Musk reverses course, avoids Twitter board seat | Robins Kaplan LLP

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In the turnaround heard in the tech world on Monday, Elon Musk announced that he do not join the Twitter board after all. The social media company had extended the invitation to Musk after news broke that he had amassed a 9.2% stake in Twitter. Neither Musk nor Twitter gave a reason for the about-face, although it came after “Musk tweeted erratically throughout the weekend, probing his followers with barbed questions about the future. of the social media company”. By retiring from board service, Musk is freed from the ‘status quo’ agreement he signed last week that would have prevented him from buying more than 14.9% of Twitter shares or try to take over the company – NYTimes and WSJ and Bloomberg

Today’s upcoming CPI numbers, which are expected to show inflation still soaring, were enough to preemptively lower stocks and raise bond yields to start the trading week. Tech stocks dragged others down – NYTimes and WSJ and Bloomberg and MarketWatch

The recent revelations help give financial context to the groundswell of global companies leaving Russia in the weeks following the country’s invasion of Ukraine. Energy Companies, Financial Institutions Seem to Lead in Expected Losses So Far – NYTimes

During this time, the Log introduces us to Elvira Nabiullina, the Governor of the Russian Central Bank who is now scrambling to keep the Russian economy afloat by undoing her eight years of work spent “modernizing Russian monetary policy and forging links with global markets” – WSJ

Epic Games, the “Fortnite” maker that recently battled Apple over its App Store practices, has just completed a $2 billion funding round involving Sony Group and Kirkbi A/S that values ​​the company at around $31.5 billion. Epic says it will use the cash injection to “advance the company’s goals of building the metaverse. . . and its continued growth” – WSJ and Bloomberg

Amazon completed a $12.75 billion bond sale ‘for general corporate purposes that may include repaying debt as well as funding acquisitions and stock buybacks in its first-ever bond sale. ‘bonds in about a year’ – Bloomberg

Federal prosecutors oppose an effort by Theranos founder Elizabeth Holmes’ ‘uninformed oral motion for acquittal’, saying ‘evidence presented at her criminal fraud trial’ ‘overwhelmingly’ supports January jury conviction on four counts” – Law360

Remember that whole “states are laboratories of democracy” lesson from social studies? Yeah, well, all is well in the class of Mr. Johnson’s APUS government, but in practice it means that in the vacuum created by the absence of federal cryptocurrency regulation, an “emerging national cryptocurrency strategy “Crypto industry ‘working’ state by state to design a more user-friendly legal system” means “setting the stage for the continued explosive growth of cryptocurrency companies”. Really, what could go wrong. – NY Times

Fascinating weekend read from the Time on MacKenzie Scott’s Huge Fortune and Breakneck Pace of Giving It Away Over the Past Year – NYTimes

On the emergence of “multi-story log buildings,” which have exploded in popularity in the United States and around the world in recent years thanks to “potential environmental benefits,” lower construction costs, and, well, to that awesome forest smell – WSJ

Stay safe,

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