Business Highlights: Twitter buy on ‘hold,’ crypto downturn


Musk puts Twitter buy ‘on hold,’ casting doubt on $44B deal

DETROIT (AP) — Elon Musk has put his plan to buy Twitter on temporary hold, raising fresh doubts about whether he’ll proceed with the $44 billion acquisition. In a tweet early Friday, the Tesla billionaire said he’s skeptical that the number of inauthentic accounts presented by Twitter is as low as the company suggests. The issue of fake accounts on Twitter is not secret. In its quarterly filing with the SEC, even Twitter expressed doubts that its count of bot accounts was correct, conceding that the estimate may be low.


Bitcoin tumbles, a stablecoin plunges in wild week in crypto

NEW YORK (AP) — It’s been a wild week in crypto, even by crypto standards. Bitcoin tumbled, stablecoins were anything but stable and one of the crypto industry’s highest-profile companies lost a third of its market value. On Friday, bitcoin traded around $30,000 after earlier in the week falling to the lowest level since December 2020. Investors have been selling bitcoin along with other risky assets as the Federal Reserve raises interest rates. Meanwhile, a popular stablecoin called Terra lost its peg to the dollar and plunged to 14 cents. The cryptocurrency trading platform Coinbase lost about a third of its market value.


Stocks rally, but still mark their 6th straight losing week

NEW YORK (AP) — Stocks ended another bumpy week with a gain Friday, but not enough to keep the market from lodging its sixth weekly drop in a row, the longest such streak since 2011. The S&P 500 climbed 2.4%, led by more gains in the highly volatile technology sector. Markets have been slumping since late March as traders worry that the Federal Reserve may not succeed in its delicate mission of slowing the economy enough to rein in inflation without causing a recession. Twitter sank after Tesla CEO Elon Musk said he was putting his deal to acquire the social media company on hold.


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