Elon Musk Takes Over Twitter 🐦
Scott D. Clary | Daily Business, Tech & Finance Newsletter
Hi there 👋. This is a daily newsletter that covers the top business, tech and finance stories for today.
Here’s whats happening:
Elon Musk takes over Twitter
Shell reports record profits in the third quarter
Google introduces blockchain node-hosting service
HealthJoy raises $60 million in Series D
Intel to trim workforce to reduce costs
Elon Musk Takes Over Twitter
Tesla CEO Elon Musk is now the new owner of Twitter after closing the $44 billion acquisition deal.
In April 2022, Elon Musk offered to buy Twitter for $44 billion after previously acquiring 9.1% of the company’s stock and becoming its largest shareholder.
A few days later, Twitter’s board of directors accepted Musk’s buyout offer of $44 billion, with the company set to be taken private.
However, Musk decided to terminate the agreement in July, asserting that the microblogging platform had breached the contract by refusing to crack down on spam accounts.
Twitter filed a lawsuit against Musk in the Delaware Chancery Court shortly thereafter, with the trial set to begin on October 17.
On October 4, Musk revived his bid for Twitter at the original offer price of $54.20 a share, days before the trial.
The deal was completed on October 27, with Musk immediately becoming Twitter’s new owner and firing several top executives, including CEO Parag Agrawal.
Shell Reports Record Profits in The Third Quarter 📈
Energy company Shell reported a massive profit of $9.5 billion in the third quarter, easing from the previous quarter’s record high due to weaker refining and gas trading.
Here’s how the company did:
Adjusted earnings of $9.5 billion
Adjusted EBITDA of $21.5 billion
The oil and gas giant’s profits are lower than expected, as the company had forecasted to report net earnings of $10.5 billion in Q3, compared with net earnings of $11.5 billion in Q2.
The profits were lower compared with the second quarter because of lower liquefied natural gas (LNG) trading and higher underlying operating expenses, among other reasons.
Shell has extended its share repurchasing program as it has announced plans to buy $4 billion of stock over the next three months. This move comes months after the company completed $6 billion in purchases in the second quarter.
The company also intends to increase its dividend by 15% in Q4, which will be paid in March 2023.
Google Introduces Blockchain Node-Hosting Service ⛓
Google Cloud has announced the launch of its own node-hosting service for Web3 developers.
Officially called “Blockchain Node Engine,” the service will allow developers to rely on Google Cloud to deploy a new node, ideally making the process easier, faster, and more secure.
The service also includes several security features like Google’s Cloud Armor, which is designed to prevent denial-of-service (DDoS) attacks that spam and slow down networks.
Ethereum will be the first blockchain supported by Blockchain Node Engine, with more blockchains to be supported in the future.
Being a fully managed solution, Blockchain Node Engine will also have its own developer team on-call to monitor for potential outages.
Statement from Google:
“We look forward to supporting organizations with a reliable, easy-to-use blockchain node hosting service so they can focus their time on innovating and scaling their Web3 applications,” Google Cloud said in its announcement post.
HealthJoy Raises $60 Million in Series D 💰
HealthJoy, a healthcare navigation platform that drives benefits satisfaction, improves care outcomes, & reduces HR burden, has raised $60 million in its Series D funding round.
The funding was led by Valspring Capital, along with participation from new investors Endeavour Vision and CIBC Innovation Banking.
The round also saw investment from existing investors US Venture Partners, GoHealth co-founders Brandon Cruz & Clint Jones, Health Velocity Capital, Nueterra Capital, and Epic.
What will HealthJoy do with the funding?
HealthJoy will use the fresh proceeds to accelerate growth while maintaining the best user experience in healthcare navigation.
Founded in 2014, HealthJoy is a healthcare navigation platform that is simplifying the healthcare and benefits experience for users.
The platform provides in-depth healthcare benefits navigation to more than 1000 U.S. employers, supporting the management & delivery of world-class healthcare benefits to nearly half a million employees & dependents.
Intel to Trim Workforce to Reduce Costs ✂️
Intel is reportedly planning a major reduction in headcount to cut costs and cope with a sputtering personal computer market. Some divisions, including Intel’s sales and marketing group, could see cuts affecting about 20% of staff.
The chipmaker plans up to $10 billion in cost reductions and efficiency improvements in the next three years.
That’s a wrap for today, ladies & gents. See ya tomorrow!
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