 Left Jack Dorsey, inset Elon Musk | Image Credit: Bloomberg/ AFP/ Getty Images In a series of tweets on Monday evening, Twitter co-founder and former CEO Jack Dorsey backed Elon Musk’s acquisition of the company. Dorsey referred to Twitter as “the closest thing we have to a global consciousness” and said Elon Musk was the singular solution for Twitter that he trusts. He noted that he loved Twitter, and he would do whatever it takes to protect the idea and service. More: - On Monday, Twitter’s board accepted Elon Musk’s offer to take the company private in a deal valued at $44B.
- Dorsey co-founded Twitter in 2006 and led the company as its CEO from 2006 to 2008.
- In 2008, Twitter co-founder Evan Williams took over as CEO, and Dorsey assumed the role of chairman.
- Twitter went public in 2013 at a $31B valuation; in 2015, Dorsey re-assumed the role of CEO and led the company before stepping down in Nov. 2021.
- Company CTO Parag Agrawal assumed the role of CEO.
- Dorsey owns a 2.36% stake in Twitter.
In related news: - In a video meeting with Twitter employees on Monday, Agrawal and Twitter Chairman Bret Taylor said the company would continue operating as usual. Agrawal will remain in the role of CEO until the deal with Musk closes.
- Agrawal said the transaction to the take the company private could take up to six months to complete.
- Taylor explained Twitter’s board's fiduciary duty and said the board would no longer exist after the deal is completed.
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Authentic Brands Group (ABG), the parent company of Forever 21, has sued payments startup Bolt Financial alleging Bolt failed to deliver on promised technology. ABG also accuses Bolt of costing it $150M in online sales during Bolt’s integration with Forever 21. More: - ABG said Bolt raised funding at high valuations by overstating the nature of its integration with ABG’s brands, suggesting it has more customers than it did, to convince investors to fund additional growth for the startup.
- In the suit, ABG claims its agreement with Bolt entitles it to buy up to 5% of Bolt for $29M.
- Bolt was last valued at $11B; a 5% stake would be worth roughly $550M.
- Responding to the suit, Bolt said the ABG’s claims are without merit and are an attempt to renegotiate the terms of their agreement.
- The case is scheduled to go to court by October.
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 The banks underwriting Elon Musk’s $44B acquisition of Twitter have extended the period they will commit to backing the takeover by six months. The lenders are Morgan Stanley, Bank of America, Barclays, MUFG Bank, BNP Paribas, Mizuho Financial Group, and Societe Generale. Morgan Stanley is serving as Musk’s financial advisor on the deal. More: - The banks’ commitment to providing a $13B debt package will now last through April 25, 2023, giving Musk more time to complete the transaction.
- The original termination date was Oct. 20, 2022.
- The banks, along with five others, are also providing a $12.5B margin loan against Musk’s Tesla shares.
- On Monday, Twitter’s board unanimously approved Musk’s $44B offer to take the company private.
- Musk is providing the remaining $21B in equity.
- The takeover deal includes a provision that Musk would have to pay Twitter a fee if he decides to walk away or the deal falls apart.
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General Electric released its Q1 2022 earnings on Tuesday, reporting a 13% increase in organic orders led by its Aviation unit. The company reported total revenues of $17B, about the same as a year ago. Adjusted non-GAAP earnings came in at $262M or 24 cents a share, up 85% YoY. More: - Aviation reported revenues of $5.6B on $7.21B of orders.
- Healthcare had $4.37B in revenues on $4.81B of orders.
- Renewable Energy reported $2.87B in revenues on $2.79B of orders.
- Power reported $3.5B in revenues on $4.16B of orders.
- The GE Board of Directors authorized up to $3B in share buybacks as one of several potential capital allocation alternatives.
- GE said it is making progress on its plans to split the company into three separate entities.
- Last November, the company announced it would form three separate units focused on aviation, energy, and healthcare.
- Healthcare will be spun out in early 2023, and energy will be spun out in early 2024.
- The company maintained its 2022 full-year earnings outlook of $2.80 to $3.50 per share.
- However, CEO Larry Culp noted that inflation and other evolving pressures, including the impact of the ongoing conflict in Ukraine, could put the company at the lower end of that range.
- GE shares closed at $80.59 on Tuesday, down 10.44%.
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Tesla stock fell over 12% to $876.42 a share on Tuesday as U.S. stocks continue their April downward trend. The Nasdaq Composite, which lists Apple, Amazon, Google, and Meta, declined almost 4%. The Dow lost 810 points or 2.4%, and the S&P 500 lost 2.8%. The drop in Tesla shares comes a day after CEO Elon Musk announced his purchase of Twitter, taking the social media company private in a deal valued at $44B. More: - Financing for the deal included $25.5B in debt, of which $12.5B is secured against Musk’s Tesla stock.
- Musk is providing the remaining $21B in equity.
- When the Twitter transaction closes, Musk will oversee Tesla, SpaceX, Twitter, the Boring Company, and Neuralink.
- Last week, Tesla released its Q1 2022 earnings, reporting an 87% increase in automotive revenue YoY.
- The company recently opened two new factories in Austin, Texas, and another in Brandenburg, Germany.
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 Natural gas prices in Europe jumped as much as 17% on news of Russia’s plans to cut off supplies to Poland and Bulgaria starting Wednesday. The move marks an escalation in Russia’s dispute with Europe over energy supplies and the war in Ukraine. More: - Last month, Russia said it would start accepting payments for gas in Russian rubles only.
- Countries that do not pay in rubles risk having their energy supply cut off.
- The first ruble payments are due in late April and May; the payment schedules for each company have not been disclosed.
- The deadline for Poland’s leading gas company, PGNiG, was on Friday. Russia’s Gazprom on Tuesday said the payment was due immediately.
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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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