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u.s. news Diamars 26 aPriL 2022

Elon Musk buys Twitter for $44B and will take it private

(AP) – Elon Musk reached an Musk said last week that he had lined
agreement to buy Twitter for up $46.5 billion in financing to buy
roughly $44 billion on Monday, Twitter, putting pressure on the com-
promising a more lenient touch pany’s board to negotiate a deal.
to policing content on the social
media platform where he — the Twitter said the transaction was
world’s richest person — pro- unanimously approved by its board
motes his interests, attacks critics of directors and is expected to close
and opines on a wide range of is- in 2022, pending regulatory sign-off
sues to more than 83 million fol- and the approval of shareholders.
lowers. Shares of Twitter Inc. rose more than
5% Monday to $51.70 per share. On
The outspoken Tesla CEO has said April 14, Musk announced an offer
he wanted to own and privatize Twit- to buy Twitter for $54.20 per share.
ter because he thinks it’s not living up While the stock is up sharply since
to its potential as a platform for free Musk made his offer, it is well below
speech. the high of $77 per share it reached in
February 2021. Asked during a recent TED interview megaphone for speaking directly to
Musk said in a joint statement with Musk has described himself as a if there are any limits to his notion the public, often using incendiary
Twitter that he wants to make the ser- “free-speech absolutist” but is also of “free speech,” Musk said Twitter and divisive language on hot-button
vice “better than ever” with new fea- known for blocking or disparaging would abide by national laws that issues. He was permanently banned
tures while getting rid of automated other Twitter users who question or restrict speech around the world. from the service in the aftermath of
“spam’’ accounts and making its algo- disagree with him. Beyond that, he said, he’d be “very the Jan. 6 storming of the Capitol.
rithms open to the public to increase reluctant” to delete posts or perma-
trust. In recent weeks, he has proposed nently banning users who violate the Musk’s pledge to make Twitter a ha-
“Free speech is the bedrock of a func- relaxing Twitter content restrictions company’s rules. ven for free speech could dim the
tioning democracy, and Twitter is the — such as the rules that suspended It won’t be perfect, Musk added, “but appeal of Donald Trump’s troubled
digital town square where matters former President Donald Trump’s I think we want it to really have the Truth Social app, which the former
vital to the future of humanity are account — while ridding the plat- perception and reality that speech is president has touted as a competi-
debated,” the 50-year-old Musk said, form of fake “spambot” accounts and as free as reasonably possible.” tor to Twitter that would cater to
adding hearts, stars and rocket emojis shifting away advertising as its pri- conservatives. Truth Social is part of
in a tweet that highlighted the state- mary revenue model. Musk believes After the deal was announced, the Trump’s new media company, which
ment. he can increase revenue through sub- NAACP released a statement urging has agreed to be taken public by Digi-
scriptions that give paying customers Musk not to allow Trump, the 45th tal World Acquisition Corp. Shares of
The deal was cemented roughly two a better experience — possibly even president, back onto the platform. DWAC dropped 16.2% Monday and
weeks after the billionaire first re- an ad-free version of Twitter. As both candidate and president, are down 46% since Musk revealed
vealed a 9% stake in the platform. Trump made Twitter a powerful his stake in Twitter.

Judge finds Donald Trump in contempt in New York legal fight

(AP) — A New York judge your business seriously, and he has called a politically mo- argument by Habba, who documents left to produce by
found former President I take mine seriously,” En- tivated “witch hunt.” Dur- insisted repeatedly that she President Trump.”
Donald Trump in con- goron said in a Manhattan ing oral arguments Monday, went to great lengths to com-
tempt of court and set in courtroom that was packed Trump attorney Alina Habba ply with the subpoena, even She also derided the James
motion $10,000 daily fines with reporters, but absent of said that “Donald Trump traveling to Florida to ask probe as a “political crusade”
Monday for failing to ad- Trump. “I hereby hold you in does not believe he is above Trump specifically whether and “truly a fishing expedi-
equately respond to a sub- civil contempt and fine you the law.” he had in his possession any tion,” saying Trump and his
poena issued by the state’s $10,000 a day” until the terms “We respectfully disagree documents that would be re- companies had turned over
attorney general as part of of the subpoena are met. with the court’s decision. All sponsive to the demand. more than 6 million docu-
a civil investigation into documents responsive to the ments and paperwork related
his business dealings. New York Attorney General subpoena were produced to The judge, though, criti- to 103 Trump entities over an
Letitia James, a Democrat, the attorney general months cized the lack of explanation eight-year period.
Judge Arthur Engoron said had asked the court to hold ago,” she said. in the Trump team’s formal
a contempt finding was ap- Trump in contempt after he response to the subpoena, “We’ve turned over every-
propriate because Trump and missed a March 31 court-im- James has been conducting a telling Habba: “You can’t just thing as fast as possible. This
his lawyers hadn’t shown posed deadline to turn over lengthy investigation into the stand here and say I searched is a waste of judicial resourc-
they had conducted a proper documents. Trump Organization, the for- this and that.” es,” Habba added.
search for records sought by mer president’s family com-
the subpoena. Trump, a Republican, has pany, centering around what And after saying he felt “like She also defended Trump’s
been fighting James in court she has claimed is a pattern there’s an 800-pound gorilla character, saying: “My client
“Mr. Trump, I know you take over her investigation, which of misleading banks and tax in the room here,” he asked is an honest person much to
authorities about the value of why the response to the sub- the dismay of certain people
his properties. poena didn’t include an affi- in this room.”
davit from Trump.
“Today, justice prevailed,” Trump spokespeople did not
James said in a release after Habba noted that Trump immediately respond to a re-
Engoron’s ruling. “For years, does not send emails or text quest for comment.
Donald Trump has tried to messages and has no work
evade the law and stop our computer “at home or any- Investigators for James have
lawful investigation into him where else.” She described said in court filings that they
and his company’s finan- the search for documents as uncovered evidence that
cial dealings. Today’s ruling “diligent.” Trump may have misstated
makes clear: No one is above the value of assets like golf
the law.” “The contempt motion is courses and skyscrapers on
inappropriate and mislead- his financial statements for
The contempt finding by the ing,” she said. “He com- more than a decade.
judge came despite a spirited plied. ... There are no more