Connect with us

Business

Elon Musk blows up $44b Twitter deal

Published

on

After months of speculation, Elon Musk is ending his $44 billion deal to buy Twitter, though it might not be that easy

In what might be the most expensive case of buyers remorse the world has ever seen, Elon Musk is backing out of his deal to buy Twitter.

But Twitter’s board chair Bret Taylor said the company is still committed to closing the deal at the agreed-upon price and plans to pursue legal action to enforce the agreement.

In the letter, disclosed in a Securities and Exchange Commission filing, Skadden Arps attorney Mike Ringler said that “Twitter has not complied with its contractual obligations.”

Spam accounts

Musk has previously said he wanted to test Twitter’s claims that about 5% of its active users are spam accounts.

Twitter continually denied this to be true.

“Twitter has failed or refused to provide this information,” Ringler claimed. “Sometimes Twitter has ignored Mr. Musk’s requests, sometimes it has rejected them for reasons that appear to be unjustified, and sometimes it has claimed to comply while giving Mr. Musk incomplete or unusable information.”

“While this analysis remains ongoing, all indications suggest that several of Twitter’s public disclosures regarding its mDAUs are either false or materially misleading,” Ringer alleged.

“Despite public speculation on this point, Mr. Musk did not waive his right to review Twitter’s data and information simply because he chose not to seek this data and information before entering into the Merger Agreement,” Ringer added.

“In fact, he negotiated access and information rights within the Merger Agreement precisely so that he could review data and information that is important to Twitter’s business before financing and completing the transaction.”

Twitter shares were down about 6% after hours on Friday.

While Musk is now officially seeking to walk away from the deal, this saga is likely far from over.

Ahron Young is an award winning journalist who has covered major news events around the world. Ahron is the Managing Editor and Founder of TICKER NEWS.

Continue Reading

Business

Toyota announce Koji Sato as new CEO

Published

on

He’s the grandson of the founder, and a true titan of the industry.

 
But the question of who should replace Akio Toyoda at the top of Toyota had become a growing concern.

Now we have the answer.

The auto giant has announce its veteran boss would step down as chief executive, and become chairman.

Toyoda said he would be succeeded by chief branding officer Koji Sato from the start of April.

Sato says he loves making cars, and hopes to propel the company further down the Electric Vehicle path over the coming years. #Toyota

Continue Reading

Business

Taylor Swift ticketing fiasco enters the U.S. Senate

Published

on

Live Nation is in the firing line over its inability to stop scalper bots from purchasing Taylor Swift tickets

U.S. Senators have grilled the boss of Live Nation over the lack of transparency relating to concert tickets for Taylor Swift’s upcoming tour.

The entertainment company, which owns Ticketmaster is under fire after bots purchased tickets for Swift’s ‘Era Tour’ last year, in an attempt to resell them for a higher price.

Joe Berchtold is the chief financial officer of Live Nation, who apologised to the U.S. Senate Judiciary Committee hearing.

“We apologise to the fans, we apologise to Ms. Swift, we need to do better and we will do better.”

Senators criticised Live Nation’s fee structure and inability to deal with bots, which bulk buy tickets and resell them at inflated prices.

“There isn’t transparency when no one knows who sets the fees,” Democratic Senator Amy Klobuchar said.

Meanwhile, Republican Senator Marsha Blackburn called Live Nation’s bot problem “unbelievable”.

Ticketmaster reportedly occupies more than 70 per cent market share of primary ticket services for major U.S. concert venues.

“You ought to be able to get some good advice from people and figure it out,” Ms Blackburn said.

Ticketmaster cancelled sales of Swift’s tour to the public because of the “high demand”.

The entertainment giant reportedly sold over 2 million tickets, which is enough to fill 900 stadiums.

Taylor Swift said the situation was difficult, and called for accountability for music promoters.

“It’s really difficult for me to trust an outside entity with these relationships and loyalties, and excruciating for me to just watch mistakes happen with no recourse.

“I’m not going to make excuses for anyone because we asked them, multiple times, if they could handle this kind of demand and we were assured they could,” she said.

Continue Reading

Business

Amazon is taking on traditional pharmacies

Published

on

Amazon subscription service will give millions of Americans access to medications

 
How would you like to ditch going to the pharmacy?

Amazon has revealed a $5 monthly subscription plan for U.S. Prime members, allowing people to have generic drugs delivered right to their doors.

The program includes 50 medications which are used to treat 80 conditions.

Unfortunately individuals enrolled in Medicare or any other government healthcare programs will not be able to use the service.

Continue Reading
Live Watch Ticker News Live
Advertisement

Trending Now

Copyright © 2022 The Ticker Company PTY LTD