Zinger Key Points
- Twitter and Elon Musk take legal recourse to defend against each other in related to the now-terminated deal.
- Musk finds the whole Twitter deal as "rotten contract."
- Charlie Munger maintains Alibaba stake unchanged in Q2.
- Get New Picks of the Market's Top Stocks
Elon Musk once again dominated the weekend news flow, discussions, and analyses after he quietly pulled out of the deal to buy Twitter, Inc. TWTR. As investors look ahead to a week that promises a lot of action both on the economic and corporate fronts, here's a recap of a few major headlines that hit the wire over the weekend:
Musk-Twitter On Warpath: Following Musk's disclosure that he is walking away from the deal, Twitter's board said it will seek legal recourse to enforce the deal. Reports suggested Twitter has hired M&A specialist Watchell, Lipton, Rosen & Katz to represent it in the legal battle with Musk. A case will be filed in the Delaware Chancery Court as early as this week, reports said.
Musk, for his part, has chosen Quinn Emanuel Urquhart & Sullivan LLP, which is currently representing him in the ongoing shareholder lawsuit over his taking Tesla, Inc. TSLA private tweet in 2018.
Trump Takes Aim at Musk: Former U.S. President Donald Trump came down heavily on Musk in a political rally in Alaska. He called Musk another "bulls**t artist," for having said he has never voted for a Republican, even as he told Trump previously that he had voted for him in the presidential polls. Trump described the Twitter deal as a "rotten contract," and canvassed for his Truth Social platform.
Tesla's Growth Story Misunderstood: Tesla's June quarter deliveries reflected the impact of the 22-day shutdown of its Giga Shanghai plant due to the COVID-19 lockdowns in China, Loup Funds' Gene Munster said in a note. Adjusting for this anomaly, Tesla's deliveries would have far exceeded legacy automakers, he added.
Related Link: Elon Musk's Sister Believed He Would Go Through With Twitter Deal: 'If He Says He's Going To Do It...'
Charlie Munger Holds Onto Alibaba Stake: Berkshire Hathaway, Inc. BRKA BRKB vice chairman Charlie Munger's Daily Journal maintained its second-quarter portfolio unchanged from first-quarter levels, 13F filing revealed. The firm, which halved its Alibaba stake in the first quarter, held the holding unchanged at 300,000 shares at the end of the second quarter.
Apple To Get Pro Version of Watch: Apple, Inc. AAPL specialist and Bloomberg columnist Mark Gurman said in his weekly "Power On" newsletter that Cupertino is readying a Pro version of its Apple Watch. The new high-end watch will likely drop in the fall and is expected to be priced around $900-$999. It will be pitched against rival Samsung's Pro version of the Galaxy Watch, due to be launched in August, he added.
Related Link: Alibaba, Tencent Fined By Chinese Regulator Over Non-Compliance With Anti-Monopoly Rules
What Else: Walt Disney Co.'s DIS "Thor: Love and Thunder" topped the weekend box office charts in the bygone weekend. The Marvel Cinematic Universe film clocked ticket sales worth $143 million from 4,375 theaters.
A "buy now, pay later" financing program has been announced for non-fungible tokens by decentralized lending protocol Teller. The service is called "Ape Now, Pay Later."
Wall Street analysts' expectations for the S&P 500 Index are muted, although most expect the index to recover from current levels.
Photo: Created with an image from Daniel Oberhaus on Flickr
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