A lawsuit against Elon Musk's Twitter takeover — which his lawyers called 'a dis...
source link: https://finance.yahoo.com/news/lawsuit-against-elon-musks-twitter-103210742.html
Go to the source link to view the article. You can view the picture content, updated content and better typesetting reading experience. If the link is broken, please click the button below to view the snapshot at that time.
A lawsuit against Elon Musk's Twitter takeover — which his lawyers called 'a disjointed laundry list' of grievances — has been dismissed
A California judge dismissed a lawsuit accusing Elon Musk's Twitter takeover of cheating shareholders.
It included claims that Musk saved millions by belatedly disclosing his 9.2% stake in Twitter.
But the judge said the claims lacked standing because they didn't actually challenge the fairness of the deal.
A lawsuit which claimed Elon Musk's Twitter takeover cheated shareholders was dismissed by a judge on Monday.
William Heresniak filed the complaint last May, a month after Twitter first accepted Musk's $44 billion offer.
The suit, which Insider has reviewed, cites a Wall Street Journal article which estimated Musk saved $143 million by belatedly disclosing his 9.2% stake in the company.
And it argued that Musk helped friends on the board, including cofounder Jack Dorsey, prioritize their own interests rather than shareholders.
Heresniak also claimed that Musk had attempted to exit the deal — which was completed just before a trial was due following a lengthy back and forth — because his Tesla stock used to finance the purchase was declining in value.
But U.S. District Judge Charles Breyer threw out the case because Heresniak couldn't show he was harmed by Musk's late disclosure, or prove Musk assisted friendly board members, Reuters first reported.
In a March 3 court filing, Musk's lawyers called the claims "a disjointed laundry list of – often irrelevant – grievances against Elon Musk," per Reuters.
On Monday, Breyer sided with them by saying the plaintiff lacked standing because he didn't challenge the fairness of the takeover, only "wrongs associated with the merger."
For example, the judge wrote: "Though Heresniak alleges that Musk was enriched by acquiring Twitter stock at depressed prices, he does not allege that Heresniak lost money as a result."
Since Musk bought Twitter last October, the company has fallen in value by more than half, according to employee stock grants which value it at $20 billion.
- Reuters
As Bud slips, Heineken plots further shake-up of US light beer
As investors try to assess the fallout on global brewing leader Anheuser-Busch InBev from a backlash against Bud Light, rival Heineken is spending $100 million to promote a new light beer to Americans.
15h ago - Yahoo Finance
Microsoft and OpenAI are adding Bing to ChatGPT
Microsoft is bringing its Bing browser to ChatGPT.
6h ago - Barrons.com
Profit Margins Better Than Tesla’s and 4 More Things From Ford’s Analyst Event
Ford Motor on Monday laid out a bold vision to allay those concerns. Ford’s goal is to produce a 10% operating profit in 2026 while selling roughly 5.6 million units, including roughly 1 million or so electric vehicles. Growth like that would imply that Ford deserves a price-to-earnings ratio a lot higher than the current multiple of less than 7 times estimated 2024 earnings.
1d ago - Business Insider
Jeffrey Epstein once seemed to threaten to reveal an affair Bill Gates apparently had with a Russian bridge player
Jeffrey Epstein "tried unsuccessfully to leverage a past relationship to threaten Mr. Gates," a spokesperson for the Microsoft cofounder told WSJ.
2d ago - AP Finance
Largest US gay rights group issues Florida travel advisory for anti-LGBTQ+ laws
The largest LGBTQ+ rights organization in the U.S. joined other civil rights organizations Tuesday in issuing a travel advisory for Florida, warning that newly passed laws and policies may pose risks to minorities, immigrants and gay travelers. The Human Rights Campaign joined the NAACP, the League of United Latin American Citizens, the Florida Immigrant Coalition and Equality Florida in issuing travel or relocation warnings for the Sunshine State, one of the most popular states for tourists to visit in the U.S. While the LGBTQ+ advocacy group said it wasn't calling for a boycott or making a blanket recommendation against visiting Florida, it said it wanted to highlight new laws passed by the Republican-controlled Florida Legislature that they said are hostile to the LGBTQ+ community, restrict abortion access and allow Floridians to carry concealed weapons without a permit.
2h ago - The Wall Street Journal
How Peaceful Sweden Became Europe’s Gun-Murder Capital
The rise of the Scandinavian equivalent of Pablo Escobar has tracked growing violence in Sweden. That has sparked an anti-immigration backlash.
1d ago - AP Finance
Missouri man accused of deliberately crashing U-Haul truck into security barrier near White House
A Missouri man rented a U-Haul truck Monday evening and then crashed it into a security barrier across from the White House just a few hours later, authorities said Tuesday. After the crash, Kandula exited the truck with a Nazi flag and started shouting as Park Police and Secret Service officers approached him, two people familiar with the matter told The Associated Press.
9h ago - CBS MoneyWatch
717,000 Black children could be missing out on Social Security payments
Data shows that only about 26% of Black children who have lost a parent are receiving survivor benefits, a rate much lower than other racial groups.
11h ago - AP Finance
Waymo, Uber set aside past rift over self-driving car technology to team up on robotaxis in Phoenix
Self-driving car pioneer Waymo is teaming up with ride-hailing leader Uber in the Phoenix area to transport passengers and deliver food in robotic cars that triggered a bitter technological dispute between the two companies. The partnership announced Tuesday provides Waymo with another avenue to expand a robotaxi service that it has been running in the Phoenix area since late 2020 while competing to attract passengers from Uber cars that still depend on humans who receive portion of the fares. Phoenix so far is the only major metropolitan area where a robotaxi operates throughout most of the city, although Waymo and General Motors subsidiary Cruise are vying to run similar autonomous services in San Francisco.
9h ago - Fortune
Uber puts its diversity head on leave after employees voice fury at events titled ‘Don’t Call Me Karen’
Staffers said they felt lectured and "scolded" during two events which looked at the experience of white women at Uber.
1d ago - FreightWaves
US wants labor rights investigation of Goodyear plant in Mexico
The U.S. has asked trade officials to investigate alleged worker rights abuses at a Goodyear tire plant in Mexico. The post US wants labor rights investigation of Goodyear plant in Mexico appeared first on FreightWaves.
1h ago - CBS MoneyWatch
Warner Bros. CEO booed at Boston University graduation
The commencement speech by David Zaslav, a graduate of BU, was met with angry chants and signs about the ongoing writers strike.
1d ago - AP Finance
Russia extends arrest of US journalist Evan Gershkovich by 3 months, his parents barred from hearing
A Russian court on Tuesday extended the arrest of Wall Street Journal reporter Evan Gershkovich by three months in a closed-door hearing emblematic of the secrecy that has marked the case against the first U.S. correspondent since the Cold War to be detained in Russia on spying charges. Gershkovich, a 31-year-old American citizen, was ordered held until Aug. 30. Russian authorities haven’t detailed what — if any — evidence they have gathered to support the espionage charges.
6h ago - The Wall Street Journal
Idaho Killings: Judge Enters Not Guilty Plea for Bryan Kohberger
Kohberger’s lawyer said he was standing silent when he was asked to enter a plea. The trial is set for Oct. 2.
1d ago - The Wall Street Journal
China Makes Clear Its Military Isn’t Funny Anymore
The fallout from Li Haoshi’s riff on a military slogan is spreading and threatening a broader chill on Chinese arts and culture.
2d ago - Decrypt Media
Tornado Cash Sanctions Key to Drop in Crypto Hacks Last Quarter: TRM Labs
TRM Labs highlighted the importance of the sanctions on Tornado Cash for making crypto hacks less lucrative for attackers.
11h ago - FreightWaves
Unions tell regulators that Class I railroads’ hiring efforts are misleading
The unions blast the Class I railroads’ public statements on the railroads’ efforts to bolster employee head count in a filing to the Surface Transportation Board. The post Unions tell regulators that Class I railroads’ hiring efforts are misleading appeared first on FreightWaves.
6h ago - Engadget
Amazon again accused of breaking labor laws at unionized warehouse
Amazon has been accused again of illegal anti-union behavior. The National Labor Relations Board (NLRB) filed a complaint Monday, saying the company changed its policies to squash union support at its only unionized warehouse in Staten Island, as reported by Bloomberg. The complaint says Amazon changed policies to prohibit onsite union meetings while bypassing labor negotiations for providing paid leave for COVID-19 cases, among other violations.
4h ago - The Wall Street Journal
Russian Court Extends Evan Gershkovich’s Pretrial Detention by Three Months
The WSJ reporter was detained by agents from the Federal Security Service, known as the FSB, while on a reporting trip in the Russian city of Yekaterinburg on March 29.
3h ago - AP Finance
Founder of student aid startup Frank pleads not guilty to fraud
With an indictment and a not-guilty plea, the fraud case against the founder of a student loan assistance startup company that J.P. Morgan Chase acquired for $175 million two years ago took a step toward trial on Monday in a New York court. Charlie Javice, 31, entered the plea through her lawyer to an indictment returned late last week in Manhattan federal court charging her with conspiracy, wire fraud and bank fraud. The Miami Beach, Florida, resident who founded Frank appeared at a remote proceeding in which her face and the faces of defense lawyers and prosecutors were projected onto a video screen before U.S. Magistrate Judge Gabriel Gorenstein.
1d ago
Recommend
About Joyk
Aggregate valuable and interesting links.
Joyk means Joy of geeK