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    Amazon has bought iRobot, the technology masterminds behind the Roomba robot vacuum, for an eye-watering $1.7billion deal. The tech company have sold millions of the popular vacuum designs and automated cleaning devices, which they have specialized in since 2002.  Amazon intends to keep Colin Angle as the CEO of iRobot, and the acquisition will increase the company's stake in consumer robotics - alongside tech devices like Ring and Alexa.  Announcing the acquisition, Dave Limp, SVP of Amazon Devices, said: 'Over many years, the iRobot team has proven its ability to reinvent how people clean with products that are incredibly practical and inventive — from cleaning when and where customers want while avoiding common obstacles in the home, to automatically emptying the collection bin. Amazon has bought iRobot for an eye-watering $1.7billion. This will be Amazon's fourht-biggest acquisition. Tech company iRobot have sold millions of the popular vacuum designs and automated cleaning devices, which they have specialized in since 2002 Dave Limp, SVP of Amazon Devices, said: 'I’m excited to work with the iRobot team to invent in ways that make...
    By Jennifer Korn and Clare Duffy | CNN Twitter has subpoenaed a number of Elon Musk’s associates, according to court filings and public statements, as the company moves forward with its legal fight against the Tesla billionaire over his attempt to terminate their $44 billion acquisition deal. The list of those who have received subpoenas includes several prominent investment firms and venture capitalists, some of whom are part of the so-called PayPal mafia, a group of influential figures in the tech industry who worked at the payment company cofounded by Musk. According to a court filing, Twitter sent a subpoena to Founders Fund, a San Francisco-based VC firm established by Peter Thiel, the controversial billionaire who was also a cofounder at PayPal. Twitter is also said to have sent subpoenas to investors Joe Lonsdale and David Sacks, according to tweets from both individuals. Lonsdale, a cofounder of Palantir and former PayPal employee, claimed in a tweet this week that his subpoena is part of a “giant harassing fishing expedition.” Sacks, a former PayPal exec and founder of Yammer, responded to...
    New York (CNN Business)Twitter has subpoenaed a number of Elon Musk's associates, according to court filings and public statements, as the company moves forward with its legal fight against the Tesla billionaire over his attempt to terminate their $44 billion acquisition deal.The list of those who have received subpoenas includes several prominent investment firms and venture capitalists, some of whom are part of the so-called PayPal mafia, a group of influential figures in the tech industry who worked at the payment company cofounded by Musk.Judge orders October trial for lawsuit between Elon Musk and TwitterAccording to a court filing, Twitter sent a subpoena to Founders Fund, a San Francisco-based VC firm established by Peter Thiel, the controversial billionaire who was also a cofounder at PayPal. Twitter is also said to have sent subpoenas to investors Joe Lonsdale and David Sacks, according to tweets from both individuals. Lonsdale, a cofounder of Palantir and former PayPal employee, claimed in a tweet this week that his subpoena is part of a "giant harassing fishing expedition." Sacks, a former PayPal exec and founder of...
    Twitter's legal team is seeking information from several Silicon Valley investors and Elon Musk associates in preparation for the company's upcoming lawsuit. Twitter issued a subpoena on Monday seeking information on an assortment of technology industry leaders, investors, and venture capitalists. The subpoena names prominent Silicon Valley investors, such as Chamath Palihapitiya, David Sacks, Steve Jurvetson, Marc Andreessen, Jason Calacanis, and Keith Rabois. Several of the individuals had not been identified as being involved in Musk's acquisition of Twitter before the subpoena, implying that Twitter is attempting a broad sweep for any information relevant to Musk's terminated acquisition of the social media company. RECESSION ODDS INCREASE"NG AS THE FED STRUGGLES WITH EXPLMusk'sINFLATION Twitter sought information regarding "checklists, timelines, presentations, decks, organizational calls, meetings, notes, recordings," and other information regarding Musk's plans for financing his $44 billion acquisition of the social media company, according to documents acquired by the Washington Post. The subpoena requested information about any communications regarding spam or bots on Twitter, a central issue for Musk in his decision to end the deal. It...
    The NBA is looking to crack down on tampering, launching an investigation into the New York Knicks. Their free agency acquisition of Jalen Brunson is the NBA's focus, per Yahoo Sports, with the league looking to determine if contract was made prior to free agency. Under current rules, early contact is not allowed. The NBA free agency negotiation period was set to begin on June 30 but several reports arose prior to that date which suggested the Knicks and Brunson had indeed struck a deal. Ultimately, Brunson signed a four-year, $104million deal with New York. External media were not allowed entry to Brunson's introductory news conference, with in-house media playing the role of participants.  Philadelphia are also facing scrutiny as the league formally looks into their re-signing of James Harden. MORE TO FOLLOW 
    In this article RMO NKLA Nikola Motor Company Two truckSource: Nikola Motor CompanyElectric heavy truck maker Nikola said Monday that it struck a $144 million deal to acquire battery pack supplier Romeo Power, giving the company control over a key part of its supply chain. The all-stock transaction values Romeo at 74 cents per share, a 34% premium to Romeo's closing price on Friday. Romeo's shares were up about 23% to 68 cents in premarket trading after the news was released. As part of the deal, Nikola will provide Romeo with $35 million in interim funding to continue its operations until the deal closes, the companies said. Nikola said it believes the acquisition could save it up to $350 million over the next four years. California-based Romeo specializes in building battery modules and packs for large electric commercial vehicles, using lithium-ion battery cells manufactured by other companies. Nikola, which began shipping its electric semi trucks earlier this year and expects to ship between 300 and 500 trucks in 2022, has been Romeo's largest customer. Nikola CEO Mark Russell said...
    New York (CNN Business)Twitter has set a date for its shareholders to vote to approve its $44 billion acquisition deal by Elon Musk, despite the company's ongoing legal battle with the billionaire Tesla CEO over the deal.The company on Tuesday sent shareholders a letter saying it would hold a virtual special meeting on September 13 to vote on the merger agreement, according to a regulatory filing. The announcement comes as the legal fight between Twitter (TWTR) and Musk over the deal revs up. Musk earlier this month moved to terminate his agreement to buy Twitter, accusing the company of breaching the deal by making misleading statements about the number of bot accounts on its platform and withholding information that he claims could help him evaluate the issue. Days later, Twitter filed a lawsuit against the billionaire, asking a court to compel him to follow through with the deal. A judge last week ruled that the case should go to a five-day trial in October.The Musk suit aside, the shareholder vote is one of the few remaining official steps needed to...
    Angela Weiss/AFP via Getty Images A date has been set for Twitter’s case against Elon Musk after the billionaire lost a bid on Tuesday to delay the lawsuit. Twitter is seeking to hold Musk to a $44 billion offer, which the Tesla and SpaceX founder grew cold on after Twitter’s stock took a hit. He claims his concern is that the social media platform has more fake accounts than they have previously revealed. Twitter wanted an expedited hearing, hoping the matter could be resolved before September 2022, but Chancellor Kathaleen S. McCormick of the Delaware Court of Chancery has set an October date for what will be a five day trial, the Associated Press reported. Musk’s legal team wanted the trial to begin next year. “Delay threatens irreparable harm,” McCormick said in the decision. “The longer the delay, the greater the risk.” The delay, Musk’s team argued, is needed because the trial is “one of the largest take-private deals in history” and literally “billions of actions” need to be poured over to find the truth about alleged spam accounts Musk...
    New York (CNN Business)The Securities and Exchange Commission has continued to examine Elon Musk's investment in and $44 billion deal to buy Twitter. A letter sent by the SEC to Musk on June 2 includes questions about the billionaire's use of Twitter (TWTR) to discuss the deal, including his tweets about the deal being paused, according to a Thursday regulatory filing. The agency previously questioned Musk in an April letter about his apparent delay in disclosing his large ownership stake in Twitter.On May 13, Musk tweeted that the Twitter deal was "temporarily on hold" pending the receipt of information from Twitter about how it calculates the number of bot accounts on its platform. Four days later, he tweeted again that the acquisition "cannot move forward" unless he received more information related to the prevalence of bots, and accused the social media platform of falsifying spam account numbers in its public filings. In its letter, the SEC said the word "cannot" in the latter tweet "suggests that Mr. Musk and his affiliates are exercising a legal right under the terms of...
    In this article TWTRThe official profile of Elon Musk on the social network Twitter.Rafael Henrique | Lightrocket | Getty ImagesThe Securities and Exchange Commission asked billionaire Elon Musk for more information on a tweet related to his $44 billion acquisition of Twitter that he's recently tried to call off, a new regulatory filing Thursday shows. The disclosure sheds light on how Musk represented his commitment to the deal to the SEC, even as he probed Twitter for information on spam accounts on the platform. It also shows how the deal could again bring Musk into the crosshairs of the agency. In a letter dated June 7, Musk's lawyer and Skadden partner Mike Ringler responded to questions the SEC's Office of Mergers and Acquisitions sent a few days earlier. The letter reiterates the clarification the SEC sought from Musk, including whether an earlier filing should be amended based on his tweet that the Twitter deal "cannot move forward" until the company provides more information on its spam accounts. "The term 'cannot' suggests that Mr. Musk and his affiliates are exercising a...
    (CNN) — Twitter has sued billionaire Elon Musk in an effort to force him to follow through with his deal to buy the social media company. The lawsuit, filed in the Delaware Court of Chancery on Tuesday, comes after Musk said in a letter to Twitter’s top lawyer late Friday that he wants to terminate the blockbuster $44 billion acquisition agreement. READ MORE: Small Business Administration Grants Declaration Of Disaster For Otsego County After Deadly TornadoMusk’s lawyer alleged in Friday’s letter that Twitter is “in material breach of multiple provisions” of the deal, claiming the company has withheld data Musk requested in order to evaluate the number of bots and spam accounts on the platform. Twitter’s legal team hit back in a letter on Monday, calling Musk’s attempted termination “invalid and wrongful,” claiming that Musk himself had violated the agreement and demanding that he follow through with the deal. In the complaint filed Tuesday, Twitter’s lawyers say they are seeking to prevent Musk from further breaches of the agreement, and to “compel consummation of the merger upon satisfaction of the few outstanding conditions.” “In April 2022, Elon...
    SAN FRANCISCO -- Twitter said Tuesday it has sued Elon Musk to force him to complete the $44 billion acquisition of the social media company.Musk and Twitter have been bracing for a legal fight since the billionaire said Friday he was backing off of his April agreement to buy the company.The chair of Twitter's board, Bret Taylor, tweeted Tuesday that the board has filed a lawsuit in the Delaware Court of Chancery "to hold Elon Musk accountable to his contractual obligations."The trial court in Delaware frequently handles business disputes among the many corporations, including Twitter, that are incorporated there.MORE: Elon Musk terminating $44 billion deal to buy Twitter; board says it will pursue legal action EMBED More News Videos Elon Musk wants to terminate his $44 billion deal to buy Twitter, saying the social media giant is "in material breach of multiple provisions."
    New York (CNN Business)Twitter has sued billionaire Elon Musk in an effort to force him to follow through with his deal to buy the social media company.The lawsuit, filed in the Delaware Court of Chancery on Tuesday, comes after Musk said in a letter to Twitter's top lawyer late Friday that he wants to terminate the blockbuster $44 billion acquisition agreement.Musk's lawyer alleged in Friday's letter that Twitter (TWTR) is "in material breach of multiple provisions" of the deal, claiming the company has withheld data Musk requested in order to evaluate the number of bots and spam accounts on the platform. Twitter's legal team hit back in a letter on Monday, calling Musk's attempted termination "invalid and wrongful" and demanding that he follow through with the deal. Musk tells Twitter he wants out of deal to buy it. Twitter says it will force him to close the saleThe deal is now likely headed for a lengthy court battle to determine whether Twitter can force Musk to close the deal and become its owner, or at least get him to pay...
    New York (CNN Business)Elon Musk wants to cancel his deal to buy Twitter, but the social media company is having none of it. On Friday, Musk moved to terminate the $44-billion acquisition agreement, alleging that Twitter breached the deal by failing to hand over data he says he needs to evaluate the number of bots and spam accounts on the platform. Twitter's legal representatives hit back in a letter to Musk's lawyers Sunday, calling the billionaire's claims "invalid" and demanding that Musk follow through with the takeover."Mr. Musk's and the other Musk Parties' purported termination is invalid and wrongful, and it constitutes a repudiation of their obligations under the Agreement," reads the letter, which was signed William Savit, a lawyer at Wachtell, Rosen, Lipton and Katz, which is representing Twitter in the dispute. The letter was disclosed in a regulatory filing Monday. Musk has for weeks expressed concerns, without any apparent evidence, that there are a greater number of bots and spam accounts on the platform than Twitter has said publicly. In his Friday letter, his lawyer alleged that Twitter...
    New York (CNN Business)Twitter is laying off a portion of its recruiting team after previously saying it would pause most hiring. The move comes as Twitter continues to await a pending acquisition by Elon Musk, a process that has been marked by confusion and contention between the social media company and the billionaire Tesla CEO. Several media outlets, including the Wall Street Journal, on Thursday reported that Twitter would lay off around 30% of its talent acquisition team, fewer than 100 people. A Twitter spokesperson confirmed the layoffs to CNN, saying the reduction was made to account for revised business needs. Twitter said in May — just weeks after Musk agreed to buy the company — that it would halt most hiring and backfills, except for "business critical" roles, and would pull back on other non-labor costs. Several senior executives announced their exit from the company at the same time. Elon Musk reportedly had twins with a Neuralink executiveTwitter (TWTR), like other tech companies, has been hit by a downturn in the stock market. The company's shares fell about...
    Twitter's CEO is pushing for Elon Musk to uphold his offer to buy the company despite recent claims that he may pull out of the deal. Twitter CEO Parag Agrawal has grown aggravated with Musk's foot-dragging, according to the Financial Times. Musk has publicly expressed his concerns about the company's spam bot estimates and appears to be considering pulling out after his team was unable to confirm Twitter's 5% estimates. ELON MUSK CONSIDERS PULLING OUT OF TWITTER DEAL OVER SPAM BOT NUMBERS "Parag wants to swing back more and is being more aggressive internally," one former Twitter executive said. "It seems Twitter is willing to go to war to make this deal happen." Agrawal and Musk have been engaging in weekly interactions that appear to be relaxed, according to people familiar with the situation. However, he has come out fighting in front of staffers, according to Twitter employees. He has publicly stated that he intends to go forward with the originally agreed-upon price of $54.20 a share. While some analysts have suspected that Musk's claims...
    Washington (CNN Business)The UK competition regulator on Wednesday announced the launch of an antitrust investigation into Microsoft's proposed $68.7 billion acquisition of video gaming giant Activision Blizzard.The probe into what would be Microsoft's biggest acquisition in its history will focus on whether the deal may substantially lessen competition — or create expectations that it might. Microsoft reaches agreement to remain neutral in Activision Blizzard union effortsMicrosoft (MSFT) didn't immediately respond to a request for comment. The company has previously said it expects antitrust officials to scrutinize how the deal, announced in January, may affect competition in the video game industry, app stores and even labor markets.As part of the inquiry, the UK Competition and Markets Authority (CMA) is soliciting public input on the matter until July 20. Based on the record, the CMA may then decide whether a more detailed investigation is warranted. The agency has a September deadline to make that decision, though the exact date could shift.Microsoft has sought to anticipate regulatory scrutiny surrounding its deal, which it says would make the company the third-largest game publisher in...
    LONDON (AP) — Microsoft’s acquisition of game publisher Activision Blizzard faces antitrust scrutiny in the U.K., where competition regulators said Wednesday they’ve opened an initial inquiry into the $69 billion deal. The Competition and Markets Authority said it has started looking into whether the tie-up would result “in a substantial lessening of competition” in the United Kingdom. The U.S. tech giant announced in January that it was buying Activision Blizzard in a deal that would make it a bigger video game company than Nintendo but raised questions about its anti-competitive effects. Microsoft makes the Xbox gaming system while Activision has created or acquired popular video games including Guitar Hero and the World of Warcraft franchise. Microsoft said it expected the scrutiny and thought it appropriate for regulators to take a closer look at the deal. “We have been clear about how we plan to run our gaming business and why we believe the deal will benefit gamers, developers, and the industry,” Microsoft’s corporate vice president and general counsel, Liz Tanzi, said in a prepared statement....
    (CNN) — Twitter’s board of directors has unanimously recommended that the social media company’s shareholders vote to approve its sale to Elon Musk, according to a regulatory filing on Tuesday. Twitter plans to hold a special shareholder meeting for a vote on the acquisition, one of the final steps needed to close the deal, on an undisclosed date in the coming months. READ MORE: Historic Saginaw Huntington Bank Building Could Become ApartmentsThe board said in the filing that it determined “none of the possible alternatives to the merger,” including staying independent or pursuing a different acquirer, were likely to be better for shareholders than the Musk deal. The board unanimously agreed to sell the company to Musk for $44 billion in April, after the billionaire Tesla CEO became Twitter’s largest shareholder and hinted he might attempt a hostile takeover of the company. Tuesday’s filing is the latest indication that the company is moving ahead with the deal as planned, despite doubts created by Musk in recent weeks. READ MORE: Police Investigate After Suspect Knocks On Door, Spray Paints Racial Slurs On Detroit HomeMusk has suggested...
    New York (CNN Business)Twitter's board of directors has unanimously recommended that the social media company's shareholders vote to approve its sale to Elon Musk, according to a regulatory filing on Tuesday.Twitter (TWTR) plans to hold a special shareholder meeting for a vote on the acquisition, one of the final steps needed to close the deal, on an undisclosed date in the coming months. The board said in the filing that it determined "none of the possible alternatives to the merger," including staying independent or pursuing a different acquirer, were likely to be better for shareholders than the Musk deal. Elon Musk addresses layoffs, remote work and free speech during his first meeting with Twitter employeesThe board unanimously agreed to sell the company to Musk for $44 billion in April, after the billionaire Tesla (TSLA) CEO became Twitter's largest shareholder and hinted he might attempt a hostile takeover of the company. Tuesday's filing is the latest indication that the company is moving ahead with the deal as planned, despite doubts created by Musk in recent weeks. Musk has suggested that...
    As Elon Musk’s attempt to purchase Twitter drags on, the Wall Street Journal reports that many Tesla fans are becoming increasingly tired of the billionaire’s focus on the social media company. In a recent article, the Wall Street Journal notes that with Tesla CEO Elon Musk’s Twitter acquisition on hold and Tesla’s stock price declining, many fans are asking for the billionaire to refocus his attention and abandon his purchase of Twitter. Elon Musk shades his eyes in front of a Tesla ( Maja Hitij /Getty) Tesla has lost roughly 30 percent of its value since April 1 as Musk has continued his attempts to purchase Twitter. Musk recently suggested that his $44 billion acquisition offer of Twitter may be reduced in proportion to the number of bots on the platform. Musk replied to a tweet reading: “If 25% of the users are bots then the Twitter acquisition deal should cost 25% less,” with a single word — “Absolutely.” Now, many are calling for Musk to turn his attention back toward Tesla. Gary Black, managing partner of the Future Fund LLC, which owns roughly $50...
    The semiconductor manufacturer Broadcom announced on Thursday that it is acquiring the cloud server company VMware for approximately $61 billion. The acquisition, which will be finalized in a cash and stock deal, will merge the two companies in one of the largest tech deals to date. Broadcom will acquire all of VMware's outstanding shares in a cash and stock transaction valued at $61 billion, based on current market shares. JACK DORSEY TO LEAVE TWITTER'S BOARD IN WAKE OF ELON MUSK TAKEOVER BID "Building upon our proven track record of successful [mergers and acquisitions], this transaction combines our leading semiconductor and infrastructure software businesses with an iconic pioneer and innovator in enterprise software as we re-imagine what we can deliver to customers as a leading infrastructure technology company," Broadcom CEO Hock Tan said in a press release announcing the deal. "We look forward to VMware's talented team joining Broadcom, further cultivating a shared culture of innovation and driving even greater value for our combined stakeholders, including both sets of shareholders," Tan added. Broadcom has regularly pursued...
    New York (CNN Business)Twitter on Wednesday held what could be its last annual shareholder meeting as a public company for a long time after Elon Musk agreed to take it private in a $44 billion deal. But the meeting took place against the backdrop of ongoing drama over Musk's attempts to pause the deal, and his publicly pushing back at the company's executives on issues including the prevalence of spam accounts and content moderation decisions. Twitter (TWTR) now operates under a cloud of uncertainty about the fate of the transaction, and how Musk could upend the business, whether the acquisition goes through or not. Twitter CEO Parag Agrawal joined Wednesday's meeting alongside a handful of other executives to answer shareholder questions. He started by saying they wouldn't address the acquisition, but he suggested the deal is moving forward. "We are working through the transaction process," Agrawal said. "For regulatory and other reasons, we cannot discuss the transaction today. Even as we work toward closing this transaction, our teams and I remain focused on the important work we do every day...
    "Effective this week, we are pausing most hiring and backfills, except for business critical roles as determined by Staff members in partnership with their HRBPs. We will also be reviewing all extended offers to determine criticality and those that should be pulled back. We are not planning company-wide layoffs, but leaders will continue making changes to their organizations to improve efficiencies as needed," Agrawal said. "We also need to pull back on non-labor costs to ensure we are being responsible and efficient," he added. Elon Musk entered into an agreement to buy Twitter in April for a purchase price of $54.20 per share, totaling roughly $44 billion. Since news of the acquisition, Twitter's stock has fallen about 12% after reaching its 2022 high in April, CNBC reports. The company is now trading at about $46 per share, well below what Musk has agreed to pay to buy Twitter. The deal will take months to complete. In the meantime, Musk is facing scrutiny from the Federal Trade Commission, which is looking into his failure to disclose a more...
    It might have taken three years, but some things are worth waiting for. That’s the general attitude among those involved with Brookfield Properties’ acquisition of Washington Real Estate Investment Trust’s office portfolio. By acquiring the 12 buildings that WashREIT had put up for sale, Brookfield’s privately held real estate fund grew its office portfolio by 30% and became the largest owner of office assets in the D.C. area. And by offloading most of its office portfolio through a single deal, the publicly traded WashREIT was able to pivot almost completely away from the precarious business of owning office buildings during a pandemic that refuses to disappear. It’s a classic win-win, at least as long as the math on the $766 million deal ends up penciling out. Although the negotiations between the parties started in 2018, before the pandemic, the Covid-driven office recession gave the deal a final push. “What was going on with Covid brought sharp attention to what WashREIT… Read the full story from the Washington Business Journal.
    WILMINGTON, Del. (AP) — A Delaware court sided with Tesla CEO Elon Musk in a bitter legal battle over whether he acted against the best interest of other shareholders when he steered the electric car maker into a $2.6 billion acquisition of a solar panel maker founded by two of his cousins. The 132-page decision issued Wednesday by Delaware Chancery Court Vice Chancellor Joseph R. Slights vindicated Musk, who appeared on the witness stand last summer during two days of often combative testimony. Musk defended his reasons for thinking it was a good idea for Tesla to buy SolarCity in November 2016, even as some analysts and some stockholders questioned the deal’s wisdom. Musk decided to fight the lawsuit even after other directors on Tesla’s board at the time of the deal reached a $60 million settlement without an admission of fault. Had the Delaware court ruled against him, Musk could have been ordered to pay $2 billion or more at the same time he is trying close a $44 billion acquisition of Twitter. Musk has pledged to cover $21...
    Twitter employees raised concerns and questions at an all-hands meeting after the company accepted Elon Musk's offer to purchase the company. Twitter hosted an all-hands meeting Monday afternoon, hours after the company accepted Musk's offer to purchase the company. Twitter CEO Parag Agrawal and Chairman Bret Taylor tried to emphasize that the company would continue to operate as usual until the deal with Musk closes in six months. "Between now and closing ... we will continue making decisions as we've always had, guided by the principles we've had," Agrawal told employees, according to CNN. "That doesn't mean things won't change, things have been changing. ... I have been talking about driving positive change at the company, and I will continue doing so because it makes us better, and it makes us stronger. Once the deal closes, different decisions might be made." WHITE HOUSE MUM ON MUSK BUT REAFFIRMS BIDEN'S SOCIAL MEDIA CONCERNS Agrawal also said "there are no plans for any layoffs at this point" and that the company would continue to allow employees to work...
    Tesla shares slipped more than 2% Monday after Elon Musk finalized a $44 billion deal to purchase social media giant Twitter - a sign that experts say may signal shareholder worries that the technology tycoon is stretching himself too thin.  Experts also suggested the 50-year-old needed to ensure he is not limited to 'passive management' at each of the huge companies. Musk closed in on the deal Monday after a rollercoaster back and forth between the two sides over the last few months. His representatives were reportedly hammering out terms - including a timeline and fees if an agreement was signed and then fell apart - into the early hours. But experts warned it may 'prove to be a bridge too far' for the entrepreneur and feared he may 'only have hollowed shells of Tesla and SpaceX to return to'. Tesla stock dropped more than 2% Monday after Elon Musk finalized a deal to buy social media giant Twitter Elon Musk (pictured last year) is 'putting a lot of skin in the game' in his dramatic takeover attempt of Twitter,...
    New York (CNN Business)Elon Musk on Thursday said he has lined up commitments worth $46.5 billion to finance a Twitter takeover deal, one week after he first made a public offer to buy the social media company.Musk said he has commitment letters to finance the deal, including two debt commitment letters from Morgan Stanley and other unnamed financial institutions and one equity commitment letter from himself, according to a filing with the Securities and Exchange Commission on Thursday.Twitters board put up a defense mechanism against Elon Musk. Heres what he could do next Musk said in the filing that he has yet to receive any formal response from Twitter's board to his offer to acquire all of its shares that he does not currently own for $54.20 a piece, a deal that would value the company at around $41 billion. He said he is "seeking to negotiate" a definite acquisition agreement and "is prepared to begin such negotiations immediately" — an apparent reversal from his statement in his acquisition offer letter that it would be his "best and final" offer....
    Amazon announced Wednesday its free streaming service IMDb TV will be renamed Amazon Freevee. The new name will take effect on April 27, the company said in a news release. The retailer said the streaming service will also expand its original programming by 70% in 2022, with spinoffs of shows such as “Bosh: Legacy” and other series. It will also add more original movies. Amazon.com Inc. said the ad-supported service has tripled its monthly active users in the past two years and is expected to launch in Germany later this year. “We’re looking forward to building on this momentum with an increasing slate of inventive and broadly appealing Originals, and are excited to establish Freevee as the premier AVOD (advertising-based video on demand) service with content audiences crave,” Jennifer Salke, head of Amazon Studios, said in the news release. Wednesday’s announcement comes as the retail giant embraces a path to boost its streaming services. Last month, the company closed an $8.5 billion deal to acquire Hollywood studio MGM, making it Amazon’s second-largest acquisition following its $13.7...
    Friday was supposed to be a festive day at Halas Hall, a chance for the Chicago Bears to formally introduce three new additions to their roster. Instead, that gathering was delayed and significantly revised. Defensive lineman Larry Ogunjobi, who was supposed to be the headliner of the first free agency class put together by new general manager Ryan Poles, no longer had a contract to sign, no longer had his $26.35 million in guaranteed money on what was supposed to be a three-year, $40 million deal. A little before 11 a.m. Friday, a team spokesman announced Ogunjobi failed his physical and no longer was a part of the organization’s plans. It was a surprising change of direction that left the Bears without a big-splash addition to their defensive line and left Ogunjobi to venture back into the free-agent market at a time when many teams around the league had already used available financial resources in other areas. Without question, Ogunjobi’s eventual landing spot and whatever new deal he agrees to will be worth keeping tabs on as he takes his...
    Amazon has closed on its $8.45 billion purchase of Metro-Goldwyn-Mayer, buying the rights to some of the production company's iconic stable of films that includes the Rocky and James Bond franchises.   'MGM has a nearly century-long legacy of producing exceptional entertainment, and we share their commitment to delivering a broad slate of original films and television shows to a global audience,' said Mike Hopkins, senior vice president of Prime Video and Amazon Studios, in a statement.   The deal was first announced in May of last year.  MGM, founded in 1924, has a library of about 4,000 movies and 17,000 TV episodes, according to Indiewire. The company emerged from bankruptcy in 2010 and has relied on other companies to market and distribute many of its films since. Amazon will take ownership of the brand's post-1986 catalog. Everything before that was sold decades ago and is now distributed by Warner Bros. The merger will significantly expand the e-commerce company's offerings as it continues to move into digital streaming, but it has also been met with some backlash from those opposed to the increasing power...
    In this article NVDA AAPL AMZN Jensen Huang, chief executive officer of Nvidia Corp.David Paul Morris | Bloomberg | Getty ImagesNvidia's bid to buy Arm from SoftBank has finally ended in failure. The semiconductor giants issued a joint statement Tuesday saying the deal has been scrapped due to "significant regulatory challenges." But was the acquisition doomed from the beginning? The takeover was announced to much fanfare back in Sept. 2020, with both firms saying it will create the "world's premier computing company for the age of AI." Instantly, however, there were critics. Hermann Hauser, an entrepreneur who was instrumental in the development of the first Arm processor, came out strongly against the deal. British lawmakers including shadow Business Secretary Ed Miliband and tech giants like Qualcomm, Google and Microsoft followed suit. Opponents had several gripes with the acquisition, ranging from job security to tech sovereignty. Indeed, the global chip shortage has made many nations start to think about onshoring more semiconductor design and production. But the main issue with the deal was around access to Arm's innovative chip designs. Arm...
    The Federal Trade Commission filed a lawsuit on Tuesday in an attempt to prevent a Lockheed Martin acquisition, a sale that it said would have negative consequences on missile production. Lockheed Martin was on the verge of acquiring Aerojet Rocketdyne Holdings for $4.4 billion before the suit, which is the first time in decades the agency is litigating a defense merger. “Aerojet supplies advanced power, propulsion, and armament systems, which are critical components for the missiles made by Lockheed and other defense prime contractors,” the FTC wrote in a release. “The agency’s complaint alleges that if the deal is allowed to proceed, Lockheed will use its control of Aerojet to harm rival defense contractors and further consolidate multiple markets critical to national security and defense.” FTC Bureau of Competition Director Holly Vedova called Aerojet the country’s “last independent supplier of key missile inputs." DEMOCRATS CALL ON BIDEN TO OVERHAUL DRONE PROGRAM OVER CIVILIAN CASUALTIES The commission claimed that should the sale go through, Lockheed Martin would own a company that provides key technology to Lockheed Martin and its competitors...
    Four Aerojet Rocketdyne RS-25 engines attached to the core Stage for NASA's Space Launch System rocket.NASA Aerojet Rocketdyne stock fell after the rocket engine and spacecraft propulsion maker announced that it expects the Federal Trade Commission to attempt to block its acquisition by Lockheed Martin. "We believe it is highly likely that the FTC will vote to sue to block the transaction," Aerojet Rocketdyne said in a press release. The company said it expects the FTC will vote on the lawsuit before Thursday. CNBC has reached out to the FTC for comment. Shares of Aerojet Rocketdyne dropped as much as 16% in premarket trading from its previous close of $45.00. The defense giant in December 2020 announced its intention to buy Aerojet at a $4.6 billion equity valuation. The deal was expected to close in the second half of last year, but the FTC's review delayed the transaction to this month. Lockheed is Aerojet's largest customer, making up about 33% of its sales. United Launch Alliance, or ULA, makes up another 10% of Aerojet's sales – a further complement to Lockheed...
    New York (CNN Business)Microsoft announced plans to acquire Activision Blizzard, the video game studio behind blockbuster hits like Warcraft, Overwatch and Call of Duty, in an all-cash transaction valued at $68.7 billion. Microsoft says that the move will make the company the third-largest gaming company by revenue, after Tencent and Sony.Bobby Kotick, the controversial CEO of Activision Blizzard, will continue in his role, according to a press release detailing the announced acquisition.Facing an employee walkout, Activision Blizzard CEO says his companys response to lawsuit was tone deafThe agreement is pending regulatory review and Activision Blizzard shareholder approval, with the deal set to close in 2023. The acquisition would boost Microsoft's Game Pass portfolio with the addition of Activision Blizzard games and the nearly 400 million monthly active players that come with them.
    Former NFL player Colin Kaepernick’s scotched multimillion-dollar business deal is raising doubts about his ability to sell his name, according to the company who parted ways with the protest leader. Kaepernick, who hasn’t played football since the end of the 2016 season which capped his year-long protest against the United States during the playing of the national anthem, has spent the last five years banking millions of dollars partnering with companies by simply lending his name to their causes and products. But this practice may be delivering diminished returns after financial services corporation, The Change Company, canceled its deal with the former player because he refused to engage in interviews to promote the collaboration, according to the Wall Street Journal. Kaepernick has made millions with his SPAC group by partnering with companies that only want to use his name to enhance their standing in the business world. An SPCA, or a special-purpose acquisition company, is an operation that has no specific product except a celebrity name. The purpose of the SPAC is to merge with a company that has an...
    In this article GSKYPuneet DikshitElizabeth WilliamsA former McKinsey partner has plead guilty to securities fraud for bets he made ahead of Goldman Sachs' $2.2 billion acquisition of fintech lender GreenSky. Puneet Dikshit, 40, had been charged with insider trading last month. He was accused of using information gained in his role advising Goldman on the deal to place out-of-the money call option bets two days before the acquisition was announced, netting more than $450,000 in gains. "Barely a month after he was charged, Puneet Dikshit admitted in court today that he used his access to material nonpublic information about a pending acquisition of GreenSky, Inc., to trade in GreenSky call options," Damian Williams, the United States Attorney for the Southern District of New York, said Wednesday in a statement. Dikshit plead guilty to one count of securities fraud, which brings a maximum prison sentence of 20 years. He is set to be sentenced on March 30. The case was handled by the Justice Department's securities and commodities fraud task force with help from the Federal Bureau of Investigation and the Securities and...
    New York (CNN Business)Vox Media, owner of Vox, The Verge, New York magazine and other digital media sites, is nearing a deal to acquire Group Nine Media, CEO Jim Bankoff told his company's staff Monday.The deal would be the latest move to combine two digital media conglomerates as industry players seek to consolidate or raise new capital amid increasing competition for the attention of news consumers and the digital ad dollars that come with that attention.Group Nine formed in 2016 as a merger of NowThis, The Dodo, Thrillist and Seeker. In October 2019, the company acquired women-focused digital media brand PopSugar. The month prior to that deal, Vox had acquired New York Media, which includes that company's namesake print magazine along with websites The Cut, Vulture and more.Group Nine's "organization is strong and complementary to ours in many areas, from the topics they cover and the audiences they serve to the formats in which they tells stories and the platforms they tell them on," Bankoff wrote in a memo he sent to staff on Monday, obtained by CNN Business. "Our...
    The European Union (EU)’s competing authority wants more information about Microsoft’s acquisition of Nuance Communications. Reuters reports that Europe has asked the two companies’ customers and competitors to compile a list of concerns about the transaction, which was able to consult the questionnaire. The EU’s request for information reflects the most comprehensive investigation into the agreement reached between Nuance and Microsoft.Notice Made in April this year. The acquisition of Nuance, an American company active in the field of artificial intelligence (AI) and voice technology, is the second largest acquisition by Microsoft to date, worth $ 16 billion (over 13 13 billion). By undertaking this recovery, the technical team, according to experts, wants to progress on the basis of health care software. The purchase was approved by a U.S. regulator last June after a minimum appraisal of the deal. In October, companies received a green light from the Australian Competition Supervisor. In November, Microsoft and Nuns sought permission from the competing office of the European Commission, which has until December 21 to approve the transaction or begin further investigation. Competitors Both...
    Koch Industries on Tuesday announced it is buying a solar power company that was owned by an Arizona GOP Senate candidate. Koch Engineered Solutions (KES) said it bought DEPCOM Power Inc., a company focused on building utility-scale solar power plants. The company was owned by Republican Arizona Senate candidate Jim Lamon, who is challenging Sen. Mark KellyMark KellyConservative group targeting Kelly, Hassan, Cortez Masto in multi-million-dollar ad blitz No deal in sight as Congress nears debt limit deadline Five Senate Democrats reportedly opposed to Biden banking nominee MORE (D) in what is expected to be one of the most competitive races of the 2022 midterms, Axios reported. "This acquisition is a major development for KES, as DEPCOM will enable our entry into the fast-growing renewables market, reinforcing our commitment to the electrical infrastructure market segment," Dave Dotson, president of KES, said. "The DEPCOM acquisition is consistent with KES's vision to deliver innovative, mutually beneficial technical and service solutions for industrial value chains while simultaneously transforming our business to improve and create new industry platforms. Through our complementary capabilities, we can offer greater opportunities...
    In this article NVDAJen-Hsun Huang, president and chief executive officer of Nvidia Corp., speaks during the company's event at Mobile World Congress Americas in Los Angeles on Oct. 21, 2019.Patrick T. Fallon | Bloomberg | Getty ImagesNvidia's $40 billion acquisition of U.K. chip designer Arm is looking increasingly unlikely to go through, according to Gartner semiconductor analyst Alan Priestley. The deal is facing a growing number of regulatory probes around the world, Priestley said, pointing to concerns in the U.K., the EU, the U.S. and China. "I believe it's highly unlikely it will go through," Priestley told CNBC Wednesday. Nvidia and Arm did not immediately respond to a CNBC request for comment. The deal was set to be completed by March 2022 but Nvidia CEO Jensen Huang admitted in August that it would probably go beyond that date. Arm was spun out of an early computing company called Acorn Computers in 1990. The company's energy-efficient chip designs are used in 95% of the world's smartphones and 95% of the chips designed in China. The company, bought by Japan's SoftBank in 2016 for...
    Jen-Hsun Huang, president and chief executive officer of Nvidia Corp., speaks during the company's event at Mobile World Congress Americas in Los Angeles, California, U.S., on Monday, Oct. 21, 2019.Patrick T. Fallon | Bloomberg | Getty Images The Federal Trade Commission on Thursday sued to block Nvidia's $40 billion acquisition of Arm from SoftBank on antitrust grounds. The deal has faced scrutiny from regulators since it was announced last year. The U.S. action is the biggest hurdle it has faced yet, and threatens whether the deal will be completed. "The proposed vertical deal would give one of the largest chip companies control over the computing technology and designs that rival firms rely on to develop their own competing chips," the FTC said in an announcement. Nvidia stock was up over 2% on Thursday before the announcement, and did not move significantly on the news. The FTC complaint is not yet public. Arm is a core supplier of architecture technology to most semiconductor companies. Its Arm instruction set is at the core of nearly all mobile processors powering smartphones, including those...
    LONDON (AP) — UK watchdog blocks Facebook’s acquisition of Giphy on fears it would stifle competition, orders deal reversed. Copyright © 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.
    London (CNN Business)Meta has been ordered to unwind its recent acquisition of Giphy by regulators worried about the deal's impact on competitors. The UK Competition and Markets Authority said on Tuesday that Meta's control of the popular search engine for GIFs — short, looping videos and animations — would reduce competition between social media platforms and had already removed one potential rival in the advertising market. Facebook, as Meta was then known, bought Giphy, reportedly for $400 million, in 2020. It was intending to integrate the service with Instagram, making it easier for people to find relevant GIFs for their stories and direct messages.In its initial announcement of the deal, Facebook had vowed to grant third parties the same level of access to Giphy's content as before. Less than a month after the acquisition was announced, however, the CMA said it was looking into it.In its initial findings published in August, the regulator said that Facebook's control over Giphy could allow it to cut off other social media sites' access to GIFs. Giphy's services currently integrate with platforms such as...
    Facebook CEO Mark Zuckerberg speaks during a live-streamed virtual and augmented reality conference to announce the rebrand of Facebook as Meta, in this screen grab taken from a video released October 28, 2021.Facebook | via Reuters Meta, Facebook's parent, has been told by the U.K.'s competition watchdog that it must sell gif-sharing platform Giphy. The Competition and Markets Authority said Tuesday the deal could harm social media users and U.K. advertisers. In August, the CMA said it had provisionally found Facebook's purchase of Giphy would harm competition between social media platforms and remove a potential challenger in the display ad market. At the time, the CMA said it may require Facebook to unwind the deal, which is reportedly worth $400 million, and sell off Giphy if its competition concerns are ultimately confirmed. When the deal was announced, Facebook said it wanted to further integrate Giphy into the Instagram app "so that people can find just the right way to express themselves." The CMA fined Facebook £50.5 million ($67.4 million) in October for failing to provide regular updates to show that it is complying...
    Rafael Henrique | LightRocket | Getty Images A McKinsey partner was arrested Wednesday after being criminally charged with insider trading ahead of Goldman Sachs' recent $2.2 billion acquisition of fintech lender GreenSky. Puneet Dikshit, a 40-year-old McKinsey partner, exploited information he gained about his client Goldman Sachs' pending takeover to buy profitable call options in GreenSky, according to a complaint unsealed Wednesday in federal court. Dikshit, who had a lead role advising Goldman on the deal, dabbled with purchasing small amounts of options in the months ahead of the transaction, authorities alleged. After learning that a deal was imminent, however, Dikshit bought about 2,500 call options in the two days before the Sept. 15 announcement, according to the complaint. He ultimately netted about $450,000 through trades made in accounts at an unnamed commission-free brokerage, the U.S. alleged. It's the latest example in which a highly compensated professional allegedly succumbed to the temptation to trade off material non-public information. Former McKinsey CEO Rajat Gupta was convicted of insider trading in 2012 and spent two years in prison. Partners at the consultancy...