Elon Offers to Proceed With Twitter Deal

• 3 min read
Elon Offers to Proceed With Twitter Deal

MARKET MOVERS

  • Musk proposes to proceed with the Twitter deal at $54.20 a share. Musk made the proposal in a letter to Twitter, according to people familiar with the matter, who asked not to be identified as discussing confidential information. A deal could happen as soon as Friday, the sources added. Shares in Twitter climbed as much as 18% on the news after trading was briefly halted.
  • Waymo driverless trucks haul beer to Houston from Dallas. Waymo, Alphabet Inc.’s driverless-vehicle unit, said it has carted in excess of 1 million pounds of Modelo and Corona beer over 220 miles a day to Houston from Dallas under a pilot program for Constellation Brands Inc. The test is being done with the trucker C.H. Robinson Worldwide Inc. and Waymo Via, Alphabet’s autonomous trucking program.

  • Cathie Wood snaps up $32 million worth of Tesla shares after the sell-off. Wood’s flagship ARK Innovation ETF added 108,380 shares of Tesla on Monday while snapping up 23,833 shares for ARK Autonomous Technology & Robotics ETF, according to Ark’s daily trading data. These purchases were worth $32 million based on Tesla’s Monday close of $242.40. Read more here.

  • Meta unveils new ad formats in search for growth. Meta introduced a new way for advertisers to display ads on Instagram’s explore page, which shows content to users based on their preferences and routines, and on the profile pages of Instagram influencers with whom they have deals. For Messenger, Facebook will use machine learning software to show ads intended to reach people who are most likely to make a purchase.

  • Job openings fall more than forecast. Job openings declined in August and were about 1 million less than economists expected, revealing a cooling of the strong U.S. labor market. The Job Openings and Labor Turnover Survey for August, reported by the U.S. Bureau of Labor Statistics, showed the number of job openings decreased to 10.1 million in August, down from 11.2 million the month before. Read more here.

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WHAT TO WATCH

  • Micron plans to build the largest U.S. chip plant ever. The company says the so-called mega fab will be the largest semiconductor factory ever built in the U.S. Micron Technology Inc. said it plans to invest as much as $100 billion over the next 20 years to build a factory in upstate New York to boost US production of memory chips. Governor Kathy Hochul, a Democrat, says the factory to be built near Syracuse, will create about 50,000 jobs. Read more here.

  • Supreme Court takes a case that tests Big Tech’s legal shield. No matter how rude something someone says about you on the internet is, you can sue them—but not the platform where they said it. That’s thanks to Section 230 of the Communications Decency Act, which broadly protects websites from liability for posts made by third parties. But the Supreme Court agreed to hear a case that will test just how far that goes.

  • CoreLogic: House prices up 13.5% YoY in August; declined 0.7% MoM in August. Although U.S. home prices continued their 127-month run of consecutive annual gains in August, they slowed for the fourth straight month to 13.5%. That’s the lowest year-over-year appreciation in April 2021 and partially reflects continued cooling buyer demand due to higher mortgage rates.

  • Shell's CEO expects more taxes on the oil industry. Shell PLC Chief Executive Ben van Beurden said he expects to see additional taxes on the oil-and-gas industry as a way of helping to protect consumers from higher energy prices, and warned that a price cap on Russian oil being pushed by Western governments would be difficult to implement. Mr. van Beurden said Europe should be ready for more attacks on key energy infrastructure. Read more here.

  • Samsung kicks the advanced-chipmaking race into high gear with a road map. Samsung’s contract chipmaking unit said it would start manufacturing chips on the 2-nanometer production process in 2025 and the 1.4-nanometer production process in 2027. That advances from its current 3-nanometer chip production that began in June and which the company called an industry first.
← Opec+ to Cut Oil Output to Prop Up Prices
Tesla Slumps as Deliveries Disappoint →

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