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Elon Musk sells around $7 billion worth of Tesla shares amid Twitter battle

Fast News

The move comes after Musk sold around $8.5 billion worth of shares in the electric carmaker in April as he was preparing to finance a deal with the social media giant.

Musk filed a countersuit against Twitter on July 29, escalating his legal fight against the social media company over his bid to walk away from the $44 billion purchase. (Reuters Archive)

Elon Musk has sold nearly $7 billion worth of Tesla shares, amid a high-stakes legal battle with Twitter over a $44 billion buyout deal.

The Tesla boss sold some 7.9 million shares between August 5 and 9, according to filings published on the Securities and Exchange Commission's website on Tuesday.

"In the (hopefully unlikely) event that Twitter forces this deal to close and some equity partners don't come through, it is important to avoid an emergency sale of Tesla stock," Musk, the world's richest man wrote on Twitter late Tuesday.

Twitter is locked in a legal battle with the mercurial Tesla boss over his effort to walk away from the April agreement to buy the company, and a judge has ordered that a trial will begin in October.

Musk has filed a countersuit, accusing Twitter of fraud and alleging the social media platform misled him about key aspects of its business before he agreed to a $44 billion buyout.

The move comes after Musk sold around $8.5 billion worth of shares in the electric carmaker in April as he was preparing to finance the Twitter deal. He tweeted at the time: "No further TSLA sales planned after today."

[embed]https://www.youtube.com/watch?v=1UNcf_e7GzI[/embed]

Source: TRTWorld and agencies

Source https://www.globalcourant.com/elon-musk-sells-around-7-billion-worth-of-tesla-shares-amid-twitter-battle/?feed_id=8977&_unique_id=62f37a33b760a

Musk accuses Twitter of fraud as $44B buyout battle escalates

The richest man in the world is asking the court to free him from the agreement and make Twitter pay him an amount in damages to be determined at trial.

Twitter rejected the mercurial billionaire's argument, calling it "as implausible and contrary to fact as it sounds." (Reuters)

Elon Musk has accused Twitter of fraud, alleging the social media platform misled him about key aspects of its business before he agreed to a $44 billion buyout, as their court fight heats up.

The Tesla boss lodged the claim on late Thursday as he fights back against Twitter's lawsuit seeking to force him to close the deal, which he has tried to cancel.

Musk argued in the filing to a Delaware court that the number of users actually shown advertising on the platform is about 65 million lower below the firm's 238 million figure.

"Twitter's disclosures have slowly unraveled, with Twitter frantically closing the gates on information in a desperate bid to prevent the Musk Parties from uncovering its fraud," the claim alleged.

Musk last week filed his countersuit, which was finally made public on Thursday, along with a legal defence against Twitter's claim that he is contractually bound to complete the takeover deal.

The entrepreneur accused Twitter of not just deceiving him, but also of lying to US market regulators. He is asking the court to free him from the agreement and make Twitter pay him an amount in damages to be determined at trial, which set to open on October 17.

Billions of dollars are at stake, but so is the future of Twitter, which Musk has said should allow any legal speech -- an absolutist position that has sparked fears the network could be used to incite violence.

[embed]https://www.youtube.com/watch?v=g_HshX6W9Q4[/embed]

'Twitter has complied in every respect'

In its own filing, Twitter rejected the mercurial billionaire's argument, calling it "as implausible and contrary to fact as it sounds."

The legal battle flows from Musk wooing Twitter's board with a $54.20 per-share offer in April, but then in July announcing he was terminating their agreement because the firm had misled him regarding its tally of fake and spam accounts.

Twitter, whose shares were up about 3.5 percent to $42.51 on Friday, has stuck by its estimates that less than five percent of the activity on the platform is due to software "bots" rather than people.

The social media platform told the court that Musk's claim that the false account figure tops 10 percent is "untenable."

Twitter also disputed Musk's assertion he has the right to walk away if its bot count is found to be wrong, since he didn't seek information on that topic when he made the buyout offer.

"Twitter has complied in every respect with the merger agreement," the company said in the filing made to Chancery Court, accusing Musk of contriving a story to escape a merger agreement that he no longer found attractive.

"Musk's counterclaims, based as they are on distortion, misrepresentation, and outright deception, change nothing," Twitter added. The social media platform has urged shareholders to endorse the deal, setting a vote on the merger for September 13.

Source: AFP

Source https://www.globalcourant.com/musk-accuses-twitter-of-fraud-as-44b-buyout-battle-escalates/?feed_id=7136&_unique_id=62ed7f62b02b3

Elon Musk files counter-suit as legal battle over Twitter deal escalates

Musk's counter-suit was submitted along with a legal defence against Twitter's claim that the billionaire is contractually bound to complete the deal he inked in April to buy Twitter.

The Tesla boss wooed Twitter's board with a $54.20 per-share offer, but then in July announced he was "terminating" their agreement. (Reuters)

Elon Musk has filed claims against Twitter as he fights back against the tech firm's lawsuit demanding he be held to his $44-billion buyout deal.

Musk's counter-suit was submitted along with a legal defence against Twitter's claim that the billionaire is contractually bound to complete the deal he inked in April to buy Twitter, the Chancery Court in the state of Delaware said in a notice on Friday.

The 164-page filing was submitted as being "confidential", meaning the documents were not accessible by the public, the notice indicated.

Rules of the court, however, require Musk to submit a public version of the filing with trade secrets or other sensitive information redacted.

A judge has ordered a five-day trial over Twitter's lawsuit against Musk to begin on October 17.

The Tesla boss wooed Twitter's board with a $54.20 per-share offer, but then in July announced he was "terminating" their agreement on accusations the firm misled him regarding its tally of fake and spam accounts.

READ MORE: Elon Musk-Twitter saga, explained

Row over bots

Twitter, whose stock price closed at $41.61 on Friday, has stuck by its estimates regarding accounts run by software "bots" rather than people, and argued that Musk is contriving excuses to back out of the contract.

The social media platform has urged shareholders to endorse the deal, setting a vote on the merger for September 13.

"We are committed to closing the merger on the price and terms agreed upon with Mr. Musk," Twitter chief executive Parag Agrawal and board chairperson Bret Taylor said in a copy of a letter to investors.

Billions of dollars are at stake, but so is the future of Twitter, which Musk has said should allow any legal speech — an absolutist position that has sparked fears the network could be used to incite violence.

Source: AFP

Source https://www.globalcourant.com/elon-musk-files-counter-suit-as-legal-battle-over-twitter-deal-escalates/?feed_id=4166&_unique_id=62e4d17aa12b5

Judge rules Britney Spears will not have to sit for deposition in ongoing legal battle with her father

The singer's father will also have to produce all documents requested and appear for a deposition, Rosengart said outside of the courthouse, calling it "another very good day for Britney."

"Britney obtained her freedom last November, and as many of you know, particularly in light of recent news, Britney is moving on with her life," Rosengart said, referencing the star's recent marriage. "She wants to move on with her life. And yet that man, her father, her flesh and blood, does not want that."

CNN has reached out to Jamie Spears' attorney for comment on the ruling.

"We hope (Jamie Spears) will accept his losses and simply move on and leave his daughter alone," Rosengart told CNN in a statement. "That is what any decent man, what any decent father would do."

The Grammy-winner was in a court-ordered conservatorship for 13 years before it was terminated in November. Spears' father acted as her co-conservator from the conservatorship's inception in 2008. This put him in charge of her finances and, at some points, her medical decisions.

The two faced off in court multiple times last year with things reaching a tipping point during two emotional testimonies in which the singer pleaded with the judge to end the conservatorship, calling it "abusive." Spears said she felt she had been forced to perform, was given no privacy, and was made to use birth control and take medication against her will.

Outside of court Wednesday, Rosengart also took a moment to speak on behalf of AB 1663, a California bill that would amend rules for the conservatorships process, saying that while Spears "shined a light on this issue," it is now "beyond Britney." The bill is currently making its way through the state legislature.

"This is not about Britney, this is beyond Britney," Rosengart said while surrounded by supporters of the bill. "There is a lot of people in the country and in the state who are not free and are subjected to forced abusive conservatorships. And that's something I look forward to working with legislators on, both in California and Washington DC."

https://www.globalcourant.com/judge-rules-britney-spears-will-not-have-to-sit-for-deposition-in-ongoing-legal-battle-with-her-father/?feed_id=3198&_unique_id=62e2267b62cc9