Elon Musk back out – New York Times

One week ago, we learned that Elon Musk had bought a large stake in Twitter. Soon, Tesla’s billionaire head – and Twitter power user – was invited to join the social media company’s board.

Last night, Twitter announced that Mask would not join the board, another unexpected twist in an increasingly complex story. Shares of Twitter fall into premarket trading, although they remain higher than the shares of Mask before their first release.

What’s going on

“I believe it’s for the best.” Twitter CEO Parag Agarwal shared the information Brief statement At U-Turn, however, in an offer to give him a seat, he said Twitter’s board had decided that having a mask on the board, where he had to “work in the best interests of the company and all our shareholders” for a trusted role as a director, was “the best way forward”. It said, “We will be open to his input,” Agarwal said of the mask.

He was scheduled to join the board in the morning, but Musk said on Twitter that he would not do so, Agarwal said. That was Saturday, and no specific reason was given – Agarwal noted that Musk’s appointment was based on a background check and formal acceptance of the offer. (According to a filing, Musk also had to fill out a questionnaire for all managers.) Musk asked his 81 million followers, tweeting randomly over the weekend. “Is Twitter dying?“And stops a stream of criticism on now-deleted tweets, suggesting (with a vague degree of seriousness) that Twitter should consider deleting ads, renaming it and turning its San Francisco headquarters into a homeless shelter.”

What now? This may not be the end of the drama. If he weren’t on Twitter’s board, Musk would not be bound by a “fixed” deal where he promised to buy more than 14.9 percent of Twitter’s stock. Recall that Musk initially expressed his involvement in a filing that suggested he was a passive investor on Twitter, but later refilled with the form that active investors use. The famous mask now has no restrictions on how much stock he can buy on Twitter, resulting in some Scenario layout Where he took a more active role in trying to influence the platform.

Pointing out, Agarwal said there would be “scattering ahead” and told Twitter staff to “make noise”.

Emmanuel Macron will face Marine Le Pen as President of France. Following Sunday’s first round of voting, a runoff on April 24 will see incumbent Macron take a stand against Le Pen, the far-right leader whose late rise reflects frustration and concern about the rising value, security and immigration of French voters.

The company is set to have strong first quarter profit reports. The earnings season starts this week, and FactSet predicts that the profit of the S&P 500 will increase by an average of 10 percent from a year ago. The data service further noted that analysts had the highest number of “buy” recommendations in a decade.

JetBlue and Alaska Air are cutting flights. Ahead of a busy summer travel season, the airline industry is hoping to avoid the thin stuffing and long delays that plagued travelers last summer.

The crypto industry is writing its own laws. In the absence of strong federal regulations, crypto executives and lobbyists are helping to draft bills at the state level, then pressuring state lawmakers to adopt them.

A former Goldman Banker has been convicted of bribery and money laundering. Roger Ng was accused of taking illegal kickbacks from Malaysia’s 1MDB Sovereign Assets Fund. He could face up to 30 years in prison.

A few weeks after the United States relaxed its epidemic protocols, there has been a small increase in infections, including some high-profile statistics. Gridiron, along with administrative officials and members of Congress, tested dozens of positives after attending the annual dinner for Washington’s elite at the club. Yesterday, New York Mayor Eric Adams, a key proponent of reopening the city, said he also had Covid.

“We’re going to pivot and move because Covid is pivoting and moving,” Adams said last week. So, Is Is it time for a pivot?

By number: More than 31,000 new virus cases occur every day in the United States, an average of 3 percent more than two weeks ago. The number of cases stays much lower than the peak during the winter waves, even in places where they are growing rapidly.

Some say the waves may be less disturbing than in the past, Because it is more likely to affect people Those were the most cautious. At the same time, Democrats fear that new lockdowns could shut down voters as the midterm elections approach. How to handle this latest wave will be one of the first experiments faced by the Biden administration’s new Covid Jar, Ashish Jha.

“It’s not unexpected,” said Dr. Anthony Fawcett about the recent rise in the case. He told ABC yesterday that if the number of hospital admissions starts to rise, “we need to be more careful and go back to using more masks indoors.” Dr Fawcett said it was up to individuals to decide what “individual risks they are going to take”. Many in Washington seem to be interested in partying.


A fund led by the Saudi Crown Prince has agreed to invest $ 1 billion in a fund created by former Treasury Secretary Steven Muchin – but it has doubled its investment, and on more liberal terms, a new private equity firm started by Jared Kushner. Son-in-law of former White House adviser and former President Donald Trump.

These are many new details in an investigation by the Times’ David Kirkpatrick and Kate Kelly into the efforts of two former Trump administration officials to raise money from the Saudi Sovereign Wealth Fund. They report:

  • A panel that scrutinized investments for Saudi funds objected to Kushner’s deal, documents showing that his firm’s fees were too high and that its activities were “unsatisfactory in all respects.” The full board, headed by Crown Prince Mohammed bin Salman, who benefited from his support while Kushner served in the White House, dismissed the panel.

  • Kushner’s initiative, Affinity Partners, relied primarily on Saudi money, indicating documentation and filing. He plans to raise up to $ 7 billion, but some other big investors seem to have signed up.

  • The Saudis’ internal controversy over Kushner’s investment was the complete opposite of their simple approval of Muchin’s proposal, which, unlike Kushner, had a track record in private equity before entering government.


Philanthropist Mackenzie Scott has donated more than 12 billion to more than 1,200 groups in less than three years. But his method of giving – fast, large and often shrouded in secrecy – is raising concerns in the nonprofit world, The Times’ Nicholas Coolish and Rebecca Ruiz reported on a must-read profile of Mrs. Scott, who has promised to give her enough luck.

Scott does not go through a foundation that has to file tax returns. Instead, he uses a donor-sponsored fund, which allows him to make large, tax-free grants without disclosing their source. Scott continues to publish his grants in batches, publishing dozens at a time, often in a blog post. This approach contrasts with the previous philanthropic effort, the Bystander Revolution, which began in 2014, when Scott was still married to Jeff Bezos of Amazon (they divorced in 2019). After a splashy launch, the anti-bullying body faded, and Scott seemed unwilling to serve as his face.

Very little is known about Scott’s method of giving. He was advised by the influential non-profit consulting firm Bridgespan and directed his gifts through a Delaware-registered shell company called Lost Horse. Very little is known about his operations compared to the number of employees.

“His choices shape the face of American civil society.” Says Rob Rich of Stanford. “That power requires civic verification and attention.”


The war in Ukraine has shed light on Russian oligarchy, as countries have approved wealthy business leaders with ties to Russian President Vladimir Putin. Well-connected billionaires in the United States also deserve more scrutiny, argues Abigail Disney of Patriotic Millionaire, a nonprofit that puts pressure on the rich to pay higher taxes.

Mrs. Disney, granddaughter of Roy Disney, co-founder of The Walt Disney Company, is well acquainted with the advantages and disadvantages of wealth. (An earlier version of this newsletter mistakenly referred to her as Walt Disney’s granddaughter.) “Our own oligarchs are manipulating the economy and governance,” he told Dilbook. “We need to be very serious about it.” Last week, patriotic millionaires gathered in Washington to discuss domestic oligarchy, and Disney said it felt “significant” acceptance of their message.

“We spend a lot of time arguing around the edge.” Disney Dr. He believes that some wealthy Americans use their vast resources to finance campaigns that provoke divisions on marginal issues. Pointing to the popularity of the minimum wage increase, he said voters actually agree on a lot in terms of class and economic fairness.

“Energy is new and different now.” Disney Dr. “In the past, people waved class-war flags, but I think most Americans have a rebellion against economic injustice.” He said that not only the rich progressives are more powerful than before, but also the conservatives are increasingly open to the idea of ​​a fair tax code.

“It took me forever to see it.” Disney speaks of his gradual transition from a conservative family heir to a progressive worker. An example from more than 20 years ago: He woke up alone in a queen-size bed on his father’s private 737 jet and wondered what could be more or less. “If everyone hopes to finish more, we get into trouble,” he said, and others in his privileged position increasingly agree. “People are beginning to realize that you can say ‘no’ to more money.”

Russia-Ukraine war

  • S&P has placed the Russian government on “selective default” because it has repaid loans in rubles instead of dollars. (Now)

  • Ericsson has suspended its business in Russia indefinitely, and the Society has announced a multi-billion-euro hit from the sale of its stake in General Rosbank. (Bloomberg, NYT)

  • The Austrian chancellor is in Moscow and will be the first European leader to accompany President Vladimir Putin since the Russian invasion. (NYT)

Deal

  • Private equity group Thama Bravo is set to acquire cybersecurity specialist Cellpoint Technologies for 6.9 billion. (FT)

  • A growing number of venture-backed start-ups are growing through the acquisition of AI developers. (WSJ)

  • Mindbody, owner of the exercise subscription service ClassPass, plans to return to the public market. (FT)

Policy

  • Economists are betting on a reduction in inflation, but the volatile price of cars is a wild card in their forecast. (NYT)

  • “China’s echo of Russia’s alternative reality intensifies around the world” (NYT)

The rest is the best

  • Rising prices could wipe out thousands of UK fish-and-chips stores. (NYT)

  • Greenwood wants to be the go-to bank of black America. (Bloomberg Business Week)

  • “New TV show about start-up Grift not yet received” (Politico)

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