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It’s on – Twitter sues Elon Musk in Delaware court over $44 billion deal

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Twitter is suing Elon Musk for violating the $44 billion deal to buy the social media platform.

Prepare for a mighty battle.

The social media company’s board has asked a Delaware court to order the world’s richest person to complete the merger at the agreed price.

The lawsuit says:

“Musk apparently believes that he – unlike every other party subject to Delaware contract law – is free to change his mind, trash the company, disrupt its operations, destroy stockholder value, and walk away.” 

twitter’s lawsuit claims

On Friday, Musk ended the deal, claiming Twitter violated the agreement by failing to respond to requests for information regarding fake or spam accounts on the platforms.

Twitter’s lawsuit accuses Musk of “a long list” of violations of the merger agreement that “have cast a pall over Twitter and its business.”

Why did Elon Musk change his mind about buying Twitter?

Shares in the social media platform tumbled to $34.06 on Tuesday from above $50 when the deal was accepted by Twitter’s board in late April.

Why did Musk cancel the deal?

Musk said he was terminating the merger because of the lack of information about spam accounts and inaccurate representations that he said amounted to a “material adverse event.” He also said executive departures amounted to a failure to conduct business in the ordinary course, as Twitter was obligated to do.

Twitter said it negotiated to remove from the merger agreement language that would have made such firings a violation of ordinary course requirement.

Twitter shares slump as Elon Musk exits

Twitter shares plunge after Elon Musk’s withdrawal of his $US44bn takeover bid, setting the stage for a potential legal brawl.

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.

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Tech giants drive global mega-cap surge amid inflation relief

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Tech giants have taken the lead in propelling global mega-cap stocks to new heights.

This surge comes as a welcome relief for investors who have been closely monitoring the impact of rising inflation on the financial markets.

The tech sector, including giants like Apple, Amazon, and Microsoft, has been instrumental in driving the rally. These companies have reported robust earnings and strong growth prospects, which has boosted investor confidence. As a result, the market capitalization of these tech behemoths has reached unprecedented levels, contributing significantly to the overall rise in global mega-cap stocks.

The easing of inflationary pressures has played a pivotal role in this resurgence. Central banks’ efforts to tame inflation through monetary policy adjustments have begun to bear fruit, reassuring investors and stabilizing financial markets. As concerns over rapidly increasing prices recede, investors have become more willing to invest in mega-cap stocks, particularly in the tech sector, which has demonstrated resilience in the face of economic challenges.

Will the tech giants maintain their momentum and continue to lead the mega-cap surge, or are there potential risks on the horizon?

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Money

Real reason bosses want employers back in the office

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As the world gradually recovers from the pandemic, employers are increasingly pushing for their staff to return to the office after years of remote work.

 
The driving force behind this push is the sharp decline in commercial property values, which has left many businesses concerned about their real estate investments.

Commercial property values have plunged in the wake of the pandemic, with many companies downsizing or reconsidering their office space needs.

This has put pressure on employers to reevaluate their remote work policies and encourage employees to return to the office. #featured

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Businesses cash in on Black Friday sales

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Black Friday, the annual shopping frenzy, has become a global phenomenon rooted in economic strategies.

 
Retailers deploy various tactics to lure consumers, creating a win-win scenario for both shoppers and businesses.

The concept of Black Friday traces its roots to the United States, where it marks the beginning of the holiday shopping season. Retailers offer significant discounts on a wide range of products to attract a massive customer influx. This strategy, known as loss leader pricing, involves selling a few products at a loss to entice customers into stores, hoping they will buy other items at regular prices.

Retailers also employ the scarcity principle by advertising limited-time offers and doorbuster deals. This sense of urgency compels consumers to make quick decisions, boosting sales.

Furthermore, online shopping has revolutionized Black Friday economics. E-commerce giants use data analytics to customize deals, targeting individual preferences. Cyber Monday, the digital counterpart to Black Friday, capitalizes on the convenience of online shopping. #featured

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