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SEC’s Hacked X Account Leads to Tumultuous Bitcoin Market

The Securities and Exchange Commission has confirmed that its X account “was compromised, and an unauthorized post was posted.” The SEC confirmed that it “has not approved the listing and trading of spot bitcoin...more

Robins Kaplan LLP

Twitter Sues Musk in Delaware Chancery Court to Force Acquisition

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The other shoe dropped for Elon on Tuesday, with Twitter suing the Tesla CEO in Chancery Court in Delaware to force him to “complete is $44 billion acquisition” of the social media company. That court will now “determine...more

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Elon Ditches Twitter Deal; High-Stakes Litigation Expected

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Billionaires these days . . . . We’re away for a week, and Elon goes and blows everything to hell. After announcing that, actually, he would not be buying Twitter for the $44 billion he promised back in April, Musk presided...more

Robins Kaplan LLP

Markets Tank Again As Recession Fears Join Inflation Worries

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As expected, traders’ initial exuberance at the Fed’s big rate hike was short-lived, and markets resumed their recent dismal performance on Thursday, as recession fears joined inflation concerns to make for a rough day on...more

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Musk Threatens to Pull Out of Twitter Deal Over Fake Account Data

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Another week, another Elon tantrum. This time, Mr. Musk and his legal team have dispatched a “crisp, six-paragraph letter” to Twitter, accusing it of “actively resisting and thwarting” Musk’s rights while “completing a $44...more

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Unexpectedly Strong Retail Sales Pull Markets Back from the Brink

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Target and Walmart may have taken it on the chin last quarter, but solid results from other retailers—from Macy’s to the Dollars (Tree and General)—“defied Wall Street’s expectations” and helped boost stocks on Thursday. The...more

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Fed Minutes Show Inflation-Fighting Commitment, Spur Market Rally

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The Fed’s May meeting minutes dropped on Wednesday, and they confirmed the central bank’s intent to “move ‘expeditiously’ to bring down the most rapid pace of inflation in 40 years, with most participants expecting as many as...more

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Allianz Unit Pleads Guilty, Fined $6B Over Securities Fraud

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An American subsidiary of German insurance firm Allianz has pleaded guilty to securities fraud “for failing to stop [a] scheme” that led to “the implosion of a group of hedge funds two years ago that stuck public pensions,...more

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Twitter Looks to Streamline Even As Musk Puts Acquisition “On Hold”

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Twitter CEO Parag Agrawal took dramatic action this week, firing two top execs, freezing “most new hiring,” and announcing plans to slash spending “as the social media company tries to change its business trajectory while...more

Robins Kaplan LLP

Mixed Inflation Report Drags Stocks (and Cryptos) Still Lower

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Inflation slowed from a month earlier but still topped 8% in the U.S., according to latest CPI figures, an “uncomfortably rapid pace.” Though overall inflation was down, core inflation—“which excludes costs for groceries and...more

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Jobs Report Unlikely to Boost Rapidly Declining U.S. Markets

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Jobs Report Friday. Let’s see if the numbers give us some reason for cheer after markets whipsawed into the red—hard—a day before. [But best to temper hopes for any market recovery, no matter what jobs are, as early signs...more

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U.S. Job Openings (and Quits) Hit All-Time Highs

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U.S. job openings remained strong, “with 11.5 million positions listed as available in March, underscoring the continuing strength of the labor market.” The number of workers voluntarily leaving jobs “also reached a high” in...more

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Feds Charge Hwang with Securities Fraud Over Massive Archegos Collapse

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On Wednesday, federal authorities arrested Archegos Capital Management’s Bill Hwang and the company’s former CFO Patrick Halligan over an alleged “stock manipulation scheme they called staggering in size and brazen in its...more

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Tech Drags Markets to Dismal April Performance

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A slumping tech sector pulled markets lower on Tuesday, “adding to a losing streak that has April shaping up to be Wall Street’s worst month in two years.” For the S&P 500, that translates into a nearly 8% decline for the...more

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Elon Musk Strikes Deal to Take Twitter Private for $44B

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Elon Musk and Twitter brass struck a deal on Monday in which Musk will spend $44 billion to “take over the influential social network frequented by world leaders, celebrities and cultural trendsetters” and take it private....more

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Apollo Global Weighing Bankrolling Musk’s Play for Twitter

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Back at it. Let’s get caught up . . . The latest in the Elon Musk/Twitter drama includes word that PE firm Apollo Global Mgmt is “considering” joining a bid by Musk to acquire the social media platform, a potential early...more

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Musk Reverses Course, Eschews Twitter Board Seat

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In the reversal heard around the tech world on Monday, Elon Musk announced that he would not be joining Twitter’s Board of Directors after all. The social media company had extended the invite to Musk after news broke that he...more

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U.S. Jobless Claims Hit 54-Year Low

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U.S. jobless claims hit 166k last week, the lowest “since November 1968, when the labor force was less than half of its current size.” Labor Department data also showed some 4.3 million workers quitting their jobs in...more

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Elon Musk Takes Surprise 9.2% Stake in Twitter

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The man who can move the entire crypto industry in 180 characters or less disclosed on Monday a massive new stake in that medium of choice, Twitter. That move made Elon Musk the single biggest shareholder of the social media...more

Kohrman Jackson & Krantz LLP

The Ongoing Battle Between Musk And The Sec Heats Up Again

ELON’S MUSK TUMULTUOUS HISTORY WITH THE SEC - Tesla’s colorful CEO, Elon Musk, has a history of feuding with the Securities and Exchange Commission (SEC), and it looks like the fight isn’t over. In 2018, the SEC...more

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Citing Free Speech, Musk & Tesla Seek to End 2018 SEC Settlement Over Twitter Preclearance

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Tesla CEO Elon Musk moved this week in SDNY federal court to “scrap a settlement he reached with securities regulators in 2018 that required some of his tweets to be preapproved, a condition that has fomented an ongoing...more

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Financial Daily Dose 12.2.2021 | EU Fines Big Banks Over Forex Spot Trading Cartels

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The European Union has fined four banks nearly $400 million over their alleged roles in “a cartel in the foreign-exchange spot trading market.” Bankers at Barclays, RBS, HSBC, and Credit Suisse (along with UBS, which avoided...more

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Financial Daily Dose 11.30.2021 | Top Story: Twitter CEO Jack Dorsey Resigns

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Twitter CEO Jack Dorsey is stepping down, effectively immediately, from the site he co-founded in 2006. He was replaced by company CTO Parag Agrawal, “who has recently been working on technologies associated with...more

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Financial Daily Dose 11.8.2021 | Top Story: Congress Passes Massive Infrastructure Package

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It was a slog, to be sure, but Congress finally made President Biden’s infrastructure plan a reality late Friday, guaranteeing nearly “$600 billion in new federal aid to improve highways, bridges, dams, public transit, rail,...more

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Financial Daily Dose 9.21.2021 | Top Story: Markets Dive on Fears of Evergrande Default

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Wall Street used the Chinese corporate debt crisis (and property development company Evergrande’s potential coming default in particular) as its reason for a big dive on Monday, with the Dow down 800 point at one point and...more

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