Twitter shares sank 6% at Monday’s market open as investors reacted to Elon Musk backing out of his deal to buy the company. Twitter’s board plans to sue the eccentric billionaire to hold him to his $44 billion takeover deal he made three months ago. On April 25, when Twitter accepted the deal, shares closed…

Using special purpose acquisition companies (SPACs) to take firms public was all the rage on Wall Street in 2020 and 2021. The stock market was booming and SPAC mergers represented a fast-tracked way to circumvent the traditional IPO process. By early 2021, critics started warning that the SPAC bubble was about to burst. Instead, the…

Elon Musk tweeted that his deal to buy and take over Twitter is “temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users.” In the Friday tweet, Musk linked a Reuters report from earlier this month. The report focused on a Twitter quarterly report that estimated false or…

Elon Musk is all in on Twitter, offering roughly $43 billion to buy out the public company and take it private. The world’s richest man already owns 9.2% of Twitter and is the company’s largest shareholder. According to an SEC filing, Musk would pay $54.20 per share, which is an 18% premium over Wednesday’s share…

A recent USAToday / Suffolk University poll pegged Vice President Kamala Harris’ approval rating at 28 percent. It’s the lowest approval rating of a modern vice president and casts doubt over a future Harris presidential run. The White House quickly jumped to her defense. White House Press Secretary Jen Psaki told Politico there was “no question”…

Russian President Vladimir Putin is making good on a threat to nationalize assets of Western companies that suspend business over the war. This week, he took the first step by signing a law allowing the seizure of more than 500 foreign-owned planes worth around $10 billion. The planes are leased to Russia’s airlines by foreign…

Many businesses are exhaling now that much of the country is opening back up. This week, Moderna’s CEO said it’s reasonable to think the COVID-19 pandemic is in its end stages, and states around the country are dropping mandates and easing restrictions. Still, a surprising number of companies didn’t make it through the pandemic in…

In a busy news day for Tesla CEO Elon Musk, the National Highway Traffic Safety Administration (NHTSA) announced it is investigating Tesla vehicles over “phantom braking,” which is when cars unexpectedly brake while in Tesla’s Autopilot driver assistance system. The investigation covers roughly 416,000 Tesla Model 3 and Model Y vehicles model years 2021 and 2022.…

A new study is sowing doubt into the legitimacy of dozens of ESG-labeled investment funds, while researchers behind the work are asking the U.S. Securities and Exchange Commission to investigate misleading claims. ESG, which stands for environmental, social, governance, is a trendy moniker meant to designate investments funds prioritizing what’s considered to be “socially responsible investing.”…

From Alex Rodriguez to former President Donald Trump, it seems everyone has been getting in on one of Wall Street’s hottest fads: the SPAC. It stands for Special Purpose Acquisition Company, and while the concept has been around for decades, the market for SPACs exploded over the past two years. Critics warned in early 2021…