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Why Elon Musk Backed Out Of Twitter Deal!

Why Elon Musk Backed Out Of Twitter Deal!

It’s official – Elon Musk moved to officially terminate his $44 billion deal to buy Twitter!

Find out why he backed out, and if he can really do that!

 

Buyer’s Remorse : Elon Musk Backs Out Of Twitter Deal!

On Friday, July 8, 2022, Elon Musk moved to terminate his $44 billion deal to buy Twitter.

According to the official SEC filing, Musk is ending the deal because he believed that Twitter was “in material breach of multiple provisions” of the April 2022 agreement he signed to buy Twitter.

For the past month, Mr. Musk has been clear that he views Twitter’s non-responsiveness as a material breach of the Merger Agreement giving him the right to terminate the Merger Agreement if uncured.

Thus, Mr. Musk has been clear about his requests, his right to seek such information, and his view regarding Twitter’s material breach of the Merger Agreement.

Elon Musk’s lawyer pointed out to Twitter’s Chief Legal Officer, Vijaya Gadde, that Twitter failed to provide “much of the data and information” repeatedly requested by Musk “over the past two months” :

  • Information related to Twitter’s process for auditing the inclusion of spam and fake accounts in mDAU (monetizable Daily Active Users)
  • Information related to Twitter’s process for identifying and suspending spam and fake accounts.

Twitter shares fell nearly 6% in after hours trading immediately following the news, after ending the day down 5%.

Twitter board chair Bret Taylor responded that they will pursue legal action against Elon Musk for reneging on the deal :

The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merger agreement.

We are confident we will prevail in the Delaware Court of Chancery.

The April 2022 deal actually allows Elon Musk to terminate the deal, but he has to pay a cool $1 billion termination fee. It looks like he is trying to get out of that, by blaming Twitter for not providing him with information.

 

Elon Musk Backing Out Of Twitter Deal : Was It Ever In Doubt?

The writing was on the wall right after Elon Musk agreed to purchase Twitter for $44 billion.

Instead of celebrating the purchase with champagne, he started raising doubts about actually going through with the deal.

Even though he claimed he wanted to buy Twitter to eradicate bots, he started to complain that Twitter did not provide him with the data he needs to evaluate the number of bots and fake accounts on Twitter.

Then in May – just a month after agreeing to buy Twitter – he put the deal “on hold”. In June, he directly threatened to walk away from the deal.

His contradictory moves are perplexing considering the fuss he kicked up to buy Twitter – buying a ton of shares, and then turning down a board seat while threatening a hostile bid.

Even more perplexing – Elon Musk explicitly waived due diligence, in his eagerness to sign the April 2022 contract to purchase Twitter.

It was not like Musk didn’t know about Twitter’s bot and spam problem. He knew. He also chose to waive due diligence… and he chose to sign a contract.

It is possible that Musk is pressuring the Twitter board to renegotiate the purchase price, now that Twitter shares have fallen significantly. Twitter shares have fallen about 32% – down from $54.20 when he announced the offer, to just $37 on Friday, when he moved to terminate the deal.

It is also possible that Musk is forced to renegotiate the deal, because Tesla shares that he relied on to finance Twitter’s purchase has taken a beating since he signed the deal. Tesla shares have fallen about 31% – down from $985 when he announced the offer, to just $682 when he moved to terminate the deal.

Ultimately, the Twitter deal may go through at a lower price, or this will end up in court with an expensive breakup lesson for Elon Musk.

 

Elon Musk – Twitter Saga : A Timeline

Here is a quick timeline summary of the Elon Musk – Twitter saga :

March 28 : Elon Musk says he seriously thinking about building the “next Twitter”

April 4 : Twitter announces that Elon Musk had purchased 9.2% of Twitter shares, worth about $2.9 billion

April 5 : In an effort to ward off a hostile bid, Twitter CEO Parag Agrawal offered Musk a Twitter board seat, which he accepted.

April 10 : Elon Musk reverses his decision to join the Twitter board, implying he intends to mount a hostile bid.

April 14 : Elon Musk offers to pay $54.20 per share to buy 100% of Twitter, valuing the company at $43.4 billion.

April 15 : Twitter board announces a poison pill defence to block Musk’s anticipated hostile bid.

April 25 : Twitter board accepted Elon Musk’s offer to purchase the entire company at $54.20 per share, and take it private. Both parties agreed to pay a $1 billion termination fee, if either party reneges on the deal.

May 13 : Elon Musk announces that the Twitter deal is “temporarily on hold” pending “details supporting calculation that spam/fake accounts do indeed represent less than 5% of users.” He then quickly “clarified” that he is “still committed to acquisition”.

June 6 : In a legal letter to Twitter Chief Legal Officer, Vijaya Gadde, Elon Musk alleged that Twitter was “actively resisting and thwarting his information rights”, and that he reserves the right “not to consummate the transaction” and “to terminate the merger agreement”.

July 8 : Elon Musk officially moved to terminate his Twitter purchase agreement.

 

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Did China Lock Down Shanghai To Spite US Over Ukraine?!

Did China lock down Shanghai, not to fight COVID-19, but to spite US companies over the Ukraine war?

Take a look at the viral article, and find out what the facts really are!

 

Claim : China Locked Down Shanghai To Spite US Over Ukraine War!

People are sharing an article by Kanthan Pillay, which claimed that China locked down Shanghai not to fight COVID-19 but to spite US companies over the Russian invasion of Ukraine.

It’s a rather long post, so feel free to skip to the next section for the facts…

Shanghai Lockdown Not Because Of Covid -19!!

Two weeks after Russia’s forces moved into Ukraine, China locked down Shanghai.

Let me hit you with some bullet points:

More than 800 multinational corporations have regional headquarters in Shanghai . Among them, 121 are Fortune Global 500 companies, including Apple, Qualcomm, General Motors, Pepsico.

More than 70 000 foreign companies have offices in Shanghai. More than 24 000 of these are Japanese.

 

Truth : China Did NOT Lock Down Shanghai To Spite US Over Ukraine War!

I have read many conspiracy theories about China and the Ukraine War, but this has to be one of the stupidest I have read to date.

I cannot believe I have to actually explain why China did not lock down Shanghai just to spite US companies over Russia’s invasion of Ukraine.

But here we go…

Fact #1 : China Has Been Locking Down Cities Since 2020

First, I should point out that China has been locking down cities since the COVID-19 pandemic started in Wuhan.

This isn’t a new tactic. China locks down entire cities as part of their COVID Zero policy.

In fact, China locked down 4 additional cities in the first two months of 2022, before Russia’s invasion of Ukraine :

  • 4 January : Yuzhou, Henan province
  • 11 January : Anyang and Zhengzhou, Henan province
  • 7 February : Baise, Jilin province

It is therefore ridiculous for Kanthan Pillay to claim that China locked down Shanghai to spite US companies.

Fact #2 : Shanghai’s COVID-19 Outbreak Began On 28 February

Ironically, Shanghai’s COVID-19 outbreak began on the same day Russia chose to invade Ukraine – 28 February 2022.

I’m surprised Kanthan Pillay did not suggest that the Chinese introduced the Shanghai outbreak as part of a false flag operation to spite US companies. LOL!

Fact #3 : Shanghai Lockdown Only Started A Month Later

Kanthan Pillay falsely claimed that China locked down Shanghai two weeks after Russia invaded Ukraine. Why two weeks? Why not immediately?

In any case, Shanghai only adopted “area-separated and batch-separated control” on 28 March 2022 – a month after their COVID-19 outbreak started, and a month after Russia invaded Ukraine.

Only a week later – on 5 April 2022, did Shanghai put the entire city under lockdown.

Read more : Did US Refuse WHO Investigation Of Fort Detrick?!

Fact #4 : Hong Kong Has More Regional HQs Than Shanghai

In his first “bullet point”, Kanthan Pillay said that more than 800 multinational corporations have their regional headquarters in Shanghai.

What he does not point out to you is that Hong Kong has almost twice as many regional headquarters as Shanghai – 1,457 as of 2021.

If the Chinese wanted to “attack” US companies by targeting their regional headquarters, they would do better to lock down Hong Kong.

But wait – Hong Kong is still NOT under lockdown, even with a massive surge of Omicron cases.

Fact #5 : Regional HQ Not As Important As Factories

Kanthan Pillay does not seem to understand that regional headquarters are not as critical to US companies as the factories that produce goods for them.

Many employees of these regional headquarters can conduct their work from home, even hold meetings virtually from anywhere in the world. So using regional headquarters and design centres as examples of Chinese sabotage is stupid.

Factories, on the other hand, cannot produce goods virtually. Hence, factories that produce goods for US companies are far more important than regional HQs and design centres.

Fact #6 : Shanghai Lockdown Affects All Companies

Kanthan Pillay is apparently unaware thatChina’s lockdown of Shanghai is not limited to US citizens or companies.

The Shanghai lockdown affects all residents, whether they are Chinese citizens or foreigners. Similarly, Chinese companies are affected just as badly as their Western counterparts.

Even more importantly – there are far more Chinese companies in Shanghai than Western companies. More Chinese citizens are being employed by Chinese companies in Shanghai, than Western companies.

If China intentionally locked down Shanghai to spite US companies, they would be sacrificing their own economy to do that.

The Chinese are not quite so stupid as to cut off their noses, just to spite their own faces.

Read more : Is Malaysia Going To Supply Russia With Semiconductors?!

Fact #7 : TSMC Shanghai Fab Is Not State Of Art

Kanthan Pillay also seems to be unaware that the TSMC plant in China is not state of the art, and does not manufacture 7 nm or 5 nm chips as he alleged.

The TSMC Fab 10 foundry in Shanghai was completed around the end of 2004, and produces 8-inch wafers using old 0.25 micron and 0.35 micron processes from the 1990s.

Fact #8 : Shanghai Semiconductor Companies Not Affected By Lockdown

Despite the entire city of Shanghai being under strict lockdown, its semiconductor companies continued to maintain full production.

They managed to achieve this through closed-loop systems, where most employees work on-site while others work remotely from home.

Both TSMC and SMIC say that they are maintaining full production in Shanghai using such closed-loop systems.

Fact #9 : Companies Can Shift To Other Countries

Kanthan Pillay ludicrously believe that China shut down Shanghai to deliver “a body blow to global giants in the US sphere of influence“.

Multinational companies, especially those from the West, can and have shifted to other countries or states, if conditions become unfavourable.

Some have already started shifted production from China to Southeast Asian countries like Vietnam, Cambodia, Malaysia and Indonesia.

If China did really do this just to spite US companies, it would be one more reason to shift their operations to other countries. It’s not like they can only build factories in China.

Fact #10 : Chinese Sacrifice Will Not Help Russia

What Kanthan Pillay does not explain is WHY on Earth would China sacrifice its own people and economy to help Russia?

And how does crippling Shanghai’s economy help Russia? Sure, Tesla will miss its production target… again, but so what?

These are public-listed companies, not the US government. Whatever happens to these companies won’t have a material effect on the US government, only its shareholders.

Needless to say – it won’t sway Western sanctions on Russia, and it certainly won’t help Russia in any way.

Read more : What Should China Worry About Russia-Ukraine War?

Fact #11 : Western Economies Are Still Doing Fine

Kanthan Pillay ended his article by claiming that such actions by Russia and China have “brought the economies of the Western powers to a grinding halt“.

I have no idea what he has been smoking, but it must be some fantastic shit, because none of the Western economies are remotely close to collapsing!

In fact, the US Fed just made the biggest interest rate increase in 22 years, announcing a 0.5% interest rate hike to tackle inflation.

Other Western economies are poised to similarly raise their interest rates. They would not be raising interest rates if their economies were collapsing as Pillay alleged.

The Kanthan Pillay article is nothing more than a meaningless self-masturbatory fantasy.

Unfortunately, it’s being widely shared by the Chinese 50 Cent Army (wumao, 五毛) and pro-CCP netizens.

Please help us FIGHT FAKE NEWS by sharing this fact check article out!

 

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He continues to devote countless hours every day writing about tech, medicine and science, in his pursuit of facts in a post-truth world.

 

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AMD @ Computex 2021 : Everything They Announced!

AMD unveiled a WHOLE SLEW of new products and technologies at Computex 2021!

Here is a recap of everything AMD announced at Computex 2021!

 

AMD @ Computex 2021 : Everything They Announced!

On 1 June 2021, AMD kicked off their virtual Computex 2021 press conference, announcing a whole slew of new products and technologies!

Let’s take a look at what AMD announced at Computex 2021!

3rd Gen EPYC Beats Intel Xeon Scalable!

AMD President and CEO Dr. Lisa Su showed how the dual-socket 3rd Gen EPYC 7763 system beat the dual-socket Intel Xeon Platinum 8380 system by 50%!

  • 2P Intel Xeon Platinum 8380 delivered 201,334 Java operations per second
  • 2P AMD EPYC 7763 delivered 301,297 Java operations per second

This is because the EPYC 7763 has far more cores than the Xeon Platinum 8380 – 64 cores versus just 40 cores!

AMD RDNA 2 Coming To Automotive + Mobile!

AMD is working to bring the RDNA 2 gaming architecture to industry leaders in the automotive and mobile segments :

Tesla Model S + Model X

The new infotainment systems in the Tesla Model S and Model X are powered by an AMD Ryzen Embedded APU, with an AMD RDNA 2-based GPU capable of AAA gaming!

Samsung Exynos

The next-generation Samsung Exynos SoC will feature custom AMD RDNA 2-based graphics IP, that will introduce raytracing and variable rate shading capabilities to flagship mobile devices!

AMD Ryzen 5000G Desktop APUs

Dr. Lisa Su also announced that they are introducing two AMD Ryzen 5000G series desktop APUs, that will be available to the DIY market starting 5 August 2021.

AMD Ryzen 7 5700G

The AMD Ryzen 7 5700G has an 8-core, 16-thread processor, with a base clock of 3.8 GHz and a boost clock of 4.6 GHz.

It has 4 GB of L2 cache, and 16 GB of L3 cache; and 8-core integrated Radeon graphics clocked at 2.0 GHz.

This 65 watt desktop APU will have a launch price of US$359.

AMD Ryzen 5 5600G

The AMD Ryzen 5 5600G has an 6-core, 12-thread processor, with a base clock of 3.9 GHz and a boost clock of 4.4 GHz.

It has 3 GB of L2 cache, and 16 GB of L3 cache; and 7-core integrated Radeon graphics clocked at 1.9 GHz.

This 65 watt desktop APU will have a launch price of US$259.

AMD Ryzen PRO 5000 Series Desktop CPUs

While not mentioned in the main Computex 2021 press conference, AMD also launched the Ryzen PRO 5000 series desktop processors based on the Zen 3 core!

AMD Ryzen PRO 5000 G-Series (65W)

  • Ryzen 7 5750G : 8 core, 16 thread, 3.8 GHz to 4.6 GHz, 4 MB L2, 16 MB L3
  • Ryzen 5 5650G : 6 core, 12 thread, 3.9 GHz to 4.4 GHz, 3 MB L2, 16 MB L3
  • Ryzen 3 5350G : 4 core, 8 thread, 4.0 GHz to 4.2 GHz, 2 MB L2, 8 MB L3

AMD Ryzen PRO 5000 GE-Series (35W)

  • Ryzen 7 5750GE : 8 core, 16 thread, 3.2 GHz to 4.6 GHz, 4 MB L2, 16 MB L3
  • Ryzen 5 5650GE : 6 core, 12 thread, 3.4 GHz to 4.4 GHz, 3 MB L2, 16 MB L3
  • Ryzen 3 5350GE : 4 core, 8 thread, 3.6 GHz to 4.2 GHz, 2 MB L2, 8 MB L3

You can get the full details in this official AMD deep dive into the Ryzen PRO 5000 series desktop processors!

AMD Radeon RX 6000M Series Mobile Graphics

Scott Herkelman, Vice President & General Manager of AMD Graphics Business Unit, officially announced the introduction of the Radeon RX 6000M series mobile graphics for laptop gaming.

AMD Radeon RX 6800M

Their flagship model has a 2.3 GHz game clock and 12 GB of GDDR6 memory, and is designed to deliver 120 fps gaming at 1440p.

AMD says that it will offer significantly better performance than the competition :

  • 40% to 70% better gaming performance than the GeForce RTX 2070 at 1440p Max Settings.
  • 14% to 40% better gaming performance than the GeForce RTX 3080 while gaming on battery.

AMD Radeon RX 6700M

This model has a 2.3 GHz game clock and 10 GB of GDDR6 memory, and is designed to deliver 100 fps gaming at 1440p.

AMD Radeon RX 6600M

This model has a 2.177 GHz game clock and 8 GB of GDDR6 memory, and is designed to deliver 100 fps gaming at 1080p.

AMD FidelityFX Super Resolution (FSR)

FidelityFX Super Resolution, or FSR for short, is AMD’s spatial upscaling technology that is designed to boost frame rates, while delivering a high-quality gaming experience.

Think of it as AMD’s version of NVIDIA’s DLSS. But while DLSS is proprietary, FidelityFX Super Resolution is open-source, and will be supported on both AMD processors and GPUs as well as NVIDIA GPUs!

More than 10 game developers plan to integrate FSR into their top titles and gamer engines in 2021.

AMD FidelityFX Super Resolution (FSR) will be available starting 22 June 2021.

AMD Advantage Gaming Laptops

Think of AMD Advantage as a marketing programme, based around a “design framework” of premium gaming features.

  • Amplified Performance : AMD Ryzen processor + AMD Radeon RX 6800M graphics + AMD Radeon Software for gaming at 100 fps at 1080p
  • Premium Displays : 144Hz+ with LFC, low latency, AMD FreeSync Premium, 300 nits+ brightness, IPS / OLED panels, 100% sRGB / 72% NTSC minimum
  • Built To Game : NVMe SSD, less than 40°C WASD keyboard temperatures when gaming, >10 hours binge watching on battery

AMD 3D Chiplet Technology

AMD continues to build on their packaging technologies with their new 3D Chiplet technology, developed in collaboration with TSMC.

It enhances their existing chipset architecture with 3D stacking using a hybrid bond approach that provides over 200X the interconnect density of 2D chipsets and more than 15X the density of existing 3D packaging solutions.

This new 3D chiplet technology also consumes less energy than current 3D solutions, and is the most flexible active-on-active silicon stacking technology.

In Computex 2021, Dr. Lisa Su showed off the 3D vertical SRAM cache bonded to an AMD Ryzen 5000 Series processor prototype.

AMD is on-track to begin production on high-end computing products with 3D chiplets by the end of 2021.

 

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