Tag: twitter

Elon Musk’s proposed all-cash offer to buy Twitter Inc. represents about one-sixth of his $250.6 billion fortune. Yet the vast majority of that wealth is tied to his stake in Tesla Inc., the electric carmaker he co-founded that has surged in value over the past two years and lifted him to the top of the Bloomberg Billionaires Index. Musk has several financing paths for the purchase. One option is to sell his Tesla shares outright. Another is borrowing against them to stage a leveraged buyout, possibly with outside partners. Musk currently has about $3 billion in cash or other somewhat liquid assets after spending $2.6 billion buying a 9.1% stake in Twitter in recent months, according to Bloomberg calculations. Read more

A joint committee of Parliament today(23rd October 2020) issued summons to Facebook in order to seek its "oral evidence" on the issues of data protection and privacy. Twitter too is said to have been directed for an appearance next week. The joint committee led by BJP MP Meenakshi Lekhi has 20 members from the Lok Sabha and 10 from the Rajya Sabha. The agenda of Friday's meeting read: "Oral evidence by the representatives of Facebook India Online Services Pvt Ltd on the Personal Data Protection Bill, 2019." However, the summon to Facebook and Twitter is strictly pertaining to the issue of citizen's personal data protection. The summons to Twitter assumes significance as these come close to the Centre's letter to the microblogging site's chief Jack Dorsey. Read more