Elon Musk hints at paying less for Twitter than his USD 44 billion offer
Detroit (US)(AP): Tesla CEO Elon Musk gave the strongest hint yet Monday that he would like to pay less for Twitter than his USD 44 billion offer made last month.
Musk told a Miami technology conference that a viable deal at a lower price would not be out of the question, according to a report by Bloomberg News, which said it viewed a livestream video of the conference posted by a Twitter user.
Also at the All In Summit, Musk estimated that at least 20 per cent of Twitter's 229 million accounts are spam bots, percentage he said was at the low end of his assessment, according to the report.
The appearance came a few hours after Musk began trolling Twitter CEO Parag Agrawal, who posted a series of tweets explaining his company's effort to fight bots and how it has consistently estimated that less than 5 per cent of Twitter accounts are fake.
In all, the day's events bolstered theories from analysts that Musk either wants out of the deal or is seeking a lower price, largely due to a huge decline in value of Tesla stock, some of which he has pledged to finance the Twitter acquisition.
Twitter shares closed Monday down just over 8 per cent at 37.39, below where the stock was just before Musk disclosed that he was Twitter's largest shareholder. Musk made the offer to buy Twitter for 54.20 per share on April 14.
On Friday Musk tweeted that his plan to buy Twitter was placed on temporary hold as he tried to pinpoint the number of fake accounts on the social media platform. The Tesla and SpaceX CEO said the hold was pending details of Twitter's calculation that fake accounts are less than 5 per cent of its users.
In tweets on Monday, Agrawal acknowledged Twitter isn't perfect at catching spam. He wrote that every quarter, the company has made the estimate of less than 5 per cent spam.
Our estimate is based on multiple human reviews of thousands of accounts that are sampled at random, consistently over time, Agrawal wrote.
Estimates for the last four quarters were all well under 5 per cent, he wrote. The error margins on our estimates give us confidence in our public statements each quarter.
Musk, using his favourite platform, responded with a smiling emoji of poop, then asked how Twitter's advertisers know what they're getting for their money.
Tesla shares closed Monday down nearly 6 per cent at USD 724.37. They have lost about one-third of their value since the trading day before Musk disclosed his Twitter stake.
Musk did not immediately return messages seeking comment. The All In Summit said in an email that it would post the video of Musk's appearance in the coming days.
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MP HC sets up judicial commission to probe water contamination in Indore
Indore (PTI): The Indore bench of Madhya Pradesh High Court on Tuesday set up a commission of inquiry comprising a former HC judge to probe the issue of water contamination in city's Bhagirathpura, saying the matter requires probe by an independent, credible authority and "urgent judicial scrutiny".
It also directed the commission to submit an interim report after four weeks from the date of commencement of proceedings.
A division bench of Justices Vijay Kumar Shukla and Alok Awasthi constituted the commission while hearing several public interest litigations (PILs) filed simultaneously regarding the deaths of several people in Bhagirathpura due to the consumption of contaminated water.
The HC reserved the order after hearing all the parties during the day, and released it late at night.
The state government on Tuesday told the HC that the deaths of 16 people in Indore's Bhagirathpura area was possibly linked to a month-long outbreak of vomiting and diarrhoea caused by contaminated drinking water.
The government presented an audit report of 23 deaths from the current gastroenteritis epidemic in Bhagirathpura before the bench, suggesting that 16 of these fatalities may have been linked to the outbreak of vomiting and diarrhoea caused by contaminated drinking water.
The report, prepared by a committee of five experts from the city's Government Mahatma Gandhi Memorial Medical College, stated that the deaths of four people in Bhagirathpura were unrelated to the outbreak, while no conclusion could be reached regarding the cause of death of three other people in the area.
During the hearing, the high court sought to know from the state government the scientific basis behind its report.
The division bench also expressed surprise at the state government's use of the term "verbal autopsy" in relation to the report, sarcastically stating that it had heard the term for the first time.
The HC expressed concern over the Bhagirathpura case, stating that the situation was "alarming," and noted that cases of people falling ill due to contaminated drinking water have also been reported in Mhow, near Indore.
In its order, the HC said the serious issue concerning contamination of the drinking water supply in Bhagirathpura area allegedly resulted in widespread health hazards to residents, including children and elderly persons.
According to the petitioners and media reports, death toll is about 30 till today, but the report depicts only 16 without any basis or record, it said.
It is averred that sewage mixing, leakage in the pipeline, and failure of civic authorities to maintain potable water standards have led to the outbreak of water-borne diseases. Photographs, medical reports, and complaints submitted to the authorities prima facie indicate a matter requiring urgent judicial scrutiny, the HC said.
"Considering the gravity of the allegation and affecting the right to life under Article 21 of the Constitution of India and the need for an independent fact-finding exercise, the Court is of the opinion that the matter requires investigation by an independent, credible authority," it said.
"Accordingly, we appoint Justice Sushil Kumar Gupta, former judge of the Madhya Pradesh High Court, a one-man commission of inquiry into the issues relating to water contamination in Bhagirathpura, Indore, and its impact on other areas of the city," the HC added.
As per the order, the commission shall inquire into and submit a report on the cause of contamination -- whether the drinking water supplied to Bhagirathpura was contaminated; and the source and nature of contamination (sewage ingress, industrial discharge, pipeline damage etc).
The panel will also probe the number of actual deaths of affected residents on account of contaminated water; find out the nature of disease reported and adequacy of medical response and preventive measures; suggest immediate steps required to ensure safe drinking water as well as long-term infrastructural and monitoring reforms.
It will also identify and fix responsibility upon the officers and officials found prima facie responsible for the Bhagirathpura water contamination incident, and suggest guidelines for compensation to affected residents, particularly vulnerable sections.
The commission shall have powers of a civil court for the purpose of summoning officials and witnesses; calling up records from the government department, hospitals, laboratories and civic bodies; ordering water quality testing through accredited laboratories; conducting spot inspections.
All state authorities involving district administration, Indore Municipal Corporation, public health engineering department and Madhya Pradesh Pollution Control Board shall extend full co-operation and provide records as sought by the commission, it said.
The state government shall provide office space, staff, and logistical support to the commission, it said.
During the hearing in the day, the state government also presented a status report to the court in this matter.
According to reports, a total of 454 patients were admitted to local hospitals during the vomiting and diarrhea outbreak, of whom 441 have been discharged after treatment, and 11 are currently hospitalised.
According to officials, due to a leak in the municipal drinking water pipeline in Bhagirathpura, sewage from a toilet was also mixed in the water.
