Musk made the surprising turnaround not on Twitter, as has been his custom, but in a letter to Twitter that the company disclosed in a filing Tuesday with the U.S. Securities and Exchange Commission. It came less than two weeks before a trial between the two parties is scheduled to start in Delaware.
In response, Twitter said it intends to close the transaction at $54.20 per share after receiving the letter from Musk. But the company stopped short of saying it’s dropping its lawsuit against the billionaire Tesla CEO. Experts said that makes sense given the contentious relationship and lack of trust between the two parties.
“I don’t think Twitter will give up its trial date on just Musk’s word — it’s going to need more certainty about closing,” said Andrew Jennings, professor at Brooklyn Law School, noting that the company may also be worried about Musk’s proposal being a delay tactic. After all, he’s already tried to unsuccessfully postpone the trial twice.
Trading in Twitter’s stock, which had been halted for much of the day pending release of the news, resumed trading late Tuesday and soared 22% to close at $52.
This story is from the October 07, 2022 edition of AppleMagazine.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the October 07, 2022 edition of AppleMagazine.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
CONTENT CREATION HOLDS APPEAL FOR LAID-OFF WORKERS SEEKING FLEXIBILITY
With a compact mirror in one hand and an eyelash curler in the other, Grace Xu told her roughly 300,000 TikTok followers she was likely about to be laid off.
INTERNET PROVIDERS MUST NOW BE MORE TRANSPARENT ABOUT FEES, PRICING, FCC SAYS
Much like nutritional labels on food products, “broadband labels” for internet packages will soon tell you just what is going into the pricing of your service, thanks to new rules adopted by the Federal Communications Commission this week.
WARNER BROS. TEASES 'JOKER' SEQUEL, 'BEETLEJUICE 2 AND MORE AT CINEMACON
Warner Bros. isn’t resting on its “ Barbie “ laurels: The 100-year studio has its sights on a recordbreaking 2024 as well, with a release slate that includes a new Mad Max film, “ Furiosa,” Kevin Costner’s two-part Western epic, “ Horizon: An American Saga, “ the “ Beetlejuice “ sequel, and “Joker: Folie à Deux,” which brings Lady Gaga to Gotham City.
IN ALEX GARLAND'S POTENT 'CIVIL WAR.' JOURNALISTS ARE AMERICA'S LAST HOPE
The United States is crumbling in Alex Garland’s sharp new film “ Civil War, “ a bellowing and haunting big-screen experience.
BIDEN ADMINISTRATION SETS FIRST-EVER LIMITS ON SO-CALLED 'FOREVER CHEMICALS' IN DRINKING WATER
The Biden administration finalized strict limits on certain so-called “forever chemicals” in drinking water that will require utilities to reduce them to the lowest level they can be reliably measured.
SOME STATES ARE SEEKING TO RESTRICT TIKTOK. THAT DOESN'T MEAN THEIR GOVERNORS AREN'T USING IT
POV: You’re on TikTok, and so is your governor — even as your Legislature considers banning the app from state-owned devices and networks.
HERE'S WHAT WE KNOW ABOUT UBER AND LYFT'S PLANNED EXIT FROM MINNEAPOLIS IN MAY
The future of Uber and Lyft in Minneapolis has garnered concern and debate in recent weeks after the City Council voted last month to require that ride-hailing companies pay drivers a higher rate while they are within city limits.
COURT UPHOLDS CALIFORNIA'S AUTHORITY TO SET NATION-LEADING VEHICLE EMISSION RULES
California can continue to set its own nation-leading vehicle emissions standards, a federal court ruled this week — two years after the Biden administration restored the state’s authority to do so as part of its efforts to reverse Trump-era environmental rollbacks.
APPLE INITIATES OVER 600 JOB CUTS IN CALIFORNIA
In a significant move within the technology sector, Apple has announced the layoff of over 600 employees across multiple offices in California, marking the company’s first considerable reduction in workforce since the pandemic.
WARREN BUFFETT HAS LEFT THE TABLE. HOMELESS CHARITY ASKS INVESTORS TO BID ON MEAL WITH SOFTWARE CEO
The Glide Foundation said that it will hold an auction on eBay next month for a private lunch with Salesforce Chairman and CEO Marc Benioff.
