Elon Musk is ready to buy Twitter at his original offer of $44B after a monthslong legal battle, according to a new legal filing. The CEO of Tesla and SpaceX made the proposal in a letter to Twitter before an emergency meeting with a judge yesterday. The news comes a month after Twitter shareholders voted to approve the original deal and two weeks before the trial over Musk's previous attempt to terminate it.
Twitter sued Musk in July after he declared his intention to withdraw from the April agreement. Musk alleged Twitter undercounted the number of fake accounts on its platform. Legal analysts say the billionaire entrepreneur faced an uphill battle in court, citing the judge frequently ruled in Twitter's favor on evidentiary matters. See a timeline of events here.
Twitter shares were halted for much of the day before closing up 22% at $52 per share, bringing the price closer to Musk's offer of $54.20 per share.
US stock futures fall early Wednesday, as the two-day rally shows signs of slowing. Meanwhile,...
US stock futures fall early Wednesday, as the two-day rally shows signs of slowing. Meanwhile, OPEC's members are meeting later today and are widely expected to slash oil production to push up crude prices — and the White House is making a last-minute attempt to stop them. Here are the latest market moves.
The US says a cap on Russian oil prices would save billions of dollars for importers like Turkey and Thailand
A proposed price cap on Russian oil could mean importers in the largest emerging markets pay billions...
A proposed price cap on Russian oil could mean importers in the largest emerging markets pay billions of dollars a year less for oil than otherwise, according to US Treasury estimates reported by the Financial Times.
The findings came from a Treasury study, which looked at the impact of two alternatives on the global oil market: a system allowing shipments priced below a set level, and embargoes without those exemptions.
The planned G7 price cap could save the 50 largest emerging market and low-income countries — ranging from Turkey to El Salvador and Thailand — about $160 billion annually in spending on oil imports, the study found.
Texas seeks CO2 well oversight to speed up permitting
Following North Dakota and Wyoming's successful attempts, the Railroad Commission of Texas will apply...
Following North Dakota and Wyoming's successful attempts, the Railroad Commission of Texas will apply to the Environmental Protection Agency for enforcement authority over Class VI carbon dioxide wells to streamline permitting for carbon capture and storage projects and support the state's ambition to become a CCS powerhouse. "Primacy over Class VI wells should be granted for consistency sake and to help the state more effectively encourage investment in emission reduction technologies and related projects," said Texas Independent Producers and Royalty Owners Association President Ed Longanecker.
Swiss bank Credit Suisse was no angel thanks to numerous missteps and a high-profile corporate spying...
Swiss bank Credit Suisse was no angel thanks to numerous missteps and a high-profile corporate spying scandal, but the internet decided this weekend to brand the firm with a big scarlet D: The bank’s credit default swaps (CDS)—a security that reflects how much default risk the market sees—surged yesterday after rumors spread throughout the trading floor that the bank was short on cash.
Looking ahead…the bank is expected to make a restructuring announcement on October 27 that will address its plans for coming back from epic blunders like the $5.5 billion loss it sustained when client Archegos Capital collapsed last year.
