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Aug. 6, 2022, 1:34 PM +07 By Rob Wile and Clare Secrist Attorneys for Elon Musk are claiming in a recent filing that Twitter misrepresented information about the company and its “key metrics,” and distorted its value in an attempt to cause the billionaire to agree to buy the social media platform at an inflated price. The allegations were detailed in a countersuit made public Thursday. The filing alleges fraud and claims Twitter made statements in its Securities and Exchange Commission disclosures that were “far from true” and “contain numerous, material misrepresentations or omissions that distort Twitter’s value.” Twitter in its response said its SEC disclosures are accurate and that the company “misrepresented nothing.” The claim that Musk was “hoodwinked” into signing the merger is “as implausible and contrary to fact as it sounds,” Twitter said, and alleged that Musk is making excuses to escape the agreement. Twitter sued Musk last month after Musk sought to back out of a deal to purchase the company for $54.20 per share, or $44 billion, and take it private. Since Musk first made his bid for Twitter in April, the social media platform’s share price has fallen to $41, leading some, including Twitter itself, to speculate that Musk is simply seeking a lower price for the company. Musk, in turn, has accused Twitter of withholding data about the volume of fake and spam accounts on its site, arguing the company has been misleading investors about how many active users it truly has. Much of the countersuit focuses on those accounts and active user numbers. Twitter has responded in the past to those claims by saying it has given Musk all the information he’s asked for. Recommended CONSUMER Coca-Cola’s newest flavor ‘Dreamworld’ supposedly tastes like dreams CONSUMER U.S. Postal Service asks for temporary postage hike for holiday season Now, Twitter is going to court to force Musk to follow through on
tax specialist who was Brockman’s lead lawyer, was the assistant attorney general in charge of the Justice Department’s tax division from 2012 to 2014. According to court records, the wealthiest Black citizen in the U.S., Robert Smith, Brockman’s former business associate, was to be a key witness against him. Smith avoided charges by admitting to evading taxes, paying $139 million in taxes and penalties and agreeing to cooperate, records show. At issue in the criminal case against Brockman was the allegation that he avoided taxes through an offshore charitable trust that prosecutors said he secretly controlled — and which he said was independent. Prosecutors said he used ill-gotten gains to buy a Colorado fishing lodge, a private jet and a 200-foot yacht, among other things. The government filed paperwork last year to seize the 100-acre fishing retreat in the Rockies, The Aspen Times reported then. It was not immediately clear how Brockman’s death would affect the government’s ability to recover the taxes it says are owed. He is survived by his wife of 53 years, Dorothy; a son, Robert Brockman II; a brother; and two grandchildren, according to Bloomberg. Ken Dilanian Ken Dilanian is the intelligence and national security correspondent for NBC News, based in Washington.
the sale. Get the Morning Rundown Get a head start on the morning’s top stories. SIGN UP THIS SITE IS PROTECTED BY RECAPTCHA PRIVACY POLICY | TERMS OF SERVICE That’s among the several twists and turns that Musk’s bid for the company has taken in the last four months. It all started when Musk became Twitter’s largest public shareholder in April, declaring holdings of more than 9% of the company’s stock. Originally, Musk was going to take a seat on Twitter’s board of directors in connection with his stake. At some point, that changed, and he put together a bid to buy Twitter outright. “I invested in Twitter as I believe in its potential to be the platform for free speech around the globe,” Musk said in an April 14 letter sent to Bret Taylor, the chair of Twitter’s board. “I believe free speech is a societal imperative for a functioning democracy.” Twitter’s initial response to the bid was to adopt a so-called poison pill provision, which would have created more shares of the company in order to dilute the value of Musk’s holdings. But by the end of that month, Musk had made his 11-figure offer to buy Twitter, and the social media company reversed course, deciding Musk’s $44 billion valuation of the company was the best price its shareholders would get. On April 25, it accepted Musk’s bid. By May, Musk said he was putting the deal on hold in response to what he said were issues with how many fake and spam accounts were on the site. Twitter had long stated in official filings that it believed no more than 5% of the accounts on its site fell into that category — raising questions about Musk’s true motivations behind his apparent backpedaling. Between the time Musk made his offer for $54.20 per share and his assertion that he was pausing the deal, Twitter’s share price had fallen to as low as $45. Whatever the case, Musk and Twitter could not come to an agreement to settle the dispute, leading to the current impasse. Now attorneys for Twitter and for Musk have an October trial date set to argue the dispute in Delaware Chancery Court, the main jurisdiction in the U.S. for settling business matters. Rob Wile Rob Wile is a breaking business news reporter for NBC News Digital. Clare Secrist Claire Cardona contributed.
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- Material Type: 35% Cotton – 65% Polyester
- Soft material feels great on your skin and very light
- Features pronounced sleeve cuffs, prominent waistband hem and kangaroo pocket fringes
- Taped neck and shoulders for comfort and style
- Print: Dye-sublimation printing, colors won’t fade or peel
- Wash Care: Recommendation Wash it by hand in below 30-degree water, hang to dry in shade, prohibit bleaching, Low Iron if Necessary
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