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- Elon Musk on Tuesday renewed his interest in Twitter Inc. TWTR for the originally agreed transaction value of US$44 billion.
- Neither party has so far requested that the lawsuit filed in Delaware Chancery Court be dismissed, prompting the judge to do so Catherine McCormick to decide that the five-day trial, scheduled to begin on October 17, is going according to plan.
- Stocks of Musk’s flagship electric vehicle business Tesla came under considerable selling pressure in the course of development.
- Tesla shares will likely continue to underperform as long as Musk is clear on whether he needs to sell more shares to fund the Twitter deal, analyst Future Fund Gary Black said.
Shell shares slide after profit warning
- shell plc SHEL issued a profit warning that the third quarter would be weighed down by a near halving in oil refining margins, crumbling chemical margins and weaker natural gas trading.
- The energy giant reported negative margin of $27 per tonne at its chemicals unit versus a positive $86 in the second quarter after global demand for plastics slumped.
- Shell also reported a fall in its refining margins as oil prices retreated from their recent highs.
Walmart is strategically planning its Christmas sale event to attract more shoppers from Amazon
- Walmart Inc WMT will be hosting a “Rollbacks and More” sales event from October 10th to 13th Amazon.com Inc AMZN Prime Early Access Sale.
- Last week, Amazon announced it was holding a Prime Day-like sale event on October 11 and 12, marking its first two sale events exclusive to Prime members in the same year.
- Considering that Walmart’s sales event starts a day before Amazon’s, the company tries to reach customers first before Amazon’s event starts.
The White House reacts to OPEC+ cuts in oil production
- The White House reacted to the historic OPEC+ oil cut President Joe Biden said…
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