Twitter Takes Round 1 – The New York Times

admin July 20, 2022

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Twitter suits go the fast way

Twitter yesterday filed a proceeding in which Musk won an effort to facilitate a trial with Elon Musk, forcing Musk to end its $ 44 billion acquisition. Dial-in has reached capacity as so many people tried to listen to the minutes. I’ve heard Wall Street advisers flocking around the speakerphone.

It’s a big win for Twitter. In allowing a quick hearing Judge Kathaleen McCormick virtually denied the idea that the court would need to take the time to dig deeper into whether Twitter accurately counted the number of bots on the platform. She cited the “cloud of uncertainty” that the longer the case was undecided, the more it took the company to decide to proceed with the trial urgently.And why May Judge McCormick said it was another good sign on Twitter and was confident that damages would be a sufficient remedy for social media companies who wanted Mask to buy instead of paying for damages and leaving. Said he couldn’t have it.

Please turn to page 5. The highlight of Musk’s claim is that Twitter’s disclosure of the percentage of active users on the platform, which is a bot, is misleading and will have a “significant negative impact” on the value of the company. But Musk hasn’t yet told the court exactly what’s wrong with Twitter’s disclosure. This became a problem when Andy Rothman, a lawyer at Quinn Emmanuel’s Mask, set his sights on it. Page 5 of Twitter’s Annual Report, This describes the number of bots. But Twitter’s Wactel lawyer, Bill Sabbit, said in a counter-argument that Twitter had filled the page with hedges, warning that the numbers could be off. (In part, “estimates of fake or spam accounts may not accurately represent the actual number of such accounts, and the actual number of fake or spam accounts is higher than the estimate. “It’s possible.”) Regarding Twitter’s disclosure, Savitt “This doesn’t require a reproduction of everything known to humanity.” Judge McCormick seems to agree at first glance.

Both sides are preparing for the October trial. Over the next few weeks, they will need to agree on a testimony recording and discovery schedule. And Musk has time to prepare for another hearing in front of Judge McCormick that month. What a defense of his paid Tesla package — Money that could help if she forced him to buy Twitter.

What’s happening here

Netflix loses fewer subscribers than expected. Streaming services reported yesterday that they lost nearly a million subscribers in the second quarter. This is a much smaller number than expected. In addition, Netflix said some of its strategies to stop losses, such as consumer ad support options and crackdowns on password sharing, will boost revenue soon next year.

The heroic act of shooting in the Indiana shopping district renews the debate about gun access. In the days following a 22-year-old armed bystander killing a gunman two minutes after the shooting, the United States is once again discussing the wisdom of easier access to the gun. However, according to the Texas State University Advanced Law Enforcement Rapid Response Training Center, an analysis of 433 active shooter attacks in the United States between 2000 and 2021 found that only 22 were bystander attackers. It turned out that it ended with shooting.

The CHIPS Act passes the procedural hurdles of the Senate with more than 60 votes. Laws that have been stagnant for over a year give chip makers what they say is the help they need to build factories in the United States The Senate is expected to formally pass the bill today Home before it can go to the president.

Intelligence agencies say Russia continues to be an election threat. The FBI and top officials of the National Security Agency warned yesterday that even if Russia was at war in Ukraine, it could try to interfere or promote disinformation during the 2022 midterm elections. Officials said Iran and China are still strong threats.

The House of Representatives works to protect same-sex marriage from the Supreme Court’s reversal. A new Republican-backed law will allow same-sex marriage at the federal level, but it faces uncertainties in the Senate. The move was a direct answer to Judge Clarence Thomas’s consensus in last month’s ruling that overturned the right to abortion.

Loans that can appear in Silicon Valley

In recent years, tech workers have taken out loans based on the value of startup stocks. But as the emerging economies are declining, it may come back to annoy them, writes Erin Griffith of the Times.

Startup loans come from the way workers are usually paid. As part of the compensation, most employees of private tech companies receive stock options. That’s where loans and other financing options come in. Startup stocks are used as a form of cash collateral. Loans have different structures, but most providers charge interest and acquire a portion of a worker’s stake when the company sells or goes public. Some consist of contracts or investments.

The lending industry has been booming in recent years. Many of the providers were founded in the mid-2010s as start-ups like Uber and Airbnb postponed initial public offerings as much as possible, damaging the valuation of the tens of billions of dollars in the private market.

In Silicon Valley, the debate over the surge in loans backed by investment in private start-ups is still underway. Proponents say loans are needed for employees to participate in the engine that creates wealth in technology. But critics say the loan already creates unnecessary risk in a dangerous industry, reminiscent of the dot-com era in the early 2000s, when many tech workers were severely burned by similar loans.

These loans can be risky as emerging economies decline.. Most businesses are configured to be exempt if the startup fails, but the loan exemption is treated as taxable income, so employees may still face tax bills.

Rick Heightsman, an investor at FirstMark Capital, said: “Everyone is just thinking about the good side.”

“What my parents have always taught me is to go out first and go out last. But there is no one else there.”

— Alex Hyman, who portrayed an internship at an entertainment agency in Los Angeles as part of “Entourage” and “The Office” this summer, felt like “Home Alone”.this is General experience in the days of telecommuting bosses..

Muchi’s cryptographic problem

Famous for his 11-day mission as Communications Director for former President Donald Trump, Anthony Scaramucci faces a mass outflow of investors from his money.

Earlier this week, Bloomberg was announced by Scaramucci’s company SkyBridge Capital. Had stopped withdrawing from one of its small funds, Legion Strategies includes over $ 200 million. However, Scaramucci is also struggling to retain investors in SkyBridge’s flagship fund, SkyBridge Multi-Adviser HedgeFund Portfolios, which managed $ 2 billion at the end of March. The investment lost almost a quarter of its value in the second quarter.

Investors in SkyBridge’s flagship fund are trying to withdraw as much as $ 890 million., Or about half of what he had at the end of last month, Scaramucci told DealBook... However, many of those investors will get stuck in the fund for some time. Under that rule, investors in multi-advisor funds are only allowed to withdraw money during certain periods of time. Previously it occurred four times a year, but after a big loss at the start of the pandemic, SkyBridge reduced it to twice a year in 2020. Earlier this month, SkyBridge told investors that it would only receive about 16 percent of the money they requested in bulk. The letter said it was issuing an investor note that would be paid by October.

Scaramucci’s loss is more than a year after SkyBridge moved to cryptocurrency. SkyBridge’s flagship fund, purchased by Scaramucci from Citigroup, has long specialized in buying and selling shares in other hedge funds. For some time, it has made Scaramucci one of the most powerful players in the hedge fund industry, along with its strong performance in the years following the 2008 financial crisis.

Scaramucci says he still believes in cryptography in the long run. Fund managers say about 22 percent of his flagship fund remains in cryptocurrency and related investments as of the end of last month. “I’m not smart enough to time the market,” he told DealBook. “But we’ve done a huge amount of research. I think anyone knows that blockchain technology is good and the future.”