SEC: Last News

Donald Trump is “generally obligated” to post on Truth Social, his new social media network, and cannot make the same post on another platform for six hours.

Twitter CEO Parag Agrawal has cut loose two top executives and announced a hiring freeze ahead of the company’s acquisition by Elon Musk, whose share purchases are reportedly being investigated by the SEC.

Budding bakers are invited to show off their skills to Erskine veterans and celebrity chef Rosemary Shrager as part of the Ideal Home Show’s much-anticipated Cake Competition.

Elon Musk has unveiled a group of investors that together will provide about $7.14 billion in financing commitments for his pending $44-billion acquisition of Twitter, and said he’s talking to Twitter founder Jack Dorsey about sticking around as part owner.

Todd Spangler NY Digital EditorElon Musk is getting a little help from billionaire friends for his $44 billion Twitter takeover.According to an SEC filing Thursday, Musk has secured $7.14 billion in new financing commitments for the Twitter bid, including $1 billion from Larry Ellison. Ellison, co-founder and CTO of software giant Oracle, also sits on the board of Tesla, which Musk heads as CEO.In addition, Prince al-Waleed bin Talal of Saudi Arabia committed to retain the equity he owns in Twitter — his 35 million shares are worth $1.9 billion at Musk’s buyout offer — instead of receiving a cash payout, per the filing.Musk “will continue to have… discussions with certain existing holders” of Twitter stock, including ex-CEO Jack Dorsey, to contribute their shares toward his bid, according to the filing.

Jennifer Maas TV Business WriterFormer AMC Networks chief Josh Sapan’s compensation for 2021, his final year as CEO of the company, rose 30% over the previous year to $15.3 million.According to a proxy statement filed with the SEC Friday, Sapan’s total pay from the company for 2021 was $15.3 million compared to the $11.8 million he received in 2020 and the $20.2 million he was paid in 2019.Click here to sign up for Variety‘s free Strictly Business newsletter covering earnings, financial and investment news, and more.Sapan’s successor, AMC Networks interim CEO Matthew Blank, was paid $6.97 million for the year. Blank joined AMC Networks in his new role in August just as Sapan stepped down.Blank’s base salary for 2021 was $630,136, while Sapan’s was $2 million.

Todd Spangler NY Digital EditorUPDATED: Elon Musk this week reaped $8.4 billion in a series of stock sales of Tesla, the electric car company he heads, evidently as part of raising money for his $44 billion deal to buy Twitter.Musk, , the world’s richest individual, sold more than 4.4 million shares of Tesla on April 26 and 27 at various prices of about $870-$1,000 per share, according to SEC insider transaction filings Thursday. Additional disclosures Friday showed that he sold another 5.4 million Telsa shares on April 28.

Elon Musk has assembled financial commitments worth $46.5 billion to buy Twitter and said he is considering a tender offer – or going over management’s head to make his bid directly to shareholders — “but has not determined whether to do so at this time.”

Todd Spangler NY Digital EditorTech billionaire Elon Musk is moving forward with his potential bid to acquire Twitter, revealing that he has lined up $46.5 billion in financing for a possible tender offer for the company.The financing was disclosed in an SEC filing Thursday. Musk’s financing includes commitments from Morgan Stanley and “certain other financial institutions.”According to the filing, Musk has not yet determined whether he will make a tender offer for Twitter or whether he will take other steps to further the proposal.Last week, Musk — the CEO of Tesla and SpaceX who is the wealthiest person on the planet — proposed to buy Twitter for about $43 billion in a hostile takeover, offering $54.20 per share for the social media company.

Total compensation for Paramount Global chief Bob Bakish dipped to $20 million in 2021 from $38.9 million the year before, which included a hefty stock award.

The world’s richest man has the funds to buy Twitter. But if he can’t clinch a deal for some reason, he told a TED Talk Thursday, he’ll bring along as many shareholders as he can to reform the social media giant that’s become America’s “public square.”

Tech billionaire Elon Musk has made an offer to acquire Twitter for $54.20 a share – valuing the social media giant at $41.4BN.

Billionaire Elon Musk has always been unpredictable, and once again, he delivered a surprise.

Billionaire Elon Musk has joined Twitter’s board of directors, a day after it was announced he had become the social media company’s largest shareholder.

Tesla founder Elon Musk has acquired 73.5 million shares in Twitter, or 9.2% of the company, sending its shares up more than 20% but prompting uneasiness about his intentions.

Redbox, which went public via a SPAC last year, said it will lay off 150 employees, about 10% of its workforce. In an SEC filing, the company said “a number of potential strategic alternatives with respect to the company’s corporate or capital structure.”

Todd Spangler NY Digital EditorRedbox Entertainment, which operates a national network of DVD-rental kiosks and a streaming-video business, said it laid off 150 employees, roughly 10% of its total headcount.The company, which disclosed the layoffs in an 8-K filing Friday with the SEC, said it was cutting jobs because of “the ongoing adverse effects of the COVID-19 pandemic” on its operations. As of the end of 2020, Redbox reported having 1,467 employees.In addition, Redbox on Friday notified the SEC that it is unable to file its 10-K annual report for 2021 within the prescribed time period without unreasonable effort or expense.The company estimated that the layoffs will reduce its annual operating costs by $13.1 million, and that it will incur one-time restructuring charges of approximately $3.8 million, mostly related to severance payments.

Nick Vivarelli International CorrespondentDubai-based cryptocurrency-based content platform MContent has partnered with  PricewaterhouseCoopers (PwC) Middle East to launch its documentary “Ripple vs SEC Saga” in a virtual theater in the metaverse.Produced by MContent and Amsterdam-based Insight TV in tandem with Villain Studios, “Ripple vs SEC Saga” (first look image above) delves into the ongoing case being brought by the Securities Exchange Commission (SEC) since 2020 against blockchain company Ripple Labs.In this landmark case the SEC has accused Ripple of raising $1.3 billion in unregistered digital asset securities by using its digital coin, called XRP. The SEC’s key claim, which is being refuted, is that XRP is not a currency, but a security and therefore subject to strict securities laws.

AT&T has firmed up more details of its spinoff of WarnerMedia, which is poised to combine with Discovery in a $43 billion merger.

Tom Rutledge, chairman and CEO of Charter Communications, saw his 2021 compensation rise to $41.9 million from $38.8 million in 2020.

Tesla and SpaceX founder Elon Musk plans to exit the board of directors of Endeavor Group Holdings in June.