Musk Puts His $44 Bln Twitter Acquisition On Hold Over Fake Account Data

Elon Musk announced on Friday that his $44 billion cash purchase for Twitter Inc is “temporarily on pause” till the social media company provides statistics on the proportion of fraudulent accounts. Twitter shares plunged more than 20% in premarket trade, although they recovered some ground after Musk, the CEO of the electric vehicle market Tesla…

Tesla Halts India Entry Plan Following Deadlock On Tariffs: Reuters

Tesla Inc has put plans to sell electric vehicles in India on hold, abandoned a search for showroom space, and transferred some of its domestic staff after failing to achieve reduced import duties, according to a report published by Reuters based on sources familiar with the matter. The decision comes after more than a year of impasse…

Foxconn, Apple’s Supplier, Views COVID Restrictions In China And Inflation As Future Hurdles 

Foxconn, an Apple supplier, warned that revenue for its electronics sector, which includes smartphones, could fall in the current quarter as growth slowed owing to rising inflation, cooling demand, and escalating supply chain challenges, partly due to Chinese lockdowns. Like other worldwide manufacturers, the Taiwanese firm, the world’s largest contract electronics manufacturer, has been dealing…

Growth In Disney’s Streaming Offsets Netflix’s Decline, But Inflation Remains A Threat

Walt Disney Co soothed fears about the future of streaming television by adding 7.9 million new Disney+ subscribers, though the firm warned that supply chain interruptions and rising salaries could put financial strain on the company. From January to March, Wall Street expected 5.3 million additional Disney+ subscribers. Disney still has a long way to…

Panasonic Expects Flat Profits Despite Price Increases And Supply Problems

Panasonic Corp estimated flat operating profits this fiscal year on Wednesday, citing component shortages and increased material costs as risks to profitability. The Japanese company forecasted an operational profit of 360 billion yen for the fiscal year ending March 31, 2023, down from 357 billion the previous year. According to Refinitiv data, the prediction is…

Investors In Bitcoin Get Worried Due To A Contentious Crypto Experiment

Bitcoin investors are panicking as the terraUSD stablecoin continues to drift away from its intended $1 peg. Late Monday, TerraUSD, or UST, fell below 70 cents for the first time, as holders fled the token in what some have dubbed a “bank run.” According to Coinbase data, the coin plummeted as low as 62 cents…

Philip Morris In Negotiations To Acquire Swedish Match, A Smaller Competitor

Philip Morris International Inc is currently in negotiations for acquiring rival Swedish Match AB, as the Marlboro producer aims to expand its smoke-free options despite growing global scrutiny of traditional cigarette sales, according to statements issued by the companies. The businesses were in talks, but it was unclear whether they would make an offer, Philip Morris said in…

BioNTech’s Vaccine Sales Tripled In The First Quarter, But It Still Expects A Year-Over-Year Decline

Demand for BioNTech’s COVID-19 vaccine, which it developed with Pfizer, more than tripled first-quarter revenues and earnings, but the German biotech business is still anticipating a full-year fall in vaccine sales. Revenues more than tripled from a year ago to 6.37 billion euros ($6.73 billion), while net income increased to 3.70 billion euros, according to…

Uber Will Reduce Costs And Slowing Hiring: CNBC

According to a report from CNBC, Uber Technologies Inc will decrease recruiting and spend less on marketing and incentive programmes, citing a letter from Chief Executive Officer Dara Khosrowshahi. After Facebook-owned Meta Platforms Inc (FB.O) said last week that it will scale down its employee development, the ride-hailing business is the latest to cut expenditures…