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Twitter sues to force Musk to complete his $44B acquisition

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Twitter Sues To Force Musk To Complete His $44B Acquisition

By MATT O’BRIEN

Twitter sued Tesla CEO Elon Musk on Tuesday to force him to complete the $44 billion acquisition of the social media company.

Musk and Twitter have been bracing for a legal fight since the billionaire said Friday he was backing off of his April agreement to buy the company.

Twitter’s lawsuit opens with a sharply-worded accusation: “Musk refuses to honor his obligations to Twitter and its stockholders because the deal he signed no longer serves his personal interests.”

“Having mounted a public spectacle to put Twitter in play, and having proposed and then signed a seller-friendly merger agreement, 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,” the suit says.

Twitter filed its lawsuit in the Delaware Court of Chancery, which frequently handles business disputes among the many corporations, including Twitter, that are incorporated there.

Musk alleged Friday that Twitter has failed to provide enough information about the number of fake accounts on its service. Twitter said last month that it was making available to Musk a ″fire hose” of raw data on hundreds of millions of daily tweets.

The company has said for years in regulatory filings that it believes about 5% of the accounts on the platform are fake. Musk is also alleging that Twitter broke the acquisition agreement when it fired two top managers and laid off a third of its talent-acquisition team.

When Musk offered to buy the company and take it private in mid-April, the board initially tried to block him by deploying a financial maneuver that would have made the acquisition prohibitively expensive.

By April 25, though, Twitter had reconsidered the offer, concluding that selling the company to Musk for $54.20 a share was in the best interest of shareholders. In a joint press release, Musk pledged to “unlock” the social media company’s potential by loosening restrictions on speech and rooting out fake accounts.

But his confidence didn’t last long. Tesla’s stock — Musk’s primary source of wealth — plummeted amid a broader stock market selloff in May, and Musk soon seemed less enthusiastic about owning Twitter.

Twitter’s suit calls Musk’s tactics “a model of hypocrisy,” noting that he had emphasized plans to take Twitter private in order to rid it of spam accounts. Once the market declined, however, Twitter noted that “Musk shifted his narrative, suddenly demanding ‘verification’ that spam was not a serious problem on Twitter’s platform, and claiming a burning need to conduct ‘diligence’ he had expressly forsworn.”

Similarly, the company charges that Musk operated in bad faith, accusing him of requesting company information in order to accuse Twitter of providing “misrepresentations” about its business to regulators and investors.

Musk “has been acting against this deal since the market started turning, and has breached the merger agreement repeatedly in the process,” the suit charges. “He has purported to put the deal on ‘hold’ pending satisfaction of imaginary conditions, breached his financing efforts obligations in the process, violated his obligations to treat requests for consent reasonably and to provide information about financing status, violated his non-disparagement obligation, misused confidential information, and otherwise failed to employ required efforts to consummate the acquisition.”

Twitter’s lawsuit alleges that the company “has suffered and will continue to suffer irreparable harm” as a result of Musk’s contractual breaches that “cast a pall over Twitter and its business.”

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Jill Biden tests positive for COVID-19, has ‘mild’ symptoms

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Jill Biden Tests Positive For Covid-19, Has ‘Mild’ Symptoms

KIAWAH ISLAND, S.C. — First lady Jill Biden tested positive for COVID-19 and was experiencing “mild symptoms,” the White House announced Tuesday. President Joe Biden continues to test negative after recently recovering from the virus but will wear a mask indoors for 10 days as a precaution.

The Bidens have been vacationing in South Carolina since Aug. 10, and the 71-year-old first lady began experiencing symptoms on Monday. Jill Biden, like her husband, has been twice-vaccinated and twice-boosted with the Pfizer COVID-19 vaccine. She has been prescribed the antiviral drug Paxlovid and will isolate at the vacation home for at least five days.

“Close contacts of the First Lady have been notified,” her communications director, Elizabeth Alexander, said in a statement “She is currently staying at a private residence in South Carolina and will return home after she receives two consecutive negative COVID tests.”

The president tested negative for the virus on Tuesday morning, the White House said, but would be wearing a mask indoors for 10 days. He plans to return to Washington on Tuesday to sign Democrats’ landmark climate change and health care bill in the afternoon, before continuing to his home in Wilmington, Delaware.

He recovered from a rebound case of the virus on Aug. 7.

“Consistent with CDC guidance because he is a close contact of the First Lady, he will mask for 10 days when indoors and in close proximity to others,” the White House said. It said it would increase the president’s testing cadence and report those results.

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Jill Biden tests positive for COVID-19, has ‘mild’ symptoms – CBS Detroit

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Jill Biden Tests Positive For Covid-19, Has 'Mild' Symptoms – Cbs Detroit

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Walmart revenue grows as prices rise

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Walmart Revenue Grows As Prices Rise

walmart revenue rose in the second quarter as the retail giant benefited from consumers paying more for goods and stepping up trips to its stores.

Walmart, in its earnings report on Tuesday, said it was gaining market share in some categories such as groceries as shoppers grapple with inflation, and some Covid-19-related costs have decreases. But rising prices led buyers to withhold some purchases. Walmart also sells through an inventory glut, which leads to higher discounts.

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Indian Oil Recruitment 2022: Bumper recruitments in IOCL, salary will get 1 lakh, know the selection process & details

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Indian Oil Recruitment 2022: Bumper Recruitments In Iocl, Salary Will Get 1 Lakh, Know The Selection Process &Amp; Details

Indian Oil Recruitment 2022: Bumper recruitments in IOCL, salary will get 1 lakh, know the selection process & details

Indian Oil Corporation Limited Recruitment Notice 2022: IOCL recruitment Notification dated 21 June 2022 for Engagement of Security Chief on contract basis at NRPL Roorkee The contractual position has been decided that of Security Chief at Northern Region Pipelines office Roorkee was notified in leading newspapers and hosted on the official website on 21.06.2022. In this regard, it is no 1. 2.

The last date for receipt of applications is extended up to The desirous 23 August 2022 (up to 5.00 PM) Candidates who have retired from the state services on or after 30 June 2019 can also apply against the said advertisement.

Interested and eligible candidates may send their duly filled in applications (in the prescribed format given below) to the Senior Human Resource Manager, Indian Oil Corporation Limited, Northern Region Pipelines, PO August 2022 by 1700 hours Panipat Refinery, Baholi, Panipat 132140 on or before 23rd of August.

For queries and doubts regarding to the content may be addressed to [email protected] or [email protected]

Click here to check the official notification

Please note that all further announcements in this regard including corrigendum, if any, would be made only at this website i.e. www.iocl.com

The post Indian Oil Recruitment 2022: Bumper recruitments in IOCL, salary will get 1 lakh, know the selection process & details appeared first on JK Breaking News.

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Explosions rock Crimea in suspected Ukrainian attack – The Denver Post

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Explosions Rock Crimea In Suspected Ukrainian Attack – The Denver Post

By Paul Byrne

KYIV, Ukraine (AP) — Explosions and fires ripped through an ammunition depot in Russia-annexed Crimea on Tuesday in the second suspected Ukrainian attack on the peninsula in just over a week, forcing the evacuation of more of 3,000 people.

Russia blamed the explosions in the village of Mayskoye on an “act of sabotage” without naming the perpetrators.

Separately, Russian business newspaper Kommersant quoted local residents as saying plumes of black smoke also rose above an airbase in Gvardeyskoye in Crimea.

Ukraine has not publicly claimed responsibility for any of the explosions, including those that destroyed nine Russian planes at another air base in Crimea last week. Russia seized Crimea from Ukraine in 2014 and used it to launch attacks on the country in the war that began nearly six months ago.

If Ukrainian forces were, in fact, behind the explosions, they would represent a significant escalation of the war. The Kremlin has demanded that Kyiv recognize Crimea as part of Russia as a condition to end the fighting, while Ukraine has pledged to drive Moscow’s forces out of the Black Sea peninsula.

Videos posted on social media showed thick columns of smoke rising above raging flames in Mayskoye, and a series of explosions could be heard. The Russian Defense Ministry said the fires damaged a power plant, power lines, railway tracks and apartment buildings.

Crimean regional leader Sergei Aksyonov said two people were injured and more than 3,000 were evacuated from two villages.

Crimea is a popular summer destination for Russian tourists, and last week’s explosions at Crimea’s Saki airbase sent bathers on beaches fleeing as flames and columns of smoke rose in the air. horizon.

Ukrainian officials warned on Tuesday that Crimea would not be spared the ravages of war.

Rather than a travel destination, “Russian-occupied Crimea is about warehouse explosions and high risk of death for invaders and thieves,” Ukrainian presidential adviser Mykhailo Podolyak said on Twitter.

Russia blamed last week’s explosions on an accidental detonation of munitions, but satellite photos and other evidence – including scattered explosion sites – pointed to a Ukrainian attack, possibly with anti-missile missiles. ships, according to military analysts.

An intelligence update from the UK Ministry of Defense said Russian Black Sea Fleet ships are in an ‘extremely defensive posture’ in the waters off Crimea, with the vessels barely venturing out view of the coast.

The Russian flagship Moskva sank in the Black Sea in April and last month Ukrainian forces retook the strategic Snake Island.

“The limited effectiveness of the Russian fleet undermines Russia’s overall invasion strategy,” the British said. “That means Ukraine can divert resources to put pressure on Russian ground forces elsewhere.”

Meanwhile, in Donbass, the eastern industrial sprawl that has been at the center of fighting in recent months, one civilian was killed in Russian shelling and two others were injured, according to Ukrainian regional governor Pavlo Kyrylenko.

In Kharkiv, northeastern Ukraine, one civilian was killed and nine others injured by Russian shelling, regional governor Oleh Syniehubov said. He said the night attack was “one of the most massive bombardments in Kharkiv in recent days”.

Good news has emerged from the region: a United Nations-chartered ship loaded with Ukrainian grain has set sail for the starving Horn of Africa in the first relief delivery of the war. The shipment was made possible by an internationally brokered deal to release grain trapped in Ukrainian ports by the fighting.

___

Follow AP coverage of the war at

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Chicago Cubs notebook: Kyle Hendricks begins his rehab in Arizona, while Nick Madrigal settles into the leadoff spot

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Chicago Cubs Notebook: Kyle Hendricks Begins His Rehab In Arizona, While Nick Madrigal Settles Into The Leadoff Spot

Whether Kyle Hendricks will pitch again for the Chicago Cubs this season remains unknown.

Hendricks, sidelined since July 6 with a right shoulder strain, has taken a step toward a potential return. He’s on his way to Arizona to start his rehab, though there’s no timetable for how long his throwing progression and buildup will take.

The Cubs’ priority is making sure Hendricks is fully healthy entering the offseason. He’s a known commodity at this point in his career, so any game action would be to set him up for 2023 rather than an evaluation process, such as the Cubs might want for right-hander Adbert Alzolay.

Alzolay, who has missed the entire season because of a right shoulder strain, has been throwing live batting practice in Arizona and ideally will pitch some innings, even in the minor leagues, before the season ends.

A healthy, more consistent Hendricks would go a long way for the 2023 rotation. He and the Cubs want to avoid an offseason scenario that would require him to continue rehabbing his shoulder. Hendricks previously indicated he wants to get in a few starts before the season ends.

The Cubs won’t needlessly rush Hendricks back, especially with enough internal options, including at Triple A, to fill the rotation down the stretch.

Nick Madrigal making the most of healthy legs

A healthy Nick Madrigal is showing what he can bring to the Cubs lineup when he’s feeling his best.

Madrigal entered the Cubs’ series against the Washington Nationals hitting .391 (9-for-23) with four walks and a .500 on-base percentage in 29 plate appearances over eight games since returning from a left groin strain.

“Seeing that play out is rewarding for him and us,” manager David Ross said.

In his last three starts, including Monday’s 5-4 loss at Nationals Park, Madrigal’s production has come from being slotted into the leadoff spot. He doubled and scored in the seventh Monday and finished 1-for-5.

Part of Ross’ calculus in batting Madrigal there stems from wanting the second baseman to get as many at-bats as possible after losing time the last two years because of injuries.

“The leadoff position is probably a little more on-base driven,” Ross said, “but the way he’s swinging the bat, the at-bats he’s had, taking some walks since he’s come back, the all-field approach he’s had — he’s got real bat-to-ball skills, just thinking about how he goes about it. It can be really frustrating from a starting pitcher standpoint that some of these guys can spray it around a little bit.”

Madrigal’s approach as the leadoff hitter — being patient to give his teammates more looks at the opposing pitcher’s stuff or hunting for a pitch early in the count — depends on the pitcher.

“I’ve always tried to be an aggressive hitter,” Madrigal told the Tribune. “Being in a leadoff spot, really it’s just the first at-bat of the game is the only difference. But (my approach) really depends on the pitcher.”

Madrigal also is looking for spots to be more aggressive on the basepaths now that his legs feel a lot better. It has been a process to gain strength after last year’s hamstring surgery, followed by a low back strain and the groin strain that caused him to miss about two months this year.

Madrigal has stolen two bases this season after stealing three in 83 games over two seasons (2020-21) with the Chicago White Sox.

“I’m able to start testing a little bit, but it’s something that’s always been part of my game,” Madrigal said. “I haven’t got the chance to really show it all that much. But I’m hoping that comes in the future.”

Wade Miley to make another rehab start

The Cubs clearly want to ensure left-hander Wade Miley is fully healthy this time without facing another setback.

Miley is slated to make another rehab start Tuesday at Triple-A Iowa, his fourth rehab outing as he works back from a left shoulder strain that put him on the injured list June 11.

Left elbow inflammation thwarted the veteran early in the season before his shoulder issue emerged in May. In his first start off the IL, Miley lasted just three innings with a reoccurrence of the injury.

Miley had thought his bullpen sessions simulated enough of a game situation to test his shoulder. This time he’s taking on a more thorough buildup through multiple rehab appearances.

“We’re trying to get him back in the rotation as soon as he’s healthy,” Ross said. “But we’ll wait to see how he comes out of that start.”

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