Twitter calls Elon Musk’s third attempt to scrap acquisition invalid ahead of key shareholder vote [CNBC]
“As was the case with both your July 8, 2022 and August 29, 2022 purported notices of termination, the purported termination set forth in your September 9, 2022 letter is invalid and wrongful under the Agreement,” the social media giant’s legal team wrote to Musk’s representatives…. The matter is complicated by a Tuesday Twitter shareholder vote which could green light the acquisition, but the court case still hangs over the deal.
London Looks to Un-Meme the SPAC Market [WSJ]
Top European De-SPACs have done noticeably better than their American counterparts, falling only about a third. Those few that trade in London and Amsterdam also have outperformed those listed in New York since the day of their merger…. Europe, and particularly London, may provide a clue to SPACs’ future. New sponsors there aren’t looking to slap an outsized Silicon Valley valuation on a moonshot, particularly now. Instead, they genuinely seem to want to find solid businesses with growth potential, while leveraging their connections in a capital market that is probably less flighty and provides for an easier handover to longer-term investors like pension funds.
Trial Begins for Truck Maker Accused of Duping Investors [NYT]
The trial, expected to last four or five weeks after getting underway with jury selection on Monday, is being held at U.S. District Court in Manhattan…. The case is also seen as an example of the risks of investing in special purpose acquisition corporations, or SPACs, companies that list on the stock exchange before they have any assets. Nikola went public in 2020 by merging with a SPAC called VectoIQ Acquisition Corporation, avoiding some of the regulatory scrutiny usually applied to initial public offerings.
Losing Weight Is Losing Ground in the Stock Market [WSJ]
Herbalife Nutrition, Medifast and WW International (formerly known as Weight Watchers) are all in the business of helping their customers shed unwanted pounds…. But the past year has been a disaster for all three with their share prices down by between 44% and 73%....
People looking to lose weight or to improve their health in other ways feel increasingly comfortable turning to smartphone apps.
Dubai court rejects Danish extradition request for financier [AP via NY1]
Monday’s court ruling, which judges delivered without explanation, can be appealed by prosecutors within 30 days…. “Of course we will try to get him (out) on bail now immediately,” [Sanjay] Shah’s lawyer, Ali al-Zarooni, told The Associated Press from the Dubai courthouse.
Elon Musk’s college ex auctioning off never-seen pics, signed items — some going for over $10K [N.Y. Post]
Jennifer Gwynne, who dated the future billionaire when the two were enrolled at the University of Pennsylvania, is auctioning the personal trove off photos and mementos…. “If we weren’t physically together it was a problem because he’s not good on the phone,” Gwynne recalled.
“He said, ‘It’s a waste of time’.”
‘It was hard, it was not what a 20-year-old woman wanted to hear. I was totally in love with him,’ she said.