BUSINESS NEWS ROUNDUP
Tesla to offer stock, notes
Electric car and solar cell maker Tesla wants to raise over $1 billion by selling stock and fiveyear convertible notes.
The Palo Alto company says the offerings will strengthen its balance sheet and reduce risks from scaling up to produce the $35,000 Model 3 electric car starting in July.
The company plans to offer $250 million worth of common stock and $750 million in notes due in 2022. Underwriters can buy another 15 percent, which would bring the total proceeds to about $1.15 billion.
Tesla says CEO Elon Musk will buy $25 million of the stock.
Twitter hack blamed on feud
Hundreds of Twitter accounts have been hijacked amid the ongoing diplomatic feud between Turkey and two European nations, Germany and the Netherlands.
It’s not clear how many accounts were taken over altogether but a slew of them, ranging from celebrities to government agencies, suddenly began issuing anti-German and antiDutch abuse in Turkish late Tuesday.
“This is a small Ottoman slap,” the swastikastudded messages read in part, blasting “Nazi Germany” and “Nazi Holland.”
Forbes, UNICEF, Duke University, Amnesty International and Starbucks Argentina were among those who appear to have had their Twitter accounts hijacked late Tuesday. Tennis star Boris Becker and the official account of soccer club Borussia Dortmund were also taken over, according to German news agency Dpa.
“My twitter account was hacked !!!” Becker said in a follow-up tweet. “I never posted this as I obviously don’t speak Turkish.”
Most if not all highprofile accounts appear to have since returned to normal.
Us Weekly to be sold
The publisher of Rolling Stone magazine is selling celebrity magazine Us Weekly to the owner of the National Enquirer tabloid.
In a press release, American Media Inc., which also owns Star, OK and Men’s Fitness, did not say how much it is paying for Us Weekly. Wenner Media bought Us in 1985.
Security guard faces complaint
Todd David Alpert was a security guard for a board member of H.J. Heinz in 2013 when, federal regulators say, he received an email from his employer spelling out terms of an impending takeover of the food company.
Starting the following day, the Securities and Exchange Commission alleged, Alpert called his broker and bought Heinz shares and options. After the announcement that an investment group including Warren Buffett’s Berkshire Hathaway and 3G Capital was buying Heinz, Alpert sold his position for a profit of $44,000.
Alpert, of Kingston, Pa., was accused in a civil complaint filed Wednesday in federal court in Manhattan. Alpert, who is unemployed, asserted his right against self-incrimination, the SEC said.
The complaint alleged that Alpert provided security at the home of the unidentified Heinz director, who had been on the board of the company for “several years.” As part of his duties, he routinely printed out documents for the board member that he or his staff had sent to his email account.
The SEC said the board member sent several documents related to the deal for printing, including a letter marked “CONFIDENTIAL” containing the terms and the $72.50per-share price.
The complaint alleged that Alpert told the board member what he had done in July 2015. The board member viewed it as a breach of his trust and a violation of his employment agreement, according to court filings.
EU fine with AT&T deal
The European Union has given its blessing to AT&T’s proposed $85 billion purchase of Time Warner, saying that it raises no competition concerns in Europe.
The EU’s executive Commission said Wednesday that there are no overlaps between the companies’ activities in the European Economic Area, which includes the 28-nation EU and three other countries.
It noted that while AT&T is active in global telecommunications and digital entertainment, it only provides telecommunications services to business customers in the European Economic Area.
The deal still needs approval from U.S. regulators. It would bind the second-largest U.S. wireless carrier with a media and entertainment conglomerate that owns CNN, HBO, the “Harry Potter” franchise and pro basketball.