Elon Musk reportedly intends to become Twitter’s interim CEO after buying the platform – Business Live | Business

European stock markets have followed in Asia’s footsteps and opened lower. The FTSE 100 index in London has been dragged lower by NatWest, the top faller, down 7.4%.

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  • UK’s FTSE 100 index down 66 points, or 0.9%, at 7,007

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  • Germany’s Dax down 103 points, or 0.8%, at 13,106

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  • France’s CAC down 37 points, or 0.6%, at 6,207

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  • Italy’s FTSE MiB down 279 points, or 1.2%, at 22,312

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In Asia, Hong Kong stocks fell to their lowest levels since 2009. The Hang Seng index tumbled more than 4%, dragged down by technology stocks. Japan’s Nikkei dropped 0.9%.

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On the currency markets, the pound is trading 0.4% lower versus the dollar, at $1.1513. The euro has fallen through parity with the dollar, slipping 0.16% to $0.9946, a day after the European Central Bank hiked interest rates but appeared fairly dovish.

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Elon Musk, the world’s richest man, wants to lead Twitter as chief executive, at least in the interim, Bloomberg is reporting.

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Elon Musk plans to assume the role of chief executive at the social media group after completing his $44bn acquisition, on top of leading the electric carmaker Tesla and the spacecraft manufacturer SpaceX.

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Musk intends to replace Parag Agrawal, who was fired along with other major executives upon completion of the takeover, Bloomberg said, citing a person familiar with the matter said. The billionaire is expected to remain CEO in the interim but may eventually cede the role in the longer term. Twitter declined to comment.

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Musk wants to become interim CEO at Twitter – report”,”contributors”:[],”primaryDateLine”:”Fri 28 Oct 2022 08.38 BST”,”secondaryDateLine”:”First published on Fri 28 Oct 2022 07.42 BST”},{“id”:”635b6c2e8f082fdc8beafc3d”,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Good morning, and welcome to our rolling coverage of business, the world economy and the financial markets.

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After months of legal back-and-forth, Elon Musk tweeted “the bird is freed” as he appears to have completed his $44bn takeover of Twitter, taking control of the company and firing several of the top executives including CEO Parag Agrawal.

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the bird is freed

— Elon Musk (@elonmusk) October 28, 2022

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NatWest has reported flat quarterly profits of £1.1bn this morning as the economic outlook worsened. It is the last of Britain’s ‘big four’ banks to announce results this week: Lloyds, Barclays and HSBC all reported strong profits alongside higher bad loan charges.

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The pretax profit for the three months to September was slightly less than the £1.2bn forecast by analysts, and unchanged from last year.

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The bank benefited from rising interest rates which pushed up income, but set aside an extra £247m to cover bad debts in light of the worsening economic outlook.

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Alison Rose, the chief executive, said:

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At a time of increased economic uncertainty, we are acutely aware of the challenges that people, families and businesses are facing up and down the country. Although we are not yet seeing signs of heightened financial distress, we are very conscious of the growing concerns of our customers and we are closely monitoring any changes to their finances or behaviours.

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Asian shares slipped and the Japanese yen fell after the Bank of Japan stuck to ultra-low interest rates and maintained its dovish guidance, bucking the tightening trend among central banks around the world. But the BOJ revised its price forecasts higher through 2024 and warned that inflationary pressures were broadening. It said:

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The labour market will continue to tighten and gradually strengthen wage pressure.

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An ugly week of Big Tech earnings is also coming to an end, having wiped out hopes of seeing earnings boost gains across the stock markets,” said Ipek Ozkardeskaya, senior analyst at Swissquote.

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On Thursday, Facebook owner Meta plunged nearly 25%, dragging down the tech-heavy Nasdaq, which fell 1.9%. Amazon also lost in after hours trading after disappointing numbers and the shares are likely to fall when Wall Street opens later today.

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Amazon shares dropped close to 20% in after-hours trading after the company said its all-important holiday shopping season would be smaller than expected. It made a profit of $2.9bn after two quarters of losing money. But it was Amazon’s guidance on the holiday quarter that worried investors.

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Apple’s quarterly earnings on Thursday revealed that the company is weathering the ongoing tech downturn better than its competitors, reporting revenue and profit that topped Wall Street targets.

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The Agenda

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  • 7.45am BST: France inflation preliminary for October (forecast: 5.7%)

  • \n

  • 8am BST: Spain GDP flash for Q3 (forecast: 0.3%, previous: 1.5%)

  • \n

  • 8am BST: Spain inflation preliminary for October (forecast: 8%, previous: 8.9%)

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  • 9am BST: Germany GDP flash for Q3 (forecast: 0.8%; previous: 1.7%)

  • \n

  • 10am BST: Eurozone consumer confidence final for October (forecast: -27.6)

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  • 10am BST: Italy inflation for October (forecast 9.6%, previous: 8.9%)

  • \n

  • 1pm BST: Germany inflation preliminary for October (forecast: 10.1%, previous: 10%)

  • \n

  • 1.30pm BST: US Core PCE Price index for September (forecast: 5.2%, previous: 4.9%)

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  • 3pm BST: US Michigan Consumer sentiment final for October (forecast: 59.8)

  • \n

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main events

European stock markets have followed in Asia’s footsteps and opened lower. The FTSE 100 index in London has been dragged lower by NatWest, the top faller, down 7.4%.

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  • UK’s FTSE 100 index down 66 points, or 0.9%, at 7,007

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  • Germany’s Dax down 103 points, or 0.8%, at 13,106

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  • France’s CAC down 37 points, or 0.6%, at 6,207

  • \n

  • Italy’s FTSE MiB down 279 points, or 1.2%, at 22,312

  • \n

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In Asia, Hong Kong stocks fell to their lowest levels since 2009. The Hang Seng index tumbled more than 4%, dragged down by technology stocks. Japan’s Nikkei dropped 0.9%.

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On the currency markets, the pound is trading 0.4% lower versus the dollar, at $1.1513. The euro has fallen through parity with the dollar, slipping 0.16% to $0.9946, a day after the European Central Bank hiked interest rates but appeared fairly dovish.

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Elon Musk, the world’s richest man, wants to lead Twitter as chief executive, at least in the interim, Bloomberg is reporting.

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Elon Musk plans to assume the role of chief executive at the social media group after completing his $44bn acquisition, on top of leading the electric carmaker Tesla and the spacecraft manufacturer SpaceX.

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Musk intends to replace Parag Agrawal, who was fired along with other major executives upon completion of the takeover, Bloomberg said, citing a person familiar with the matter said. The billionaire is expected to remain CEO in the interim but may eventually cede the role in the longer term. Twitter declined to comment.

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Musk wants to become interim CEO at Twitter – report”,”contributors”:[],”primaryDateLine”:”Fri 28 Oct 2022 08.38 BST”,”secondaryDateLine”:”First published on Fri 28 Oct 2022 07.42 BST”},{“id”:”635b6c2e8f082fdc8beafc3d”,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Good morning, and welcome to our rolling coverage of business, the world economy and the financial markets.

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After months of legal back-and-forth, Elon Musk tweeted “the bird is freed” as he appears to have completed his $44bn takeover of Twitter, taking control of the company and firing several of the top executives including CEO Parag Agrawal.

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the bird is freed

— Elon Musk (@elonmusk) October 28, 2022

\n”,”url”:”https://twitter.com/elonmusk/status/1585841080431321088″,”id”:”1585841080431321088″,”hasMedia”:false,”role”:”inline”,”isThirdPartyTracking”:false,”source”:”Twitter”,”elementId”:”d0a7c256-497d-4f06-9b6e-4db77a8cda08″},{“_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”url”:”https://www.theguardian.com/technology/2022/oct/27/elon-musk-completes-twitter-takeover”,”text”:”Elon Musk reportedly fires top Twitter executives as he takes over company”,”prefix”:”Related: “,”role”:”thumbnail”,”elementId”:”94884f1b-1eef-47d3-908b-7c81d06d2144″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

NatWest has reported flat quarterly profits of £1.1bn this morning as the economic outlook worsened. It is the last of Britain’s ‘big four’ banks to announce results this week: Lloyds, Barclays and HSBC all reported strong profits alongside higher bad loan charges.

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The pretax profit for the three months to September was slightly less than the £1.2bn forecast by analysts, and unchanged from last year.

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The bank benefited from rising interest rates which pushed up income, but set aside an extra £247m to cover bad debts in light of the worsening economic outlook.

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Alison Rose, the chief executive, said:

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\n

At a time of increased economic uncertainty, we are acutely aware of the challenges that people, families and businesses are facing up and down the country. Although we are not yet seeing signs of heightened financial distress, we are very conscious of the growing concerns of our customers and we are closely monitoring any changes to their finances or behaviours.

\n

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Asian shares slipped and the Japanese yen fell after the Bank of Japan stuck to ultra-low interest rates and maintained its dovish guidance, bucking the tightening trend among central banks around the world. But the BOJ revised its price forecasts higher through 2024 and warned that inflationary pressures were broadening. It said:

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\n

The labour market will continue to tighten and gradually strengthen wage pressure.

\n

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An ugly week of Big Tech earnings is also coming to an end, having wiped out hopes of seeing earnings boost gains across the stock markets,” said Ipek Ozkardeskaya, senior analyst at Swissquote.

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On Thursday, Facebook owner Meta plunged nearly 25%, dragging down the tech-heavy Nasdaq, which fell 1.9%. Amazon also lost in after hours trading after disappointing numbers and the shares are likely to fall when Wall Street opens later today.

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Amazon shares dropped close to 20% in after-hours trading after the company said its all-important holiday shopping season would be smaller than expected. It made a profit of $2.9bn after two quarters of losing money. But it was Amazon’s guidance on the holiday quarter that worried investors.

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Apple’s quarterly earnings on Thursday revealed that the company is weathering the ongoing tech downturn better than its competitors, reporting revenue and profit that topped Wall Street targets.

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The Agenda

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    \n

  • 7.45am BST: France inflation preliminary for October (forecast: 5.7%)

  • \n

  • 8am BST: Spain GDP flash for Q3 (forecast: 0.3%, previous: 1.5%)

  • \n

  • 8am BST: Spain inflation preliminary for October (forecast: 8%, previous: 8.9%)

  • \n

  • 9am BST: Germany GDP flash for Q3 (forecast: 0.8%; previous: 1.7%)

  • \n

  • 10am BST: Eurozone consumer confidence final for October (forecast: -27.6)

  • \n

  • 10am BST: Italy inflation for October (forecast 9.6%, previous: 8.9%)

  • \n

  • 1pm BST: Germany inflation preliminary for October (forecast: 10.1%, previous: 10%)

  • \n

  • 1.30pm BST: US Core PCE Price index for September (forecast: 5.2%, previous: 4.9%)

  • \n

  • 3pm BST: US Michigan Consumer sentiment final for October (forecast: 59.8)

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Victoria ScholarThe head of the investment department at the Investor Interactive Trading Platform said:

Overnight Elon Musk tweeted “The bird is released” and changed his Twitter bio to “Chief Twit”.

On Thursday, he took over the social media site after a lengthy process full of twists and turns in the true and unpredictable Elon Musk style. Musk has already fired CEO Parag Agrawal and chief financial officer Ned Segal, with whom he was in dispute over the deal. He also wants to shrink its 7,500 workforce, leaving employees, many of whom are already uneasy about the deal, now feeling insecure in their seats.

Musk’s leadership is likely to lead to a strategic shift at Twitter, as the company’s focus shifts from tackling trolls, fake news and the spread of conspiracy as well as encouraging healthy content sharing, toward Musk’s freedom of expression above all else instead. Donald Trump, for example, who was banned for violating Twitter rules, could be invited back to the platform.

Shares have outperformed Twitter this year, buoyed by a buyout saga, but they may not be tradeable in public markets for much longer if Musk lives up to his desire to make Twitter private. He has always had a problem with regulatory hurdles and the periodic announcements required of a public company and its leadership. As Tesla’s CEO, he once tweeted about making the automaker private without following regulatory protocol, much to the chagrin of the Securities and Exchange Commission.

Donald Trumpis currently banned from Twittercould return under the new system.

Elon Musk He allegedly “has taken over Twitter” in a post on the social network assuring advertisers that it will remain a safe place for their brands, amid fears that one of his first actions as CEO will be to get back Donald Trump’s account, British technology editor Alex Hearn writes.

Here’s an explanation of what Musk might do with Twitter.

European stocks fall, the euro falls through parity with the dollar

European stock markets followed in Asia’s footsteps and opened lower. FTSE 100 Index in London natwestthe top loser, down 7.4%.

  • Britain’s FTSE 100 fell 66 points, or 0.9%, to 7007

  • Germany’s DAX fell 103 points, or 0.8%, to 13,106 points

  • The French CAC fell 37 points, or 0.6 percent, to 6,207 points

  • Italy’s FTSE MiB Index fell 279 points, or 1.2%, to 22,312 points

In Asia, Hong Kong stocks fell to their lowest levels since 2009. The Hang Seng fell more than 4%, dragged down by technology stocks. Japan’s Nikkei fell 0.9%.

In the currency markets, the pound is trading down 0.4% against the dollar, at $1.1513. The euro fell through parity with the dollar, down 0.16% to $0.9946, a day after the European Central Bank raised interest rates but looked somewhat dovish.

Elon Musk wants to become Twitter’s interim CEO — report

Elon Muskthe richest man in the world, wants to lead Twitter as CEO, at least temporarily, Bloomberg is the report.

Elon Musk plans to take on the role of CEO of the social media group after completing the $44 billion acquisition, as well as electric car maker Tesla and spacecraft maker SpaceX.

Musk intends to replace Parag Agrawal, who was separated with other senior executives upon completion of the acquisition, said Bloomberg, citing a person familiar with the matter. The billionaire is expected to remain CEO in the meantime, but he may eventually relinquish the role in the long run. Twitter declined to comment.

Musk waves during a press conference at the SpaceX Starbase in Brownsville, Texas.
Musk waves during a press conference at the SpaceX Starbase in Brownsville, Texas. Photograph: Idris Latif/Reuters

Twitter co-founder Biz Stone He thanked the three executives for their contribution to the company. There was no word yet from Jack DorseyA well-known founder who stepped down as CEO last year to focus on cryptocurrency.

Thank you to @paraga, @vijaya, and @nedsegal for the collective contribution to Twitter. Massive talents, all, and beautiful humans each!

— Biz Stone (@biz) October 28, 2022

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Introduction: NatWest reports £1.1 billion in profit; Elon Musk says he bought Twitter and ‘Bird is released’

Good morning, and welcome to our renewed coverage of business, the global economy, and financial markets.

After months of legal backtracking, Elon Musk He tweeted “The bird is freed” as he appears to have completed a $44 billion takeover Twittertook control of the company and dismissed several senior executives including CEO Parag Agrawal.

the bird is freed

— Elon Musk (@elonmusk) October 28, 2022

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natwest It posted flat quarterly profit of £1.1 billion this morning as the economic outlook worsened. They are the last of Britain’s “big four” banks to report results this week: Lloyds, Barclays and HSBC all reported solid earnings along with higher bad loan fees.

Pre-tax profit for the three months to September was just under the £1.2 billion analysts had expected, unchanged from last year.

The bank benefited from higher interest rates which drove up income, but set aside an additional £247m to cover bad debts in light of the deteriorating economic outlook.

Alison RoseCEO said:

At a time of heightened economic uncertainty, we are acutely aware of the challenges faced by individuals, families, and businesses across the country. Although we have not yet seen signs of increased financial distress, we are well aware of the growing concerns of our clients and are closely monitoring any changes in their finances or behaviour.

Asian stocks fell and the Japanese yen fell after Bank of Japan It stuck to very low interest rates and maintained its cautious guidance, bucking the hawkish trend among central banks around the world. But the Bank of Japan revised its price forecast upwards to 2024 and warned of widening inflationary pressures. He Said:

The labor market will continue to gradually tighten and strengthen wage pressures.

An ugly week of earnings for big tech companies is coming to an endhaving dashed hopes of seeing earnings consolidate gains across stock markets Ipek Ozkardiskayachief analyst at Swissquote.

On Thursday, the owner of Facebook dead It fell nearly 25%, dragging down the tech-heavy Nasdaq, which was down 1.9%. Amazon It also lost in after-hours trading after disappointing numbers and shares are likely to fall when Wall Street opens later today.

Amazon shares fell nearly 20% in after-hours trading after the company said its most important holiday shopping season will be smaller than expected. It made a profit of $2.9 billion after two quarters of losing money. But it’s Amazon’s guidance on the holiday quarter that has investors worried.

appleThe company’s quarterly earnings revealed Thursday that the company is weathering the ongoing technology downturn better than its competitors, with revenues and profits that topped Wall Street’s goals.

Agenda

  • 7.45am GMT: Pre-inflation in France for October (Expected: 5.7%)

  • 8am GMT: Spain’s Q3 GDP flashes (expected: 0.3%, prev: 1.5%)

  • 8 am GMT: Pre-inflation in Spain for October (expected: 8%, previous: 8.9%)

  • 9 am GMT: German Q3 GDP (expected: 0.8%; previous: 1.7%)

  • 10am GMT: Eurozone Consumer Confidence Final for October (Forecast: -27.6)

  • 10 am GMT: Inflation in Italy for October (expected 9.6%, previous: 8.9%)

  • 1pm GMT: Pre-inflation in Germany for October (expected: 10.1%, previous: 10%)

  • 1.30pm GMT: US core PCE price index for September (expected: 5.2%, previous: 4.9%)

  • 3PM GMT: Final US Michigan Consumer Confidence for October (Expected: 59.8)

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