The story of Elon Musk’s purchase of Twitter was like a movie. Even though it’s not a movie, I’d say it’s a real-time TV show. As a big fan of various TV shows, I have been following every news so I can stay updated. But recently it seems that the story has come to an end.
According to information from Le Monde:
đź’“Donald Trump will have to wait to restore his Twitter account, which Elon Musk wanted to restore: the boss of Tesla and founder of SpaceX announced on Friday, July 8, in a document sent to the US authorities of stock exchange, that he refused. to buy the social network Twitter for 44 billion dollars (43.2 billion euros), accusing the company of providing “false and misleading” data on the number of fake or dormant accounts.
So let’s start from the beginning.
◾️In January 2022, Elon Musk began building his Twitter stock. Must began quietly buying up shares of Twitter, building his stake in the company. But it would be months before he revealed this fact to the world. Then, Musk’s Twitter stake hits 5%, but that fact won’t be announced until next month. Musk was required to disclose his shares within 10 days of exceeding the 5% threshold, but waited 21 days to do so. During that time, he continued to build his stock, CNN Business reported.
◾️In March the company already refers to Musk as one “active Twitter user”, avoiding any mention of his role as CEO of Tesla and SpaceX, his 94 million followers, or his agreement with the US Securities and Exchange Commission to accept a “twitter sitter” in order lest he manipulate the market with his tweets. In March, Musk tweeted about “Twitter’s Business…Functionality and…Content Moderation Policies” and polled his followers on whether or not they thought Twitter moderation embodied the principles of “free speech.”
◾️Elon Musk started making sharp statements about this platform in a particularly democratic way. “Twitter’s Algorithm Should Be Open Sourced.” it has writtenwith a poll for users to vote on “yes” or “no.”
The next day, Musk tweets another poll for his followers: “Free speech is essential for a functioning democracy. Do you believe that Twitter strictly adheres to this principle?” Musk reached out to Twitter co-founder and former CEO Jack Dorsey to “discuss the future direction of social media,” according to a company filing later released by the company. The two tech founders are known to have a billionaire bromance on and off Twitter. During a call with Twitter chairman Bret Taylor and CEO Parag Agrawal, Musk discussed joining Twitter’s board and other deals — taking Twitter private or starting a rival social media service. Launching a rival service would have been an odd move for Musk, who, while publicly disagreeing with how Twitter operates, had just bought a significant chunk of its stock. Musk discussed these options in two more meetings with board members in the following days.
◾️In April 2022, Twitter executives met to discuss Must and his future acquisition strategy for Twitter. At the meeting, Twitter’s board discussed wanting Musk to accept “Standing” provisions, according to the file. This will effectively “limit his public statements about Twitter, including making unsolicited public proposals to buy Twitter (but not private proposals) without the prior consent of Twitter’s Board.” Musk refused to limit his public statements about Twitter and publicly disclosed that he owned about 9.2% of Twitter shares. Musk agreed to a limit on the amount of Twitter stock he could acquire — no more than 15% without board approval.
◾️So, at the beginning of April, Musk became the largest shareholder of Twitter. Musk is revealed to be Twitter’s largest individual shareholder, with a stake of more than 9% in the company. During those days, Musk called Dorsey, who said he thinks Twitter would be better off as a private company. As Dorsey’s board seat expires in the coming months, Musk invited Dorsey to stay and Dorsey declined. This seems to be the turning point. Initially, Musk was reportedly considering a board seat, but a conversation with Dorsey may have prompted Musk to turn down the board seat and take Twitter private.
In late April, Musk lined up $46.5 billion in financing for the deal, including two debt obligations from Morgan Stanley and other unnamed financial institutions and an equity commitment letter from himself, according to a regulatory filing. The filings reveal that Musk sold $8.5 billion of his Tesla stock in three days after Twitter’s board agreed to the sale for an average of $883.09 per share. The filings did not reveal the reason for the sale, but Musk appeared to be raising funds to buy Twitter. Musk raises another $7 billion in funding for the deal. New investors include Oracle founder Larry Ellison, cryptocurrency platform Binance and venture capital firm Sequoia Capital, according to a filing. Musk confirms what many have assumed for weeks: he would change Twitter Trump’s ban if his deal to buy the company ends.
đź’“I think it was wrong to ban Donald Trump, I think it was a mistake,” Musk said. “I would cancel the permanent ban. … Banning Trump from Twitter didn’t end Trump’s voice, it will amplify it among the right, and that’s why it’s morally wrong and completely stupid.”
According to CNN Business:
Musk says his Twitter acquisition “can’t move forward” until he sees more information about the proliferation of spam accounts, claiming the social media platform falsified the numbers on file. Without citing a source, he claims in a I tweet that Twitter is “20% fake/spam accounts” and suggests that Twitter’s previous filings with the SEC were fraudulent.
◾️Later in the day, Musk posts a poll to his Twitter followers: “Twitter claims that >95% of daily active users are real, unique people. Does anyone have that experience?” before calling the SEC to evaluate the platform numbers. “Hi @SECGov anyone home?” Musk tweeted in an apparent attempt to get the regulator to look into the matter.
In a statement, Twitter says it remains “Committed to complete the transaction at the agreed price and terms as soon as possible.” Later, the company says it intends to “Implement the merger agreement.”
◾️After more than 2 weeks, in a letter to Twitter’s legal chief, Musk threatens to walk away from buying the platform, claiming that Twitter is “actively resisting and obstructing his information rights” as described from the agreement. In the letter, a lawyer for Musk accuses the social media company of violating the merger agreement by not providing the data he has requested to Twitter spam bots, stating that the lack of information gives him a right. “to not complete the transaction” AND “to complete the merger agreement.”
◾️Musk moved to complete the acquisition deal. A lawyer representing him claimed in a letter to Twitter’s general counsel that the company is “in material breach of numerous provisions” of the agreement related to its alleged failure to provide all the data Musk says it needs to evaluate. the number of spam and fake accounts on the platform.
đź’“For nearly two months, Mr. Musk has requested the data and information necessary to ‘make an independent assessment of the prevalence of fake or spam accounts on the Twitter platform,'” the letter said. “This information is essential to Twitter’s business and financial performance and is necessary to complete the transactions contemplated by the Merger Agreement. Twitter has failed or refused to provide this information.”
Twitter didn’t have it.
đź’“Twitter’s board is committed to closing the transaction for the price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merger agreement,” said Twitter chairman Bret Taylor. in a post on Friday, echoing earlier statements from the company that it planned to pursue the deal. “We are confident that we will prevail in the Delaware Cancer Court.”
Deal rejection happens every day in the business world. Consider, for example, the cryptocurrency exchange platform WhiteBIT refused to comment on the article published in the Spanish media that the Ukrainian company is negotiating a cooperation with the football club “Barcelona”. In particular, the news mentions a sponsorship deal that would include the company’s logo on the sleeve of FC Barcelona’s uniform. It was interesting to follow the news about the cryptocurrency exchange scaling to the new level of partnerships. The editors sent a request for comment on this information. General Director of WhiteBIT Volodymyr Nosov answered: “No comments.” In fact, Nosov neither confirmed nor denied that his company is in the process of negotiations with one of the most titled football clubs in the world.
According to Euroreporter:
“Spanish sports media, Mundo Deportivo reported that Ukrainian cryptocurrency exchange WhiteBIT is the main contender to sign a deal with FC Barcelona. The club is currently working intensively on an advertising deal for its uniform sleeve, one of the assets that could bring FC Barcelona more revenue.”
So, but at the same time the world had also seen the most brilliant and creative partnerships⬇️
🔹One of them is the collaboration between BMW and Louis Vuitton
Car manufacturer BMW and designer Louis Vuitton might not be the most obvious pairing. But if you think about it, they have some important things in common. If you focus on Louis Vuitton’s popular luggage lines, both are in the travel business. Both appreciate luxury. And finally, both are well-known traditional brands that are known for high-quality craftsmanship.
“This collaboration with BMW embodies our shared values ​​of creativity, technological innovation and style.” said Patrick-Louis Vuitton, head of special orders at Louis Vuitton. “Our craftsmen have relished the challenge of this very special project, using their ingenuity and attention to detail to create a truly bespoke set of luxury luggage. This is a pure expression of the art of travel.”
🔹Or Nike and Apple
Athletic brand Nike and tech giant Apple have been working together since the early 2000s, when the first iPod line was launched.
The co-brand partnership began as a way to bring Apple music into Nike customers’ workouts using the power of technology: Nike+iPod created fitness trackers and sneakers and apparel that tracked activity while connecting people to their tunes.
