Tesla CEO Elon Musk has subpoenaed his friend and former Twitter CEO Jack Dorsey as part of an effort to back out of his $44 billion agreement to acquire the company Dorsey helped found, according to court documents.
Twitter and Musk are headed for an Oct. 17 trial in Delaware that should determine whether Twitter can force the billionaire to go through with the acquisition.
Twitter has subpoenaed a host of tech investors and entrepreneurs connected to Musk, including prominent venture capitalist Marc Andreessen and David Sacks, the founding chief operating officer of PayPal.
Musk has claimed that Twitter failed to provide adequate information about the number of fake, or “spam bot,” Twitter accounts. Twitter argues that Musk’s reasons for backing out are just a cover for buyer’s remorse.
Ford cutting 3,000 jobs to boost competitiveness
Ford Motor Co. on Monday confirmed it’s eliminating 2,000 salaried positions and 1,000 contract positions — mostly in Michigan and Metro Detroit — as a way to cut costs and be more competitive.
Ford Executive Chairman Bill Ford and CEO Jim Farley sent a letter to employees detailing the decision, stating: “We are eliminating work, as well as reorganizing and simplifying functions throughout the business.”
David Whiston, U.S. autos equity analyst for investment services firm Morningstar Inc., said the job cuts had been expected.
“It’s not a surprise given Farley being very open about Ford having too many people … they also need to cut costs to get profits moving again so this is one of those steps,” Whiston said in an email.
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