Equity Monday: Elon's Twitter stake and the fate of rival social networks

Equity

TechCrunch

Entrepreneurship, Business News, News, Business, Technology

4.2 • 372 Ratings

🗓️ 4 April 2022

⏱️ 10 minutes

🔗️ Recording | iTunes | RSS

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Summary

Every Monday, Grace and Alex scour the news and record notes on what’s going on to kick off the week. After last weeks super startup-heavy show, we were back to our regular Monday grab-bag of news! Here's what we got into: A strong start to the week from global stocks, and a general updraft to crypto prices in recent days. Elon Musk buying a huge stake in Twitter, the popular American social network. The move comes after the Tesla and SpaceX CEO tweeted that Twitter was not allowing enough free discourse. Naturally we look forward to yet another idealist learning about content moderation, but we're also tracking Twitter rivals, making the situation both complex, and entertaining. PrimeBlock is going public via a SPAC! The deck hadn't dropped in time for the show, but the initial release is here. From the rest: Tesla deliveries were hot, lemon.markets raised $17 million, and Jumia is working with UPS. Equity is live this week, so swing by to hang out if you want to this Thursday. Else we are back on a regular cadence! Credits: Equity is produced by Theresa Loconsolo with editing by Kell. Bryce Durbin is our Illustrator. We'd also like to thank the audience development team and Henry Pickavet, who manages TechCrunch audio products. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hello and welcome back to Equity, the Tech Runge Podcast,
0:03.0	where we unpack the numbers and the new on. And welcome to
0:15.0	to April. It's the Tech Runge Podcast, where we unpack the numbers and the nuance behind the headlines.
0:16.0	This is Alex, it is Monday and welcome to April. It's the fourth. It is Q2.
0:21.0	I am fired up and ready to go go so let's talk about some money.
0:24.4	As always we are going to start off with markets however we're going to do a kind of
0:28.4	reverse order for reasons that will become clear so up crypto, mostly calm in the last 24 hours and actually pretty calm
0:36.2	over the last seven days. Keep in mind that comes after a kind of a bump in the overall value of most
0:41.4	major cryptos. So things are good, I'd say, over in decentralized land.
0:45.8	Now in the stock market in Asia, stocks are higher, especially Chinese tech stocks which have taken
0:50.3	a beating lately, that matters. In Japan, shares shares are higher also higher in Hong Kong.
0:54.8	Stocks also look pretty good in Europe and here in the United States in pre-market
0:59.1	trading stocks are up with tech stocks leading traditional industries.
1:03.0	And speaking of tech stocks,
1:05.5	we get to talk about Elon Musk this morning.
1:10.2	All right, let's play a game.
1:11.5	Guess who owns 73,486,938 shares of Twitter. Well, it's not me, and it's not you, it's Elon Musk.
1:20.4	CMB notes that that particular amount of Twitter stock was worth 2.89 billion
1:24.8	dollars as of Twitter's Friday closing price. We found out that Elon Musk owns this amount of
1:29.5	Twitter thanks to an SEC filing called a 13G that was released this morning.
1:34.0	Now, Elon Musk likes to use Twitter, but why is he putting money into it?
1:38.0	Well, this all loops back to Elon's March 25th complaints about Twitter's moderation policies.
	...

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