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Elon Musk threatens to abandon bid to buy Twitter over fake account problem

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Elon Musk is threatening to walk away from his $44 billion US bid to buy Twitter, accusing the company of refusing to give him information about its spam bot accounts.

Lawyers for the Tesla and SpaceX CEO made the threat in a letter to Twitter dated Monday. That letter was included in a filing from Twitter with the Securities and Exchange Commission.

The letter says Musk has repeatedly asked for the information since May 9, about a month after his offer to buy the company, so he could evaluate how many of the company’s 229 million accounts are fake.

Shares of Twitter Inc. tumbled more than five per cent on the stock market on Monday.

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Twitter did not immediately reply to a request for comment.

Twitter discloses bot estimates to SEC

The lawyers say in the letter that Twitter has offered only to provide details about the company’s testing methods. But they contend that’s “tantamount to refusing Mr. Musk’s data requests.”

Musk wants the data so he can do his own verification of what he says are Twitter’s lax methodologies.

The lawyers say that based on Twitter’s latest correspondence, Musk believes the company is resisting and thwarting his information rights under the April merger agreement.

“This is a clear material breach of Twitter’s obligations under the merger agreement and Mr. Musk reserves all rights resulting therefrom, including his right not to consummate the transaction and his right to terminate the merger agreement,” the letter says.

Twitter CEO Parag Agrawal has said the company has consistently estimated that fewer than five per cent of Twitter accounts are fake.

Twitter has disclosed its bot estimates to the U.S. Securities and Exchange Commission for years, while also cautioning that its estimate might be too low.

 

Elon Musk says $44B Twitter deal ‘temporarily on hold’

24 days ago

Duration 4:09

Elon Musk says his planned $44 billion US purchase of Twitter is ‘temporarily on hold’ pending details on spam and fake accounts on the social media platform, but he is ‘still committed to acquisition.’

The bot problem also reflects a longtime fixation for Musk, one of Twitter’s most active celebrity users, whose name and likeness are often mimicked by fake accounts promoting cryptocurrency scams.

Musk appears to think such bots are also a problem for most other Twitter users, as well as advertisers who take out ads on the platform based on how many real people they expect to reach.

Musk risks $1B fee

Experts have said Musk can’t unilaterally place the deal on hold, although that hasn’t stopped him from acting as though he can.

If he walks away from the deal, he could be on the hook for a $1 billion breakup fee.

The Twitter sale agreement allows Musk to get out of the deal if there is a “material adverse effect” caused by the company. It defines that as a change that negatively affects Twitter’s business or financial conditions.

In the letter, Musk attorney Mike Ringler points to a spat over a June 1 letter from Twitter in which the company said its information obligations are limited to facilitating the closing of the sale. It says Twitter is obligated to provide data for any reasonable business purpose needed to complete the deal.

Twitter also has to co-operate with Musk’s effort to get the financing for the deal, including providing information that’s “reasonably requested” by Musk, the letter states.

The letter contends that Musk is not required to explain his rationale for requesting data or submit to “new conditions the company has attempted to impose on his contractual right to the requested data.”

It alleges that Musk is entitled to the data about the core of Twitter’s business model so he can prepare the transition to his ownership.

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Gas prices see 'largest single-day jump since early 2022': En-Pro International – Yahoo Canada Finance

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On Thursday afternoon, En-Pro International posted on X that

On Thursday afternoon, En-Pro International posted on X that “gas prices spiked 14 cents overnight, the largest single day jump since early 2022.” (AP Photo/Jenny Kane) (The Associated Press)

Gas prices across Canada climbed an average of 9.4 cents per litre of regular fuel over the past seven days, the biggest weekly gain so far in 2024. Cities in Ontario and Quebec booked eye-watering 20 cent-plus gains, while prices were virtually flat for drivers in the Western and Maritime regions.

The average cost per litre of regular gasoline in cities nationwide rose to $1.806 from $1.712 between April 11 and April 18, according to data firm Kalibrate. Chicoutimi, Que. saw the biggest increase at 26.7 cents per litre, followed by Gatineau, Que., and North Bay, Ont. The Greater Toronto Area was hit with widespread gains above 15 cents per litre.

On Thursday afternoon, En-Pro International posted on X that “gas prices spiked 14 cents overnight, the largest single-day jump since early 2022.”

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“The steady build in U.S. crude inventories, combined with the reluctance of the Fed to lower interest rates, which would increase gasoline demand, should neutralize the impact of the conflict in the Middle East,” En-Pro chief petroleum analyst Roger McKnight wrote in a blog post.

“The refining industry will come back to normal levels by mid-June, so supply will balance demand, and prices should fall soon after the U.S. Memorial Day launch of summer.”

Rising gas prices was the top factor behind Statistics Canada’s slightly higher annual inflation reading for March. Year over year, the agency found gasoline prices increased 4.5 per cent last month, following a 0.8 per cent rise in February.

“Higher global prices for crude oil stemmed from supply concerns amid geopolitical conflict and continued voluntary production cuts, leading to higher prices at the pump,” StatCan said on Tuesday.

Follow Yahoo Finance Canada for more weekly gas price updates. Scroll below to find your nearest city.

(All figures in CAD cents)

LOCATION

April 11

April 18

Price change

Canada Average (V)

171.2

180.6

9.4

WHITEHORSE

189.9

189.9

0

VANCOUVER*

210.7

212.7

2

VICTORIA

206.2

206.9

0.7

PRINCE GEORGE

169.6

169.3

-0.3

KAMLOOPS

172.5

181

8.5

KELOWNA

174.6

175.8

1.2

FORT ST. JOHN

171.2

174.9

3.7

ABBOTSFORD

194.2

198.5

4.3

YELLOWKNIFE

161.9

161.9

0

CALGARY*

161.2

158.8

-2.4

RED DEER

159

159

0

EDMONTON

154.9

153.6

-1.3

LETHBRIDGE

161.9

161.9

0

LLOYDMINSTER

154.6

154.6

0

GRANDE PRAIRIE

156.9

158.7

1.8

REGINA*

158

157.3

-0.7

SASKATOON

157.4

156.9

-0.5

PRINCE ALBERT

154.6

155.8

1.2

MOOSE JAW

158.7

158.7

0

WINNIPEG *

141.4

141.6

0.2

BRANDON

142.5

143.3

0.8

CITY OF TORONTO*

163.7

179.3

15.6

BRAMPTON

164.3

179.6

15.3

ETOBICOKE

163.4

179

15.6

MISSISSAUGA

162.8

179.3

16.5

NORTH YORK

163.9

179.6

15.7

SCARBOROUGH

163.3

179.5

16.2

VAUGHAN/MARKHAM

163.5

179.2

15.7

OTTAWA

162.4

179

16.6

KINGSTON

162.3

179.3

17

PETERBOROUGH

160.1

172.2

12.1

WINDSOR

162.4

177.8

15.4

LONDON

163.5

177.4

13.9

SUDBURY

167.4

185.8

18.4

SAULT STE MARIE

160.2

174.3

14.1

THUNDER BAY

165.8

175.5

9.7

NORTH BAY

161.5

182.6

21.1

TIMMINS

169.7

183.6

13.9

HAMILTON

161.6

178

16.4

ST. CATHARINES

160.4

177.1

16.7

BARRIE

162.8

178.2

15.4

BRANTFORD

161.1

176.2

15.1

GUELPH

163.4

178.4

15

KITCHENER

163.1

179

15.9

OSHAWA

163.8

179.4

15.6

SARNIA

161.7

178.9

17.2

MONTRÉAL*

173.7

190.5

16.8

QUÉBEC

172.1

187.4

15.3

SHERBROOKE

169.5

185.3

15.8

GASPÉ

172.7

189.4

16.7

CHICOUTIMI

155.1

181.8

26.7

RIMOUSKI

169.4

189.4

20

TROIS RIVIÈRES

169.8

186.7

16.9

DRUMMONDVILLE

166.7

183.9

17.2

VAL D’OR

169.6

182.7

13.1

GATINEAU

152.7

175.9

23.2

SAINT JOHN*

175.1

179.1

4

FREDERICTON

176.6

181.7

5.1

MONCTON

176.8

181.9

5.1

BATHURST

176.8

182.3

5.5

EDMUNDSTON

175.2

175.8

0.6

MIRAMICHI

177.9

183.1

5.2

CAMPBELLTON

175.7

179.9

4.2

SUSSEX

176.2

181

4.8

WOODSTOCK

177.8

183.1

5.3

HALIFAX*

172.1

175.4

3.3

SYDNEY

174.1

177.2

3.1

YARMOUTH

173.2

176.3

3.1

TRURO

173.3

176.4

3.1

KENTVILLE

172.7

175.8

3.1

NEW GLASGOW

173.3

176.4

3.1

CHARLOTTETOWN*

173

173

0

ST JOHNS*

190.4

193.9

3.5

GANDER

192.9

196.4

3.5

LABRADOR CITY

197

200.5

3.5

CORNER BROOK

191.1

194.6

3.5

GRAND FALLS

192.9

196.4

3.5

SOURCE: KALIBRATE • All figures in CAD cents

(*) Denotes markets used in Volume Weighted Canada Average

Jeff Lagerquist is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jefflagerquist.

Download the Yahoo Finance app, available for Apple and Android.

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RCMP national security team investigating Yellowhead County pipeline rupture: Alberta minister – Global News

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Alberta’s minister of forestry and parks said the RCMP national security investigation team is involved in a probe looking into what caused a pipeline to rupture and catch fire west of Edmonton earlier this week.

On Tuesday, a wildfire was sparked following a natural gas pipeline rupture about 40 kilometres northwest of Edson, Alta. The fire has since been deemed under control.

“We have no indication of any kind of cause on that fire yet; the investigation is happening,” Forestry and Parks Minister Todd Loewen said at a wildfire-related news conference Thursday morning. “The national security investigation team of the RCMP are investigating the cause.

“My understanding, since the cause was unknown, that’s standard practice for them to come in on anything that’s unknown.”


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top news stories from Canada and around the world.

RCMP said as of Tuesday, initial reports had shown no signs of foul play.

Global News has reached out to the RCMP for more information. On its website, the RCMP states it has a wide range of national security-related mandates and responsibilities. It says its national security criminal investigations program involves critical infrastructure protection and critical incident management.

Officials say the investigation into what caused the TC Energy pipeline to break could take months or even years.

The Canada Energy Regulator had investigators on site on Wednesday. The Transportation Safety Board of Canada is also investigating the incident.

The rupture sparked a blaze that could be seen for kilometres, sending large flames and plumes of smoke into the air.

More on Science and Tech

No injuries were reported, and officials said the fire was never a threat to any surrounding communities.

“I want to commend the Yellowhead County Fire Department, industry and our wildfire team for the timely manner that this fire was brought under control,” Loewen said Thursday.

“Fast information sharing between all parties facilitated an effective wildfire response.”

The wildfire sparked by the pipeline rupture is located about 28 kilometres northeast of Obed Lake. More than 30 firefighters were expected to be in the area Thursday to continue working on the wildfire.

— with files from The Canadian Press

— more to come…

&copy 2024 Global News, a division of Corus Entertainment Inc.

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A sunken boat dream has left a bad taste in this Tim Hortons customer's mouth – CBC.ca

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A St. John’s woman says she won’t be paying many more visits to Tim Hortons, after an email from the coffee chain led her to believe that she’d won a new boat — when she hadn’t won anything at all.

“I go to Tim’s quite a lot, seven days a week. I’m afraid now that’s going to change to no days a week,” Carol Evans told CBC News on Thursday.

Evans said she received an email from Tim Hortons on Wednesday afternoon while on a break from her work as an licensed practical nurse.

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The email recapped the prizes she’d won in the annual Roll Up the Rim to Win contest, but there was one extra prize included — a brand new boat and trailer, valued at about $55,000. 

Unfortunately, the excitement was over by the time she got home from work.

“I was just so excited, really excited. I thought I really won a boat and a trailer, $55,000 worth, and to find out at five to six, I had an email from them come in telling me it was a technical error,” she said.

“I don’t get my boat and I don’t get my trailer.”

WATCH | This woman explains why she won’t go to Tim Hortons anymore:

Tim Hortons told this St. John’s woman she won a boat and a trailer. It was a mistake

5 hours ago

Duration 0:49

Carol Evans of St. John’s was elated when she got an email from Tim Hortons saying she won $55,000 worth of prizes. Another email from the coffee giant a few hours later, telling her it was an error, had her crushed — and fuming.

Evans said her win was the talk of her co-workers.

“I work with about a hundred people in the run of a day, and more than that outside the OR, and everybody was so happy for me. They couldn’t believe it, I finally won something in my life,” she said.

“But to find out a few hours later I didn’t, it was disappointing, very disappointing.… I cried, it was so sad.”

Although she may not have taken it out on the water, Evans said winning would have meant a lot to her, like helping fund her retirement after more than five decades in nursing.

“I could have sold the boat and trailer and had some money, paid off some bills, probably could have, who knows, retired after 55 years of work,” she said.

A smartphone screen shows a picture of a boat and trailer.
Evans got this email that said she’d won a new boat and trailer worth about $55,000. (Curtis Hicks/CBC)

In an emailed statement to CBC News on Thursday, Tim Hortons said the message was meant to show what each customer won over the course of the contest  — and the boat was included by mistake.

“We developed a Roll Up To Win recap email message with the best intentions of giving our guests a fun overview of their 2024 play history.

“Unfortunately there was a human error that resulted in some guests receiving some incorrect information in their recap message.”

The company didn’t disclose how many people across the country received the email, but CBC News spoke to another person in western Newfoundland who got it.

Others in Edmonton, Hamilton and Brampton, Ont., were also told they’d won the boat.

By Wednesday afternoon, a Facebook group had formed with more than 200 people expressing outrage about the mistake and threatening to file lawsuits.

Tim Hortons apologizes

Tim Hortons sent the affected customers a letter, telling them to disregard that winning email and that it was sent as a result of “technical errors.” 

“Unfortunately, some prizes that you did not win may have been included in the recap email you received. If this was the case, today’s email does not mean that you won those prizes,” the letter read.

“We apologize for the frustration this has caused and for not living up to our high standards.”

It’s a familiar story for Tim’s, however, as last year, its app mistakenly informed users they’d won $10,000.

Evans said two years of big mistakes just isn’t fair. She’d like to see Tim Hortons move away from the Roll Up to Win smartphone app and back to paper cups.

“It’s not fair to the public who spend their hard-earned money to go into Tim’s and buy their coffee every day, buy their lunch, and then think they won a prize and all of a sudden you learn, three hours later, you didn’t win a prize, and it’s not fair.”

Download our free CBC News app to sign up for push alerts for CBC Newfoundland and Labrador. Click here to visit our landing page.

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