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Twitter shares fall as Musk turns to Chuck Norris

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As Twitter shareholders flee the stock on news Elon Musk is backing out of his deal to buy the company, the billionaire turned to Chuck Norris

On Friday came the news, on Monday came the response, as investors fled the troubled stock.

For months Elon Musk had demanded proof of just how many spam or fake accounts make up Twitter’s user base.

Then last Friday afternoon, his lawyers told Twitter the deal was off.

Twitter plans to take legal action to make the deal go ahead and has hired a top US law firm to fight Elon Musk, walking right into his trap.

Mr Musk tweeted this meme of himself, saying Twitter would need to “disclose bot info” in court.

The multi-billionaire then tweeted a picture showing American actor Chuck Norris at a chessboard, with a follow up post saying “Chuckmate”.

Twitter’s share price fell on Wall St, well below the $54.20 a share takeover price agreed to by Elon Musk and the board in April.

It is the first time investors have been able to react to Mr Musk announcement that he wanted to pull out of the deal. 

Why did Elon Musk cancel the Twitter deal?

Billion dollar exit

At stake, a billion dollar exit clause – or potentially a chance for Musk to force a better deal.

The original merger agreement includes a $1bn (£830m) break-up fee, but instead of pushing for Mr Musk to pay the sum, Twitter wants the businessman to compete the deal.

“The Twitter board is committed to closing the transaction on the price and terms agreed upon with Mr Musk.”

chairman Bret Taylor tweeted

Twitter has hired New York’s Wachtell Lipton Rosen & Katz, which is one of the world’s leading corporate law firms.

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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World’s second-biggest fashion retailer blames Russia for 89% profit drop

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The Swedish fashion giant H&M says profits have dropped 89 per cent

They blame cost inflation, slow consumer spending and one-off expenses related to its exit from Russia.

Pretax profit in the period, the Swedish group’s fiscal third quarter, fell to 689 million crowns ($60.9 million) from a year-earlier 6.09 billion.

The Russian exit accounted for half of the decrease in profits, according to the retailer.

H&M announced a cost cutting programme that it predicted would result in annual savings of around 2 billion crowns, with savings expected to become visible in the second half of 2023.

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How Disney beat Netflix at its own game

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When it comes to streaming, there’s a new sheriff in town.

Disney+ has quickly become a major force in the streaming wars, adding over 14 million new subscribers in its latest quarter. That’s a big jump from the 3 million it had just three months prior.

In comparison, Netflix lost nearly 1 million subscribers in the same period.

So what happened? How did Disney+ overtake Netflix so quickly?

There are a few factors at play.

For one, Disney+ has a lot of content that people want to watch. As well as its acquisition of 21st Century Fox, the service  has access to popular franchises like Star Wars, Marvel, and The Simpsons. That’s a big draw for people who are looking for something to watch.

In addition, Disney+ is much cheaper than Netflix. A subscription to Disney+ costs $6.99 per month, while a Netflix subscription starts at $8.99 per month. For people who are trying to save money, Disney+ is the more appealing option. Though Disney and Netflix have signalled they’re going to push up their prices.

Disney+ has been aggressive in marketing itself as the superior streaming service. The company has run a number of ads that compare its service favorably to Netflix. This has helped convince people to switch to Disney+.

The Disney effect

The Walt Disney Company launched Disney+ on November 12, 2019. The streaming service is available in the United States, Canada, the Netherlands, Australia, New Zealand, and Puerto Rico.

As of the second quarter of 2020, Netflix had nearly 221 million subscribers across 190 countries.

Factbox

What is the market share of Netflix? In the United States, Netflix has a market share of 37%. That means it is the most popular streaming service in the country.

When was Netflix founded? Netflix was founded on August 29, 1997, in Scotts Valley, California.

What type of company is Netflix? Netflix is a publicly-traded company. Its stock is traded on the Nasdaq under the ticker symbol NFLX.

What is the headquarters of Netflix? The headquarters of Netflix is located in Los Gatos, California.

Disney+ facts

Disney is spending $1 billion per year on its streaming service.

What is the market share of Disney+? In the United States, Disney+ has a market share of 24%.

When was Disney+ launched? Disney+ was launched on November 12, 2019.

What type of company is Disney? Disney is a publicly-traded company. Its stock is traded on the New York Stock Exchange under the ticker symbol DIS.

How much does Disney stock cost? As of August 2020, the price of one share of Disney stock is $115.76.

What is the headquarters of Disney? The headquarters of Disney is located in Burbank, California.

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The world’s largest online retailer gives staff a pay rise

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Workers at Amazon’s warehouse and transportation hubs are set to receive a pay rise

The world’s biggest online retailer says wages will increase to over 19 dollars, which is up from 18.

It’s part of a plan to help the company attract and retain workers in a very tight labor market.

Of course, the peak shopping season is also getting underway.

Amazon says the price increase will cost its company nearly one billion dollar in the next year alone.

The minimum for workers on an hourly wage will stay at 15 dollars.

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