Musk toys with Twitter deal at lower price
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 17 May 2022
⏱️ 10 minutes
🧾️ Download transcript
Summary
Elon Musk acknowledged on Monday that he would pay a lower price for Twitter, hedge fund Tiger Global has significantly cut back its shareholdings and dumped stakes in tech companies, wheat prices jumped after India banned exports, and McDonald’s will sell its business in Russia.
Mentioned in this podcast:
Elon Musk says different price for Twitter deal ‘not out of the question’
Tiger Global slashes bets on tech groups after stock market sell-off
Wheat prices rise almost 6% as India export ban shakes markets
McDonald’s to sell its Russian business over Ukraine war
The FT News Briefing is produced by Fiona Symon, Sonja Hutson, and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva, and Gavin Kallmann. The show’s theme song is by Metaphor Music. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | The FT News Briefing is supported by Equinole, the UK's energy partner. |
| 0:06.3 | Learn more at equinole.co.uk |
| 0:09.9 | Good morning from the Financial Times. |
| 0:11.5 | Today is Tuesday, May 17th, and this is your FT News Briefing. |
| 0:19.2 | Tesla CEO Elon Musk says buying Twitter at a lower price isn't out of the question, |
| 0:24.8 | but is it really just angling to get out of the deal? |
| 0:28.3 | Tech stocks have crumbled this year, and one hedge fund is now licking its wounds. |
| 0:32.9 | Plus, wheat prices have shot up since Russia's invasion of Ukraine. |
| 0:36.8 | Now a shock from a different part of the world has pushed prices even higher. |
| 0:41.5 | I'm Mark Filipino, and here's the news you need to start your day. |
| 0:50.7 | Elon Musk totally freaked out investors on Friday when he said his deal to buy Twitter was |
| 0:55.7 | unhauled because of concerns over spam and fake accounts. Twitter stock caved the company lost |
| 1:01.7 | $7 billion in value. So yesterday we got our West Coast editor Richard Waters on the line to |
| 1:07.4 | chat about what gain Tesla's CEO might be playing. The general view on Wall Street is that he's |
| 1:13.8 | softening Twitter up either because he wants to renegotiate the price of this deal, cut the price, |
| 1:19.8 | or he wants to walk away completely and he's finding a good reason to do it. |
| 1:23.9 | So Richard and I have this long chat, and just minutes after we hang up, this Bloomberg news |
| 1:29.8 | alert hits our inbox saying Musk would consider buying Twitter at a lower price. |
| 1:34.7 | Once again, Twitter shares plummet. So we get Richard back on the line. |
| 1:38.9 | Hello again, Mark. Okay, Richard. Let's talk about this before Musk tweets again. |
| 1:44.8 | What just happened? Well, we always knew that this deal was going to move at Twitter speed, |
| 1:50.2 | and indeed that's what's happening. So he was he was talking at a conference in Miami via video |
... |
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