Hello. Elon Musk proposed – and Twitter said yes. Today, we’re breaking down how it all went down.
Here we are.
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1. Elon Musk’s takeover of Twitter is official. The company finalized a deal with the Tesla CEO on Monday, less than two weeks after the billionaire unveiled his $43 billion offer.
Twitter’s official price is $54.20 per share, or about $44 billion. It’s the biggest social media deal since Microsoft bought LinkedIn in 2016.
While the news of the agreement fell on MondayDigital World Acquisition Corp., the
planning to merge with former President Trump’s social media company, fell 15%. Under Musk’s leadership, social truth focused on “free speech” may be less appealing to investors and users.
Meanwhile, dogecoin soared as high as 26% by the end of the day as speculation leading up to the Twitter deal included the possibility that Musk could somehow incorporate dogecoin into the platform. .
On April 14, when Musk first made the offer, it was unclear how he would pay for it, and Twitter rolled out a “poison pill” to block the acquisition. Last week, however, the board warmed to the offer as Musk secured funding and opened the door to negotiations.
In a statement, Musk said his vision for Twitter includes:
- Add new features to improve the product;
- Make Twitter algorithms open source;
- Authenticate all human users.
In other news:
2. Global equities look a bit more stable today. Investors are approaching Big Tech earnings this week on a slightly less pessimistic basis. Take a look at what’s happening in the markets today.
3. Earnings on deck: 3M co, Alphabet Inc and JetBlue Airways, all reports.
4. Check out the Metaverse Insider Guide. Our journalists explain how to play, how to make money and where to party in the most popular virtual worlds. See our top recommendations.
5. The stock market is set to rebound this week, according to JPMorgan’s quantitative guru. To position themselves on the upside in the stock market, Marko Kolanovic recommends that investors adopt a barbell approach to their portfolio. Here’s what you want to know.
6. Tech stocks face a ‘perfect storm’ as competition intensifies. The era of cheap, debt-fueled growth is coming to an end, Bank of America analysts said. Technology companies face great challenges and higher costs to grow their business.
7. Beijing is poised to halt the yuan’s slide as the Chinese currency hits a 17-month low against the dollar. Financial institutions in China will soon be able to lower the required ratio of foreign currency holdings in order to curb the fall of the yuan. Last week, a senior Chinese official said the yuan was basically “stable”.
8. Jefferies recommended buying these stocks for solid growth at safe prices before earnings reports give them a further boost in yields. According to strategist Steven DeSanctis, this batch of companies is based on stock momentum, earnings and reasonable prices. See his 20 stock picks.
9. Home asking prices appear to be coming back to earth in many major metropolitan areas despite record inventory. This could signal overvaluation or sellers trying to time the market. Here are the 15 cities seeing the steepest price declines – and why that could signal the market top.
10. Earnings season shows companies raking in massive profits. And that suggests the economy may not be heading for a
, as some predict. Here are two more charts that show the current strength of the US economic recovery.
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Organized by Phil Rosen in New York. (Comments or advice? email@example.com or tweet @philrosenn.)