The judge overseeing the Musk v. Twitter trial wrote in a procedural ruling on Wednesday that she will "continue to press on toward our trial," given the absence of any request not to.
Driving the news: Elon Musk may have told Twitter in a letter that he's again willing to buy the company for $44 billion, but neither party has yet asked the court to stay a trial that's set to begin on October 17.
Another day, another downbeat prediction about the global economy.
Driving the news: The World Trade Organization (WTO) today said it expects a sharp slowdown in global trade growth next year as higher prices and higher interest rates weigh on output and demand.
Mortgage rates are continuing their upward climb, reaching levels not seen since 2006, while mortgage applications for house purchases were down 37% last week compared with a year ago.
Why it matters: Rising interest rates and bond yields are driving up the cost of borrowing, putting home buying out of reach for more Americans, and potentially dampening prices.
A federal jury on Wednesday found Joe Sullivan, Uber's former chief security officer, guilty of obstructing an investigation by the FTC and hiding a 2016 data breach from authorities, according to journalists in the courtroom.
Why it matters: The criminal charges against Sullivan were seen as unusual by the cybersecurity industry.
The marijuana market has nearly tripled over the last three years as legalization sweeps the nation, according to a new report by Coresight Research.
What they found: Of the 1,017 survey respondents in the 41 states (plus, the District of Columbia) where marijuana is now legal in some form, 22% said they had purchased it for recreational or medicinal purposes over the last 12 months.
This year could beamong the worst for global poverty reduction efforts, as high inflation and weak growth spur more hardship, according to new estimates by the World Bank.
Why it matters: A number of economic shocks have undone decades of progress in reducing global poverty. That progress, officials say, has stalled out, with potentially dour consequences for the world economy.
Most people in crypto think in the very near future. They aren't investing for returns years from now. They want strong returns next week. But Lisa JY Tan, founder of Economics Design, takes the long view.
Why it matters: Tan and her team work with companies to design the economics of their token projects, which have become more complicated since Bitcoin started with its simple economic model.
A Treasury-chaired council charged with flagging risks to U.S. financial stability said the crypto industry poses several risks, without really conjecturing on what crypto could break beyond itself, or how bad it could get.
Why it matters: The report from the Financial Stability Oversight Council this week is the latest response to President Biden’s executive order, “Ensuring Responsible Development of Digital Assets.” The issues it raised — some old, some new — could have an impact on new pivotal regulations to come.
Actor Alec Baldwin and the family of Halyna Hutchins — a cinematographer killed in 2021 on the set of "Rust" — have reached an undisclosed settlement in a wrongful death lawsuit, Hutchins' family attorney said.
The big picture: The family filed the lawsuit against Baldwin, the film's production company, producers and the film's crew for allegedly cutting corners and violating industry standards.
Form Energy, a Massachusetts-based developer of long duration battery storage using iron, raised $450 million in Series E funding led by TPG Rise.
Why it marters: Long duration storage — a battery that can last for days or even weeks, instead of hours — is key to decarbonizing the electric grid, because it supports inherently intermittent renewables like wind and solar. Particularly at utility scale.
It's over. Twitter called Elon's bluff, and Elon caved. Now he gets to own the thing he once wanted to own, in exchange for $44 billion and a face full of egg.
Why it matters: The world's richest man is about to control one of the world's most consequential public squares.
Investors seem to think the Fed is close to pivoting away from relentless rate hikes.
Driving the news: The S&P 500 just notched its best two-day run — up 5.7% — since the early days of the COVID crisis when the Fed rushed in to, basically, keep the economy from collapsing.
If Elon Musk does indeedend up buying Twitter for $54.20 per share, as he's contractually obliged to and as he now claims to want to, the big winners will be Twitter's shareholders. There will also be a large number of losers.
Why it matters: Twitter is much more than just a share price — and the takeover bid isn't being financed solely from Musk's pocketbook.
The automobile market still hasn't fully recovered from pandemic-era supply disruptions — and now rising interest rates are also clobbering affordability.
The big picture: Vehicle sales are at lows not seen in a decade, and buyers are shelling out record amounts for new SUVs, cars and trucks.
Elon Musk's risk-taking at Tesla could offer a glimpse of how he'll manage the digital public square now that he wants to proceed with his offer to buy Twitter.
Why it matters: Musk's high risk tolerance has turned everyone into guinea pigs for his self-driving car experiment — even those who don't drive a Tesla but happen to share the road with them.
People who buy electric vehicles (EVs) really like them, according to U.S. vehicle registration data, which shows most EV owners tend to buy an EV for their next car, too.
Why it matters: The data reveals a growing embrace of electric cars as automakers and the federal government pour billions of dollars into EV and battery production.
At least 50 Amazon workers were suspended Tuesday for refusing to return to work after a fire at its Staten Island warehouse, union leaders told the Washington Post.
Driving the news: About 650 workers participated in a "work stoppage" Monday night, protesting against "abnormally dangerous working conditions" over health and safety concerns related to a fire that broke out in the facility, the Amazon Labor Union said in a statement.
Driving the news: The announcement, which comes a week after Sandberg left the company, will allow the ACLU to expand its reproductive rights operations, including efforts to educate voters on judicial candidates' abortion records, support ballot measures to safeguard access and oppose restrictions in Congress and state legislatures.
