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Exclusive: Musk’s banks to book Twitter loan losses, avoid big hits -sources
NEW YORK, Dec 13 (Reuters) – Some of the financial institutions that lent Elon Musk $13 billion to get Twitter are getting ready to book losses on the loans this quarter, but they are possible to do so in a way that it does not develop into a key drag on their earnings, according to three sources with immediate knowledge of the scenario. Banking institutions ordinarily promote such financial loans to traders at the time of the offer. But Twitter’s loan providers, led by Morgan Stanley (MS.N), could face billions of bucks in losses if they attempted to do so now, as traders shy away from acquiring risky debt all…
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Musk says Twitter lawyer fired amid Hunter Biden laptop dispute | Business and Economy News
Elon Musk said he “excited” Twitter’s deputy basic counsel more than issues the large-position govt experimented with to suppress data about the social media platform’s managing of the Hunter Biden notebook controversy. Musk, who acquired Twitter very last month for $44bn, mentioned in a tweet on Tuesday he pushed out James Baker, the FBI’s top rated lawyer right before signing up for the social media large in 2020, more than his “possible position in suppression of data vital to the general public dialogue ”. Musk claimed Baker, who performed a essential role in the FBI probe into claims of Russian interference in the 2016 US presidential election, experienced offered an…
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Twitter Paid Whistle-Blower $7 Million for Silence, Lawyer Says
Twitter Inc. paid a whistle-blower who raised concerns about operational problems within just the social media platform $7 million to protected his silence, in accordance to a lawyer for Elon Musk. The payment was described in passing at a Sept. 6 hearings in the lawsuit in between Twitter and Musk in excess of his tries to cancel a $44 billion acquire of the business. “They’re paying the guy $7 million and building guaranteed he’s quiet,” Musk lawyer Alex Spiro mentioned at the hearing. Persons common with the matter confirmed the reference was to a payment to whistle-blower Peiter Zatko. Twitter representatives Thursday declined to remark about the payment to Zatko,…
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Twitter Lawyers Call Musk’s Deal Termination ‘Wrongful’ (1)
Twitter Inc.’s legal professionals called Elon Musk’s termination of his $44 billion buyout arrangement “invalid and wrongful” in a letter to the billionaire’s lawyers, a preliminary phase by the social community in the looming authorized battle over the offer. Twitter attorney William Savitt, of Wachtell, Lipton, Rosen & Katz, wrote to Musk’s legal professionals at Skadden Arps Slate Meagher & Flom LLP, saying that backing out of the deal “constitutes a repudiation of their obligations underneath the arrangement,” in accordance to a duplicate of the July 10 letter submitted with the Securities and Exchange Fee. Musk agreed to invest in Twitter for $54.20 for every share in late April. “Twitter…
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Elon Musk says he won’t buy Twitter : NPR
Elon Musk arrives for the 2022 Met Gala at the Metropolitan Museum of Art on May 2, 2022, in New York. Angela Weiss/AFP via Getty Images hide caption toggle caption Angela Weiss/AFP via Getty Images Elon Musk arrives for the 2022 Met Gala at the Metropolitan Museum of Art on May 2, 2022, in New York. Angela Weiss/AFP via Getty Images Elon Musk wants to break off his agreement to buy Twitter. In a letter to the company, filed Friday with the Securities and Exchange Commission, Musk accuses Twitter of making “false and misleading representations” about the prevalence of fake accounts on its platform. He says the company has not…
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Crypto CEO Invested With Elon Musk in Twitter Without Business Plan
Elon Musk is taking Twitter personal with the support of traders. Binance, the cryptocurrency trade, invested $500 million. Binance’s CEO known as the sum a “blank check out,” and explained he failed to explore a business enterprise strategy with Musk. Loading Some thing is loading. Binance, the world’s biggest cryptocurrency exchange, is investing $500 million as element of Elon Musk’s deal to acquire Twitter personal. That sum is only a blank verify, CEO Changpeng Zhao instructed the Economic Times on Thursday. Zhao promptly made the decision to dedicate 50 {3e92bdb61ecc35f2999ee2a63f1e687c788772421b16b0136989bbb6b4e89b73} a billion dollars to the offer without listening to so considerably as a business approach from Musk, he explained. “We, from…
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