Twitter LOSES $809.5 MILLION LAWSUIT FOR DECEIVING INVESTORS ON BOTS as Texas AG Sides with Musk

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The loss included a one-time net charge of $766 million from a shareholder lawsuit the company settled. Twitter said last month that it will pay $809.5 million to settle a consolidated class action lawsuit alleging that the company misled investors about how much its user base was growing and how much users interacted with its platform. https://abcnews.go.com/Technology/wireStory/twitter-posts-q3-net-loss-due-lawsuit-settlement-80800292

Stock Market Crash Ready to Bankrupt Banks, Hedge Funds as Margin Trading at All Time High
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Twitter may be a “public town square,” but it has struggled to earn consistent profits over the past few years, posting a net loss of $221 million in 2021, and $1.14 billion in 2020, SEC filings show.

The company also held over $4.2 billion in long-term debt at the end of 2021, and will be saddled with an additional $13 billion in debt if Musk’s acquisition goes through.

Potential interest rates on that debt, detailed in the letters of commitment from various banks, range from close to 6% to as high as 11%. That means Twitter will be faced with around $1 billion in annual interest payments if the Musk deal closes, according to calculations from Bloomberg’s Matt Levine.
https://fortune.com/2022/04/26/twitter-debt-elon-musk-possible-credit-downgrade/

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Author: H. A. Goodman

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