.com time to read: +2 min

Elon Musk shared a video of himself carrying a bathroom sink into Twitter's headquarters. Twitter staff were notified on Wednesday that the Tesla CEO would be in the office during the week. ET to close his $44 billion Twitter deal or face a trial. Musk captioned the video: "Entering Twitter HQ — let that sink in!" I'll be in the SF office shortly too, excited to see all of you!

☆ Twitter said its most active users are in 'absolute decline' and that there's a 'devastating' loss of interest in fashion and celebrities: Reuters
▼ + stars: | 2022-10-26 | by ( Matthew Loh | ) www.businessinsider.com time to read: +3 min

Twitter's most active users are declining, the company wrote in an internal report, Reuters reported. This dwindling population of active users generates half of Twitter's global revenue, the report added, per Reuters. Interest in cryptocurrencies peaked in late 2021, but subsided after this summer's crypto crash, Twitter's internal report added, per Reuters. However, the US has at least 83.4 million active Twitter users, supplying the most users out of any country, according to DataReportal, citing data collected in July by Singapore-based digital consultancy Kepios. The UK has at least 19.8 million active Twitter users, per DataReportal.

☆ 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.

☆ Mirae Asset in talks to help fund Elon Musk's Twitter deal - source
▼ + stars: | 2022-10-24 | by ( Hyunjoo Jin | ) www.reuters.com time to read: +1 min

SAN FRANCISCO, Oct 24 (Reuters) - South Korea's Mirae Asset Financial Group is planning to commit about 300 billion Korean won ($208 million) to help finance Elon Musk's $44-billion buyout of Twitter Inc (TWTR.N), a person familiar with the matter told Reuters on Monday. The deal with Mirae is expected to be finalized in the coming days before the deadline for the closing of the Twitter deal on Oct. 28, the source added. Mirae Asset earlier this year invested in Musk's rocket and satellite company SpaceX, the person said. Register now for FREE unlimited access to Reuters.com RegisterMusk's lawyer and Mirae Asset were not immediately available for comments. Tesla investors have feared the billionaire might sell more Tesla stocks to finance the deal, weighing on its shares.

☆ 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.

☆ Musk says excited by Twitter deal despite overpaying
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +2 min

OAKLAND, Calif., Oct 19 (Reuters) - Elon Musk on Wednesday said he was excited about his pending acquisition of Twitter Inc (TWTR.N), although he and other investors were overpaying for the social media company. Musk, the chief executive of Tesla, was answering a question during a call after the electric vehicle maker's quarterly report. The world's richest person is pursuing the Twitter purchase after earlier trying to back out of the $44 billion deal. A Delaware judge ordered a pause to Twitter Inc's (TWTR.N) lawsuit against Elon Musk, giving the billionaire until Oct. 28 to close the deal. Tesla investors feared that the billionaire may sell more Tesla stocks to finance the deal and may be spreading himself too thin, pulling down shares.

☆ Elon Musk raises hopes for a Tesla stock buyback with a one-word tweet to 3rd-biggest shareholder
▼ + stars: | 2022-10-14 | by ( Brian Evans | ) www.businessinsider.com time to read: +2 min

Elon Musk fueled speculation that Tesla could soon announce its first-ever stock buyback. Responding to a tweet from a top Tesla investor who said only a buyback or a doubling in profit could break the stock's slump, Musk said "Noted." Leo KoGuan, who says he is the third largest individual Tesla shareholder, has previously called for a buyback of $5 billion this year and $10 billion next year. At the time, he said Tesla should announce plans for a $5 billion buyback this year and a $10 billion buyback next year. Reports have also surfaced in recent days that Musk is at risk of losing his financing for the deal.

☆ The Most Honorable Character in Twitter v. Elon Musk
▼ + stars: | 2022-10-13 | by ( Ben Cohen | ) www.wsj.com time to read: 1 min

Days before the wildest business saga of the year would begin, a Delaware judge explained to a room full of lawyers how she viewed her job. Kathaleen McCormick , the chancellor of the state’s Court of Chancery, said that her goal was to be a “gracious judge” who listened to complex arguments and offered constructive feedback when these corporate litigators brought the country’s biggest deals to her courtroom.

☆ One Place Where the Rules Actually Apply to Elon Musk
▼ + stars: | 2022-10-13 | by ( Ben Cohen | ) www.wsj.com time to read: 1 min

☆ Harvard expert: The Twitter deal could be bad for Elon Musk—and for the rest of us
▼ + stars: | 2022-10-12 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +3 min

(Photo by Theo Wargo/WireImage)Elon Musk's controversial bid to buy Twitter could be bad news — for both the world's richest person and the general public, a Harvard expert says. "Twitter is a distraction that could keep [Musk] from what's really important," George, who has studied leadership failures over the past two decades, tells CNBC Make It. From PayPal to Tesla and SpaceX, the tech billionaire had a hand in building some of the world's most influential and valuable companies. Musk has already spent the past six months "getting distracted" by the acrimonious Twitter takeover he first proposed in April, George says. In May, Musk tried to quell concerns about him getting distracted by the Twitter deal, saying "Tesla is on my mind 24/7" during an investor call.

☆ 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.

☆ Kevin O'Leary says he's betting on Elon Musk amid Twitter drama: ‘I think this guy is Teflon’
▼ + stars: | 2022-10-07 | by ( Megan Sauer | ) www.cnbc.com time to read: +3 min

Kevin O'Leary just weighed in on Elon Musk's controversial Twitter deal — and he's siding with the world's richest person. "I happen to have watched [Musk] forever, and I think this guy is Teflon man," O'Leary said. O'Leary predicted that Musk will indeed assume ownership of Twitter once the dust settles, saying he thinks the Tesla CEO will improve the social media platform's user experience substantially once in charge. "I use the platform, too, and I look at the metrics versus all the other [social media companies] including Tiktok and LinkedIn and Instagram and Facebook. "He [advertised] it on the back of Twitter and other social media platforms.

☆ Ticktock starts on Twitter’s board, too
▼ + stars: | 2022-10-07 | by ( Lauren Silva Laughlin | ) www.reuters.com time to read: +3 min

NEW YORK, Oct 7 (Reuters Breakingviews) - Like sands through the hourglass, so are the days of Twitter (TWTR.N) board members’ jobs. If he doesn’t close by Oct. 28, the judge will set a new trial for November. Investors in the social media firm are arguably worse off than they were last week. The delay gives Musk time to finance his $44 billion deal for the social media company. If Musk doesn’t close the deal by Oct. 28, the judge will schedule a trial for November.

A Delaware judge has agreed to stay the coming trial between Elon Musk and Twitter so the two sides can work out a deal for Musk to acquire the social media company. The trial had originally been set to start Oct. 17. Should the two sides fail to finalize a deal, the trial would start in November, she said. Twitter opposed the offer as it sought to force Musk to close the deal on the exact terms he agreed to in April. Musk countersued, accusing the company of misleading him and investors — allegations Twitter has denied.

☆ Twitter lawyer tells court Musk has not backed up claims of fake accounts
▼ + stars: | 2022-09-27 | by ( Tom Hals | Thomson Reuters | Award-Winning Reporter With More Than Two Decades Of Experience In International News | ) www.reuters.com time to read: +2 min

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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