It’s been quite the week already for Elon Musk, the world’s richest man..For starters, the board members of Twitter unanimously recommended its shareholders accept Musk’s bid of US$44 billion to take over the social media giant.."The Twitter Board, after considering various factors described in the section of this proxy statement captioned "The Merger— Recommendation of the Twitter Board and Reasons for the Merger," has unanimously: (1) determined that the merger agreement is advisable and the merger and the other transactions contemplated by the merger agreement are fair to, advisable and in the best interests of Twitter and its stockholders; and (2) adopted and approved the merger," the company said in a Securities and Exchange Commission filing on June 21..The deal, which values shares at $54.20 each, is expected to close before the end of the year. If the deal were to close now, investors in the company would pocket a profit of $15.22 for each share they own. Shares rose to $38.98 before the opening bell on June 21..Musk said in an interview at the Qatar Economic Forum that shareholder approval was one of three "unresolved matters" that stood in the way of the deal..Also needing to be resolved is debt financing for the deal, said Musk, who has pledged US$33.5 billion in equity financing and has received commitments from Morgan Stanley Senior Funding Inc. and the other financial institutions for up to $13 billion in debt financing..He is also waiting for a resolution to his dispute with Twitter about the total percentage of spam and fake accounts on the platform..Twitter has maintained spam and fake accounts make up less than 5% of its users, however Musk believes the figure is at least 20%.."We’re sort of waiting for a resolution on that matter and that is a very significant matter," he said..Meanwhile, two former Tesla employees filed a lawsuit against the company, arguing its recent staff layoffs violated federal law since workers were not provided advance notice of their firings..US federal laws regarding mass layoffs require a 60-day notice under the Worker Adjustment and Retraining Notification Act, the lawsuit reads..The workers are seeking class action status for all former Tesla employees throughout the US who were fired in May or June without advance notice.."Tesla has simply notified the employees that their terminations would be effective immediately," the lawsuit reads..It comes on the heels of Musk saying in an email that he had a "super bad feeling" about the economy and that Tesla had to reduce its payroll by about 10%..More than 20 former Tesla employees say they lost their jobs this month, according to online postings and media interviews..The two workers who filed the suit were fired in the past two weeks and are seeking pay and benefits for the 60-day notification period.."It's pretty shocking that Tesla would just blatantly violate federal labor law by laying off so many workers without providing the required notice," Shannon Liss-Riordan, an attorney representing the workers told Reuters..And, in Los Angeles County one of Musk’s kids has filed legal documents to drop the Musk surname and to change her full name, plus legally declaring her gender identity..Xavier Musk, who turned 18 in April, says she wants her name to be Vivian Jenna Wilson, the last name coming from her mother, Canadian author Justine Wilson, who was married to Elon from 2000 to 2008..In the documents Vivian lists her reason for the name change as "Gender Identity and the fact that I no longer live with or wish to be related to my biological father in any way, shape or form."
It’s been quite the week already for Elon Musk, the world’s richest man..For starters, the board members of Twitter unanimously recommended its shareholders accept Musk’s bid of US$44 billion to take over the social media giant.."The Twitter Board, after considering various factors described in the section of this proxy statement captioned "The Merger— Recommendation of the Twitter Board and Reasons for the Merger," has unanimously: (1) determined that the merger agreement is advisable and the merger and the other transactions contemplated by the merger agreement are fair to, advisable and in the best interests of Twitter and its stockholders; and (2) adopted and approved the merger," the company said in a Securities and Exchange Commission filing on June 21..The deal, which values shares at $54.20 each, is expected to close before the end of the year. If the deal were to close now, investors in the company would pocket a profit of $15.22 for each share they own. Shares rose to $38.98 before the opening bell on June 21..Musk said in an interview at the Qatar Economic Forum that shareholder approval was one of three "unresolved matters" that stood in the way of the deal..Also needing to be resolved is debt financing for the deal, said Musk, who has pledged US$33.5 billion in equity financing and has received commitments from Morgan Stanley Senior Funding Inc. and the other financial institutions for up to $13 billion in debt financing..He is also waiting for a resolution to his dispute with Twitter about the total percentage of spam and fake accounts on the platform..Twitter has maintained spam and fake accounts make up less than 5% of its users, however Musk believes the figure is at least 20%.."We’re sort of waiting for a resolution on that matter and that is a very significant matter," he said..Meanwhile, two former Tesla employees filed a lawsuit against the company, arguing its recent staff layoffs violated federal law since workers were not provided advance notice of their firings..US federal laws regarding mass layoffs require a 60-day notice under the Worker Adjustment and Retraining Notification Act, the lawsuit reads..The workers are seeking class action status for all former Tesla employees throughout the US who were fired in May or June without advance notice.."Tesla has simply notified the employees that their terminations would be effective immediately," the lawsuit reads..It comes on the heels of Musk saying in an email that he had a "super bad feeling" about the economy and that Tesla had to reduce its payroll by about 10%..More than 20 former Tesla employees say they lost their jobs this month, according to online postings and media interviews..The two workers who filed the suit were fired in the past two weeks and are seeking pay and benefits for the 60-day notification period.."It's pretty shocking that Tesla would just blatantly violate federal labor law by laying off so many workers without providing the required notice," Shannon Liss-Riordan, an attorney representing the workers told Reuters..And, in Los Angeles County one of Musk’s kids has filed legal documents to drop the Musk surname and to change her full name, plus legally declaring her gender identity..Xavier Musk, who turned 18 in April, says she wants her name to be Vivian Jenna Wilson, the last name coming from her mother, Canadian author Justine Wilson, who was married to Elon from 2000 to 2008..In the documents Vivian lists her reason for the name change as "Gender Identity and the fact that I no longer live with or wish to be related to my biological father in any way, shape or form."
