Business

Pertaining to and impacting businesses, markets and the economy

 
Elon Musk raises $7 billion for Twitter purchase
Elon Musk had promised to raise $20 billion of equity to pay for Twitter, yet it's still unclear where that money will come from. On Thursday, Musk secured partners to raise $7 billion to fund his buyout of the social media company.
 
Reformer pitches “public benefit” structure for Twitter
A prominent corporate reformer has pitched an idea to Elon Musk as the latter assumes control of Twitter Inc - to turn the social media platform into a "public benefit corporation" (PBC) to work for all stakeholders, not just its investors. Rick Alexander, the CRO of The Shareholder Commons, stated that adopting this specific legal structure would be one of several ways that Twitter (TWTR.N) could ensure that it serves the public interest - even in the event that Musk eventually sells the company again.
 
Taiwan presses US to deliver Stinger missiles on time
On Tuesday, Taiwan's Defence Ministry voiced its fears that the expected deliveries of Stinger anti-aircraft missiles could end up being delayed. The deliveries are expected to be delayed, as the missiles are in high demand in the Ukraine, where they've proved effective against Russian aircraft.
 
BVI premier detained on alleged drug smuggling
The premier of the British Virgin Islands (BVI) was arrested for alleged drug smuggling and money laundering in the US. Andrew Fahie was detained in Miami, FL by the US Drug Enforcement Agency (DEA) officials.
 
Meta stock soars despite slowed revenue growth
Facebook parent Meta’s first-quarter profit jumped well past Wall Street’s expectations despite slower revenue growth. The company earned $7.47 billion, or $2.72 per share, in the January-March period - down 21% from $9.5 billion, or $3.30 per share in the same period a year earlier.
 
Ford begins production of Lightning F-150 electric truck
On Tuesday, Ford Motor Co (F.N) began manufacturing its F-150 Lightning electric pickup truck. Ford marked the "Job One" ceremony for the Lightning truck with a webcast on Tuesday at 1:30 EDT (17:30 GMT).
 
Russia threatens to cut natural gas supplies to European countries
On Tuesday, Russia allegedly moved to suspend all deliveries of natural gas to Poland and Bulgaria. According to energy officials of the two affected countries, Russia's state-controlled gas company, Gazprom, had informed them that they would be halting deliveries starting Wednesday.
 
Elon Musk set to acquire Twitter for approximately $44 billion
Elon Musk and Twitter have reached a definitive agreement wherein the 50-year-old billionaire will acquire the social media platform for $54.20 per share in cash - a transaction estimated to be worth roughly $44 billion. Twitter's Board of Directors has unanimously approved the transaction, and it is expected to close in 2022, subject to stockholders' approval and the pending receipt of various other relevant regulatory approvals.
 
EU sets new online rules to curb illegal content
On Saturday, new internet rules were agreed upon between the European Union countries and EU lawmakers to tackle illegal online content. Online platforms like Alphabet (GOOGL.O) and Meta (FB.O) will have to do more to tackle illegal content or risk heavy fines under the new regulations.
 
UK, India step up defense and trade cooperation
The Prime Ministers of the UK and India have agreed to step up defense and business cooperation with a bilateral free-trade deal that could be completed by October this year. The UK-India joint statement says, "The two leaders welcomed the launch of Free Trade Agreement (FTA) negotiations in January 2022 in New Delhi. They set a target to conclude the majority of talks on a comprehensive and balanced Free Trade Agreement by the end of October 2022."