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Your lawyers are causing trouble, Musk warns Parag Agrawal

Recently, Musk’s lawyers have said that Twitter officials are unfairly pushing for a “warp speed” trial….reports Asian Lite News

Tech billionaire Elon Musk has reportedly texted microblogging platform Twitter’s CEO Parag Agarwal Ned Segal before pulling out of the $44 billion acquisition deal.

Musk texted the Twitter executives that the company’s lawyers were trying to “cause trouble” after they requested information about the status of Musk’s financing for a deal to buy Twitter, according to a lawsuit filed in Delaware, reports Business Insider.

“Your lawyers are using these conversations to cause trouble. That needs to stop, “Musk was quoted as saying in a text to CEO Parag Agrawal and CFO Ned Segal on June 28.”

Recently, Musk’s lawyers have said that Twitter officials are unfairly pushing for a “warp speed” trial.

Twitter’s legal team said in the Delaware Court of Chancery that they would need just a four-day trial to prove that Musk was wrong on his decision to cancel the deal.

Twitter requested the court that the trial be expedited with a start date as soon as September. However, Musk’s legal team replied that it will need time till early 2023 to start the trial.

Musk has also recently demonstrated his “disparaging” behaviour towards Twitter by posting a ‘pile of poop’ emoji as the micro-blogging platform sued him over terminating the takeover deal.

As Twitter sued Musk, the company also submitted an earlier poop emoji reply by the Tesla CEO to Twitter CEO Parag Agrawal as evidence of his “disparaging” behaviour toward the platform.

When a follower posted a link about Twitter submitting a poop emoji tweet as evidence of his disparaging behaviour, Musk replied with the same emoji, along with “BS (bullshit)” as text.

In May, Musk attacked Agrawal after the Twitter CEO went into finer details on how the micro-blogging platform is fighting spam and fake accounts, asking the US Securities and Exchange Commission (SEC) to probe whether Twitter’s claim on the number of its user base is true.

The Tesla CEO even posted an emoji depicting a “pile of poop” to Agrawal on his Twitter thread that went viral on social media.

ALSO READ: Musk hits out at Trump

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-Top News USA

Musk hits out at Trump

Earlier, Trump called Musk “another bull s*** artist” and reiterated that he voted for him….reports Asian Lite News

Tesla CEO Elon Musk on Monday said that it is time for former US President Donald Trump to “hang up his hat and sail into the sunset”.

Musk’s jibe comes after Trump called the Tesla CEO “another bull s*** artist”. The spat began with Trump claiming that Musk voted for him. However, Musk has denied the claim, saying it is “not true”.

Earlier, Trump called Musk “another bull s*** artist” and reiterated that he voted for him.

“You know what he (Elon Musk) said the other day that he never voted for Republicans. You know he told me he voted for me. So he is another bull s*** artist,” he said at a Save America rally in Anchorage, Alaska.

The former US President also commented on the ongoing legal battle between Twitter and Musk. “Elon is not going to buy Twitter. Where did you hear that before? From me…He has got himself in a mess,” Trump said.

Trump’s comment comes in the wake of an American billionaire’s decision to back off from the Twitter deal which has led to a lawsuit from the social media giant. Last week, Musk said he is terminating his USD 44 billion deal to buy Twitter citing multiple breaches of the purchase agreement, according to a letter sent by the billionaire Tesla chief’s team to Twitter.

Responding to a report on Trump’s remarks on Twitter, where Musk has more than 100 million followers, the Tesla CEO wrote, “Not true”.

In another tweet, he said, “I don’t hate the man, but it’s time for Trump to hang up his hat & sail into the sunset. Dems should also call off the attack – don’t make it so that Trump’s only way to survive is to regain the Presidency.”

Twitter’s board chair Bret Taylor said on Saturday the company will file a lawsuit against American billionaire and entrepreneur Elon Musk to force him to buy the social media company on the agreed terms.

In April, Musk reached an acquisition agreement with Twitter at USD 54.20 per share in a transaction valued at approximately USD 44 billion. However, Musk put the deal on hold in May to allow his team to review the veracity of Twitter’s claim that less than 5 per cent of accounts on the platform are bots or spam.

Twitter Inc, shares witnessed a sharp decline after Tesla CEO Elon Musk terminated USD 44 billion takeover deal, setting the stage for a legal battle.

Shares currently stand at USD 33.31 each, significantly lower than Musk’s offer of USD 54.20 per share, according to FactSet data published by The Wall Street Journal on Monday, The Hill reported.

ALSO READ: Twitter shares slump amid Musk’s walkout

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-Top News Business USA

Twitter to sue Musk as he abandons $44 bn takeover deal

Musk’s legal team said he is terminating the deal because Twitter was in “material breach” of their agreement and had made “false and misleading” statements during negotiations.

Micro-blogging platform Twitter on Saturday announced it was going to sue Tesla CEO Elon Musk for terminating the $44 billion takeover deal.

In a surprising move, Musk’s legal team said in a US Securities and Exchange (SEC) filing that he is terminating the deal because Twitter was in “material breach” of their agreement and had made “false and misleading” statements during negotiations.

In a following tweet, Twitter Chairman Bret Taylor said that the “board is committed to closing the transaction on the price and terms agreed upon with Musk and plans to pursue legal action to enforce the merger agreement”.

“We are confident we will prevail in the Delaware Court of Chancery,” he added.

Musk had put the deal on hold over the actual number of spammy/fake accounts and bots on the platform, and sought a reply from Twitter CEO Parag Agrawal.

On Thursday, Twitter claimed it is suspending more than 1 million spam accounts a day.

“That is indeed the real question,” Musk replied on Friday.

The new figure doubled the previous update from Agrawal who said that the platform removes 500,000 spam accounts a day.

“We suspend over half a million spam accounts every day, usually before any of you even see them on Twitter. We also lock millions of accounts each week that we suspect may be spam — if they can’t pass human verification challenges (captchas, phone verification, etc),” Agrawal had tweeted in May.

In an internal memo to Twitter employees sent Friday and obtained by The Verge, the company’s general counsel, Sean Edgett, told staffers to “refrain from Tweeting, Slacking, or sharing any commentary about the merger,” and that management would be “very limited on what we can share”.

“I know this is an uncertain time, and we appreciate your patience and ongoing commitment to the important work we have underway,” Edgett wrote.

ALSO READ: US lawmaker pitches for CAATSA sanctions waiver to India

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Musk now has 100 Mn Twitter followers

Obama is leading with 132.1 million followers, Bieber has 114.1 million, Katy Perry has 108.8 million, Rihanna has 106.9 million and Cristiano Ronaldo has 101.3 million followers…reports Asian Lite News

As the tech billionaire Elon Musk celebrates his 51st birthday, his Twitter account has now crossed the mark of 100 million followers, which makes him one of only six people in the world to cross this milestone on the microblogging site.

Musk, touted to be the most successful tech entrepreneur and investor in the world, joined the platform in 2009 and now he ranks sixth among the most-followed people including former US president Barack Obama, singer Justin Bieber, and others.

Obama is leading with 132.1 million followers, Bieber has 114.1 million, Katy Perry has 108.8 million, Rihanna has 106.9 million and Cristiano Ronaldo has 101.3 million followers on the microblogging site.

Meanwhile, Musk, born on June 28, 1971, turned 51 on Tuesday. He often remains in the news for updates on his ventures such as SpaceX, Neuralink, and The Boring Co. He is also known to comment on politics, pop culture and world events.

However, Musk, who made a whopping $44 billion deal, has been quiet on the social media platform since June 21.

As per Bloomberg Billionaires Index, with an estimated net worth of around $203 billion as of June 2022, Musk is the wealthiest person in the world.

In 2002, Musk founded SpaceX of which he serves as CEO and Chief Engineer. In 2004, he was an early investor in electric vehicle manufacturer Tesla Motors, Inc. (now Tesla, Inc.). He became its chairman and product architect, eventually assuming the position of CEO in 2008.

Musk helped create SolarCity, a solar energy company, in 2006, which was later acquired by Tesla and became Tesla Energy.

In 2015, he co-founded OpenAI, a nonprofit research company promoting friendly artificial intelligence. In 2016, he co-founded Neuralink, a neurotechnology company focused on developing brain-computer interfaces and founded The Boring Company, a tunnel construction company.

ALSO READ: Musk’s Tesla fires head of LGBTQ+

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Elon Musk highest-paid CEO; Meet the others

After Musk, the 10 most highly compensated Fortune 500 CEOs of 2021 are all tech and biotech CEOs, including the heads of Apple (Tim Cook)…reports Asian Lite News

Tesla and spaceX CEO Elon Musk has topped the list of the most highly compensated CEOs on the Fortune 500 in 2021.

After Musk, the 10 most highly compensated Fortune 500 CEOs of 2021 are all tech and biotech CEOs, including the heads of Apple (Tim Cook), Netflix (Reed Hastings), and Microsoft (Satya Nadella).

In 2021, Musk “realised” compensation worth almost $23.5 billion, from exercising some Tesla stock options awarded in a 2018 multiyear “moonshot” grant.

That was — by far — the biggest CEO payday in 2021, according to Fortune.

Tesla ranked 65 on this year’s Fortune 500. The company had a blockbuster in 2021, bringing in $53.8 billion in revenue, up 71 per cent from 2020.

Meanwhile, the Apple CEO earned $770.5 million in 2021 alone, mostly as a part of a 10-year grant of shares worth $1.7 billion. The tech giant ranks 3 on the Fortune 500.

The company faced challenges because of the global chip shortage, but successfully began manufacturing the equipment in-house, the report said.

Hang, the co-founder of NVIDIA, and Reed Hastings of Netflix bagged third and fourth spots, respectively.

ALSO READ: Musk sees net worth shrink by $12 bn

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Tech Lite

Musk sees net worth shrink by $12 bn

Despite having over $12 billion lopped off his net worth, Musk still stands as the world’s richest person with $210 billion to his name…reports Asian Lite News

Tech billionaire Elon Musk recently saw over $12 billion wiped off his net worth following Tesla stock’s recent drop and the S&P Global Ratings’ decision to boot Tesla from its ESG index.

Musk’s decline in net worth also comes amidst his announcement that he would no longer be voting for a candidate from the Democratic Party in the next elections, reports Teslarati.

Despite having over $12 billion lopped off his net worth, Musk still stands as the world’s richest person with $210 billion to his name.

This still places him far ahead of the world’s second-richest person, Amazon founder Jeff Bezos, whose current net worth is estimated to be at $131 billion, the report said.

Tesla shares dropped 6.8 per cent on Wednesday, and according to Wedbush analyst Dan Ives, the primary driver for this change was the company’s departure from the S&P 500 ESG Index.

“The ESG (environmental, social, and corporate governance) issue is weighing on the stock combined with the market doldrums,” Ives noted.

ALSO READ-Indian regulator to grill Ola, Uber over unfair practices

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Musk has a serious ‘warning’ for Twitter staff

The Tesla CEO also said that he strongly believes that all managers in a technical area “must be technically excellent”….reports Asian Lite News

Tesla CEO Elon Musk has warned that Twitter staff may face ‘extreme’ workloads if he takes over the micro-blogging platform.

While replying to an earlier tweet he shared about his plans for the micro-blogging site, he mentioned that he will still graft even harder than them to make the firm a success.

“Also, work ethic expectations would be extreme, but much less than I demand of myself,” Musk wrote on Twitter.

Earlier, Musk had revealed that Twitter will focus deeply on hardcore software engineering, design, and more, following the completion of the acquisition of the micro-blogging site.

The Tesla CEO also said that he strongly believes that all managers in a technical area “must be technically excellent”.

“If Twitter acquisition completes, the company will be super focused on hardcore software engineering, design, infosec and server hardware,” Musk tweeted late Friday.

“I strongly believe that all managers in a technical area must be technically excellent. Managers in software must write great software or it is like being a cavalry captain who cannot ride a horse!”

He tagged an article from Fortune, along with one of his tweets that said “Job interest in Twitter skyrocketed more than 250 per cent since Musk moved to take over”.

ALSO READ: Musk likely to take charge as temporary CEO of Twitter

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-Top News UK News

Twitter takeover: Musk invited to UK Parliament

Knight mentioned that his Committee has noted Musk’s proposed acquisition of the micro-blogging site and they are interested in the developments he has proposed…reports Asian Lite News

Tech billionaire Elon Musk has been invited to testify in the UK Parliament regarding his proposed $44 billion acquisition of the micro-blogging site Twitter.

In a letter, Julian Knight, the Chair of the UK House of Commons Digital, Culture, Media and Sport (DCMS) Select Committee requested the Tesla CEO to appear before lawmakers to discuss the proposal.

“At a time when social media companies face the prospect of tighter regulations around the world, we are keen to learn more about how Mr Musk will balance his clear commitment to free speech with new obligations to protect Twitter’s users from online harms,” Knight said.

“Appearing before the committee will give Mr Musk an ideal opportunity to set out his proposals for Twitter in more depth and we would look forward to welcoming him,” he added.

Knight mentioned that his Committee has noted Musk’s proposed acquisition of the micro-blogging site and they are interested in the developments he has proposed.

“In particular, your intention to roll out verification for all users echoes our calls on the UK Government as part of proposed legislation, which we hope will restore the UK public’s trust in digital platforms,” Knight said in the letter.

Recently, Twitter announced that it has entered into a definitive agreement to be acquired by an entity wholly owned by Musk for $54.20 per share in cash in a transaction valued at nearly $44 billion.

Upon completion of the transaction, Twitter will become a privately-held company.

The purchase price represents a 38 per cent premium to Twitter’s closing stock price on April 1, which was the last trading day before Musk disclosed his nearly 9 per cent stake in the platform.

ALSO READ: MUSK MAKES THE MOVE

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-Top News Social Media USA

Jack Dorsey is against permanent Twitter bans

“I don’t believe any permanent ban (with the exception of illegal activity) is right, or should be possible,” Jack Dorsey, the founder and former CEO of Twitter said, reports Asian Lite News

Former Twitter CEO Jack Dorsey on Friday (local time) went on a tweetstorm in which he spoke about the microblogging site’s shortcomings, including a permanent ban on certain users on the platform.

Taking responsibility for every decision taken by the platform, he said, “I have tried taking a break from Twitter recently, but I must say the company has always tried to do its best given the information it had. Every decision we made was ultimately my responsibility. In the cases when we were wrong or went too far, we admitted it and worked to correct them.”

Reflecting on the platform’s shortcomings, he said it is important to get critical feedback. “Some things can be fixed immediately, and others require rethinking and reimplementing the entire system. It is important to me that we get critical feedback in all forms, but also important that we get the space and time to address it. All of that should be done publicly,” he said.

He further spoke about the user trust in Twitter and said that a transparent system, both in policy and operations, is the right way to earn trust.

“Whether it’s owned by a company or an open protocol doesn’t matter as much as deliberately deciding to be open about every decision and why it was made. It’s not easy to do, but it must happen,” he added.

Acknowledging his failure in correcting shortcomings, he said, “Doing this work means you’re in the arena. Nothing that is said now matters. What matters is how the service works and acts, and how quickly it learns and improves. My biggest failing was that quickness part. I’m confident that part at least is being addressed, and will be fixed.”

Noting that an individual or a company should not bear the brunt of flaws in service, Dorsey said that he does not believe in a permanent ban against certain users on Twitter. “It’s also crazy and wrong that individuals or companies bear this responsibility. As I’ve said before, I don’t believe any permanent ban (with the exception of illegal activity) is right, or should be possible. This is why we need a protocol that’s resilient to the layers above,” he said.

Notably, after Tesla Chief Elon Musk succeeded in his bid to take over Twitter, the former CEO of the microblogging site had dropped a series of tweets, suggesting that he supports the move.

Dorsey called Musk buying Twitter a step in the right direction for the website.

For those unaware, Dorsey, the maverick co-founder of Twitter, on November 29, 2021, had suddenly announced his resignation. Parag Agarwal, an IITian, who was CTO at Twitter, was named his replacement. (ANI)

ALSO READ: Twitter takeover: Parag Agarwal hits back at Musk

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Musk joins Twitter board

According to a fresh filing with the US Securities and Exchange Commission (SEC), Musk will serve as a class II director until 2024….reports Asian Lite News

In a significant development, Indian-origin Twitter CEO Parag Agrawal on Tuesday announced that the micro-blogging platform has appointed Tesla and SpaceX CEO Elon Musk to its board of directors.

Musk, who acquired 9.2 per cent share in the micro-blogging platform for nearly $3 billion, is limited from buying more than 15 per cent of Twitter’s stock.

“I’m excited to share that we’re appointing @elonmusk to our board! Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our Board,” Agrawal posted.

Musk replied to Agrawal: “Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months!”

According to a fresh filing with the US Securities and Exchange Commission (SEC), Musk will serve as a class II director until 2024.

This is a type of position that can be used as an anti-takeover measure.

“The Company will appoint Mr. Musk to the Company’s Board of Directors (the “Board”) to serve as a Class II director with a term expiring at the Company’s 2024 Annual Meeting of Stockholders,” the filing read.

“For so long as Mr. Musk is serving on the Board and for 90 days thereafter, Mr. Musk will not, either alone or as a member of a group, become the beneficial owner of more than 14.9% of the Company’s common stock outstanding at such time, including for these purposes economic exposure through derivative securities, swaps, or hedging transactions,” it added.

Agrawal said that Musk is both a passionate believer and intense critic of the service “which is exactly what we need on @Twitter, and in the boardroom, to make us stronger in the long-term. Welcome Elon!”

Earlier in the day, Musk asked his more than 80 million followers if they wish to have an edit button on their tweets.

“Do you want an edit button?” Musk posted a poll.

Agrawal replied: “The consequences of this poll will be important. Please vote carefully”.

Twitter users have long been demanding an edit button in order to tweets that went live with errors.

The buzz over an edit button on Twitter resurfaced on April 1 when the micro-blogging platform said it was working on an edit button.

Twitter shares closed up 27 per cent on Monday after Musk took 9.2 per cent stake in the social media company.

ALSO READ: Elon Musk is now Elona Musk on twitter