US Business

Russian strikes kill 23 as Zelensky urges 'special tribunal' for Moscow

Russian missiles struck Vinnytsia in central Ukraine Thursday, killing at least 23 people including three children, in what President Volodymyr Zelensky called “an open act of terrorism”.

The midday attack on the city hundreds of kilometres from the frontlines and invading Russian troops came as EU officials convened in The Hague to discuss war crimes in Ukraine.

The charred remains of upturned cars surrounded by burnt debris were seen in images distributed by officials next to a business gutted by a fire with brown smoke billowing nearby.

“There were eight rockets, two of which hit the centre of the city. Twenty people have died, including three children. There is a large, large number of wounded,” Zelensky said during an address to European officials at The Hague.

Rescuers later updated the death toll to 23, saying the search for another 39 people continues.

UN Secretary-General Antonio Guterres said he was “appalled” by the attack and called for accountability for such assaults on civilians.

And Zelensky led a moment of silence before urging European and International Criminal Court officials to open a “special tribunal” into Russia’s invasion.

“I believe it is inevitable that International Criminal Court will bring accountability to those guilty of crimes under its jurisdiction: war crimes, crimes against humanity, genocide.”

– War crimes tribunal –

The ICC in The Hague opened an investigation into possible war crimes in Ukraine just days after Moscow’s forces invaded and it dispatched dozens of investigators to the country to gather evidence.

Russia invaded on February 24 and the conflict has seen thousands of people killed, destroyed cities and forced millions to flee their homes.

“Every day, Russia kills civilians, kills Ukrainian children, carries out missile attacks on the civilian facilities where there is no military target. What is this, if not an open act of terrorism?” Zelensky said after the Vinnytsia attack.

A Ukraine military spokesman said its forces had managed to knock out two from a barrage of cruise missiles that were launched from a Russian submarine in the Black Sea and caused widespread damage in Vinnytsia.

Deadly strikes in central Ukraine have become relatively rare, but the war has raged around cities like Mykolaiv in the south which the presidency said was hit by a “massive missile strike”.

“Two schools, transport infrastructure and a hotel were damaged,” the presidency said in its morning military update Thursday.

The skeletal insides of one building gutted by the strikes were visible in images distributed by local officials, with municipal workers clearing bricks and rubble strewn after the attack.

The heaviest fighting in Ukraine, however, has focused recently on the industrial Donbas region in the east.

– ‘Total victory’ –

Moscow-backed troops there said Thursday they were closing in on their next target, after wresting control of sister cities Lysychansk and Severodonetsk two weeks ago.

“Siversk is under our operational control, which means that the enemy can be hit by our aimed fire all over the area,” a pro-Moscow rebel official, Daniil Bezsonov, was cited as saying by Russian state-run news agency TASS.

In a Ukrainian trench position along the eastern frontline, a 25-year-old soldier who went by the nom de guerre Moryak was working to fortify defences.

“We hide when they shell, we dig when it’s calm,” another soldier nearby told AFP journalists.

A fellow serviceman in their trench dismissed the idea Ukrainian and Russian forces could reach an agreement to halt fighting, explaining their goal was “total victory”.

– High-stakes grain talks –

Several rounds of negotiations to end the fighting at the beginning of the conflict fell through, but delegations from Kyiv and Moscow met in Istanbul this week to discuss unblocking Ukraine’s grain exports.

The meeting involving UN and Turkish officials ended after more than three hours with an agreement to meet again in Turkey next week.

Zelensky said “the entire world” was counting on the negotiations to finalise a deal.

The conflict has pushed up grain prices and Europe is suffering from sky-rocketing energy bills stemming from sanctions on Russia and Moscow’s move to limit gas flows to Europe.

US Treasury Secretary Janet Yellen said Thursday that Russia’s war in Ukraine posed the “greatest challenge” to the global economy, as G20 ministers prepare to start talks in Indonesia.

The European Commission meanwhile slashed growth forecasts for the eurozone, saying the consequences from the war in Ukraine were continuing to destabilise the economy because of record high inflation.

Following concerns about arms being smuggled out of Ukraine to equip crime gangs in Europe, Ukraine’s presidency called on lawmakers to form a monitoring committee that would oversee weapons received from Western allies.

The head of the Ukrainian presidency Andriy Yermak said Thursday all arms supplied by the West are “registered and sent to the front” but such a committee would make the process “as transparent as possible”. 

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US doctor under investigation after abortion for child rape victim

Authorities in Indiana said they are investigating a gynecologist who performed an abortion on a 10-year-old girl who had been raped — a flashpoint case in the wake of the US Supreme Court’s decision to overturn the federal right to end a pregnancy.

Caitlin Bernard said earlier this month that she had treated the girl in Indianapolis after being contacted by a colleague in neighboring Ohio.

A trigger law banning all abortions after six weeks, with no exceptions for rape or incest, came into force in Ohio last month after the nation’s high court ended decades of constitutional protection for the right to end a pregnancy.

The girl, who was raped in May by a man who was arrested on Tuesday, was past the six-week cut-off. To get an abortion, she traveled to Indiana, where the procedure is legal up until 21 weeks.

But authorities in the mainly Republican state oppose abortion and are now considering banning the procedure.

Indiana attorney general Todd Rokita criticized Bernard on Wednesday evening, accusing her of not alerting the authorities to the case of the girl, as state law requires in case of sex crimes involving minors.

“We have this abortion activist acting as a doctor with a history of failing to report,” Rokita said on Fox News. 

“So we’re gathering the information. We’re gathering the evidence as we speak and we’re going to fight this to the end, including looking at her licensure, if she failed to report,” he added.

President Joe Biden spoke of the Ohio rape victim during a July 8 ceremony at which he signed reproductive right protections into law and urged Congress to codify Roe v. Wade, the 1973 ruling that established the nationwide right to abortion.

“Just last week it was reported that a 10-year-old girl was a rape victim in Ohio — 10 years old — and she was forced to have to travel out of the state, to Indiana, to seek to terminate the pregnancy,” Biden said.

Until the suspect was arrested, right-wing media and several Ohio authorities questioned whether the story was true.

Now, opponents of abortion are accusing abortion rights advocates of using the girl to promote their cause and blaming the tragedy on Biden’s immigration policy because the detainee is a Guatemalan who entered the country illegally.

“This is a horrible, horrible scene caused  by Marxists and socialists and those in the White House who want lawlessness at the border,” Rokita said.

California wildfire threat to Yosemite giant sequoias 'almost gone'

The wildfire threat to the world’s largest trees in California has almost passed, with the blaze now spreading away from giant sequoia trees in Yosemite National Park, a forestry official said Thursday.

More than 1,000 firefighters have scrambled to contain the Washburn fire, which started a week ago, and which for days threatened the world-renowned Mariposa Grove of giant sequoias.

“The threat is essentially almost gone,” Stanley Bercovitz, a US Forest Service spokesperson, told AFP.

“Currently none [of the giant sequoias] have been killed. You never know, down the road. In two years, if maybe some of the younger ones, their needles start to turn yellow… it might be because of the fire,” he added.

“But otherwise… almost every tree was very fortunate to have a low-grade fire burn around it.”

The Mariposa Grove is the largest group of sequoias in Yosemite, with over 500 mature trees.

Giant sequoias are the world’s largest trees by volume. Their relatives, the California redwoods, can grow taller — well over 100 meters (330 feet) — but are not as wide.

Crews worked to remove quick-burning leaves, sticks and branches. Sprinklers supplied with water tanks have been running 24 hours a day, increasing overall humidity in the area.

The fire has spread over 4,375 acres (1,770 hectares) and is 23 percent contained, according to the latest official data.

It is currently moving north and east, into the neighboring Sierra National Forest.

Weather conditions have helped efforts to control the blaze.

“It’s not being driven by the wind. It’s just being driven by the fuels,” said Bercovitz.

He added: “The threat is not completely gone. Until the fire is 100 percent controlled, there’s still always some threat.

“But it is currently greatly reduced, and burning away [from the giant sequoias].”

Giant sequoias, which can live for thousands of years, typically endure many fires, the heat from which helps their cones to open, allowing the seeds to disperse.

But longer, hotter and more aggressive fires can damage them, sometimes irreparably, and California has recently seen multiple severe fire seasons in a row.

In 2020, up to 10,000 of the giants — up to 14 percent of the world’s total — perished in one fire, and another 3,600 died last year.

Scientists say global warming, which is being driven chiefly by humanity’s unchecked burning of fossil fuels, is making extreme weather events more likely.

UN urges Africa to swap commodities for tech

The UN’s trade body on Thursday said African economies were vulnerable to a triple shock as it urged governments to pave the way for tech startups that would  ease dependence on commodities.

“A recent analysis by the UN Global Crisis Response Group on Food, Energy and Finance, which analyses the global economic cost by the war in Ukraine, indicates that Africa and especially sub-Saharan Africa is now one of the world’s most exposed regions to the current crisis,” Rebeca Grynspan, secretary-general of the United Nations Conference on Trade and Development (UNCTAD), said at the launch of the body’s latest Africa report. 

“One out of two Africans — that means over 600 million people — are severely vulnerable to food, energy and finance shocks, all at once,” she added.

The report recommended diversifying away from both commodities exports, on which many African economies continue to depend, and traditional service sectors — such as travel and transport — towards more knowledge-intensive services. 

“We have been talking about diversification as long as I can remember, and how Africa can diversify its economy, and the fact is  that we’ve been looking at it through the lens of diversifying within the commodity sector,” said Paul Akiwumi, a director with UNCTAD.

“Now it’s also very timely because of technology,” he added.

He pointed to budding fintech, healthtech, agritech, e-mobility and other tech-focused sectors in African countries.  

“Africa has a growing educated middle class who need these jobs, and these types of small and medium size enterprises provide high skilled jobs — operational officers, finance officers, government liaison relations officers, software engineers, HR managers, administrative accountants,” he said. 

Akiwumi said governments must provide entrepreneurs the necessary regulatory frameworks, as well as training and capacity building. 

He also said they must implement the African Continental Free Trade Area (AfCFTA) agreement, a trade pact that came into force last year, to scale up developments across the continent.

Nigeria's Twitter ban unlawful: W.African court

A seven-month ban on Twitter use in Nigeria was unlawful, according to a court ruling by West Africa’s regional bloc ECOWAS seen by AFP on Thursday.

The Abuja government suspended Twitter in June last year after the social media giant deleted a tweet by President Muhammadu Buhari. It lifted the ban in January.

The Economic Community of West African States (ECOWAS) court issued its ruling following a suit brought by a Nigerian NGO called the Socio-Economic Rights and Accountability Project (SERAP) and rights campaigners.

In a summing-up statement sent to AFP the court said the ban, which drew international approbrium, was unlawful, infringed freedom of expression and access to media, and ran counter to provisions both of the African Charter and the International Covenant on Civil and Political Rights.

In declaring the ban unlawful the court also ordered the Nigerian authorities never to repeat it.

Abuja lifted the suspension after talks with Twitter representatives but laid down conditions, including Twitter registering its operations in Nigeria, Africa’s largest economy.

With three-quarters of Nigeria’s population of 200 million aged under 24 the country is hyper-connected to social media. 

The ban shocked many in Nigeria, given Twitter’s major role in political discourse, as evidenced by the #BringBackOurGirls hashtag deployed after Boko Haram extremists kidnapped nearly 300 schoolgirls in 2014.

Young activists also turned to Twitter to organise the #EndSARS protests against police brutality that eventually grew into the largest demonstrations in Nigeria’s modern history before they were repressed.

Around 40 million Nigerians, or around 20 percent of the population, have a Twitter account.

Abuja initially announced an unlimited ban, accusing the platform of allowing activities it said threatened the country’s existence citing posts by separatist agitators from the country’s southeast, where a civil war five decades ago killed one million people.

Nigeria’s National Information Technology Development Agency (NITDA) director general Kashifu Inuwa Abdullahi at the time said there were “unscrupulous elements” using Twitter “for subversive purposes and criminal activities, propagating fake news, and polarising Nigerians.”

The ban came two days after Twitter took down a tweet from President Buhari warning he would take action and treat those users “in the language they understand.”

Stocks, oil drop on fresh inflation spikes

Stock markets mostly retreated Thursday as fresh evidence of runaway global inflation ramped up expectations of more aggressive interest rate hikes by central banks, while disappointing earnings revived recession fears.

That sent the dollar rising, helping push oil prices sharply lower and the euro briefly below $1.00.

Eurozone inflation will end the year at 7.6 percent, much higher than previously forecast, the EU said Thursday.

The prediction comes one day after US inflation came in at a blistering 9.1 percent last month, the highest level for more than 40 years, as the Ukraine war fuelled energy prices.

US producer prices rose by a faster-than-expected 1.1 percent in June from the previous month, data released Thursday showed.

Market watchers are now wondering whether the Federal Reserve could hike US borrowing costs by a full percentage point at a scheduled policy meeting this month.

One Fed policymaker said publicly Thursday he would support such a hike if economic data comes in stronger than expected.

The central bank in June unveiled its first 75 basis-point rise in three decades and is one of dozens to hike rates. 

Singapore and the Philippines became the latest to tighten policy Thursday, a day after Canada, New Zealand, Chile and South Korea announced hikes.

The US inflation reading followed last week’s news of a surprise spike in jobs creation, which suggested the world’s top economy was withstanding the rate hikes, giving the Fed more room for further increases.

“Stubbornly high inflation increases the risk that the (Fed) continues to hike aggressively and triggers a recession,” said Kristina Clifton at Commonwealth Bank of Australia, adding that belief was picking up momentum on trading floors.

The European Commission on Thursday slashed growth forecasts for the eurozone, saying the consequences from the war in Ukraine were continuing to destabilise the economy.

Growing fears of a global recession sent oil prices tumbling, with the main US contract, WTI, losing more than five percent at one point.

The Fed’s drive to tighten monetary policy continues to send the dollar higher, and Wednesday it finally rose above parity with the euro for the first time since late 2002, before falling again.

The euro fell back below parity once again shortly after US markets opened, before bouncing back.

Europe’s main stock indices finished more than one percent lower, with Milan slumping more than three percent on fears political tensions within Prime Minister Mario Draghi’s coalition government could bring it crashing down and spark snap elections.

On Wall Street, stocks tumbled with the Dow falling two percent at one point as data showed wholesale price rises accelerating and bank earnings disappointing as the US corporate results reporting season gets underway. 

JPMorgan Chase reported a drop in second-quarter profits, reflecting the impact of a weakening macroeconomic outlook that led it to set aside funds in case of bad loans.

Macroeconomic headwinds including inflation “are very likely to have negative consequences on the global economy sometime down the road”, the bank’s CEO Jamie Dimon said.

“Traders were in for a rude awakening today, as Jamie Dimon brought home the reality of how earnings season is likely to play out,” said Joshua Mahony, senior market analyst at online trading platform IG.

“Despite being well aware of the ongoing risks, markets appeared shocked as the JP Morgan chief laid out the risks posed by inflation, monetary tightening, and Russian influences on food and energy flows,” he added.

– Key figures at around 1530 GMT –

New York – Dow: DOWN 1.4 percent at 30,345.26 points

EURO STOXX 50: DOWN 1.7 percent at 3,396.61

London – FTSE 100: DOWN 1.6 percent at 7,030.81 (close) 

Frankfurt – DAX: DOWN 1.9 percent at 12,519.66 (close)

Paris – CAC 40: DOWN 1.4 percent at 5,915.41 (close)

Tokyo – Nikkei 225: UP 0.6 percent at 26,643.39 (close)

Hong Kong – Hang Seng Index: DOWN 0.2 percent at 20,751.21 (close)

Shanghai – Composite: DOWN 0.1 percent at 3,281.74 (close)

Euro/dollar: DOWN at $1.0012 from $1.0061 Wednesday

Pound/dollar: DOWN at $1.1806 from $1.1893 

Euro/pound: UP at 84.81 pence from 84.59 pence

Dollar/yen: UP at 139.08 yen from 137.36 yen

West Texas Intermediate: DOWN 3.0 percent at $93.44 per barrel

Brent North Sea crude: DOWN 2.6 percent at $97.02 per barrel

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Prominent South Carolina lawyer indicted for murders of wife and son

A prominent US lawyer who tried to stage his own murder was indicted on Thursday for allegedly killing his wife and son in the latest twist in a bizarre crime saga.

Alex Murdaugh, 54, was charged with two counts of murder for the deaths of his wife, Maggie, 52, and his son Paul, 22, officials said.

“Today is one more step in a long process for justice for Maggie and Paul,” Mark Keel, the chief of the South Carolina Law Enforcement Division, said in a statement.

Murdaugh’s wife and son were shot and killed on June 7, 2021 at the family’s sprawling hunting lodge in Islandton, in southwestern South Carolina.

Murdaugh, who has been jailed since October, has already been indicted for insurance fraud, theft, lying to the police and multiple other offenses.

He is accused of paying a man to shoot him in September of last year so his surviving son, Buster, could collect on a $10 million insurance policy.

Curtis Smith, the hit man allegedly hired by Murdaugh, botched the job, firing a bullet that only grazed him.

Murdaugh’s staged murder attempt came a day after he was forced out of his law firm for allegedly embezzling millions of dollars.

Murdaugh has also been accused of pocketing a $4 million settlement that was intended for relatives of the family housekeeper, who died in a 2018 fall at the Murdaugh home.

The Murdaugh family has deep roots in law enforcement in South Carolina. Murdaugh’s father, grandfather and great-grandfather all served as district prosecutors.

New chief at Libya's key oil firm, US warns against confrontation

Libya’s government replaced the head of the key National Oil Corporation on Thursday in a dramatic move that prompted the United States to warn against any “armed confrontation” over the sector.

The North African country’s vast oil reserves have often been at the heart of political disputes, but the NOC had largely stayed neutral despite years of division since the 2011 toppling of dictator Moamer Kadhafi in a NATO-backed rebellion.

However, in a decree made public on Wednesday, the unity government of Abdulhamid Dbeibah appointed former central banker Farhat Bengdara to replace NOC head and veteran technocrat Mustafa Sanalla.

On Thursday morning, Bengdara took up office at NOC headquarters in Tripoli, where he gave a news conference.

“It’s vitally important under the current conditions that Libya regains its oil and gas export capacity as quickly as possible,” he told journalists.

“The oil sector has fallen prey to political struggles, but we will work to prevent political interference in the sector.”

– ‘Vital’ to stability –

Dbeibah’s move against Sanalla follows months of rising tensions in Libya after the country’s eastern-based parliament appointed a rival government, led by former interior minister Fathi Bashagha and seen as backed by military strongman Khalifa Haftar.

Dbeibah has refused to cede power before elections, and Bashagha has so far failed to take office in Tripoli, raising fears of renewed conflict just two years after a landmark truce ending a ruinous attempt by Haftar to seize the capital by force.

The US embassy said Thursday it was following developments “with deep concern” and stressed that the NOC was vital to Libya’s “stability and prosperity”.

Since April, pro-Haftar groups have blockaded key eastern oil facilities to put pressure on Dbeibah.

As a result, Libya’s crude and condensate exports have fallen from around one million barrels per day in March to just over 400,000 so far in July, according to data intelligence firm Kpler.

The blockade has also contributed to crippling power shortages that sparked angry protests earlier this month.

The blockade also comes amid a supply crunch on global oil markets, rattled by the war in Ukraine, in turn prompting consumer nations to pressure other producers to ramp up output. 

US President Joe Biden is expected to press Saudi Arabia on the subject when he visits the kingdom this weekend.

– Blockade to end? –

Libya meanwhile sits on Africa’s biggest proven crude reserves, with easy access to European markets.

US Ambassador Richard Norland, who has been working on a mechanism to manage the highly disputed revenues from Libya’s crude sales, said Sanalla’s replacement “may be contested in court but must not become the subject of armed confrontation”.

However, the appointment of Bengdara, a Kadhafi-era central banker reportedly close to Haftar, has triggered speculation that Dbeibah made a deal with the military strongman to allow him to keep power in Tripoli.

Emadeddin Badi, a senior fellow at the Atlantic Council, said Bengdara’s appointment was “the product of a momentary convergence between Dbeibah and Haftar, but it could be the basis for a broader deal”.

“Dbeibah gets several things from it,” Badi told AFP. 

“He regains access to state funds, it stymies the US financial mechanism or the momentum to implement it, and Haftar will presumably lift the (oil) blockade and limit, if not completely halt, his support for Bashagha.”

Aydin Calik, an energy analyst at the Middle East Economic Survey (MEES), said he expected the oil blockade would be lifted “very shortly”.

But he warned that the new board was contested, including by Sanalla, who has long mediated disputes to keep Libya’s crude flowing and positioned himself as an interlocutor with foreign powers and oil firms.

Calik told AFP that “uncertainty over who is in charge at NOC raises questions: Who can legitimately export oil? Will international oil companies recognise the new NOC board? What might this mean for their contracts?.”

In a defiant video message on Wednesday evening, Sanalla told Dbeibah that “this institution belongs to the Libyan people, not to you or the Dbeibah family” adding that “the mandate of your government has expired”.

Bengdara insisted Thursday that he had been picked for the job because he was “non-partisan” and “can travel anywhere in Libya”.

Kevin Spacey pleads not guilty to sexual assault in UK

Hollywood star Kevin Spacey on Thursday pleaded not guilty at London’s Old Bailey court to four charges of sexual assault against three men.

The 62-year-old star was wearing a blue suit and blue tie as he stood in the dock at the UK’s top criminal court.

He spoke to confirm his name and age before pleading not guilty to four charges of sexual assault and one count of causing a person to engage in penetrative sexual activity without consent.

The Crown Prosecution Service, which is responsible for bringing prosecutions in England and Wales, said in May that it had authorised charges against Spacey.

A two-time Oscar winner for “The Usual Suspects” and “American Beauty”, he was formally charged by police in the British capital the following month and voluntarily appeared in court within days.

At a hearing last month, Spacey’s lawyer Patrick Gibbs told the court his client “strenuously denies any and all criminality in this case”.

“He needs to answer these charges if he is to proceed with his life,” Gibbs added at the time.

The deputy chief magistrate at the initial hearing was told that the actor lives in the United States, where he has family and a nine-year-old dog.

The magistrate formally withdrew an arrest warrant that had been issued two weeks prior after learning Spacey had travelled to London to appear in person.

Reporting restrictions prevent the media going into detail about the charges to avoid prejudicing a jury at any trial.

– ‘Prove my innocence’ –

The first two charges of sexual assault date from March 2005 in London and concern the same man, who is now in his 40s.

The third is alleged to have happened in London in August 2008 against a man who is now in his 30s. 

Spacey has also been charged “with causing a person to engage in penetrative sexual activity without consent” against the man in his 30s.

The fourth sexual assault is alleged to have occurred in Gloucestershire, western England, in April 2013 against a third man, who is also now in his 30s.

None of the alleged victims can be identified under English law.

After the prosecutors’ May announcement, Spacey said he was “disappointed” with the decision.

“I will voluntarily appear in the UK as soon as can be arranged and defend myself against these charges, which I am confident will prove my innocence.”

Spacey was artistic director of The Old Vic theatre in London between 2004 and 2015.

Allegations against him emerged in the wake of the #MeToo movement that saw numerous claims of sexual assault and harassment in the movie industry.

That prompted an investigation by London’s Metropolitan Police and a review by The Old Vic of his time in charge there.

Claims against Spacey in 2017 led to the end of his involvement in the filming of the final season of the Netflix drama “House of Cards”.

He was also dropped from a Gore Vidal biopic on the TV streaming network and as the industrialist J. Paul Getty in “All the Money in the World”.

Outage briefly hits Twitter service around the world

Twitter experienced a widespread but brief outage in nations around the globe on Thursday — fresh turbulence for the firm locked in a buyout battle with Elon Musk.

The Downdetector website showed that outage reports spiked in the United States around 8:00 am (1200 GMT), while users reported service interruptions in France, Germany, Britain, Iraq, Libya and elsewhere.

However, by around 1300 GMT reports of disruptions to Downdetector had plunged and users took to the social media platform with jokes.

“People posting on Twitter that Twitter is down,” @NorthmanTrader tweeted.

Another user, @joelyagar, joked: “I’ve just had my most productive 30 minutes for years. In unrelated news, it seems Twitter went down for 30 minutes.”

Twitter did not immediately respond to a request for comment, but acknowledged the service disruption in a tweet.

“Some of you are having issues accessing Twitter and we’re working to get it back up and running for everyone. Thanks for sticking with us,” the firm tweeted.

Service disruptions on social media platforms happen periodically, but major and long-term service outages are not common.

The service problems on Twitter came as the company has embarked on a legal fight with Musk over his moves to walk away from his $44 billion buyout bid that has roiled the company.

Twitter has sued to force Musk to complete the deal after he said he was terminating it over issues including his argument that the company has not been forthcoming about the number of fake accounts.

Musk made his unsolicited bid to buy Twitter without asking for estimates regarding spam or fake accounts, and even sweetened his offer to the board by withdrawing a diligence condition, Twitter’s lawsuit alleged.

The social media platform has defended its fake account oversight and has vowed to force Musk to complete the deal, which contained a $1 billion breakup fee.

Twitter says the number of fake accounts is less than five percent, a figure challenged by Musk.

The firm’s shares, like those of other tech firms, have dropped in value since May.

However, the platform’s shares jumped Wednesday after a hedge fund revealed it had taken a stake in the firm based on its “strong case” against Musk.

Shares were down less than one percent in early trading on Thursday.

The termination of the takeover agreement sets the stage for a potentially lengthy court battle with Twitter, which initially had opposed a transaction with the unpredictable billionaire entrepreneur.

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