Twitter's Internal Memo As Elon Musk Revives $44 Billion Deal
Elon Musk revived a bid to buy Twitter Inc. at the original price of $54.20 a share, backtracking on his effort to quit the deal and potentially avoiding a contentious courtroom fight.
Musk made the proposal in a letter to Twitter on Monday, according to a filing with the Securities and Exchange Commission that confirmed a Bloomberg report. San Francisco-based Twitter said it received the letter and intends to close the deal at the agreed-upon price, without commenting specifically on how it will respond to Musk.
For Twitter, proceeding with Musk's plan augurs a future under a mercurial billionaire who has spent months publicly criticizing its management, questioning its value and changing his mind. It also means that his contested claims - that Twitter was lying about which percentage of users were bots, for instance - are not likely to be scrutinized in a court of law.
Global Forex Reserves Shrink By $1 Trillion In Record Decline
Global foreign-currency reserves are falling at the fastest pace on record, as central banks from India to the Czech Republic intervene to support their currencies. Reserves have declined by about $1 trillion, or 7.8 per cent, this year to $12 trillion, the biggest drop since Bloomberg started to compile the data in 2003. Part of the slump is simply due to valuation changes.
As the dollar jumped to two-decade highs against other reserve currencies, like the euro and yen, it reduced the dollar value of the holdings of these currencies. But the dwindling reserves also reflect the stress in the currency market that is forcing a growing number of central banks to dip into their war chests to fend off the depreciation.
Jefferies expects Nifty to retest the 15,500 mark; here's why
Mahesh Nandurkar, analyst at Jefferies India, expects Nifty to retest its previous lows of 15,500 points amid recent corrections that started after US Federal Reserve increased rates. Nifty is down over 6% from its recent peak.
Recently, the US Fed has upped its key rates by 75 basis points to tackle inflation and will likely hike further. In response to this, Reserve Bank of India also hiked rates for a third time by 50 bps.
Other global central banks such as the Bank of England hiked interest rates by 50 bps last month, Reserve Bank of New Zealand on Wednesday delivered its eighth straight hike -- and fifth consecutive rise of 50 bps -- while Reserve Bank of Australia delivered a smaller-than-anticipated 25 bp rate rise. On September 7, the Bank of Canada hiked its policy rate to 3.25%, its highest level in 14 years. The euro zone's central bank hiked rates by a record 0.75%
Ahead of IPO, OYO's valuation dips in pvt market after markdown by SoftBank
Valuation of IPO-bound Oyo has dipped to around $6.5 billion in the private market following reports of a markdown of valuation of the hospitality and travel-tech firm by SoftBank in its private books, according to industry players.
In the week ended September 30, 2022, nearly 12.3 lakh shares of the company were sold in the private market as compared to over 1.6 lakh shares sold in the previous week. The sell-off followed reports that its largest investor SoftBank has cut the valuation of the hospitality platform by 20% to $2.7 billion in its books, said a source.
When OYO updated its financials in its draft prospectus last month, reporting positive EBIDTA besides the narrowing of losses, the company's share price in the private market had risen to Rs 94 per share.
