Monday’s Headlines: Musk Performs a Twitter U-Turn

Monday’s Headlines: Musk Performs a Twitter U-Turn

Here were the biggest movers in the MyWallSt shortlist on Friday:

Moving Up ⬆️

The Home Depot (HD) +2.8%

RH (RH) +2.4%

Berkshire Hathaway (BRK.B) +1.9%

Stitch Fix (SFIX) +1.6%

Duluth Trading (DLTH) +1.5%

Moving Down ⬇️

Lemonade (LMND) -8.3%

Atlassian (TEAM) -7.2%

Shopify (SHOP) -6.3%

DraftKings (DKNG) -4.8%

Farfetch (FTCH) -4.3%

1. Elon Musk, Twitter’s (TWTR) biggest shareholder, has decided not to join the social media company’s board, its chief executive Parag Agrawal has said. Musk, who disclosed a 9.2% stake in Twitter just last week, was to take his board seat effective on Saturday and has been vocal about the changes he will make at Twitter via polls on the social media platform. However, the surprise u-turn was described as “for the best” by Agrawal, and the CEO encouraged Twitter employees to ignore distractions in the coming months. With Twitter’s share price jumping almost 18% last week following the Musk news, shareholders can expect some decline following this latest development of which there is little to no explanation as of yet. Read the official company statement here.

2. Apple (AAPL) is officially in the sports streaming business after broadcasting its first Major League Baseball (MLB) games over the weekend. However, the debut wasn’t quite the home run that Apple would’ve wanted, with many viewers taking to social media to complain about low-quality streaming and “unnecessary” Apple product promotion. Nevertheless, the free feature with Apple TV+ is a new and exciting opportunity for the iPhone giant to bulk out the subscription-first business model it has been trying to grow. With a rumored hardware subscription service on its way this year, live sports is yet another string in its bow, bundled with other services such as Music and News. Read the full report here.

3. The competition between the Big Tech cloud players is heating up after Google (GOOG) snagged itself a lucrative contract in Spain. Spanish renewable energy group Capital Energy announced on Friday an alliance with Google’s cloud-computing service to speed up digitalization, lower its carbon footprint and boost its data retention and analytics capacity. Initially set to last five years, deals like this — which has no price information yet — put Google firmly on the cloud map alongside the likes of Amazon (AMZN) and Microsoft (MSFT). In 2021, Google Cloud revenue amounted to $19 billion, accounting for 7.5% of Google’s total revenues — an important sector of growth as the ad revenue market continues to suffer from privacy law-induced volatility. For more on this news, read here.