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Why Elon Musk Terminated The $44 Billion Twitter Deal ?



Elon Musk, the chief executive officer of Tesla and the world’s richest man, is looking to pull out of his $44 billion bid to buy microblogging platform Twitter.

In a filing with the US Securities and Exchange Commission (SEC), Musk said that he wanted to terminate the deal because Twitter was in “material breach” of their agreement and had made “false and misleading” statements during negotiations.

The social media company, meanwhile, has said it plans to pursue legal action to enforce the agreement.

Musk’s action to bail out of the deal marks the latest twist in a long-running saga after he decided to buy Twitter in April.

Why Musk is backing out of the deal

Musk has claimed that Twitter has not provided him with necessary information on the prevalence of fake or spam accounts on its platform, a concern he had first raised in May. At the time, he had said that the deal was “temporarily on hold”, until he received the data from Twitter, which had asserted that spam and bot accounts make up less than 5 per cent of its total users.

In his filing with the US SEC, Musk’s legal team said that “for nearly two months, Mr. Musk has sought the data and information necessary to ‘make an independent assessment of the prevalence of fake or spam accounts on Twitter’s platform…Twitter has failed or refused to provide this information. Sometimes Twitter has ignored Mr. Musk’s requests, sometimes it has rejected them for reasons that appear to be unjustified, and sometimes it has claimed to comply while giving Mr. Musk incomplete or unusable information”.

Musk also said he was pulling out because Twitter fired senior executives and a third of its talent acquisition team, breaching Twitter’s obligation to “preserve substantially intact the material components of its current business organisation.”

While these are broadly the two main reasons that Musk has intimated the SEC for terminating the deal, a number of external factors could have also played a role in his decision. Firstly, tech stocks globally have seen a massive correction since the deal was announced. On Friday, Twitter’s stock on the New York Stock Exchange closed at a value of $36.81, compared to $51.70 on April 25 when the company had accepted Musk’s offer, a decline of nearly 29 per cent. Tesla’s stock price has fallen by more than 24 per cent since the deal was announced.

Secondly, there were also question marks around how Musk would finance the $44 billion deal. In May, Musk had told the US SEC that the deal would include $33.5 billion in equity, up from an earlier commitment of $27.25 billion. He had also sold Tesla stock worth around $8.5 billion and had lined up about $7 billion from investors including Prince al-Waleed bin Talal of Saudi Arabia. However, he had told the SEC that he was continuing to seek additional financing and was in talks with Twitter shareholders, including former Twitter CEO Jack Dorsey, about potentially retaining their stakes in the company. It is unclear if Musk has managed to raise enough money to finance the deal.

What happens next?

Musk and Twitter could be looking at a lengthy legal battle, as the social media platform has made it clear that it will pursue legal action to enforce the terms of the deal.

“The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merger agreement. We are confident we will prevail in the Delaware Court of Chancery,” said Twitter’s chairman Bret Taylor. The original merger agreement also includes a $1 billion break-up fee.

According to Reuters, disputed mergers and acquisitions that land in Delaware courts more often than not end up with the parties re-negotiating deals or the acquirer paying the target a settlement to walk away, rather than a judge ordering that a transaction be completed.

The many twists and turns in the Musk-Twitter deal

Musk started buying Twitter’s shares in January 2022, and his shareholding in the company subsequently rose to over 5 per cent in March and 9.2 per cent in April, making him the largest individual stakeholder in the company.

On April 4, Twitter’s CEO Parag Agrawal announced that Musk would be joining Twitter’s board, however, just four days later, on April 9, Musk told the social media company that he would not take a board seat, and instead make an offer to take the company private.

On April 14, Musk made his offer to buy Twitter for $44 billion, leading to Twitter’s board adopting a ‘poison pill’ strategy to thwart any attempts of a hostile takeover of the company. After Musk made details of his financial plan known, mentioning that he has secured commitment to raise $46.5 billion, the company on April 25 accepted his original $44 billion offer to buy Twitter and take it private.

In the subsequent weeks, Musk sold Tesla shares worth around $8.5 billion and raised $7.1 billion to finance the deal from the likes of Prince al-Waleed bin Talal, Sequoia, Binance, a16z and others.

Soon after that, Agrawal announced that two top Twitter executives, Kayvon Beykpour and Bruce Falck, will leave the company. He also announced a hiring freeze and other cost-cutting measures.

On May 14, Musk said that the Twitter deal was “temporarily on hold” flagging fake and spam accounts on the platform as a concern.

Despite Agrawal’s explanation that less than 5 per cent of its users are spam or fake accounts, Musk said that the deal “cannot move forward” without proof on fake accounts.


Elon Musk is the richest person in the world again !!




Elon Musk, the tech billionaire and CEO of Tesla and SpaceX, has once again reclaimed his title as the richest person in the world. As of February 28, 2023, Forbes’ Real Time Billionaires List estimates Musk’s net worth at $247 billion, a staggering increase from his net worth of $197 billion just a few months ago.

Musk’s net worth has been on a steady rise over the past year, largely due to the success of Tesla, which has continued to dominate the electric vehicle market. The company’s market value reached a record high of $1 trillion earlier this year, making it one of the most valuable companies in the world. Additionally, SpaceX has continued to make strides in the space exploration industry, with plans to launch the first civilian space mission later this year.

Musk’s return to the top spot comes after a brief stint in second place, following a surge in Amazon founder Jeff Bezos’ net worth in late 2022. Bezos held the title of the world’s richest person for several months before Musk overtook him once again.

Despite his immense wealth, Musk has been a controversial figure in recent years, with some critics arguing that his businesses have benefited from government subsidies and tax breaks. Additionally, Musk has faced backlash for his comments on social media, including his controversial tweets about COVID-19 and his feud with the Securities and Exchange Commission over his use of Twitter to announce plans to take Tesla private.
However, Musk’s fans and supporters argue that his innovative ideas and entrepreneurial spirit have revolutionized multiple industries, including electric vehicles, space exploration, and even underground transportation. His companies have created thousands of jobs and have helped to shape the future of technology.
With his latest achievement of regaining the title of the world’s richest person, it remains to be seen what other groundbreaking projects Musk will undertake in the coming years, and how his success will continue to impact the business world and beyond.

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Togo: Government expects economic growth of 6.6% in 2023




Togo should record economic growth of 6.6% (real GDP) this year. The forecast was disclosed last Wednesday, by the minister of finance, Sani Yaya, during the council of ministers.

Yaya, on the occasion, presented the country’s economic situation in Q3 2022, but also the region’s and the world’s.

According to the official, the quarter was good for Togo. The national situation in the third quarter of 2022 was mainly characterized by activity growth in several economic sectors, compared to the same period in 2021, he said.

The performance, Yaya added, “aligns with estimates laid in the macroeconomic framework of October 2022, which predicted real GDP to grow at 5.8% in 2022 and 6.6% in 2022.”

At the sub-regional level (WAEMU), economic activity “remained dynamic”, with a year-on-year growth rate of 5.7%.

Source: Togo First

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Cedi appreciation not by chance; gov’t will sustain gains made – Akufo-Addo




President Akufo-Addo has stated that the appreciation of the cedi against all major trading currencies is a result of deliberate policy interventions introduced by Government over the last few months.

According to President Akufo-Addo, “the strengthening of the cedi has not happened by chance, but through the implementation of deliberate policies by Government, in collaboration with the Bank of Ghana.”

These measures, he said, include “cedi liquidity tightening measures, resulting in the offloading of forex, as a store of value, by speculators; the improvement of forex flows from remittances and the mining sector; and the reaching of a staff level agreement with the IMF for a US$3 billion package.”

The President made this known on Sunday, 18th December 2022, when he delivered an address at the centenary celebration of the Ga Presbytery of the Presbyterian Church of Ghana, held at the Black Star Square, Accra.

Addressing the congregation, which included the Moderator of the Presbyterian Church of Ghana, Rev. Prof. Joseph Obiri Yeboah Mante, he stated that, with appropriate policy, determination and hard work the part of Government, things are beginning to turn around.

Whilst acknowledging that the country was by no means “out of the woods yet”, he assured that Government will continue to work hard to maintain and sustain the gains made.

“Indeed, in the weeks ahead, the Bank of Ghana will continue with the purchases of forex from the mining and oil sectors to enhance liquidity supply to the market; continue with the single, unified forex forward auction and some modest targeted bilateral support to critical imports; and the implementation of the gold for oil swap transaction, which will significantly remove forex pressures on the cedi,” the President said.

It is in view of this that he added his voice to those of GUTA, GRTCC and others to appeal to manufacturers, traders and transport operators who, at the height of the cedi’s recent depreciation, increased prices of goods and services, to reduce their prices now that the cedi is re-gaining much of its strength.

“I believe this is not only a fair request, but also a just one, and I urge all of you to join me in this clarion call, so we can all have a more pleasant Christmas,” he added.

National Cathedral

Thanking the Presbyterian Church of Ghana for the support it continues to give for the construction of the National Cathedral.

He stated that, upon completion, the National Cathedral will serve not only as the country’s collective thanksgiving “to the Almighty for the blessings He has bestowed on our nation, sparing us the ravages of civil war that have bedevilled the histories of virtually all our neighbours, and the outbreak of deadly mass epidemics, but also as a rallying point for the entire Christian Community of Ghana, which represents seventy plus percent (70+%) of the population.”

The President, therefore, asked the Ga Presbytery, and, indeed, all Christians, to continue to pray for Ghana’s peace and unity, so the nation can move forward in unity.

“I need the support of every Ghanaian, together with the prayers of the Church, to help me and my government carry out our mandate successfully. Pray for me so that Almighty God will continue to give me wisdom, strength, courage and compassion to enable me execute my duties as a good leader. With Him, all things are possible, as the Battle is the Lord’s!! For this too shall pass!!”, President Akufo-Addo said.

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