Monday’s Headlines: Twitter May Be Going Private
Here were the biggest movers in the MyWallSt shortlist on Friday:
Moving Up ⬆️
ShotSpotter (SSTI) +4.2%
Twitter (TWTR) +3.9%
Gentex (GNTX) +3.5%
Moving Down ⬇️
The Trade Desk (TTD) -6.3%
Align Technology (ALGN) -6.0%
Nautilus (NLS) -6.0%
Under Armour (UAA) -5.5%
Farfetch (FTCH) -5.5%
1. Twitter (TWTR) is reportedly now more receptive to a takeover bid from Elon Musk after the billionaire disclosed that he had secured $46.5 billion in financing over the weekend. The social media firm had been expected to shoot down the offer and had adopted a so-called poison pill to fend off a potential hostile takeover. Twitter’s board met on Sunday to discuss Musk’s financing plan for his proposed bid, and while it is still looking for other offers, the company is expected to provide an update by the time it reports its latest financial results Thursday, if not before. Either way, it’s looking ever more likely that Twitter could be going private. Catch up with our latest Insight here for a full run-down on recent events.
2. Big Tech’s old nemesis, the European Union, has made massive headway with its groundbreaking Digital Services Act over the weekend. The European bloc agreed on new digital regulations Saturday that will force tech giants like Google (GOOG) and Meta (FB) to police illegal content on their platforms more aggressively, or else risk potential multibillion-dollar fines. European Commission President Ursula von der Leyen issued a statement: “The DSA will upgrade the ground rules for all online services in the EU. It will ensure that the online environment remains a safe space, safeguarding freedom of expression and opportunities for digital businesses.” It is likely that Big Tech will react to these new rules, so stay tuned. Read more here.
3. Shares in Amazon (AMZN) continued to fall last week, bringing its total losses year-to-date to more than 15% ahead of Q1 earnings on Thursday. The tech giant won’t slow down though, announcing late last week a $1 billion fund that will back companies “of all stages” building supply chain, fulfillment and logistics technologies. The Amazon Industrial Innovation Fund will focus on new technologies that will “increase delivery speed and further improve the experience” of warehouse and logistics employees. The e-commerce giant is likely hoping to improve its image amid ongoing employee abuse allegations and continued unionization talk among staff. Read more here.
There are 3 companies on the MyWallSt shortlist that will report earnings today:
Get this week’s full earnings calendar here.