FT News Briefing Musk toys with Twitter deal at lower price
May 17, 2022
Elon Musk hints at paying a lower price for Twitter, raising eyebrows about his negotiating tactics. Hedge fund Tiger Global scales back its tech investments amid a market slump. Meanwhile, India's wheat export ban sends prices soaring, causing ripples across global markets. McDonald's announces it will sell its business in Russia, navigating the tricky landscape of international sanctions. From social media drama to commodity upheavals, the discussions reveal the interconnectedness of modern business challenges.
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Musk's Twitter Deal
- Elon Musk may be trying to renegotiate the Twitter deal price or find an exit strategy.
- His recent actions and statements suggest a desire to lower the acquisition cost.
Market Manipulation Concerns?
- Musk tweeting about the deal caused Twitter's share price to drop, creating an opportunity for him to buy at a lower price.
- This raises concerns about potential market manipulation, though proving intent would be difficult.
Tiger Global's Losses
- Tiger Global, a major hedge fund, has lost $17 billion this year due to the tech sell-off.
- They're now reducing their investments in several tech companies like Netflix, Airbnb, Rivian, Didi, and Peloton.