Hey everybody, we're out of malware here. Happy Friday. Today we have some breaking news

that we are going to start with because just after the market has closed today, Elon Musk

has submitted a filing with Twitter formally letting them know of his intent to terminate

the merger agreement. Therefore, his offer to buy Twitter looks like that is no longer

on the table. So we're going to go through the filing here. We do still have some other

Tesla news that we'll get to after that, particularly record production and sales in

China and a few other items as well. But we have to start off here, of course, with this

Twitter news. Big news for Twitter, obviously big news for Tesla as well, given some

of the implications and a lot of the weight that people have attributed on Tesla stock

to this Twitter acquisition and the pending nature of it that we have had for the last

couple of months since Elon first disclosed this. So first things first, as we go through

his filing, Elon does still own the 73 million shares of Twitter that has previously been

disclosed. So he hasn't actually started selling those shares off yet. Of course, Elon

raised additional capital that's been sitting with Elon as cash that he will still have.

And then of course, some of this, if he does decide to sell, which would seem likely given

this news. So with this, this 13 D that has been filed with Twitter, it is, as I said, formally

notifying Twitter that the reporting person Elon Musk is terminating their merger agreement.

The rest of the letter here, as you can see, is about 12 pages walking through why Elon

feels that he has the right to terminate that agreement. So we'll just hit some of those

highlights. I'll put a link to this in the description if you do want to look through

the entire filing. But basically what they're saying here is that they're terminating the

merger agreement because Twitter is in material breach of multiple provisions of that agreement.

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