'Musk's $44 bn Twitter takeover deal draws investor suit over bot account claims'
According to Bloomberg, John Solak, who owns five Twitter shares, sued the company in Delaware Chancery Court for records related to discussions between its directors and executives about problems with so-called bot accounts. This week, the Tesla CEO said that Twitter is violating the terms of his $54.20-per-share offer by refusing to give him more information about how much of the platform's traffic is driven by fake accounts.
Tesla's job cut may save up to $1 bn yearly operational costs: Report
Recently, Musk had noted that his electric vehicle company would be reducing its salaried headcount by 10 per cent as the company has become overstaffed in some areas. This initiative, at least according to Goldman Sachs analyst Mark Delaney, could translate into $0.225-$1 billion in annual OPEX savings, reports Teslarati.
Come to office or get out, Elon Musk warns Tesla employees
He sent a series of emails that asked employees to come back to the office or be terminated. "Anyone who wishes to do remote work must be in the office for a minimum (and I mean *minimum*) of 40 hours per week or depart Tesla. This is less than we ask of factory workers," Musk wrote, reports Electrek. "Everyone at Tesla is required to spend a minimum of 40 hours in the office per week.
Global recession can stay for up to 18 months: Elon Musk
World Bank chief David Malpass warned this week that Russia's ongoing invasion of Ukraine could cause a global recession as the price of food, energy and fertiliser jump. "As we look at the global GDP, it's hard right now to see how we avoid a recession... The idea of energy prices doubling is enough to trigger a recession by itself," he was quoted as saying in media reports.
Elon Musk's net worth drops below $200 bn
According to Teslarati, Musk has lost about $77.6 billion of his net worth year-to-date. Tesla stock has been under immense pressure as of late, with shares dropping about 40 per cent since the start of the year. Musk's net worth has taken a substantial hit as a result. As per the Bloomberg Billionaires Index, Musk's net worth stands at $193 billion, as of May 25. This means that Musk had seen $77.6 billion of his wealth sheared off since the start of the year.
Musk sees net worth shrink by $12 billion amid ESG fiasco
Musk's decline in net worth also comes amidst his announcement that he would no longer be voting for a candidate from the Democratic Party in the next elections, reports Teslarati. Despite having over $12 billion lopped off his net worth, Musk still stands as the world's richest person with $210 billion to his name.
Musk prefers to visit Indonesia as top Indian ministers fail to impress him
The Indonesian government wants Musk to set up a world-class electric batteries industry as the country has vast nickel reserves. Indonesian President Joko 'Jokowi' Widodo met Musk in Starbase, SpaceX's rocket production facility, test site, and spaceport in Boca Chica, Texas, over the last weekend and invited him to come to Indonesia.
Twitter, Tesla, Musk see billions evaporate
Irony. At $231 billion of worth on the Forbes Real Time Billionaires Index at close of play on Friday, only part of Musk's losses are because of his still single-digit ownership of Twitter. Most of the vapourisation is coming from investors abandoning Tesla. Their carp is that legal issues at Twitter might distract the maverick suitor.
It's Elon Musk vs Parag Agrawal at Twitter as platform suffers
Musk now wants to know how many Twitter accounts are spam or fake, before he invests a huge sum of money. The sudden realisation came when the micro-blogging platform revealed in a filing earlier this week that false or spam accounts represented fewer than 5 per cent of its monetisable daily active users (mDAUs) during the first quarter (Q1). Amid this, Twitter CEO Parag Agrawal sacked a couple of key executives in a bid to "take the team in a different direction".
Musk puts $44 bn Twitter deal 'on hold' over fake user accounts
"Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5 per cent of users," Musk said in a tweet to his over 92 million followers. Twitter's share price plunged 19 per cent on the news of the deal being put on hold.