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FirstFT: Elon Musk pulls one other U-turn

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FirstFT: Elon Musk pulls one other U-turn

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Elon Musk has provided to purchase Twitter for the initially agreed worth of $44bn, in a transfer that might put an finish to some of the high-profile company authorized battles in a long time.

The Tesla chief despatched a letter to Twitter on Monday evening providing to go forward with the deal, lower than two weeks earlier than the 2 events have been set to go to trial in Delaware Chancery Court docket.

In line with a regulatory submitting on Tuesday, Musk’s legal professionals stated within the letter that the entrepreneur supposed to shut the deal on the beforehand agreed worth of $54.20 a share, as soon as debt financing is acquired, supplied the court docket halted the authorized motion and adjourned the upcoming trial and associated proceedings.

“The Musk events present this discover with out admission of legal responsibility and with out waiver of or prejudice to any of their rights,” the letter stated.

In a press release, a Twitter spokesperson acknowledged that it had acquired the letter and stated that the “intention of the corporate is to shut the transaction at $54.20 per share”.

Meet up with the most recent on the Twitter deal saga right here.

Do you assume Twitter ought to go forward with the deal? E mail your ideas to firstft@ft.com or reply to this e-mail. Right here is the remainder of at present’s information — Emily

1. US to impose export controls on Chinese language chipmakers The US commerce division is making ready to introduce sweeping export controls in an effort to sluggish Chinese language efforts to acquire semiconductors and chipmaking gear for supercomputers and different military-related functions. In line with these conversant in the state of affairs, the restrictions would primarily bar US corporations from promoting cutting-edge expertise to Chinese language teams.

2. North Korea fires ballistic missile over Japan The launch from Pyongyang over Japan, the primary since 2017, sparked emergency public alerts amid a pointy rise in provocations by North Korea. Officers in Seoul and Tokyo stated the missile was launched from North Korea’s Jagang province early yesterday and fell outdoors Japan’s unique financial zone, which stretches 200 nautical miles from the coast.

3. Dalio palms over reins at Bridgewater Ray Dalio, 73, the billionaire founding father of hedge fund Bridgewater Associates, has given up management of the agency, ending a drawn-out transition of energy that had come to outline the business’s succession issues. Dalio will stay on the board as founder and CIO mentor.

4. RBA delivers smaller-than-expected fee rise Australia’s central financial institution’s 0.25 proportion level rate of interest improve got here as most analysts had anticipated the Reserve Financial institution of Australia to ship a fourth consecutive 50 foundation level improve. The nation’s benchmark S&P/ASX 200 rose on the information of the smaller rise.

5. Naver shares hunch after buying Poshmark Shares in South Korea’s greatest web group Naver dropped yesterday after it introduced a $1.2bn deal to purchase Poshmark, a US clothes reseller, because it pushes into the booming second-hand vogue market. The deal is Naver’s greatest acquisition and its first foray into Silicon Valley.

The day forward

Opec+ meets Riyadh, Moscow and different producers are set to announce deep cuts at a gathering of the Opec+ cartel at present, in response to individuals with information of the discussions.

Indian house minister visits Kashmir area Indian house minister Amit Shah is about to talk earlier than a rally in Indian-administered Kashmir at present. The go to comes amid rising stress within the area. (Indian Categorical)

Tory convention UK prime minister Liz Truss will ship the closing speech at her social gathering’s annual convention in Birmingham.

What else we’re studying

China’s property crash What started as a property disaster — with slumping condo gross sales and developer debt defaults — is morphing right into a monetary crunch for native governments. Learn the primary a part of a brand new sequence analyzing the impression of the disaster brewing on the earth’s second-largest financial system.

  • Opinion: Xi Jinping will shortly be confirmed for a 3rd time period as normal secretary of the Communist social gathering and head of the navy. However his achievement of such is harmful for China and the world, writes Martin Wolf.

Japan strikes to fill Asia’s vitality funding hole Japan is able to exploit a pointy decline in China’s abroad lending by serving to Asia-Pacific international locations deal with the $40tn value of combating local weather change. Tokyo’s efforts to take the lead in rulemaking for inexperienced financing in Asia come amid a worldwide debate about how shortly international locations ought to shift to cleaner types of vitality.

Which nuclear weapons may Putin use in opposition to Ukraine? It has been referred to as the largest nuclear menace to world security because the 1962 Cuban missile disaster: as Vladimir Putin seeks to salvage his invasion of Ukraine, the Russian president has stepped up his threats to make use of nuclear weapons. That is what we all know in regards to the nuclear weapons Putin might be tempted to make use of.

Russia’s tactical forces graphic

The quiet ascent of Chinese language high-tech start-ups Following a bruising regulatory onslaught by Beijing on its web giants and a flurry of US sanctions in opposition to Chinese language expertise corporations, many traders have curbed their publicity to China tech. However overseas capital continues to be flowing into high-tech sectors.

How massive is the capital gap at Credit score Suisse? The price of shopping for insurance coverage in opposition to Credit score Suisse defaulting on its debt soared to a document degree yesterday, as analysts and traders questioned the energy of the Swiss financial institution’s stability sheet. Simply how massive is the capital gap on the financial institution? Our reporters examine.

Foods and drinks

Our FT Globetrotter information shares the place to feast on Japan’s regional flavours — with out leaving Tokyo. Let the capital take you on a culinary journey across the nation, sampling every little thing from the north’s “soup curry” to the far south’s Spam and tofu speciality.

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