Tesla CEO Elon Musk owns a 9% stake in Twitter and is now the social media platform’s largest shareholder. The ultimate goal of Musk buying 73.5 million shares worth $3 billion is unclear, but in late March, Musk, who has 80 million Twitter followers, said questioned free speech on Twitter and asked if the platform undermined democracy. Monday’s regulatory filing doesn’t specify when Musk bought the stock, but says the filing was triggered by an event on March 14. Musk also raised the possibility on Twitter of creating a rival social media network.
Shares linked to social enterprise Trump fall following unrest report
NEW YORK (AP) — Shares of a company planning to buy former President Donald Trump’s new social media venture plunged on Monday after a report that two key executives have left. The Reuters report follows a filing by Digital World Acquisition Corp. that it will miss a key deadline to file its annual financial statements. The news added to concerns about Trump’s Twitter rival, called Truth Social, after a February launch of the app was marred by outages and long waiting lists to access it. Shares have fallen by more than a third since then.
Shares close higher, Twitter soars on news of Musk stake
NEW YORK (AP) — Stocks closed higher on Wall Street on Monday with help from big tech and communications stocks. The S&P 500 rose 0.8%, the Dow Jones Industrial Average rose 0.3% and the Nasdaq rose 1.9%. Twitter soared 27% following a big investment in Tesla’s Elon Musk business. Gains by technology companies helped offset weakness in other parts of the market. Details are emerging of what appear to be deliberate killings of civilians by Russia during its invasion of Ukraine, raising the possibility of further sanctions. US crude oil prices rose 4%. The 10-year Treasury yield rose to 2.41%.
Africa turns to renewable energy to curb global warming and boost economies
MOMBASA, Kenya (AP) — The potential of renewable energy on the African continent remains largely untapped, according to a new report from the United Nations Intergovernmental Panel on Climate Change. Africa accounts for only 3% of current global renewable capacity and only 2% of global green energy investment, despite the continent’s significant progress towards clean energy sources in recent years. Yet it is hoped that more funding for renewable energy will not only help curb the worst effects of global warming, but also boost countries’ economies. Africa is already the lowest emitting continent in the world, as millions of people lack access to electricity and clean cooking fuels.
Airlines reduce cancellations, but US flight problems persist
NEW YORK (AP) — Air travelers in the United States are taking a break after a bad weekend that left thousands of travelers stranded. Airlines cut about 650 US flights by mid-afternoon Monday. This is according to the FlightAware tracking service. That’s a big improvement from the weekend, when airlines canceled more than 3,500 flights, or about one in 13 flights. Flights were canceled due to thunderstorms in Florida, technology issues at the busiest domestic airline and labor issues at another carrier. However, some airlines are still struggling, particularly Florida-based Spirit Airlines. The discount carrier canceled about 30% of Monday’s schedule by mid-afternoon.
JPMorgan’s Dimon warns of myriad problems for economy and banking
NEW YORK (AP) — Jamie Dimon listed a long list of big risks threatening the global and U.S. economy in his annual letter to JPMorgan Chase shareholders on Monday. Never too shy to share his thoughts on anything, the CEO and chairman of JPMorgan often uses his letter to shareholders to discuss not only the bank’s current challenges, but also political or social issues he feels need to be addressed. . The letter contrasts with last year’s version, when vaccines were rolling out across the country and it looked like the US economy was accelerating out of the economic turmoil caused by the pandemic.
Small businesses in need of a loan find banks stingy
NEW YORK (AP) — Many small businesses are struggling to get a bank loan, making it difficult to get past the pandemic and pay the higher costs of goods and labor. A recently released survey by the Federal Reserve shows that 85% of small businesses experienced financial difficulties in 2021, up nearly 20 percentage points from 2019. Meanwhile, inflation is the highest in decades. decades, the prices of raw materials and finished products soaring and workers demanding better wages. Even in normal times, it can be difficult for small businesses to get loans from traditional banks. During the pandemic, banks have been more stingy, outside of COVID-related programs. Online loans are easier to obtain but often come with higher rates.
The war in Russia could further drive up auto prices and shortages
DETROIT (AP) — Russia’s devastating war on Ukraine is bringing a whole host of new problems to the global auto industry, even as it began to recover from the pandemic and computer chip shortages. In the short term, the invasion stifled the supply of Ukrainian-made electrical wiring, forcing German automakers to temporarily shut down factories pending the critical part. In the long term, Russian supplies of precious metals, aluminum and pig iron, a main ingredient in steel, could be cut off, either by Moscow or by sanctions from other countries.
The S&P 500 gained 36.78 points, or 0.8%, to 4,582.64. The Dow Jones Industrial Average added 103.61 points, or 0.3%, to 34,921.88. The Nasdaq jumped 271.05 points, or 1.9%, to 14,532.55. The Russell 2000 Small Business Index rose 4.33 points, or 0.2%, to 2,095.44.