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Tesla CEO Elon Musk Given 22 Days Ultimatum by A U.S Court to Acquire Twitter

Following Elon Musk’s decision to opt-out of the $44 billion Twitter acquisition deal, a Delaware Court of Chancery in the United States has ordered the Tesla CEO to acquire the micro-blogging platform within 22 days.

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Following Elon Musk’s decision to opt-out of the $44 billion Twitter acquisition deal, a Delaware Court of Chancery in the United States has ordered the Tesla CEO to acquire the micro-blogging platform within 22 days.

The judge presiding over the case made the order following Musk’s decision to proceed with the acquisition of the social networking company 12 days before the court trial on the lawsuit Twitter filed against him. 

Musk had earlier opted out of the Twitter deal where he accused the platform of thwarting his information rights by not providing enough data on fake accounts on the platform.

Musk claimed in a tweet that Twitter is “20% fake/spam accounts” and suggested Twitter’s filings with the Securities and Exchange Commission were misleading.  The company had earlier disclosed that only less than 5% of its daily active users are spam accounts.

However, the Tesla CEO wasn’t convinced by the number of bots accounts twitter claimed were on the platform. He, therefore, insisted that his acquisition of the social media company cannot move forward until he sees more information about the prevalence of spam accounts.

It should be recalled that on May 27, 2022 Investors King reported that

Twitter also displeased by Musk’s action filed a lawsuit in the Delaware Court of Chancery, urging him to complete his $44 billion takeover of the social media company where it accused him of “outlandish” and “bad faith” actions that have caused the platform irreparable harm and “wreaked havoc” on its stock price.

Recently, during a court hearing after the judge at the Delaware court had given Musk a 22 days ultimatum, he asked that Twitter drop the initial lawsuit scheduled for October 17, but the social media company insisted that it would keep the litigation alive until the deal was concluded.

Musk had made the request stating that the lawsuit should be stepped down to enable him to raise the needed capital for the acquisition ahead of the October 28 deadline.

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Twitter Employees Quit in Hundreds After Elon Musk Long Hours Demand

Twitter staff down tools ahead of Elon Musk’s Thursday deadline

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Hundreds of Twitter employees have decided to quit the social media company following a Thursday deadline from new owner Elon Musk. Elon Musk had earlier disclosed in an email message that employees that are not ready to work long hours should leave. 

According to insider sources, hundreds of employees have resigned, walking away from a potential work culture that Elon Musk called “Hardcore”. 

Investors King earlier reported that Musk’s work philosophy “Hardcore” requires “working long hours at high intensity”. 

In the email he sent to staff, Musk told them to commit to taking more workload and perform exceptionally or walk away with three-month severance. 

According to the Verge Magazine, farewell emojis kept pouring into Twitter’s slack account as exiting staff signified their decision to leave the microblogging company. 

“I’m not pressing the button,” one departing employee posted in Slack. “My watch ends with Twitter 1.0. I do not wish to be part of Twitter 2.0.” the Verge Magazine quoted one of the employees. 

It could be recalled that Elon Musk named the next phase in Twitter “Twitter 2.0” instructing those who want to join the next phase to press “Yes” on a Google form sent to employees. 

The message added that those who fail to press “Yes” at the end of the deadline which was 5 PM ET on Thursday are subtly saying they want to leave the social media company. 

Prior to this development, Elon Musk had sacked half of the company’s workforce claiming the company wastes about $4 million daily on an excessive workforce. 

Thereby, with the scale of the recent resignation, Twitter may face fresh challenges in meeting up to its core mandate amid growing opposition from rival platforms such as Tiktok and soon to be launched “Bluesky”. 

Investors King earlier reported that Twitter Co-Founder and Former CEO, Jack Dorsey is set to launch a new social media platform known as “Bluesky“.

The platform which is quickly gaining traction attracted more than 30,000 users in two days to its beta version ahead of the launch. 

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Elon Musk Demands Long Working Hours From Twitter Staff or Resign

Twitter staff to commit to long working hours or leave, says Musk

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The world’s richest man and new Twitter owner, Elon Musk has informed Twitter staff that they must commit to long working hours or leave the company. 

According to an email sent to staff, those who intend to stay with the company are expected to commit to “Hardcore” Twitter or bow out. 

Referring to more workload and exceptional performance, in the email, Musk said Twitter “will need to be extremely hardcore” in order to succeed.

“This will mean working long hours at high intensity. Only exceptional performance will constitute a passing grade,” he added. 

Investors King could recall that following the acquisition of the social media platform in a deal worth $44 billion, Musk sacked half of Twitter’s workforce a few days after he sacked the company’s CEO and other top executives.  

Last week, the tech billionaire told Twitter staff that remote working would end and “difficult times” lay ahead. 

According to a report published by Bloomberg, Elon Musk said workers would be expected to work in the office for at least 40 hours a week. 

Meanwhile, by “hardcore ” Elon Musk wants Twitter staff to inculcate his work philosophy as he likes to think or call himself “Hardcore”. 

On several occasions, he has claimed to work more than 100 hours a week and sometimes sleeps at the office. 

Similarly, reports also have it that Elon Musk has been sleeping in his office at Twitter in recent weeks while managing his other companies, electric vehicle maker Tesla and rocket company SpaceX from Twitter Headquarters.  

His work philosophy includes bringing a small team of highly motivated and capable staff together. 

Since Elon Musk bought twitter on the 28th of October 2022, he has introduced a number of changes which include the Twitter blue verification and its associated fee. 

He raised the verification checkmark to $7.99 from $4.99 and also make it a buying stock unlike how it was exclusively reserved for public figures, brands, politicians, sports persons, and journalists among others. 

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Twitter to Get New “Leader” as Elon Musk Pledges More Working Time to Tesla

Tesla investors have been increasingly concerned about the time that Musk is devoting to Twitter at the expense of Tesla whose stock value has fallen by almost 49 percent.

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Elon Musk and Twitter

Twitter’s new owner and Tesla CEO, Elon Musk has disclosed that he will be dedicating more time to Tesla as Twitter is about to have a new “Leader”, Elon Musk said while testifying in a Delaware court yesterday. 

It could be recalled that soon after Musk completed the acquisition of Twitter in October 2022, he fired the company’s previous chief executive and other senior leaders. 

A week after, he retrenched half of the workforce at the microblogging platform. 

Elon Musk who also doubled as the world’s richest man has been running the social media giant ever since. A development that has unsettled a number of Tesla investors.

Tesla investors have been increasingly concerned about the time that Musk is devoting to Twitter at the expense of Tesla whose stock value has fallen by almost 49 percent.

However, at the court on Wednesday, the tech billionaire noted that he will “reduce his time at Twitter and eventually find a new leader” to run the social media company.

“There’s an initial burst of activity needed post-acquisition to reorganise the company,” Musk was quoted by Reuters. “But then I expect to reduce my time at Twitter,” he added. 

Meanwhile, Elon Musk’s leadership at Twitter so far has been marred with a lot of controversies, changes, opposition and backlashes. 

He had initially disclosed that he would increase Twitter’s monthly subscription fee for verified accounts to $20. A development that was strongly opposed by some users.  However, his gesture to settle for $8 also met some opposition. 

Similarly, many big brands such as Ford, Volkswagen, General Motors, United Airlines and a host of others have suspended paid advertisements on the Twitter platform pending when they will have a clear direction of where Musk is taking Twitter. 

The brands have alleged that Elon Musk intends to open the social media platform to hate speech while Musk himself has hinted to reactivate some suspended Twitter accounts including Donald Trump’s. 

 

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