 Head of TED Chris Anderson interviewing Tesla CEO Elon Musk at the 2022 TED conference, April 14 Tesla and SpaceX CEO Elon Musk has made a $43B offer to buy Twitter and take it private. In an SEC filing shared on Twitter, Musk is offering to buy 100% of Twitter for $54.20 per share in cash, an 18% premium on the company’s closing price on Wednesday. In the SEC filing, Musk noted the offer price is a 54% premium on the social media’s closing price the day before he started investing in the company and a 38% premium on the closing price the day before his 9.2% stake in the company went public. The announcement comes days after Musk declined the offer to join Twitter’s board. More: - Musk said he believes in Twitter’s potential to be the platform for free speech globally, adding he believes free speech is a societal imperative for a functioning democracy.
- Musk has referred to himself as a free speech absolutist in the past.
- Musk said he realized the company would “neither thrive nor serve this societal imperative in its current form.” He added that Twitter needs to be transformed into a private company.
- Musk said the $54.20 per share offer is his best and final offer, and if not accepted, he would need to reconsider his position as a shareholder, noting his lack of confidence in Twitter’s management.
- Musk said Twitter has extraordinary potential and promised to unlock it.
- Morgan Stanley is listed as the financial advisor in the SEC filing.
- In a statement released Thursday morning, Twitter acknowledged receiving “an unsolicited, non-binding proposal from Elon Musk” to acquire the company.
- Twitter said its board of directors will carefully review the proposal to determine the best course of action for the company and all Twitter shareholders.
- Twitter shares jumped over 7% in premarket trading before settling down to ~2% in morning trading on Thursday.
Zoom out: - In a note disclosing Musk’s decision not to join Twitter’s board, Twitter CEO Parag Agrawal warned of “distractions ahead” but noted the company’s goals and priorities remain unchanged.
- Agrawal added, “the decision we make and how we execute is in our hands, no one else’s. Let’s tune out the noise and stay focused on the work and what we’re building.”
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On Thursday, Goldman Sachs released its Q1 2022 earnings, reporting a 42% drop in profits. The company reported net revenue of $12.93B, down 27% YoY. Net earnings came in at $3.94B or $10.76 a share. More: - Its Investment Banking arm generated $2.41B in net revenues, down 36% YoY.
- Global Markets generated $7.87B in net revenues, up 4% YoY.
- Asset Management generated $546M, down 88% YoY.
- Consumer and Wealth Management reported $2.10B, up 21% YoY.
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 Amazon CEO Andy Jassy | Mike Blake/Reuters Amazon CEO Andy Jassy released his first annual shareholder letter since succeeding Jeff Bezos in July 2021. Jassy highlighted Amazon’s tremendous growth in the last two years, fueled mainly by the pandemic and the resulting change in both consumer and business behaviors. He noted that Amazon spent the first 25 years building a vast fulfillment network and then doubled it to meet customer demand in the last 24 months. More: - By the end of 2021, Amazon had 410 fulfillment centers, 260,000 delivery drivers, and over 100 Amazon Air cargo aircraft globally.
- Over 1 million people work in Amazon’s fulfillment network.
- Jassy said Amazon has researched and created a list of the top 100 employee experience pain points, and the company is systematically solving them.
- Jassy said the company is working on improving safety in its fulfillment network, noting that Amazon’s injury rates are sometimes misunderstood.
- According to a report by the Strategic Organizing Center (SOC), a coalition of labor unions, Amazon workers in the U.S. suffered severe injuries at twice the rate of rival companies in 2021.
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Morgan Stanley released its Q1 2022 earnings on Thursday, beating analysts’ expectations on revenue. The bank reported net revenues of $14.8B, down ~6% YoY. Net income came in at $3.67B or $2.02 per diluted share, down ~8% YoY. More: - Its Institutional Securities arm reported net revenues of $7.66B, down ~11% YoY.
- Wealth Management reported $5.9B in net revenues, about the same level as a year ago.
- Investment Management reported $1.34B in net revenues, about the same level a year ago.
- Morgan Stanley stock closed at $84.76 a share, up less than 1% for the day.
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Blackstone and the family behind Italian fashion brand Benetton are partnering up in a €54B ($58.5B) takeover bid to take Italian infrastructure group Atlantia private. Blackstone and Edizione, the holding company for the Benetton family, are offering €23 ($24.90) a share for the company, a 24% premium on the company’s closing price last week. It would be the largest ever take-private deal for a European listed company if completed. More: - Atlantia owns airports in Nice, St. Tropez, Cannes, and Rome. It owns highways in 11 countries, including Mexico, Brazil, the U.S., and India.
- Last year, Blackstone invested €9.3B ($10.1B) in Atlantia’s toll road arm, Autostrade per l’Italia; the deal is expected to close in May.
- Atlantia operates toll roads in 24 countries.
- Under the takeover deal, Edizione would own 65% of Atlantia, and Blackstone would own the remaining 35%.
- The bid values the company’s equity at €19B ($20.6B); as of Dec 31, the company had a net debt of €35.3B ($38.2B).
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Citigroup released its Q1 2022 earnings on Thursday, reporting a 46% drop in profits YoY. The bank generated $19.19B in net revenues, down 2% YoY. Net income came in at $4.3B or $2.02 a share. Citigroup said it has set aside $1.9B for potential loan losses related to the ongoing conflict in Ukraine. More: - Its Institutional Clients Group reported $11.2B in revenues, down 2% YoY.
- Personal Banking and Wealth Management reported $5.9B in revenues, down ~1% YoY.
- Legacy Franchises reported net revenues of $1.9B, down 14% YoY.
- Citigroup stock closed at $50.93 a share, up ~1.5% for the day.
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- Twitter is said to be considering a “poison pill” or shareholder rights plans to deter Elon Musk from purchasing the social media company and taking it private.
- Peloton announced on Thursday it will raise the monthly fee for its on-demand fitness content in the U.S. and Canada. The company will also lower the prices of its Bike, Bike+, and Tread exercise equipment.
- Tesla CEO Elon Musk is no longer Twitter’s largest shareholder. According to an SEC filing dated April 8, investment management company Vanguard Group owns 82.4 million shares of Twitter or 10.3% of the company.
- A federal judge has reduced the amount of damages awarded to a Black former Tesla worker who sued the EV company for racial discrimination. Last year a San Francisco jury awarded Owen Diaz $137M in punitive and compensatory damages. U.S. District Judge William Orrick cut the award down to $15M.
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 |  | Vanessa Omeokachie is a Researcher at Inside. Her interests include finance, tech, and startups. In her free time, she enjoys reading, hiking, attending music festivals, and traveling. Connect with her on Twitter @VanessaOmeo or through email at vanessa@inside.com |  | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford. | |
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