Connect with us

Tech

Twitter sues Elon Musk to hold him to $44 billion deal

Published

on

  • Twitter lawsuit accuses Elon Musk of contract breach
  • Twitter also accuses Musk of “secretly” accumulating shares in company between January and March without properly disclosing substantial purchases to regulators.
  • Musk did not immediately respond to a request for comment.

WILMINGTON: Twitter Inc has sued Elon Musk for violating his $44 billion deal to buy the social media platform and asked a Delaware court to order the world’s richest person to complete the merger at the agreed $54.20 per Twitter share.

“Musk apparently believes that he – unlike every other party subject to Delaware contract law – is free to change his mind, trash the company, disrupt its operations, destroy stockholder value, and walk away,” said the complaint.

The lawsuit sets in motion what promises to be one of the biggest legal showdowns in Wall Street history, involving one of the business world’s most colorful entrepreneurs in a case that will turn on staid contract language.

Related items

On Friday, Musk said he was terminating the deal because Twitter violated the agreement by failing to respond to requests for information regarding fake or spam accounts on the platform, which is fundamental to its business performance.

Musk, who is the chief executive officer of electric vehicle maker Tesla Inc, did not immediately respond to a request for comment.

The lawsuit accused Musk of “a long list” of violations of the merger agreement that “have cast a pall over Twitter and its business.” It said for the first time that employee attrition has been “on the upswing” since the deal was announced.

Twitter also accused Musk of “secretly” accumulating shares in the company between January and March without properly disclosing his substantial purchases to regulators, and said he “instead kept amassing Twitter stock with the market none the wiser.”

Shares of the social media platform closed at $34.06 on Tuesday, up 4.3%, but sharply below the levels above $50 where it traded when the deal was accepted by Twitter’s board in late April. The stock added another 1% after the bell.

Musk said he was terminating the merger because of the lack of information about spam accounts and inaccurate representations that he said amounted to a “material adverse event.” He also said executive departures amounted to a failure to conduct business in the ordinary course – although Twitter said it removed that language from the merger contract during negotiations.

Twitter also said it did not share more information with Musk regarding spam accounts because it feared he would build a competing platform after abandoning the acquisition.

Twitter called the reasons cited by Musk a “pretext” that lacked merit and said his decision to walk away had more to do with a decline in the stock market, particularly for tech stocks.

Tesla’s stock, the main source of Musk’s fortune, has lost around 30% of its value since the deal was announced and closed on Tuesday at $699.21.

In a separate filing, Twitter asked the court to schedule a four-day trial in mid-September.

In a memo to Twitter staff on Tuesday, Twitter Chief Executive Parag Agrawal sought to reassure employees about the future.

“We will prove our position in court and we believe we will prevail,” he wrote in the note, which was seen by Reuters.

Legal experts have said that from the information that is public Twitter would appear to have the upper hand.

“In its complaint Twitter is taking a strong position that Musk had a case of buyer’s remorse – and that, and not bots, is the reason for his decision to walk away from the deal,” said Brian Quinn, a professor at Boston College Law School. “The facts Twitter presents here make an extremely strong argument in favour of Twitter getting this deal closed.”

Musk is among Twitter’s most-followed accounts and the lawsuit included images of several of his tweets, including a poop emoji, that the company said violated the merger’s “non-disparagement” clause.

Musk tweeted the emoji on May 16 in response to a pair of tweets by Agrawal, explaining the company’s efforts to fight spam accounts.

It also included an image of a text message Musk sent Agrawal after Twitter sought on June 28 reassurances about Musk’s financing for the deal.

“Your lawyers are using these conversations to cause trouble,” Musk texted to Agrawal. “That needs to stop.”

Twitter noted that after Musk said he was terminating the deal, he sent tweets on Monday that Twitter said suggested his requests about spam were part of a plan to force spam data into the public sphere.

“For Musk, it would seem, Twitter, the interests of its stockholders, the transaction Musk agreed to, and the court process to enforce it all constitute an elaborate joke,” the lawsuit said.

Tech

WhatsApp to let users share photos in ‘original quality’

Published

on

By

Meta-owned WhatsApp is once again working on a new update for its users, making their experience smooth and better while chatting with their family and friends. 

The instant messaging app is releasing a new update through which users can send photos in their original quality, WaBetaInfo reported Friday. 

The new update is being introduced through the Google Play Beta Program, bringing the version up to 2.23.2.11. This feature has not yet been introduced as it is still under development. 

It is also not yet ready to be released to beta testers. 

The screenshot above shows that the messaging app “plans to integrate a new setting icon within the drawing tool header which will enable users to configure the quality of any photo”.

The users will be allowed to select an option to send the photos in their original quality in the future. Through this feature, users will have more control over the quality of the pictures they are sending, especially when they need to send pictures in their original quality. 

The feature will be released in the future update of the app.

Voice notes 

Earlier this week, the app tracking website said that WhatsApp is releasing the ability to share voice notes through status updates. 

The new update is being introduced through the Google Play Beta Program, bringing the version up to 2.23.2.8. However, this feature is only available to some beta testers for now and users will have to wait for a future update to get their hands on the feature.

The feature would let users “share a voice note as a status update with a certain audience configured within your privacy settings.”

Users can share voice notes as status updates by “accessing the feature within the text status section, in case it is enabled for them”.

The users can also discard a recording before they share it, hence, gaining more control over their voice recordings. As per the app-tracking website, the maximum recording time for the voice note is 30 seconds.

Moreover, those who want to listen to the voice recordings on status updates need to update their WhatsApp.

Ensuring the privacy of its users, WhatsApp has made the status updates end-to-end encrypted. This will allow users to share the voice notes with the people they choose within their privacy settings.

“Similar to images and videos, voice notes shared via status disappear after 24 hours but users also have the ability to delete voice notes for everyone after they have been posted as status updates: users are always in control over what they share,” said WaBetaInfo.

The feature will be rolled out to more users in the coming weeks. 

Continue Reading

Entertainment

Here’s a ‘new way’ to send voice notes on WhatsApp

Published

on

By

Meta-owned WhatsApp is once again rolling out a new update for its users, allowing them to have a smooth and better experience while connecting with their loved ones. 

The instant messaging app is releasing the ability to share voice notes through status updates, WaBetaInfo reported Wednesday.

The new update is being introduced through the Google Play Beta Program, bringing the version up to 2.23.2.8. However, this feature is only available to some beta testers for now and users will have to wait for a future update to get their hands on the feature. 

The feature would let users “share a voice note as a status update with a certain audience configured within your privacy settings.”

Heres a new way to send voice notes on WhatsApp

As it is shown in the screenshot above, users can share voice notes as status updates by “accessing the feature within the text status section, in case it is enabled for them”. 

The users can also discard a recording before they share it, hence, gaining more control over their voice recordings. As per the app-tracking website, the maximum recording time for the voice note is 30 seconds. 

Moreover, those who want to listen to the voice recordings on status updates need to update their WhatsApp. 

Ensuring the privacy of its users, WhatsApp has made the status updates end-to-end encrypted. This will allow users to share the voice notes with the people they choose within their privacy settings. 

“Similar to images and videos, voice notes shared via status disappear after 24 hours but users also have the ability to delete voice notes for everyone after they have been posted as status updates: users are always in control over what they share,” said WaBetaInfo

The feature will be rolled out to more users in the coming weeks. 

Blocking feature

Last week, the tracking app announced that WhatsApp is working on a block shortcut update right within the notification bar.

The new feature will allow users to block someone when they get a notification of their message on their phones.

“WhatsApp plans to introduce a block shortcut within notifications but not always: the block shortcut is visible only when you receive a message from unknown and untrusted contacts,” said the app tracking website.

The feature is limited to untrusted contacts as users may tap on the block option by mistake when replying to someone through notifications, accidentally blocking their trusted contacts.

The new feature will be available to users in the future update of the app. 

Continue Reading

Tech

Amazing WhatsApp tricks for daily use

Published

on

By

Meta-owned WhatsApp has been introducing newer features and making the application’s usage easy for its users.

Despite billions of people using the messaging app, several users are still unaware that WhatsApp has a few tricks up its sleeves that come in handy while texting.

Here are some amazing tricks:

To italicise text: 

Users can use underscore ( _ ) at the start and at the end of the text to italicise their text. 

Trick 1. — Instagram/genuine.knowledge.ig
Trick 1. — Instagram/genuine.knowledge.ig

Bold fonts: 

The users can add an asterisk (*) on both sides of the text in order to bold the text that they want to highlight. 

Trick 2. — Instagram/genuine.knowledge.ig
Trick 2. — Instagram/genuine.knowledge.ig

Monospace font: 

For the monospace texts, users can add three (“`) backticks at the beginning and at the end of the text.

Trick 3. — Instagram/genuine.knowledge.ig
Trick 3. — Instagram/genuine.knowledge.ig

Strikethrough font: 

To make the text strikethrough, add a tilde (~) on both sides.

Trick 4. — Instagram/genuine.knowledge.ig
Trick 4. — Instagram/genuine.knowledge.ig

Combined font: 

The users can make the same text bold, or italic and change its font strikethrough. For that, they can use asterisk, tilde, and underscore at the beginning and end of the text.

Trick 5. — Instagram/genuine.knowledge.ig
Trick 5. — Instagram/genuine.knowledge.ig

Continue Reading

Trending