Business
Twitter-Musk Takeover Dispute Heading for an October Trial
Tesla CEO Elon Musk lost his fight to delay Twitter’s lawsuit against him as a Delaware judge on Tuesday set an October trial, citing the “cloud of uncertainty” over the social media company after the billionaire backed out of a deal to buy it.
“Delay threatens irreparable harm,” said Chancellor Kathaleen St. Jude McCormick, the head judge of Delaware’s Court of Chancery, which handles many high-profile business disputes. “The longer the delay, the greater the risk.”
Twitter had asked for an expedited trial in September, while Musk’s team called for waiting until early next year because of the complexity of the case. McCormick said Musk’s team underestimated the Delaware court’s ability to “quickly process complex litigation.”
Twitter is trying to force the billionaire to make good on his April promise to buy the social media giant for $44 billion — and the company wants it to happen quickly because it says the ongoing dispute is harming its business.
Musk, the world’s richest man, pledged to pay $54.20 a share for Twitter, but informed the company in July that he wants to back out of the agreement.
“It’s attempted sabotage. He’s doing his best to run Twitter down,” said attorney William Savitt, representing Twitter before McCormick on Tuesday. The hearing was held virtually after McCormick said she tested positive for COVID-19.
Musk has claimed the company has failed to provide adequate information about the number of fake, or “spam bot,” Twitter accounts, and that it has breached its obligations under the deal by firing top managers and laying off a significant number of employees. Musk’s team expects more information about the bot numbers to be revealed in the trial court discovery process, when both sides must hand over evidence.
Twitter argues that Musk’s reasons for backing out are just a cover for buyer’s remorse after agreeing to pay 38% above Twitter’s stock price shortly before the stock market stumbled and shares of the electric-car maker Tesla, where most of Musk’s personal wealth resides, lost more than $100 billion of their value.
Savitt said the contested merger agreement and Musk’s tweets disparaging the company were inflicting harm on the business and questioned Musk’s request for a delayed trial, asking “whether the real plan is to run out the clock.”
“He’s banking on wriggling out of the deal he signed,” Savitt said.
But the idea the Tesla CEO is trying to damage Twitter is “preposterous. He has no interest in damaging the company,” said Musk attorney Andrew Rossman, noting he is Twitter’s second largest shareholder with a “far larger stake” than the company’s entire board of directors.
Savitt emphasized the importance of an expedited trial starting in September for Twitter to be able to make important business decisions affecting everything from employee retention to relationships with suppliers and customers.
Rossman said more time is needed because it is “one of the largest take-private deals in history” involving a “company that has a massive amount of data that has to be analyzed. Billions of actions on their platform have to be analyzed.”
Tobias said it’s still possible that Musk and Twitter will settle the case before it goes to trial, since both might find a drawn-out fight or the judge’s final decisions costly to their businesses and reputations. One option is that Musk could pay the $1 billion breakup fee both he and Twitter agreed to if either was deemed responsible for the deal falling through. Or Twitter could push for him to pay more to make up for damages – just not the full $44 billion acquisition.
“Does Musk really want to run that company? Do they really want Musk to run that company?” Tobias said. “They could always settle somewhere in between.”
Business
Orlando Regional REALTOR® Association Named Florida’s Best Real Estate Trade Association for 3rd Year
ORLANDO, Fla. (FNN) – The Orlando Regional REALTOR® Association (ORRA), the seventh largest real estate trade association in the United States, has been awarded Best Local Trade Association of the Year – Florida for the third consecutive year by the 2024 BUILD Real Estate and Property Awards.
BUILD Magazine, a renowned publication covering construction, engineering, real estate, and design industries, hosts the annual awards to recognize organizations and individuals demonstrating innovation, excellence, and commitment to client satisfaction.
A Legacy of Excellence
ORRA’s recognition reflects its leadership in innovation, growth, and diversity initiatives within the real estate industry. The organization has consistently worked to support its over 20,000 members while driving the real estate sector forward.
This year, ORRA reached a significant milestone with the grand opening of its new 45,000-square-foot headquarters. The state-of-the-art, four-story facility accommodates ORRA’s growing membership and serves as a central hub for real estate professionals across the country. It offers premier networking spaces, educational opportunities, and event venues to foster collaboration and launch transformative initiatives.
Global Expansion and Strategic Partnerships
In 2024, ORRA expanded its global reach, signing memorandums of understanding (MOUs) with Hungary, Brazil, Albania, and India, marking the highest number of agreements in a single year. The MOU with Brazil has been particularly impactful, creating opportunities for 300,000 Brazilian professionals to engage with the Orlando real estate market and fostering stronger international ties.
“2024 has been a year of growth and new beginnings for the Orlando Regional REALTOR® Association,” said Cliff Long, CEO of ORRA. “Being recognized as the best real estate trade association is a testament to the dedication and innovation of our executives and members. We’ve positioned ORRA as a national leader in the real estate industry.”
Award Criteria and Recognition
The BUILD Awards judging panel evaluated nominees based on innovation, business growth, longevity, online reputation, client feedback, and overall business performance. ORRA’s continued success demonstrates its ability to adapt to industry trends while maintaining a strong commitment to its members and community.
Impact Analysis
ORRA’s recognition as Florida’s best real estate trade association reinforces its position as an industry leader. This achievement will likely enhance its reputation both locally and globally, attracting more members, partnerships, and opportunities for innovation. Additionally, the opening of its new headquarters highlights its commitment to growth, creating significant economic and professional opportunities for its members.
SEMINOLE COUNTY, Fla. (FNN BUSINESS) – The fitness landscape in Oviedo has transformed with the arrival of Mayweather Boxing + Fitness, a unique training facility that opened in 2022 at 2871 Clayton Crossing Way, Suite 1093. Inspired by the unparalleled boxing career of Floyd Mayweather, this studio offers a fresh and dynamic approach to achieving fitness goals.
A Passion Turned Business: Lisa Brodsky’s Journey
At the heart of this venture is Lisa Brodsky, a former attorney who found her calling in the fitness world. Lisa discovered Mayweather Boxing + Fitness during a family vacation and instantly felt inspired.
“Mayweather Fitness + Boxing completely changed my life,” Lisa shared. “I went from being a lawyer to co-owning a fitness gym that helps people achieve their goals while building a sense of community.”
To bring her vision to life, Lisa partnered with Kevin Nuñez, a professional boxer and four-time state champion who also serves as the studio’s operating partner and head instructor. Kevin’s extensive experience ensures that members receive authentic and effective training tailored to all fitness levels.
Source: Mayweather Boxing + Fitness
Revolutionary Fitness: A New Way to Train
Mayweather Boxing + Fitness combines the science behind Floyd Mayweather’s undefeated 21-year boxing career with modern fitness techniques. Members engage in 45- and 60-minute classes that blend boxing, strength training, and cardio conditioning, all guided by state-of-the-art smart screen technology.
This immersive experience projects Floyd Mayweather’s image during sessions, giving participants the feeling of training alongside the champion himself.
“Our classes offer fast results, intense calorie burns, and a sense of accomplishment after every session,” Lisa explained.
Classes Designed to Suit Everyone
The Oviedo location provides an array of fitness classes designed for varying skill levels and goals:
- M45 Strong: Combines boxing and strength training.
- MBody: A full-body, non-boxing workout.
- M45 Undefeated: A fast-paced, HIIT-style boxing session.
- M60 Champ: A 60-minute class fostering community and endurance.
- Boxing Fundamentals: A skills-focused workshop.
- M45 Advanced Bagwork: Geared for experienced boxers.
Each session can burn up to 1,000 calories, leaving participants energized and confident.
Additional Offerings and Community Impact
Mayweather Boxing + Fitness Oviedo goes beyond group classes by offering:
- Personal training
- Open gym access
- Free weights
Lisa and Kevin aim to create more than just a gym; they strive to foster a community hub for health and wellness.
“We want members to feel like this is their second home,” Lisa said. “It’s not just about working out; it’s about building connections and inspiring others to live their best lives.”
Mayweather Boxing + Fitness: Fitness for Everyone
The Oviedo studio welcomes individuals of all fitness levels, from beginners looking to try something new to seasoned athletes seeking a challenging workout. This accessible, high-energy approach makes it a standout fitness destination in Seminole County.
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J Willie David, III
Florida National News and FNN News Network
news@FloridaNationalNews.com
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