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Elon Musk initiates a hostile takeover attempt for 100% of Twitter

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Elon Musk has made a bid to purchase Twitter Inc, the business that operates the microblogging social media site Twitter, putting an end to all suspicions. According to sources, Elon Musk, the CEO of Tesla and SpaceX, has offered $54.20 per share in cash for 100 percent of Twitter’s stock, valuing the deal at over $43 billion.

In a filing with the U.S. Securities and Exchange Commission on Thursday, the world’s richest man announced his aggressive takeover offer for the corporation. Following the announcement, Twitter’s stock jumped 18 percent.

Elon Musk had previously announced that he had purchased a 9.2 percent interest in Twitter, sparking suspicion that he may take the firm over. He was offered a place on the company’s board of directors as a result of his ownership, which he accepted at first. He eventually changed his mind and opted not to join the board of directors.

One of the terms of his nomination to the board of directors was that he could not raise his share in the company above 15%. He is no longer constrained by such constraints as an independent investor, and he has made a bid to buy Twitter’s whole stock.

As per a letter supposedly written by Musk to Twitter board chairman Bret Taylor, Musk stated that he invested in Twitter because he believes in its potential for global free expression, claiming that free speech is a societal requirement for a functioning democracy.

“However, since making my investment, I have come to see that the company, in its current form, can neither prosper nor satisfy this societal necessity.” In the letter, he stated that Twitter should be turned into a private firm.

“As a result, I am trying to purchase 100% of Twitter for $54.20 per share in case,” he stated while announcing his offer, “a 54 percent premium over the day I began investing in Twitter and a 38 percent premium over the day before my investment was officially reported.” He went on to say that his offer is the greatest and final one and that if it isn’t accepted, he will have to reevaluate his position as a shareholder.

“Twitter has amazing potential,” he continued. “I’ll get it open.”

Elon Musk, the world’s richest man, has the financial means to purchase 100% of Twitter’s stock. It will be interesting to observe how the Twitter board of directors and management respond to his offer. However, if the board of directors declines, he can buy all of the Twitter shares on the market, gaining enough shares to take over the board. For the buyout, Musk has chosen Morgan Stanley as his adviser.

While Musk’s offer price is higher than recent stock prices, it is lower than the company’s high pricing. Because Twitter’s stock exceeded $77 just last year, some stockholders may be unwilling to sell at $54.20, causing the deal to fail.

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Navi Mumbai Police Arrest African National With Rs 1 Crore Worth Of Cocaine In Ulwe

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The Anti-Human Trafficking Unit (AHTU) of Navi Mumbai Police arrested Jeorge Ocante DaSilva, a 35-year-old native of Guinea, on Monday for possessing 410 grams of cocaine, allegedly intended for illegal sale. Acting on a tip-off, API Alka Patil of the AHTU led a raid at RM Heights Building in Ulwe, where DaSilva was found in possession of the narcotics.

Around 2:30 p.m. on October 28, officers discovered 410 grams of cocaine, valued at approximately Rs 1,02,50,000, hidden in DaSilva’s bedroom. Authorities also seized a mobile phone, a black Tabata weighing scale, scissors, plastic packaging bags, and a sky bag, bringing the total seizure value to Rs 1,02,55,610.

An FIR was filed at Panvel City Police Station under Sections 8(a) and 21(a) of the Narcotic Drugs and Psychotropic Substances (NDPS) Act. Dasilva was presented in court and remanded to police custody until October 31, 2024. Investigations are ongoing, with the Crime Branch seeking potential accomplices and sources of the narcotics. Notably, Dasilva has a prior NDPS case registered at Nahar Police Station in Mumbai.

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Taloja Society Chairman Detained For Allegedly Abusing Residents And Objecting To Diwali Decorations

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The chairman of a housing society in Taloja Phase One has been detained by Taloja police following allegations of verbal abuse toward residents, including women, and objections to Diwali lighting in the complex. The incident occurred on Tuesday night, sparking outrage among residents.

According to the police, the chairman is accused of abusing a woman with intent to insult her modesty, provoking a breach of peace, and engaging in criminal intimidation. A formal complaint was filed, and the chairman was promptly taken into custody.

The situation intensified after a video of the incident went viral on social media platform X (formerly Twitter), showing a group of men, allegedly from the housing society, verbally abusing residents and threatening to halt Diwali decorations. The video received widespread attention, with users expressing shock over the treatment of residents.

Police officials confirmed that the chairman’s detention is part of an ongoing investigation into the incident. Residents are awaiting further action as authorities work to address the disturbance and ensure the safety of the community amid Diwali festivities.

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Thane Sees Surge of Nomination Filings for 2024 Vidhan Sabha Election

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The final day for filing nominations for the 2024 Vidhan Sabha General Election witnessed a surge of candidates in Thane district, with a total of 281 applications submitted across 18 assembly constituencies. This high turnout signals a competitive race for seats in the upcoming election.

Among the nominees, 114 candidates represent various political parties, while 167 have filed as independents, reflecting a diverse array of participants aiming to represent Thane’s voters. Nominations were filed throughout the day with election decision officers at each constituency, marking an essential step in the electoral process.

Collector and District Election Decision Officer Ashok Shingare announced that the scrutiny of these nomination forms is scheduled for October 30, 2024. Following this verification process, candidates who wish to withdraw their names from the race may do so until November 4, 2024.

As the election date approaches, Thane’s political landscape appears more dynamic than ever, with a record number of candidates ready to contest the assembly seats, making for an engaging electoral season for voters and candidates alike.

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