tweet at 3:07pm: ELON MUSK FILES SEC FILING ON TWITTERMusk Parties Letter to Twitter Gentlemen: On behalf of X Holdings I, Inc., X Holdings II, Inc. and Elon R. Musk (the “Musk Parties”), we write to notify you that the Musk Parties intend to proceed to closing of the transaction contemplated by the April 25, 2022 Merger Agreement, on the terms and subject to the conditions set forth therein and pending receipt of the proceeds of the debt financing contemplated thereby, provided that the Delaware Chancery Court enter an immediate stay of the action, Twitter vs. Musk, et al. (C.A. No. 202-0613-KSJM) (the “Action”) and adjourn the trial and all other proceedings related thereto pending such closing or further order of the Court. The Musk Parties provide this notice without admission of liability and without waiver of or prejudice to any of their rights, including their right to assert the defenses and counterclaims pending in the Action, including in the event the Action is not stayed, Twitter fails or refuses to comply with its obligations under the April 25, 2022 Merger Agreement or if the transaction contemplated thereby otherwise fails to close.
Financial services firm Matrixport has secured critical insurance coverage as the crypto industry continues navigating liquidity crises that brought down some major players. Matrixport said Sunday it locked in $50 million from Canopius, one of the largest syndicates operating under insurance giant Lloyd’s with more than $2.2 billion in premiums. Lloyd’s is ...