Elon Musk cancels $44 billion deal to buy Twitter

Avatar James Lochner 2 years ago

Tesla CEO Elon Musk cancels and rules out his $44 billion acquisition deal to buy Twitter (TWTR). This, claiming that the information provided by the social media giant was false and misleading. Which prompted the company to threaten to sue to enforce the agreement.

Musk, in a filing with the U.S. Securities and Exchange Commission, claimed that Twitter had materially breached several provisions of the agreement. And, apparently, he had made false and misleading representations that Musk had relied on.

Musk also claimed that Twitter is likely to suffer an “adverse effect.”

In May, Musk suspended the transaction until he could verify that spam or fake accounts account for less than 5% of total users on Twitter.

In the announcement, Musk’s lawyer made it clear that the billionaire believes that the real number of bots that make up the total number of users is much higher than 5%.

Binance cryptocurrency exchange is “a risk to the public,” Philippines-based think tank says

A local think tank, Infrawatch PH, encouraged the Philippine Department of Commerce and Industry (DTI) to investigate the cryptocurrency exchange. The unauthorized promotion techniques of Binance through a letter.

According to the letter, the exchange he allegedly used unregistered means of promotion that were casually shared on social networking sites. This, to target Filipino consumers.

Additionally, Infrawatch PH coordinator Terry Ridon claimed that Binance violated regulations in the Philippines by operating as an unlicensed virtual asset service provider (VASP).

Binance has faced numerous regulatory issues that only seem to get worse. In addition, the unrestricted access of investors to digital currencies that are unknown to financial officials and the absence of conventional investors pose threats.

Last month, Binance CEO Changpeng Zhao stated that the exchange aims to obtain virtual asset service provider (VASP) licenses. And, electronic money issuer (EMI) despite not being registered in the Philippines.

Compass Mining lays off 15% of the workforce

The continuous struggles in the cryptocurrency sector have forced Compass Mining to lay off 15% of its employees. While senior executives and staff are being subjected to significant salary cuts.

The company has announce its decision to reduce its workforce in an attempt to weather difficult market conditions. Just a week after the resignation of CEO Whit Gibbs and chief financial officer Jodie Fisher.

Chief technology officer Paul Gosker and chief mining officer Thomas Heller have taken the reins of the company as co-presidents and interim CEOs. The duo have drafted a letter to staff, investors and the wider community outlining the way forward for the company.

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