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Elon Musk & Twitter Sued for Buyout
On Friday, social media giant Twitter and tech tycoon Elon Musk have been sued by Florida-based Orlando Police Pension Fund, arguing that Delaware law forbids such quick mergers, and that the Tesla chief’s Twitter takeover should be delayed by three years.
Musk aims to finalize his $54.20 per share Twitter takeover in the current year, which shall be marked as one of the world’s largest buyouts. Twitter stock (NYSE:TWTR) has jumped over 15% in 2022, currently priced at $49.80 apiece.
MACROECONOMIC DATA ANALYSIS
The Organization of Petroleum Exporting Countries and its partners (OPEC+) decided that it shall not hike their target production figures for the coming month, effectively, constricting oil on a larger scale. The European Commission recently proposed an embargo on Russian crude oil and refined products, as part of the sixth sanction package currently being discussed by the European Union.
Somalia’s government is seeking a three-month extension of the financial support by the International Monetary Fund (IMF), hoping for the monetary aid to prolong until August 17th of this year. The three-year budget program, worth close to $400 million, has aided the nation in slashing part of its debt worth over $5 billion.
CURRENCIES
The U.S. dollar slipped from 20-year highs on Friday evening against other major currencies, after volatile sessions on Wednesday and Thursday. This is an indication that investors could be more focused right now on the Federal Reserve’s next move with regards to its aggressiveness in combating inflation. The dollar index inched 0.12% lower to 103.680.
GOLD
Gold prices remain solid, steadying from last week’s downfall as investors & traders are eagerly awaiting more signs regarding the U.S. Federal Reserve’s move in fighting record-high inflation in the United States. Supported a weakening dollar greenback, which typically moves inversely to the safe haven, the bullion edged 0.31% higher to $1,882 per ounce.
OIL
Oil prices escalated on Friday’s late trading sessions, recording a second straight weekly jump as looming European Union sanctions on Russian oil raised the consensus expectations of tighter crude supply. Investors & traders are preparing for an economic slowdown, as such sanctions, amid OPEC’s decision to not increase oil supply in the coming month, may significantly hinder prospects for economic growth. Brent futures surged 2.09% to $113.22 a barrel, and WTI oil futures soared 2.17% to $110.61 per barrel.
INDICES
USA: S&P500 -0.57%, Dow Jones Industrial Average -0.30%, Nasdaq Composite -1.22%
Europe: FTSE 100 -1.54, DAX -1.64%, CAC 40 -1.73%
Asia: Nikkei 225 +0.64%, Hang Seng +0.17%, CSI 300 -0.15%, Nifty 50 +1.17%
Newest
Shares of social media stocks, including Meta & Twitter plunged, the Snapchat stock collapsed by more than 40% on Tuesday’s trading session. The Snapchat parent of the popular social media platform has warned that it expects to miss profit & revenue estimates due to macroeconomic deterioration.
As a result, the company's market capitalization has plummeted to $20.92 billion, almost three-fold away from its highest levels of the year; nearly $82 billion in early February. The Snapchat stock (NYSE: SNAP) fell sharply from $22.49 to $12.79 on Tuesday, down from its debut price of $17 in 2017.
Samsung Electronics announced shall invest 450 trillion won ($356 billion) over the next five years to bolster growth in semiconductors, biopharmaceuticals, and other next-generation technologies.
Samsung stated on Tuesday that the investments will aid the firm in achieving long-term growth in pivotal spectrums like the chip industry, while also promising aggressive expenditures in the biopharmaceutical industry to make it as successful as its chip segment.
