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Elon Musk Calls Off $44 Billion Twitter Acquisition

Daily Market Wrap

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News of the Day

Why it matters:

  • According to a letter filed on Friday by Elon Musk’s lawyers with the SEC, Musk is abandoning his Twitter acquisition deal

  • Twitter says that it will take Elon Musk to court and enforce the agreement

  • In May 2022, Musk mentioned that the Twitter deal was “temporarily on hold” because he requested data on the number of fake and spam Twitter accounts

  • According to the letter, Twitter had failed and/or refused to provide this information

Crypto Daily Spotlight

Brief introduction: Facebook rebranded its name to Meta last year, in reference to the metaverse, which combines social media with virtual and augmented reality. Starting in March 2022, its VR product line also changed its social media and website names to Meta Quest.

Why it matters:

  • Starting next month, Quest users will need to create a separate Meta account

  • Unlike Facebook accounts, users are free to have multiple Meta accounts, the company says

  • This change addresses the concerns of some VR users who complained about various quirks of relying on a private social media profile to play video games

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About Aspen Digital

Aspen Digital is a leading technology and financial services company with a mission to accelerate the mass adoption of digital assets. The company provides a digital asset management solution for asset managers, institutions, and sophisticated investors. Aspen Digital was co-founded by digital assets innovators and asset management veterans at Everest Ventures Group (“EVG”) and TT Bond Partners (“TTB”) in 2021.

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