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Twitter ‘inching closer’ to finalise $46.5 bn deal with Elon Musk

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Twitter

Despite internal disagreements, the Twitter board is reportedly inching towards finalising the hostile takeover deal worth $46.5 billion made by Tesla CEO Elon Musk, and an announcement can come as early as this week.

The Washington Post reported, citing people close to the matter, that Twitter is in discussions to “sell itself to Elon Musk” and could “finalise a deal as soon as this week”.

“The two sides met Sunday to discuss Musk’s proposal and were making progress, though still had issues to hash out, the people said. There is no guarantee they will reach a deal,” the report said.

The New York Times also reported that Twitter’s board is seriously considering Musk’s offer to buy the company.

Musk’s initial bid of about $43 billion was seen as undervaluing the company significantly.

The Tesla and SpaceX CEO last month further revealed his Twitter takeover plan that will see $25.5 billion in loans and $21 billion in personal equity — taking the final bid to $46.5 billion.

In a fresh filing with the US Securities and Exchange Commission (SEC), Musk said that the funding is provided through two debt commitment letters from Morgan Stanley Senior Funding, in which the bank commits to offering a series of loans worth $25.5 billion.

The remaining $21 billion will be managed by Musk on his own.

The filing had made it clear that Twitter has not formally responded to Musk’s offer.

A Twitter spokesperson said the company has received Musk’s offer and said it would conduct a “careful, comprehensive” review.

Musk, who had disclosed ownership in Twitter in a filing with the SEC earlier this month, has a 9.1 per cent ownership stake in the platform, which is worth over $3 billion currently.

The billionaire is willing to pay $54.20 per share to buy 100 per cent of the company.

Maharashtra

Thane Sessions Court Convicts Hawker For Brutal Attack On Civic Officer During 2021 Encroachment Drive

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Thane: The Thane Sessions Court has convicted a hawker for attempting to murder a senior civic officer and against her security personnel during an anti-encroachment drive conducted by the Thane Municipal Corporation (TMC) in 2021.

The accused, Amarjitsingh Shivshankar Yadav, alias Amarjit Yadav, was found guilty under several sections of the Indian Penal Code — including Section 307 (attempt to murder), Section 353 (assault on a public servant), Section 332 (voluntarily causing hurt to deter public servant), Section 333 (causing grievous hurt to deter public servant), and provisions under the Maharashtra Police Act.

About The Incident

The incident took place on August 30, 2021, at the Kasarvadavali junction during a routine anti-hawker and encroachment drive. Kalpita Pimple, Assistant Municipal Commissioner of the TMC’s Majiwada-Manpada ward, was overseeing the operation when Yadav, a hawker at the site, suddenly launched a violent assault on her.

In the unprovoked attack, Pimple suffered severe injuries — including the loss of three fingers and a head injury. A security guard accompanying her also suffered injuries while trying to shield her from the assault.

After a detailed trial, the court held Yadav guilty on all counts, reaffirming the severity of the offence and the need to protect public servants carrying out their lawful duties.

The public prosecutor Shishir Hirey said, “There were two victims in the case, in which Pimple lost three fingers while her security personnel suffered injuries in while trying to prevent the attack.”

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Maharashtra

Kharghar Residents Stage Peaceful Protest Demanding Liquor Ban In Locality

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Navi Mumbai: In a show of unity and resolve, residents of Kharghar gathered today at Shah Arcade, Sector 6, to participate in a sit-in protest demanding a complete ban on liquor outlets in the area.

Organised under the banner of the Liquor-Free Kharghar movement, the protest began at 11:00 AM and witnessed the participation of local citizens, social activists, and community leaders who voiced their concern over the increasing number of liquor shops and their adverse impact on the peace and safety of the neighborhood.

Protesters emphasised that making Kharghar a liquor-free zone is essential to safeguarding the area’s future and ensuring a safe, healthy environment for families and youth.

“Every responsible citizen must stand united to protect Kharghar from the ill effects of alcohol. This movement is not just for today but for the generations to come,” said one of the organizers during the protest.

The peaceful demonstration reflected the community’s collective demand for the authorities to take immediate action and revoke licenses of existing liquor shops to maintain the area’s sanctity and security.

Organisers have urged residents to remain vigilant and continue supporting similar initiatives until their demands are met.

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Business

India’s house price index up 3.1 pc in Q4 FY25, Kolkata leads: RBI

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New Delhi, June 21: The house price index (HPI) across India increased by 3.1 per cent in the January-March period (Q4 FY25), maintaining the same pace as the previous quarter (Q3).

The Reserve Bank released its quarterly HPI data for Q4, based on transaction-level data received from the registration authorities in 10 major cities.

“All-India HPI increased by 3.1 per cent (YoY) in Q4 2024-25 as compared with 3.1 per cent growth in the previous quarter and 4.1 per cent growth a year ago; annual HPI growth varied widely across the cities – ranging from a high growth of 8.8 per cent (Kolkata) to a contraction of 2.3 per cent (Kochi),” according to a RBI statement.

On a sequential basis, all-India HPI increased by 0.9 per cent in Q4.

Bengaluru, Jaipur, Kolkata and Chennai are the major cities recording a sequential rise in house prices during the latest quarter, the data showed.

Kolkata topped the chart with an 8.8 per cent increase, while Kochi was the only city to witness a contraction, recording a decline of 2.3 per cent. The 10 cities covered in the index include Ahmedabad, Bengaluru, Chennai, Delhi, Jaipur, Kanpur, Kochi, Kolkata, Lucknow, and Mumbai.

“House is not just an asset but also a durable consumption good for households, providing shelter and other services. A change in the house price affects the households’ perceived lifetime wealth and hence influences the spending and borrowing decisions of households,” according to Central Bank.

An increase in the house price raises the value of the housing relative to construction costs; hence a new construction is profitable when house price rises above the construction costs.

Residential investment is, therefore, positively related with house price increase. House prices also affect bank lending and vice versa. Further, house price gains increase housing collateral.

The potential two-way link between bank lending and house prices give rise to mutually reinforcing cycles in credit and real estate markets. These indicate that house prices may affect economic activity through private consumption of households, residential investment and credit allocation of the financial systems. Thus, understanding the price trends of this segment of asset class is important for monetary policy formulation.

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