Elon Musk now has access to the funds he'd need to buy Twitter. According to an SEC filing, Musk has received "commitment letters" that would supply about $46.5 billion to buy all of Twitter's outstanding common stock and take control. The Tesla CEO is "exploring" this tender offer following a lack of response from Twitter, the filing reads.

We've asked Twitter for comment. While the company hasn't directly addressed Musk's offer, initially pegged at $43 billion, it recently approved a temporary "poison pill" measure intended to discourage hostile takeovers. The plan would let some shareholders buy more stock if anyone buys more than 15 percent of outstanding stock without the board of directors' approval, diluting the value of Musk's stake. He's already the largest individual shareholder with 9.2 percent ownership.

Musk made the offer claiming that it was meant to protect free speech, and has suggested he could unlock Twitter's potential with features like an edit button (which Twitter was already working on) and an open source algorithm. However, it also comes as the executive fights the SEC over alleged finance rule violations that frequently relate to his tweets. The entrepreneur has multiple strong incentives to purchase Twitter, and the financial backing illustrates just how serious he is.

The Twitter board isn't willing to let Elon Musk buy the company without a fight. The board members unanimously approved a limited duration shareholder rights plan, which will be in place for one year starting today.

The rights will come into play if a single entity acquires at least 15 percent of Twitter's outstanding common stock without the board's approval. Should that become the case, certain shareholders will have the right to buy more stock. Flooding the market with new shares to dilute other investors' holdings is called a poison pill strategy, and it's designed to ward off an attempt at a hostile takeover.

Musk briefly became Twitter's largest shareholder when it emerged he had quietly snapped up a 9.2 percent stake in the company. He was offered a seat on the board and if he had accepted, he would not have been allowed to build up an ownership stake of more than 15 percent. Musk turned down the board seat earlier this month, though. This week, Musk made an offer to buy the entire company for around $43 billion.

The company said in a press release that adopting the rights plan will "reduce the likelihood that any entity, person or group gains control of Twitter through open market accumulation without paying all shareholders an appropriate control premium or without providing the Board sufficient time to make informed judgments and take actions that are in the best interests of shareholders." In other words, the move will make it harder for Musk to take his buyout offer directly to shareholders and acquire their stakes in piecemeal fashion.

Twitter says the plan is similar to one carried out by other publicly traded companies that have been subject to a non-binding acquisition proposal. Notably, the rights plan doesn't prevent Twitter from accepting a buyout offer if it believes that's in the best interest of its shareholders.

Musk claimed in his buyout offer Twitter has "extraordinary potential" and that he would "unlock it." During a TED Talk just hours after making the proposal, the Tesla and SpaceX founder argued that Twitter's algorithm should be open source, "so anyone can see that that action has been taken so there's no sort of behind-the-scenes manipulation, either algorithmically or manually." He also suggested he'd err on the side of having less moderation and expressed reservations about issuing permanent bans as a punitive measure.

Elon Musk has only been Twitter’s largest shareholder for a few weeks, but he’s already facing a class action lawsuit over his handling of the investment. A Twitter shareholder has filed a class action lawsuit against Musk over his 11-day delay in officially disclosing his investment in Twitter to the SEC.

Under securities law, Musk was required to file paperwork with the SEC by March 24th — 10 days after his stake in Twitter grew to 5 percent — but he didn’t do so until April 4th. That delay might not sound particularly significant, but it may have netted him as much as $156 million. According to the lawsuit, those gains came at the expense of other shareholders, who were not able to similarly profit.

“Investors who sold shares of Twitter stock between March 24, 2022, when Musk was required to have disclosed his Twitter ownership, and before the actual April 4, 2022 disclosure, missed the resulting share price increase as the market reacted to Musk’s purchases and were damaged thereby,” the lawsuit states.

According to the shareholder who brought the suit, he and other investors sold shares at “artificially deflated” prices as a result of Musk’s actions. The suit also alleges that Musk made “materially false and misleading statements and omissions by failing to disclose to investors that he had acquired a 5% ownership stake in Twitter as required.”

The lawsuit comes after a chaotic few days for Twitter and Musk. The Tesla CEO and noted Twitter troll had initially agreed to join Twitter’s board of directors, much to the dismay of some employees. But the decision was abruptly reversed following several days of characteristically bizarre tweets from Musk, who polled his Twitter followers whether the company should change its name, and speculated on whether the service was “dying.”

In an email to employees, Twitter CEO Parag Agrawal noted that as a board member Musk would have been a "fiduciary of the company, where he, like all board members has to act in the best interest of the company and all our shareholders.” He added that he believed it was “for the best” that Musk ultimately wouldn’t take the position.

Epic Games has received two big briefcases stuffed with cash which will help it "advance the company’s vision to build the metaverse and support its continued growth.” Sony and Kirkbi, the majority owner of The Lego Group, are each plowing $1 billion into the publisher. The funding puts the post-money equity valuation of Epic at $31.5 billion, while founder and CEO Tim Sweeney remains in control.

It's not the first time that Sony has invested in Epic. It gave the company a $250 million cash injection in 2020 in exchange for a minority stake. Kirkbi also has an existing relationship with Epic. Just last week, the publisher and The Lego Group announced a partnership to build a kid-friendly metaverse, possibly in the hope of challenging the likes of Minecraft and Roblox.

“As we reimagine the future of entertainment and play we need partners who share our vision. We have found this in our partnership with Sony and Kirkbi,” Sweeney said in a statement. “This investment will accelerate our work to build the metaverse and create spaces where players can have fun with friends, brands can build creative and immersive experiences and creators can build a community and thrive.”

Epic has been piecing together a metaverse (a shared virtual world for all manner of experiences) inside Fortnite over the last several years. It built on the success of the core battle royale mode by introducing dozens of crossover skins, virtual items and dance moves; in-game movie nights and concerts; and a creative mode that lets plays build just about anything they can imagine.

Sonos has acquired Mayht, a Dutch startup best known for co-creating a Bluetooth speaker powered by light. Mayht specializes in an audio technology called Heartmotion. The company claims to have reinvented “the core of speaker driver” to allow for speakers that can be up to 10 times more compact than other models without sacrificing sound quality or bass output. And it’s that expertise Sonos is paying approximately $100 million to secure for itself.

“Mayht’s breakthrough in transducer technology will enable Sonos to take another leap forward in our product portfolio,” said CEO Patrick Spence, adding the acquisition would help the company “accelerate” its product roadmap.

Notably, Spence said the deal also gives Sonos access to intellectual property that will help it further differentiate itself from its competitors. The company is currently in the middle of a bitter legal battle with Google over speaker patents. At the start of the year, the US International Trade Commission found that the search giant had infringed on Sonos’ intellectual property, creating a situation where Google downgraded the functionality of some of its devices to circumvent an import ban.

Sonos promised to share more details about its acquisition of Mayht during its Q2 earnings call in May.

WarnerMedia and Discovery have completed their merger. Warner Bros. Discovery, as the new entity is called, will eventually combine HBO Max and Discovery+ into a single streaming service. The blend of entertainment and reality programming could help Warner Bros. Discovery better compete with the likes of Netflix and Disney+. In the meantime, the company will likely offer a bundle of the two services. WarnerMedia recently launched another streaming service in CNN+.

Not long before the merger closed, WarnerMedia CEO Jason Kilar announced his departure. Kilar, who started running the company in May 2020, was behind the controversialplan to release all 2021 Warner Bros. movies on HBO Max and in theaters on the same day amid the COVID-19 pandemic. The move seemed to have paid off, as HBO Max and HBO had 73.8 million subscribers combined at the end of 2021.

As if the departures of Kilar and several other WarnerMedia executives didn't make things clear enough, Warner Bros. Discovery will have a new leadership structure. Discovery CEO David Zaslav is running the company.

The merger is the latest in several major media consolidation moves in recent years. Amazon sealed its $8.45 billion purchase of MGM only last month. Disney spent $71.3 billion to snap up most of 21st Century Fox a few years back, while Microsoft agreed a $68.7 billion deal to buy Activision Blizzard, which is expected to close by June 2023.

AT&T announced last year it was spinning off WarnerMedia in a $43 billion deal that would combine it with Discovery. Now that the T's are crossed and I's are dotted, the deal is done and AT&T is more or less out of the content business.

Elon Musk isn't just stopping at buying a stake in Twitter — he's also have a seat at the table. As CNBCreports, Twitter is appointing Musk to the company's board of directors. He'll be of value as both a "passionate believer and intense critic" of the social network, according to chief executive Parag Agrawal.

An SEC filing shows that Musk will serve as a Class II director (that is, not top-tier) with a term that expires at the company's 2024 annual shareholder meeting. The appointment limits the stake Musk can hold. He can't own more than 14.9 percent of common stock during his tenure, and for 90 days afterward.

Twitter co-founder and former CEO Jack Dorsey thought well of the deal. In a response to the news, he believed Musk "cares deeply" about the planet and Twitter. Musk and Agrawal "lead with their hearts," he said.

It's too soon to say how much influence Musk will have as a director. However, he recently blasted Twitter for allegedly falling short of "free speech principles" and asked the social site's users if they want an edit button. He clearly intends to make his presence felt, not to mention thumb his nose at the SEC for its crackdown against his finance-related tweets.

General Motors is acquiring SoftBank's stake in Cruise and pouring even more money into the self-driving unit it purchased in 2016. The auto giant has announced that it's buying out SoftBank Vision Fund 1's equity ownership into the company that's worth $2.1 billion. In addition, it has committed to investing an extra $1.35 billion in Cruise to replace the funding SoftBank promised in February after the self-driving car company started offering robotaxi rides in San Francisco. 

The automaker didn't say why it's buying SoftBank's equity ownership, but GM chief executive Mary Barra said:

"Our increased investment position not only simplifies Cruise's shareholder structure, but also provides GM and Cruise maximum flexibility to pursue the most value-accretive path to commercializing and unlocking the full potential of AV technology."

SoftBank, meanwhile, has recently struggled with debt and the plummeting value of its properties. It may no longer be interested in an investment that won't field returns anytime soon. In February, SoftBank CEO Masayoshi Son said the company would sell "a good chunk of assets" after ARM's multi-billion sale to NVIDIA fell through.

As TechCrunch notes, GM could have also bought out SoftBank as a step towards spinning out Cruise or taking it public. A GM spokesperson told the publication that the automaker will "consider all opportunities to create value for [its] shareholders" and that it "has not ruled out a future IPO of Cruise."

The California Public Utilities Commission recently granted Cruise (and Waymo) permission to charge for robotaxi rides in the state, as long as there's a human driver behind the wheel. Cruise already applied for a Driverless Deployment permit, but the agency is still reviewing its application. 

Intel has confirmed plans to build a semiconductor plant in Germany as part of an investment of up to €80 billion ($88 billion) in Europe over the next decade. The initial outlay for the facility in Magdeburg, the capital of Saxony-Anhalt, is €17 billion ($19 billion).

The so-called "mega-site" will actually comprise two factories. Planning will start right away with construction expected to get under way in the first half of next year, as long as Intel gets the thumbs up from the European Commission. Production should commence at what Intel is calling "Silicon Junction" in 2027. As such, the plant won't help offset the global chip shortage any time soon.

Intel says the dual plants will build chips using its top-of-the-line Angstrom-era transistor tech. It expects to create 7,000 construction jobs for the duration of the build, 3,000 permanent positions and thousands more jobs across partners and suppliers.

Elsewhere, Intel will invest another €12 billion ($13 billion) to expand a factory in Leixlip, Ireland. It will double the manufacturing space and expand foundry services there. The company's also in discussions with Italy to build an assembly and packing facility there at a cost of up to €4.5 billion ($4.9 billion).

Intel plans to build its European research and development hub near Plateau de Saclay, France. It expects to create 1,000 jobs as a result, with 450 of those opening up by the end of 2024. Intel aims to set up its main European foundry design center in France too. Further investments are earmarked for Poland and Spain.

The company says the plan is "centered around balancing the global semiconductor supply chain with a major expansion of Intel’s production capacities in Europe." In February, the European Union announced a $49 billion effort to prevent future chip shortages and reduce reliance on parts manufactured in Asia.

“The EU Chips Act will empower private companies and governments to work together to drastically advance Europe’s position in the semiconductor sector," Intel CEO Pat Gelsinger said. "This broad initiative will boost Europe’s R&D innovation and bring leading-edge manufacturing to the region for the benefit of our customers and partners around the world."

Up 1,000 ARM employees in the US and the UK will be laid off, according The Telegraph and Bloomberg. Chief Executive Officer Rene Haas reportedly told staff in a memo that the Softbank-owned chipmaker is cutting between 12 to 15 percent of its workforce, with 1,000 being the high end of that range, as part of its efforts to curb spending. The company said in a statement:

"Like any business, ARM is continually reviewing its business plan to ensure the company has the right balance between opportunities and cost discipline. Unfortunately, this process includes proposed redundancies across Arm’s global workforce."

Softbank was supposed to sell ARM to NVIDIA for a massive deal that was worth $40 billion based on the latter's stock prices in 2020. If the acquisition had gone through, it would've been the largest in the chip sector yet and would've been worth around $60 to $80 billion today. The deal collapsed completely in February, however, due to strong opposition by regulators around the world. Industry players, including ARM customers Qualcomm and Microsoft, also voiced their opposition against the deal, citing concerns that NVIDIA might prevent ARM from licensing its chip designs. 

NVIDIA will pay Softbank a break fee of $1.25 billion for the failed purchase, and the Japanese conglomerate will proceed with its backup plan of taking ARM public. Neither of those is enough to keep things running as is, if the UK-based chipmaker is cutting jobs. Bloomberg says, though, that most of the job cuts won't affect the company's engineers. Despite the failed acquisition, NVIDIA plans to continue working closely with ARM and will continue to support the company as a licensee.