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Elon Musk Calls Off $44 Billion Twitter Acquisition
Daily Market Wrap
Crypto market cap: 0.91 trillion, down 3.70%
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ETH price stands at USD 1,150, down 5.06%
Top gainer: Chiliz (CHZ), up 2.10%
Top loser: Convex Finance (CVX), down 10.60%
News of the Day

Elon Musk calls off plans to acquire Twitter for $44 billion.
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
Daily Sector Tracker

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