Musk Sells Tesla Stock Worth $6.9 Bn As Possibility Of Forced Twitter Deal Rises

Tesla Inc Chief Executive Officer Elon Musk sold USD 6.9 billion worth of shares in the electric vehicle maker, saying the funds could be used to finance a potential Twitter deal if he loses a legal battle with the social media platform. “In the (hopefully unlikely) event that Twitter forces this deal to close *and* some equity partners don’t come through, it is important to avoid an emergency sale of Tesla stock,” he said in a tweet late on Tuesday. Shares of the microblogging site rose 3.5 per cent to…

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FCC denies SpaceX bid for nearly $1 billion in rural broadband subsidies for Starlink

A Starlink satellite terminal, also known as a dish, setup in front of an RV. SpaceX The Federal Communications Commission on Wednesday denied SpaceX’s bid for nearly $1 billion worth in subsidies to support rural broadband customers through the company’s Starlink satellite internet network. SpaceX, which is controlled by Elon Musk, had been awarded $885.5 million in the FCC’s $9.2 billion auction in December 2020 under the regulator’s Rural Digital Opportunities Fund. The FCC subsidies are designed to be an incentive for broadband providers to bring service to the “unserved”…

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Stocks making the biggest moves premarket: Wendy’s, Coinbase, Buzzfeed and more

Check out the companies making headlines before the bell: Wendy’s (WEN) – Wendy’s shares fell 1% in premarket trading following a mixed quarter, which saw the restaurant chain report better-than-expected earnings while revenue fell short of Street forecasts. U.S. same-restaurant sales rose 2.3%, less than analysts had estimated, as consumers spent more cautiously. Coinbase (COIN) – The cryptocurrency exchange operator’s shares slid 5% in the premarket after the company reported a wider-than-expected quarterly loss, with business impacted by the slide in crypto prices during the spring months. Coinbase saw volumes…

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Indonesia Says Tesla Strikes $5 Bn Deal To Buy Nickel Products: Media

Southeast Asia’s biggest economy has been trying to get Tesla to set up a production facility in the country, which has major nickel reserves. President Joko Widodo met with Tesla founder Elon Musk earlier this year to drum up investment US carmaker Tesla has signed contracts worth about $5 billion to buy materials for their batteries from nickel processing companies in Indonesia, a senior cabinet minister told CNBC Indonesia. Southeast Asia’s biggest economy has been trying to get Tesla to set up a production facility in the country, which has major nickel reserves. President Joko Widodo met…

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Musk Challenges Twitter CEO For Public Debate On Bots

Elon Musk on Saturday challenged Twitter Inc Chief Executive Officer Parag Agrawal to a public debate about the percentage of bots on the social media platform. “Let him prove to the public that Twitter has He also started a poll asking users whether less than 5 per cent of Twitter daily users are fake/spam. Twitter on Thursday dismissed a claim by Musk that he was hoodwinked into signing a USD 44 billion agreement to buy the company. read more Musk filed a countersuit against Twitter on July 29, escalating his…

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Elon Musk challenges Twitter CEO Parag Agrawal to a debate on bots

Centi-billionaire Elon Musk provoked Twitter and challenged the company’s CEO Parag Agrawal to a “public debate” about fake accounts and spam in the midst of a contentious legal battle over a $44 billion acquisition. Musk filed a bid with the Securities and Exchange to acquire Twitter back in April this year. After the companies agreed to move ahead with a take-private deal, Musk said he was terminating his acquisition, and accused Twitter of presenting false numbers, including in its SEC filings, pertaining to the amount of monetizable daily active users, and…

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Twitter-Musk drama escalates as both sides hurl claims of bad behavior in new filings

The Twitter-Elon Musk saga continued this week, as the two parties traded barbs in legal filings ahead of a five-day trial that’s scheduled to start Oct. 17. Newly released legal documents from lawyers representing Musk in a countersuit against Twitter claim the social media company engaged in a scheme to “mislead investors” by providing false numbers in financial filings with the Securities and Exchange Commission. Musk charges Twitter’s platform has at least double the number of bots the company claims in SEC filings and fewer “monetizable daily active users” than…

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SpaceX raises another $250 million in equity, totaling $2 billion so far this year

A Starship prototype stands on the company’s launchpad in Boca Chica, Texas on March 16, 2022. SpaceX Elon Musk’s SpaceX raised $250 million in a July equity round, the company disclosed in a securities filing on Friday. The venture has now raised $2 billion so far in 2022. The filing doesn’t specify the sources of the funds, but noted the raise came from five investors. SpaceX did not disclose a change in its valuation. The company’s value has soared in the last few years as SpaceX has raised billions to…

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Elon Musk predicts mild 18-month recession, teases possible share buybacks

Tesla CEO Elon Musk gestures as he visits the construction site of Tesla’s Gigafactory in Gruenheide near Berlin, Germany, August 13, 2021. Patrick Pleul | Reuters At the Tesla 2022 shareholders’ meeting on Thursday, investors asked CEO Elon Musk how the company plans to spend its money in coming years, and about his global economic outlook. Musk joked that “making macroeconomic prognostications is a recipe for disaster” but nonetheless estimated that “we are past peak inflation” and likely to see a “relatively mild recession,” lasting for about 18 months. The…

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Elon Musk countersues Twitter over merger, but details aren’t yet public

Tesla CEO Elon Musk. Patrick Pleul | AFP | Getty Images Elon Musk countersued Twitter on Friday, intensifying the conflict between the Tesla CEO and the social networking company he agreed to buy, but the lawsuit is not yet available to the public. It wasn’t clear why Musk asked the court to keep details of his countersuit confidential when the billionaire, who is also the CEO of SpaceX, had been vocally critical of Twitter on social media and in press interviews in recent months. On April 25, 2022, Twitter and Musk announced…

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