Hello. This article is an on-site version of our FirstFT newsletter. Sign up for our Asia, Europe/Africa or Americas edition to get it delivered straight to your inbox every weekday morning
Twitter has asked a Delaware court to force billionaire entrepreneur Elon Musk to honor his $44 billion deal to buy the social media company.
In a lawsuit filed Tuesday in Delaware Chancery Court, Twitter attorneys said Musk should be forced to complete the merger at the $54.20 per share price agreed upon when the deal was struck in late April.
“Having staged a public spectacle to put Twitter on the line, and having proposed and then signed a seller-friendly merger agreement, Musk apparently believes that he – unlike all other parties subject to Delaware contract law – is free to change of opinion, throw out the business, disrupt its operations, destroy shareholder value and walk away,” according to the complaint.
“This repudiation follows a long list of significant contract violations by Musk that have cast a cloud over Twitter and his business,” he added.
The move sets the stage for a messy legal battle between the Silicon Valley company and one of its most prolific and powerful users.
Do you think Musk should be forced to honor his deal to buy Twitter? Let me know what you think of [email protected]. Thanks for reading FirstFT Asia. – Emily
Five other stories in the news
1. NATO and the EU are sounding the alarm over the risk of arms smuggling in Ukraine The two blocs are pushing for better tracking of weapons supplied to Ukraine in response to fears that criminal groups are smuggling them out of the country and into the European black market.
2. Trump insisted on voter fraud allegations despite advisers’ doubts Donald Trump has been told by almost all of his close aides that he lost the 2020 US election and yet continues to insist it was stolen, a congressional committee has heard. Trump advisers yelled at each other during a “lopsided” meeting at the White House in December 2020 as they argued over whether the former president should concede the presidential election, witnesses said.
3. BYD shares fall Shares of Chinese electric car maker BYD fell 12% after a near Berkshire Hathaway-sized stake emerged in the Hong Kong stock exchange clearing system. Berkshire told investors in February it held a 7.7% stake in the company, valued at $7.7 billion. Last week, BYD overtook Tesla to become the world’s largest producer of electric vehicles by sales.
4. The United States and Japan will fight currency volatility The United States and Japan agreed to “cooperate as appropriate” to deal with the decline in the value of the yen against the dollar after a meeting between US Treasury Secretary Janet Yellen and her Japanese counterpart Shunichi Suzuki.
5. Singapore’s Temasek will slow the pace of investment Singapore state fund Temasek, one of the world’s biggest investors, reported a sharp drop in yields and warned it would be ‘cautious’ about new investments amid deteriorating economic prospects . Temasek said slowdowns in China and the tech sector in particular weighed on its performance.
The day ahead
Rate setting meetings in New Zealand and South Korea Policymakers from the Reserve Bank of New Zealand and the Bank of Korea will meet tomorrow to set interest rates. According to recent polls, both should raise rates by 50 basis points as part of their fight against inflation. (Reuters)
China Trade Figures Faced with rising prices, world trade has weakened. This will likely affect the country’s June trade data to be released today. (Bloomberg)
Kamala Harris addresses the Pacific Islands Forum The vice president is expected to announce U.S. plans to open embassies in Kiribati and Tonga and ask Congress for more money to help Pacific island nations fight illegal fishing in his latest push to stave off the China in the Indo-Pacific.
Voting begins in the Conservative Party leadership race MPs will start voting for the party’s next leader today. Former Chancellor Rishi Sunak has become the favorite. Here are the eight candidates vying to become the next Prime Minister of the United Kingdom.
What else we read
Abe’s death gives Kishida a chance to leave his mark The assassination of Shinzo Abe, Japan’s longest-serving prime minister, has left a deep void in the ruling Liberal Democratic Party – and created an extraordinary opportunity for Prime Minister Fumio Kishida to put his own stamp on politics Japanese.
Webb Telescope images reveal dance of ancient galaxies Space scientists have revealed a series of stunning images from the James Webb Space Telescope’s first observing period, including five galaxies engaged in a brilliant cosmic dance and a nebula exploding around a pair of dying stars.
The new agricultural frontier After years of lab testing, companies are now racing to scale up commercial plant production operations and hope to beat their competitors for a commanding share of what could be a huge market.
Leaders seek information on Taiwan war risk Company executives are increasingly concerned about the possibility of war in Taiwan, according to consultants who have seen a surge in demand for briefings following the invasion of Ukraine.
Lipsticks, lattes and labradors: JAB’s bet on pets After spending more than $50 billion on coffee chains, restaurants and cosmetics companies, the European group has found a cute solution to boost its mixed returns: pets. But its investments in vets and insurance are under the scrutiny of competition officials.
Should artists have a stake in their own work? The resurgence of the $65 billion art market has led to rampant speculation around the work of young artists – who see little profit.
Thanks for reading and don’t forget you can add FirstFT to myFT. You can also choose to receive a FirstFT push notification every morning on the app. Send your recommendations and comments to [email protected] Register here.