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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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New York Stock Exchange in free fall

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Human error sends the New York Stock Exchange tumbling

We’ve all made mistakes at the office from time to time, but spare a thought for one worker who may have single-handedly brought down the New York Stock Exchange with just one tiny error.

The mistake of one employee has wiped billions of dollars off the charts for some of the globe’s largest companies.

The individual reportedly triggered wild swings and volatility on the New York Stock Exchange.

A number of big brand names were caught up in the catastrophe. It included McDonald’s, Walmart, and Mobil.

The NYSE eventually came clean. Officials admitted the“root cause” of the screw-up was a “manual error” from a staff member in the backup data centre.

The employee accidentally left the system running.

That’s why some stocks behaved as if trading had already started, with no opening prices being set, sending the market into a meltdown. #trending #featured

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Toyota announce Koji Sato as new CEO

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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

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Taylor Swift ticketing fiasco enters the U.S. Senate

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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.

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