Elon and Twitter’s billion dollar problem

This week Elon changes his mind, Credit Suisse does damage control and petrol prices may be heading higher. These are the five big stories from the week that was.

1. What the X?

Elon Musk sent Twitter shares flying this week after changing course yet again, agreeing to buy the social media giant at his original offer of $54.20 a share.

The tech mogul has tweeted that “buying Twitter is an accelerant to creating X, the everything app”, with many speculating that Musk wants to create a WeChat outside of China.

The deal is not done yet however, with Elon claiming Twitter “will not take yes for an answer” as the social media platform raises concerns about Musk’s ability to pay for the company.

2. Damage control

Credit Suisse shares briefly sank to an all-time low this week amid rumours the bank could be on the brink of collapse.

The financial institution tried to reassure investors that it was in good financial health and that “share price developments do not change this fact.”

3. Uh oh oil

OPEC+ has agreed to cut oil production by 2 million barrels per day, curbing supply in what is already a tight market.

The decision aims to drive up prices and was made despite pressure from the U.S. to pump more oil to help the global economy.

4. My money don’t jiggle jiggle

Operating losses at ByteDance, parent of TikTok, reportedly more than tripled last year to more than $7 billion as it continued to spend in search of growth.

ByteDance however may be turning a corner, with a financial report shared with employees stating the social media giant reported an operating profit for the first quarter of 2022.

5. No more small talk

Uber has signed a deal with Motional, an autonomous driving joint venture between automaker Hyundai and auto supplier Aptiv. The 10-year agreement rekindles Uber’s vision for driverless rides and deliveries.

The partnership will see a pilot of robotaxis on the Uber network later this year that will eventually roll out to major cities across North America.

Sign up to Superhero for free and receive regular market updates, news and explainers.