The Twitter profile page belonging to Elon Musk is seen on an Apple iPhone mobile phone.
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Three days after Elon Musk said he wanted to return to his original agreement to buy Twitter for $54.20 a share, the Tesla CEO is asking the social media company to end all litigation in order to close the deal. Twitter is refusing to comply.
In a filing with Delaware’s Court of Chancery on Thursday, Musk’s side said Twitter should drop the court date scheduled for Oct. 17, so that the necessary financing can be pulled together to wrap up the acquisition by Oct. 28.
“Twitter will not take yes for an answer,” the filing says. “Astonishingly, they have insisted on proceeding with this litigation, recklessly putting the deal at risk and gambling with their stockholders’ interests.”
Musk’s attorneys allege that by Twitter failing to agree set aside its litigation, the upcoming court trial would “impede the deal moving forward.”
“Instead of allowing the parties to turn their focus to securing the Debt Financing necessary to consummate the transaction and preparing for a transition of the business, the parties will instead remain distracted by completing discovery and an unnecessary trial,” the attorneys wrote.
Twitter sued Musk in July to try and force the world’s richest person to stick to his purchase agreement, which was signed in April. Musk appeared ready to take the case to court, as legions of his text messages were released in preliminary filings.
While Twitter shareholders, at the company’s recommendation, agreed to Musk’s purchase price in September, Twitter may now be reluctant to walk away from its lawsuit without certainty that all the financing is available to close the deal.
Musk’s attorneys said that “By far the most likely possibility is that the debt is funded in which case the deal will close on or around October 28,” although they didn’t elaborate on to how exactly the debt would be funded. The lawyers added that “counsel for the debt financing parties has advised that each of their clients is prepared to honor its obligations under the Bank Debt Commitment Letter on the terms and subject to satisfaction of the conditions set forth therein.”
Morgan Stanley and Bank of America are among the banks that originally agreed to provide $12.5 billion in debt for Musk. Since then the markets have tanked, particularly for risky tech assets.
Twitter acknowledged earlier this week that it had received the letter from Musk and his attorneys in which they expressed their wish to buy Twitter for the original agreed-upon price. Twitter said in a response to the letter that “The intention of the Company is to close the transaction at $54.20 per share.”
However, Twitter did not say whether it would end its litigation against Musk.
File: The Amazon distribution center in Garner, N.C. opened in August 2020. Across four floors, the warehouse covers 2 million square feet.
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Amazon workers at a facility near Raleigh, North Carolina, overwhelmingly voted against unionizing on Saturday.
Of the 3,276 ballots cast, there were 2,447 votes opposing the union and 829 in favor, according to the National Labor Relations Board. There were 77 challenged ballots, a gap that’s too narrow to change the outcome of the election. The results still need to be certified by the NLRB.
The election at the facility, named RDU1 and located in the suburb of Garner, came after organizers with the upstart Carolina Amazonians United for Solidarity and Empowerment (CAUSE) campaigned at the warehouse for the past three years. The facility employs roughly 4,700 workers.
CAUSE said in a statement that the election results were a “result of Amazon’s willingness to break the law.”
“Amazon’s relentless and illegal efforts to intimidate us prove that this company is afraid of workers coming together to claim our power,” the group said. “Amazon may think it is above the law, but we will not accept a system that allows billionaires and corporations to play by a different set of rules.”
Amazon spokeswoman Eileen Hards denied that the company broke the law or interfered with the election.
“We’re glad that our team in Garner was able to have their voices heard, and that they chose to keep a direct relationship with Amazon,” Hards said in a statement. “We look forward to continuing to make this a great place to work together, and to supporting our teammates as they build their futures with us.”
Amazon, the nation’s second-largest private employer, has long sought to keep unions out of its ranks. The strategy succeeded in the U.S. until 2022, when workers at a Staten Island warehouse voted to join the Amazon Labor Union. Last month, workers at a Whole Foods store in Philadelphia voted to join the United Food and Commercial Workers union.
Amazon responded to the Garner union drive with a barrage of anti-union messages in the warehouse, on a website, and sent through its AtoZ app to employees. A leader of the warehouse urged employees to “vote no,” saying a union “can get in the way of how we work together.” The company described CAUSE as an “outside party” that’s “claiming to be a union.”
Amazon has previously said its employees can choose whether or not to join a union, and that it speaks “openly, candidly and respectfully about these topics” so that they can “make an informed decision.”
CAUSE was founded in 2022 by RDU1 employees Mary Hill and Rev. Ryan Brown to voice concerns about the company’s response to the Covid pandemic, which they viewed as inadequate. The group sought to organize RDU1 to boost wages and secure longer breaks.
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Starting pay at RDU1 is $18.50 an hour. CAUSE has pushed to negotiate for wages of $30 an hour.
In its statement on Saturday, CAUSE said it intended to continue organizing at RDU1 “because over half of Amazon employees are still struggling with food and housing insecurity.”
Labor groups have looked beyond NLRB elections in an attempt to gain a union foothold at Amazon. They’ve assisted employees with filing unfair labor practice charges with the NLRB against Amazon, accusing the company of violating labor laws.
The International Brotherhood of Teamsters helped coordinate a picket effort at nine Amazon facilities in December. Amazon said the walkout had no impact on its operations.
The Teamsters union has said it represents 9,000 Amazon workers around the country, although the company has refused to recognize the union and bargain with leadership.
Unions have enjoyed increasing support across the country, with 67% of Americans saying they approve of labor unions, according to Gallup. But that hasn’t translated into higher membership rates. Union membership in the private sector declined slightly to 5.9% in 2024, according to the Bureau of Labor Statistics.
North Carolina had the lowest union membership rate in the country last year, with only 2.4% of workers in the state represented, according to the BLS.
U.S. President Donald Trump signs an executive order establishing the Energy Dominance Council led by Secretary of the Interior Doug Burgum in the Oval Office at the White House on February 14, 2025 in Washington, DC. President Trump signed a second executive order withholding federal funding from schools and universities that impose a COVID-19 vaccine mandate.
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Trump Media & Technology Group shares were down about 1% in extended trading on Friday after the operator of Truth Social released its 2024 results.
Here’s how the company performed:
Earnings: Loss of $2.36 per share
Revenue: $3.6 million
The company’s revenue declined 12% year over year, according to its annual report. The company saw its net loss widen to $400.9 million from $58.2 million in 2023.
Trump Media debuted on Nasdaq under the ticker “DJT” last March, completing its merger with Digital World Acquisition Corp. The stock nearly doubled in value in 2024, with its namesake, Donald Trump, winning the U.S. presidential election in November. As of Friday’s close, the stock was down about 11% year to date giving it a market capitalization of $6.59 billion.
In 2024, Trump Media incurred merger-related legal fees because of obstruction from former President Biden’s Securities and Exchange Commission, according to a statement. A change to a revenue-sharing agreement with an advertising partner resulted in lower sales. “Additionally, revenue has varied as we selectively test a nascent advertising initiative on our Truth Social platform,” the company said in the annual report.
Unlike Meta and other social media companies, Trump Media management said in the filing they do not believe in using traditional metrics such as the number of active users or average revenue per user. Doing so “could potentially divert its focus from strategic evaluation with respect to the progress and growth of its business,” according to the filing.
In the fourth quarter, Trump Media announced the availability of its Truth+ video streaming service on Android, iOS and the web.
The company has not held an earnings call since the merger.
As of Friday, a trust where President Trump is the sole beneficiary owns 52% of the voting power of the company’s stock, the filing states.
Trump publishes posts on Truth Social, where he has 8.9 million followers. On X, owned by Tesla CEO Elon Musk, who has been helping with the Trump administration’s Department of Government Efficiency, Trump has 100.9 million followers.
Trump Media now has $776.8 million in cash, cash equivalents and short-term investments, with $9.6 million in debt.
“We will continue to explore opportunities to partner, merge with, and acquire other entities that are able to function effectively if TMTG evolves into a holding company with subsidiaries spanning several industries,” Chairman and CEO Devin Nunes, a former Republican Congressman was quoted as saying in the statement.
Chief Executive Officer of SpaceX and Tesla and owner of Twitter, Elon Musk attends the Viva Technology conference dedicated to innovation and startups at the Porte de Versailles exhibition centre on June 16, 2023 in Paris, France.
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Dell shares rose 4% on Friday following a report from Bloomberg that Elon Musk’s startup xAI was preparing an agreement to buy $5 billion in artificial intelligence servers from the hardware maker.
The equipment containing Nvidia‘s GB200 graphics processing units (GPUs) would be delivered this year, according to Bloomberg, which cited unnamed sources.
Many data center gear manufacturers have been seeing growth from selling boxes for training and running AI models. Dell said in November that it had $3.6 billion in quarterly AI server order demand. Dell’s total revenue for the latest quarter totaled $24.37 billion, up 10% year over year.
In December, xAI announced a $6 billion funding round. CNBC reported that the Musk startup, which competes with OpenAI, was raising the money to purchase GPUs. The Grok assistant from xAI is available for people to use on X, which is also owned by Musk.
Musk has been building out xAI’s facility in Memphis, Tennessee.
Dell declined to comment. xAI didn’t immediately respond to a request for comment.