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Elon Musk sells some Tesla shares following Twitter poll

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Billionaire Elon Musk has made a bold move to sell some of his shares in Tesla, just days after launching a very expensive Twitter poll

Tesla CEO Elon Musk has sold $1.1 billion worth of stock options in the electric car maker after he held a vote on his Twitter asking followers whether or not he should get rid of the shares.

According to Bloomberg, Musk has exercised the options at a price of $6.24 US dollars into a regulatory filing on Wednesday.

The filing says “the shares of common stock were sold solely to satisfy the reporting persons tax withholding obligations”.

Tesla stocks closed Wednesday at just over $1,067 USD.

It’s the billionaire’s first sale since 2016 when he last exercised stock options and liquidated some shares.

Business

Amazon turns to deforestation in Africa

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Amazon’s founder and CEO is no stranger to making headlines, and his latest venture is sure to turn some heads.

Bezos is looking to help reverse deforestation on 100 million acres of land in Africa by 2030.

The billionaire’s philanthropic organisation, the Bezos Earth Fund, is championing the cause and working with African Union countries to make it happen.

If successful, it would be a major win for the environment and help preserve some of Africa’s most biodiverse and threatened ecosystems.

So why is Bezos focusing on Africa?

Well, the continent is home to some of the world’s most endangered species and its ecosystems are under immense pressure from human activity.

His organisation’s efforts could help to protect these animals and their habitats, while also providing a much-needed boost to the local economy.

It comes as the Earth Fund’s CEO says richer countries are going to have to step up the support for their struggling counterparts…

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Credit Suisse “won’t be next Lehmen Brothers”

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Analysts believe Credit Suisse will remain under pressure in the near term, but caution against comparisons to Lehman Brothers.

The Swiss bank’s shares briefly sank to an all-time low this week while credit default swaps hit a record high, as the market’s concerns about the bank’s future became abundantly clear.

As Credit Suisse takes steps to shore up its finances, concerns remain about its exposure to the volatile markets.

The company raised $5.3 billion from strategic investors earlier this year.

Lehman Brothers collapsed in 2008 after becoming embroiled in the subprime mortgage crisis, and analysts believe that Credit Suisse is facing similar challenges.

But some experts believe that Credit Suisse is in a stronger position than Lehman Brothers was, and that it is unlikely to face the same fate.

Credit Suisse’s shares have recovered somewhat from the previous session’s low, but are still down more than 53% on the year.

The bank’s share price is down more than 73% over the past five years, and such a dramatic plunge has led to market speculation about consolidation.

All three major credit ratings agencies — Moody’s, S&P and Fitch — now have a negative outlook on Credit Suisse.

In response, a U.S. investment research company lowered its price target for the stock to 3.50 Swiss francs per share.

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Elon Musk’s stunning u-turn on Twitter deal

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Billionaire and Tesla CEO Elon Musk has agreed to proceed with his 44 billion dollar takeover of Twitter.

In a letter to the social media giant, Musk says he will pay the price he agreed to months ago before he tried to backflip on the deal.

This announcement comes just weeks before the two parties were due to appear in court, with Twitter execs furious over Musk’s attempt to walk away.

Musk says he intends to move ahead with the deal and, pending financing, has requested the legal fight is brought to a halt.

Twitter shares have shot through the roof off the back of this news, soaring 22 per cent before trading was paused.

In April, Musk agreed to buy the social media giant for $54.20 a share, which brings the total price to roughly 44 billion.

Taking to Twitter at the time to announce his intentions, he said he wanted to clean up the platform and champion free speech.

But of course just a few weeks later, he bailed, leaving Twitter in the lurch.

Musk claimed the network had a whole lot more fake accounts than execs were leading on… hence his decision to back away.

Twitter staunchly denied these claims and commenced legal proceedings.

But here we are back at square one and for now at least, it seems like the deal is going to happen.

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