This news has been received from: theblaze.com

All trademarks, copyrights, videos, photos and logos are owned by respective news sources. News stories, videos and live streams are from trusted sources.

mail: [NewsMag]

According to the Verge, Twitter's attorneys are presently scrutinizing Musk's other business dealings in an effort to establish that his change in mind regarding this deal is actually about something else. The company has also filed new documents with the Delaware court in order to clarify its case ahead of the trial, which begins October 17.

How did this all start?

On April 14, one month after his stake in Twitter reached 9.2% (rendering him the largest shareholder in the company) and nine days after he joined its board of directors, Musk offered to acquire all the shares he did not already possess for $54.20 per share. This set the company's value at $41.4 billion, representing a 38% premium over its closing price on April 1.

ABC News reported that he sold approximately $8.5 billion worth in Tesla stock to finance his bid on the deal, at that time valued at $44 billion.

On May 13, however, Musk tweeted that the deal was on hold, citing a Reuters report suggesting that fake or bot accounts constituted less than 5% of Twitter users. He said that he remained committed to the deal, but wanted to do further due diligence.

\u201cTwitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users\nhttps://t.co/Y2t0QMuuyn\u201d — Elon Musk (@Elon Musk) 1652435078

This prompted a class-action lawsuit by Twitter shareholders alleging Musk had committed stock manipulation, with Twitter stock having dropped over 12% since his initial bid.

Finally, having suggested he was dissatisfied with the information afforded him about the number and nature of bots on the platform, Musk moved to terminate his acquisition. This triggered Twitter to sue Musk in Chancery Court in Delaware in hopes of forcing him to complete the deal.

News Source: theblaze.com

Tags: books business campus crime disasters economy education election entertainment environment faith government guns health immigration law lifestyle media military nsa politics science sports technology terrorism us world politics entertainment the company

US congressional delegation visits Taiwan

Next News:

Elon Musk says Tesla has made over 3 million cars

In this article

  • TSLA
17 May 2021, Brandenburg, Grünheide: Elon Musk, Tesla CEO, stands on the construction site of the Tesla factory and greets with his hard hat.Picture Alliance | Picture Alliance | Getty Images

Tesla has made over three million cars, CEO Elon Musk tweeted on Sunday. Of that total, Tesla's Shanghai factory has made one million cars, according to the tweet.

"Congrats Giga Shanghai on making millionth car! Total Teslas made now over 3M," Musk tweeted.

Musk's announcement comes after months of lockdowns and parts shortages in China that threatened Tesla's vehicle production, and suggests that Tesla's Shanghai factory is producing a significant number of new vehicles after opening in 2018 and subsequent years of investment.

The total vehicles achievement celebrated by Musk on Sunday comes after Tesla's reported deliveries, the closest approximation for sales, have been rising in recent quarters. In July, Tesla said that it delivered 254,695 vehicles in the second quarter, a 26.5% rise year-over-year.

But the milestone also highlights how small Tesla is compared to automotive giants. For example, Toyota delivered over 10 million vehicles in 2021 alone. Tesla said earlier this year it plans to increase vehicle deliveries by 50% annually.

In addition to its Shanghai plant, Tesla produces cars at factories in Fremont, California; Austin, Texas; and near Berlin in Germany. Musk said in July that the Fremont factory, the company's first, had made 2 million cars.

In June, Musk said he wanted to get the Shanghai plant "back in the saddle" and lamented that Tesla's Berlin and Austin factories were "money furnaces" losing "billions of dollars" because of supply chain and production issues.

Tesla stock is down nearly 25% in 2022 as investors have been reassessing fast-growing companies in the face of inflation and macroeconomic concerns. Musk sold over 7 million shares of Tesla last week worth about $6.88 billion as he is simultaneously tied up in litigation over his efforts to terminate an agreement to buy Twitter for $44 billion.

TVWATCH LIVEWATCH IN THE APPUP NEXT | ETListen

Other News

  • Heat Linked to 25-Year-Old All-Star in Blockbuster Trade Proposal
  • Recall Issued For Brand Of Hamburger Buns, Pretzel Bites Due To Possible Contamination
  • Victoria Beckham’s clothes flogged for up to 70 per cent off after company racks up £54million debt
  • Carlo Ancelotti CONFIRMS Real Madrid retirement plans with legendary boss looking to quit when his deal expires in 2024
  • Saudi Aramco posts biggest profit for any listed company in world as it cashes in on booming oil prices
  • Rare 1896 quarter sells for over $1,300 – the exact element to look for
  • Manchester City boss Pep Guardiola wants Ilkay Gundogan to stay beyond next summer – but he’ll have to wait for new deal
  • Numbers Show Knicks Stud Could Be a Legitimate Star
  • Kylian Mbappe slammed by PSG fans after appearing to GIVE UP during counter-attack as team-mates didn’t pass to him
  • What does this post is age protected mean on TikTok?
  • Man Utd now a global laughing stock as Ryanair, ex-Italian PM and.. Oldham chairman pile in on Ten Hag’s flops
  • PSG to offer Marcus Rashford ‘long-term deal’ to seal transfer and link Man Utd star up with Kylian Mbappe
  • Cubs: 3 teams that could make Jed Hoyer regret not trading Willson Contreras
  • Wall Street’s top analysts say these are their top picks right now
  • Change Ad Consent Do not sell my data A Dutch Plant-Based Company is Developing Bee-Free Honey
  • My nightmare neighbour keeps using MY hose to water his garden – he’s using my water too, I’m furious
  • Newcastle set to hand Elliott Anderson bumper new deal after 19-year-old breaks into Eddie Howe’s first-team plans
  • Kevin Durant wants trade to Celtics, 76ers interested: report
  • Nets Linked to $56 Million Sharpshooting Guard and Veteran Big Man in Proposed Kyrie Irving Deal