Elon Musk Memes With Kanye, Putin And Trump . Also facing Potential Federal Investigation

Elon Musk, the richest man in the world, had yet another eventful week, hanging out with Kanye West despite the rapper receiving criticism for a string of anti-Semitic remarks, exchanging jabs with Dmitry Medvedev, the former president of Russia, and possibly coming under investigation for national security.

After CNN reported on Friday that the company has said it can no longer afford to supply the service, Musk revealed on

Monday that SpaceX had agreed to continue paying for StarLink in Ukraine. The company had withdrawn its request for $380 million in funding from the Pentagon.

Tuesday: Musk tweets and later deletes a meme of himself teaming up with West and former president Donald Trump, who founded Truth Social, as the “Three Musketeers,” overlaid with their respective social media platforms. Musk is celebrating West’s agreement to buy the right-wing social media platform Parler.

Wednesday: Musk resumes his day job as CEO of Tesla, delivering third-quarter earnings results that fell short of expectations and making a number of brazen claims during a conference call with investors. He claims that Tesla could eventually surpass the combined market capitalization of the two largest companies in the world, Apple and Saudi Aramco (Tesla is currently worth 15% of those two combined).

Thursday: According to Bloomberg, the Biden Administration is considering conducting a national security review of Musk and his companies in light of his connections to Middle Eastern governments, which helped to partially finance his acquisition of Twitter, and his apparent friendship with Russian President Vladimir Putin. The Washington Post reports that Musk plans to fire about 75% of Twitter’s staff when he takes over.

Wednesday: Musk resumes his day job as CEO of Tesla, delivering third-quarter earnings results that fell short of expectations and making a number of brazen claims during a conference call with investors. He claims that Tesla could eventually surpass the combined market capitalization of the two largest companies in the world, Apple and Saudi Aramco (Tesla is currently worth 15% of those two combined).

Friday: As the day gets underway, Musk tweets his prediction that the current economic downturn will last until the beginning of 2024. CNN also reports that the Biden Administration has spoken with Musk about bringing StarLink to Iran, a surprising development given the long-standing animosity between the two men.

Wednesday: Musk resumes his day job as CEO of Tesla, delivering third-quarter earnings results that fell short of expectations and making a number of brazen claims during a conference call with investors. He claims that Tesla could eventually surpass the combined market capitalization of the two largest companies in the world, Apple and Saudi Aramco (Tesla is currently worth 15% of those two combined).

TANGENT
Musk started tweeting @ Medvedev on Thursday amid growing scrutiny of his ties to Russia, complimenting the Putin ally on a “very nice troll” for a joke about the departing U.K. Prime Minister and asking how the fight in Bakhmut was going. Medvedev replied, “see you in Moscow on the Victory Day!”

A SURPRISE FACT
In addition to being the billionaire visionary behind the sixth largest public company in the world, Tesla, and a $125 billion private corporation, SpaceX, Musk is also possibly the most popular Twitter troll. The South African-born businessman made headlines earlier this month when he offered Russia peace terms that were vastly different from those that Ukraine or its allies, including the United States, have advocated. He suggested that Ukraine cede some of its internationally recognized territory to its invading neighbor. Musk refuted the claim made by Eurasia Group founder Ian Bremmer last week that he had borrowed the terms from a recent conversation he had with Putin.

RARELY KNOWN BACKGROUND
Our calculations show that Musk still owns the world’s largest fortune by a considerable margin, but since last November, he has lost more than $100 billion, mostly due to a sharp decline in the value of Tesla’s stock. Investor retaliation against Musk’s sale of billions of dollars’ worth of shares to fund his purchase of Twitter has resulted in a significant decline in the company’s stock. In a note to clients on Friday, Wedbush analyst Dan Ives referred to the Twitter deal as a “difficult position for Tesla investors.”

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29%. That’s how much Tesla shares are down over the last month, compared to a 1.4% decline for the S&P 500.

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On Thursday, European markets were expected to open weakly, continuing a worldwide stock selloff fuelled by rising bond yields and increased economic uncertainty. Investors feared that continued monetary tightening and soaring inflation would push the world economy into a recession. The hope for increased corporate profits and the positive mood brought on by the UK’s policy changes also started to wane. Early trading saw a 0.3% decline in the DAX futures and a 0.2% decline in the Stoxx 600 futures.

Highs and low’s of the European Markets biggest index.

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The Nasdaq 100 futures rises 1.5%

The Nasdaq 100 Futures rises 1.5% on Wednesday after Netflix surged in late trading on better-than-expected results. US stock futures also increased. S&P 500 futures increased by 1%, and Dow futures increased by 0.6%. Due to excellent subscriber growth, beating earnings and revenue expectations, and prolonged trading, Netflix increased 14%. US equities increased for a second day in a row on Tuesday during regular trading, with the Dow increasing 1.12%, the S&P 500 rising 1.14%, and the Nasdaq Composite rising 0.9%. These actions followed a strong start to the corporate earnings season, albeit analysts are now downgrading their earnings predictions because of recessionary worries. There are still dangers associated with both aggressive monetary tightening and skyrocketing inflation. Investors are now anticipating more earnings reports on Wednesday from Tesla and IBM, among others, as well as US housing starts data and the Federal Reserve’s Beige Book.

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The yield on Britain’s 10-year bond stabilized at approximately 3.9%, remaining far below the 14-year high of 4.6% recorded on October 12th as the UK government’s decision to reverse course on a sizable unfunded fiscal stimulus looked to bolster investors’ confidence. The basic rate of income tax will decrease from 20% to 19% starting in April of next year, according to new chancellor Jeremy Hunt, who stated on Monday that he was reversing practically all tax reforms proposed in the mini-budget that have not yet begun parliamentary legislation. The Financial Times reported that another postponement was probable due to the recent chaos in the markets, but the Bank of England maintained that the launch of its government bond auctions is poised to go ahead as planned.

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After a choppy week, European stock markets advance, with Germany’s DAX 40 rising 1.7% in morning trade and the pan-European STOXX 600 rising 1.6%. Investors ignore higher-than-anticipated US CPI data, the possibility of the Federal Reserve tightening monetary policy more quickly, and news that the European Central Bank will begin unwinding its €5.1 trillion asset stockpile by early 2023. Other rumors that the British government would reverse its budgetary policies that shook the financial markets also improved mood.

In August 2022, the British economy shrank by 0.3% month-over-month, following a 0.1% increase in July that was downwardly corrected, and falling short of market expectations for a flat reading. The upkeep of oil and gas infrastructure in the North Sea caused a 1.8% decline in production and a 1.6% decline in manufacturing. Arts, entertainment, and recreational activities decreased 1.3% and 5.0%, respectively, offsetting growth of 1.2% in professional, scientific, and technical activities. Services decreased by 0.1%, with human health and social work activities leading the way. As repair and maintenance fell 2%, construction increased by 0.4%, driven by a 1.9% increase in new projects. Taking the three months up to August into account, the British economy also shrank by 0.3%.

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