Click here: The Weekly Beacon – April 8 2022
We will be giving some macroeconomic market updates on a weekly basis. No
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This weeks issue: Elon Musk, Elon Buys Twitter, Twitter’s Dead 10 Years, Monetizing Twitter, Musk Gains More Than Twitter Realizes Profit, Zillow Rent Index, Average U.S. Price at the Pump, Energy Price Hikes, Food Prices, Ruble Bounces, Russia, Putin, Oil for Rubles, Oil Gold, Ruble Gold Pegged, India-Russia Relations, Poverty, Gold Reserves of Russia vs. Canada, Oil Reserves, SPR, Biden Releases SPR, The SPR Mistake, Oil Futures (2023), Canadian Oil Stocks, Keystone XL, U.S. wants CDN Oil, Energy on the S&P 500.
Elon Does it Again
Unless you stay off the internet, we are sure you have heard that Elon Musk bought Twitter.
The CEO of Tesla bought 9.2% of Twitter according to SEC filings.
Elon Musk perhaps foreshadowed (or previewed) this purchase over a week ago in a series of tweets.
Musk has been a supporter of universal free speech and has often been critical of Twitter’s moderation of certain viewpoints. Many thought he would create a new platform that would compete with Twitter. Instead, he became the largest shareholder of Twitter.
Musk is the world’s richest man. Jeff Bezos trails him by over $100 billion in terms of net worth, this 9.2% purchase of Twitter accounts for 1.2% of Musk’s net worth.
Musk is passionate about free speech and is attempting to make the forum more transparent. After his purchase was made public, he was awarded a board seat. Current Twitter CEO Parag Agrawal claimed he was looking forward to working with Musk. For any CEO having Musk on the board will be a headache. Musk will essentially represent his 80 million followers in board meetings. He is not a normal CEO and is very for the people. We would assume he will make everything that he learns public……………….