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Is Elon Musk Backing Away from Twitter?

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May 14, 2022
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Is Elon Musk Backing Away from Twitter?
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The ties between outdated and new markets are increasing every single day. An S.E.C. filing yesterday revealed that the billionaire founding father of the crypto trade FTX, Sam Bankman-Fried, had purchased a 7.6 p.c stake within the publicly traded on-line inventory and crypto buying and selling app Robinhood, paying about $648 million. The corporate’s shares soared in after-hours buying and selling. FTX shouldn’t be publicly traded — but — however the transfer reveals Bankman-Fried’s old-school ambitions.

The Twittersphere and crypto cultists enthusiastically likened the acquisition to Elon Musk’s Twitter takeover advances, and extra proof of the monetary and cultural would possibly of billionaires for blockchain. However the conditions are distinct. Bankman-Fried, 30, is probably as intent on exerting affect as Musk, 50. He’s additionally vocal, pouring tens of millions into political donations and international lobbying efforts, and he’s extensively investing in crypto ventures to assist guarantee the ascendance of digital belongings. Twitter and Robinhood, nevertheless, are completely different beasts: There is no such thing as a path to a takeover of Robinhood with out the assist of its two founders, Vladimir Tenev and Baiju Bhatt, who’re deeply engaged within the enterprise and reportedly maintain greater than 60 p.c of the voting rights. In addition they simply took the corporate public final yr.

Crypto’s most mainstream trade, Coinbase, is prepping for extra storms. When the corporate went public simply over a yr in the past, its inventory opened at $381. Now it’s beneath $60 amid the widespread crypto downturn. Coinbase reported quarterly outcomes this week that fell far in need of analyst estimates. It additionally seems to be bracing for stricter scrutiny from the S.E.C., submitting a registration assertion “supposed for use for potential potential choices which can embrace the sale of latest securities.”

How Elon Musk’s Twitter Deal Unfolded


Card 1 of 6

A blockbuster deal. Elon Musk, the world’s wealthiest man, capped what appeared an unbelievable try by the famously mercurial billionaire to purchase Twitter for roughly $44 billion. Right here’s how the deal unfolded:

The preliminary supply. Mr. Musk made an unsolicited bid value greater than $40 billion for the influential social community, saying that he wished to make Twitter a non-public firm and that he wished individuals to have the ability to communicate extra freely on the service.

Will the deal undergo? For the acquisition to be accomplished, shareholders need to vote and regulators need to evaluation the supply first. Scrutiny is prone to be intense and questions stay about Mr. Musk’s plans for the corporate, particularly after he advised the deal is perhaps “quickly on maintain” as he gathered details about the amount of spam and faux accounts on Twitter. (He later stated he was “nonetheless dedicated” to the acquisition.)

In different phrases, the corporate appears to consider the company could quickly make good on Gensler’s threats. He has usually stated most crypto tokens are securities requiring registration. That might imply extra firm obligations and extra company oversight. At this second, that maybe doesn’t appear so unwise.


Russian embargoes take time to chunk

Commerce in Russia has been diminished since Russia’s invasion of Ukraine, but it surely has but to be crippled, writes The Occasions’s Ana Swanson. Transport site visitors out and in of Russia has remained comparatively robust, in keeping with information from the delivery tracker Refinitiv, as corporations have raced to meet contracts for purchases of vitality and different items earlier than the total drive of world sanctions goes into impact.

Adjustments to habits after the Russian invasion weren’t but mirrored in delivery site visitors, stated Jim Mitchell, the top of oil analysis for the Americas at Refinitiv, since crude oil usually trades 45 to 60 days forward of supply.

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