House Republicans call on Twitter to keep records of Elon Musk’s bidding

Republicans On the The Judicial Committee of the House of Representatives issued a save notice to Twitter Asks Social media Giant to keep all records related to Elon Musk Takeover view.

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“Decisions regarding the future governance of Twitter will undoubtedly be the result of public discourse in the United States and could lead to renewed efforts for legislation to promote the maintenance of freedom of expression on the Internet,” the letter. States. “Among other things, board reactions to Elon Musk’s bid to buy Twitter, and outside opposition to Musk’s role in Twitter’s future are worrisome. Twitter board members have fiduciary duties to the company’s shareholders. These duties apply even though corporate leaders increasingly pursue policy goals progressive detached from the interests of the shareholders.

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The order includes all electronic messages sent using official and personal accounts or devices, including through encryption software.

You shall interpret this Custody Notice as an instruction to take all reasonable steps to prevent the destruction or alteration, whether intentionally or negligently, of all documents, communications and other information, including electronic information and metadata, that are or are likely to be responsive to an investigation. This Congress.”

Eighteen Republican members of the House Judiciary Committee, including ratings member Jim Jordan, have issued a Twitter preservation notice asking the social media giant’s board of directors to keep all records related to Elon Musk’s takeover bid. (Graeme Jennings/Paul via Reuters/Reuters Photo)

The letter was signed by 18 Republican members of the House of Representatives, including House Judiciary Committee member Jim Jordan. A Twitter representative did not immediately respond to a FOX Business request for comment.

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muskAnd Detection 9.2% Twitter share On April 4, he was a vocal critic of the platform and its CEO, Paraj Agrawal, and recently questioned whether the company adheres strictly to the principles of freedom of expression.

Musk has been a vocal critic of Twitter and its CEO, Parag Agrawal. (Reuters | Twitter/Reuters Photo)

Although musk was in the beginning Invited to join Twitter’s board of directorsis later offer rejected. As part of joining the Board of Directors, Musk will be able to own no more than 14.9% of Twitter’s stock while serving on the board or for 90 days thereafter. Musk’s board term expired at Twitter’s 2024 annual meeting.

Musk set out to make $54.20 per share offer To buy Twitter and make it private, adding that it’s “the best and the last.” After its bid of $43 billion, Twitter adopted a limited-term shareholder equity plan, commonly referred to as a poison pill, to prevent Musk or any other entity or group from acquiring beneficial ownership of 15% or more of Twitter’s outstanding common stock in a transaction not approved by the Board of Directors. The plan will expire on April 14, 2023.

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In response to the board’s lack of response to his offer, Musk revealed in a Securities and Exchange Commission filing Thursday that he is exploring whether to initiate a tender offer to acquire all shares outstanding in common stock on Twitter.

In addition, Musk stated that he has received pledges of approximately $46.5 billion to help fund a potential deal, including approximately $21 billion in equity financing and approximately $25.5 billion in debt financing through Morgan Stanley Finance and other companies, including Bank of America, Mizuho Bank, Barclays, MUFG, Société Générale and BNP Paribas.

The filing maintains that Musk has not decided whether or not to submit a bid and that he may take other steps to advance his proposal.

Twitter told FOX Business Thursday that it was receiving Musk’s updated, non-binding offer, adding that it was “committed to conducting a careful, thorough, and considered review to determine the course of action it believes is in the best interest of the company and all of Twitter’s shareholders.”

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