Elon Musk has sold over 9.6 million shares of Tesla, worth roughly $8.5B. According to regulatory filings, Musk sold the shares at prices between $820 and $1,000 a share from Tuesday through Thursday. The sale leaves the CEO with about 163 million shares of Tesla, or ~16% of the company. More: - Musk is Tesla’s largest shareholder; he owned about 17% of the company before this week’s sale.
- The sale comes days after Twitter accepted Musk’s $44B buyout offer for the social media company.
- Musk secured $46.5B for the deal, including a $13B debt package from Morgan Stanley and others and a $12.5B margin loan against his Tesla shares.
- Musk is responsible for providing $21B in equity for the deal.
- On Tuesday, the banks underwriting Musk’s Twitter acquisition extended their commitment period to one year from the original six-month timetable.
- 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.
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Energy giant Exxon Mobil released its Q1 2022 earnings on Friday, reporting a $3.4B hit from its Russia exit. The company reported $90.5B in total revenue, a 53% increase YoY. Net income was $5.48B, or $1.28 a share, more than double its earnings for the same period in 2021, but down from $8.87B reported in Q4 2021. More: - The company reported upstream earnings of $4.5B, up 76.5% YoY, but down from $6.1B reported in Q4 2021.
- Downstream earnings were $332M, up from a loss of $390M reported last year but down from $1.5B reported in Q4 2021.
- Chemical brought in $1.35B, down 3.6% YoY, and down from $1.9B reported Q4 2021.
- Capital and exploration expenses totaled $4.9B.
- The company took a $3.4B hit, or 79 cents a share, related to its exit from its Russia Sakhalin-1 operation.
- Exxon shares were down ~1.4% in afternoon trading on a down day for the market as a whole.
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China’s biggest insurance group, Ping An, has urged HSBC bank to split its Asian and Western operations. Ping An is HSBC’s largest shareholder, with a 9.2% stake in the bank. Ping An argues that an independent HSBC Asia business listed in Hong Kong would have higher profits, lower capital requirements, and more autonomy to make decisions. More: - According to people familiar with the matter, Ping An told HSBC executives that the bank’s balancing act between China and the West would become more difficult in the coming years.
- HSBC is a British multinational bank and financial services holding company operating in over 64 countries, including the U.S., U.K., France, and China.
- The bank was founded in Hong Kong in 1865.
- HSBC was criticized in China after it provided information to U.S. prosecutors that led to the arrest of Huawei’s CFO, Meng Wanzhou, in 2018.
- BlackRock is HSBC’s second-largest shareholder, with an 8.3% stake in the bank.
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On Thursday, Robinhood released its Q1 2022 earnings, reporting a higher-than-expected loss for Q1. The company reported total revenue of $299M, down 43% YoY. It reported a net loss of $392M or 45 cents a share, down from $1.4B reported last year. Analysts were expecting a net loss of 36 cents per share. More: - Monthly Active Users (MAU) was 15.9 million, down 10% YoY.
- Assets Under Custody (AUC) came in at $93.1B, up 15% YoY.
- Average Revenues Per User was $53, down 62% YoY.
- On Tuesday, the company announced it would cut its full-time workforce by 9%.
- In March, the company launched the Robinhood Cash Card, a debit card that offers rewards similar to credit cards.
- Robinhood also extended trading hours on its platform. Trading is now available from 7 a.m. to 8 p.m. ET.
- Robinhood shares were down ~1.4% in afternoon trading on Friday.
NOTE: Inside.com's founder and CEO, Jason Calacanis, is an investor in Robinhood.
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Chevron released its Q1 2022 earnings on Friday, reporting more than a 300% increase in profits. The oil company reported total revenue of $54.37B, a 70% increase YoY. Net income came in at $6.26B, or $3.22 per share, up from $1.4B reported during the same period last year. The results come amid record-high oil and gas prices in Q1. More: - Upstream earnings totaled $6.9B, up from $2.35B reported last year.
- Downstream earnings came in at $331M, up from $5M reported last year.
- Chevron shares were down over 2% in afternoon trading.
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According to the Labor Department, business and government employers spent 4.5% more on worker costs in Q1 than last year. Worker compensation rose 1.4% in Q1 amid a tight job market. There are about 11.3 million job openings and about 6.3 million individuals who are unemployed and seeking work. More: - In March, the unemployment rate fell to 3.6%. It was the 11th straight month of job gains above 400,000.
- The worker shortage in some sectors has led employers to rethink certain job requirements like a college degree and offer higher pay and more benefits to attract talent.
- Industries facing the tightest labor market include transportation and logistics, healthcare, tech, and the service industry.
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- British founder and CEO of chemicals giant Ineos Jim Ratcliffe has made a $5.3B offer for Chelsea FC. If accepted, the bid would be the highest price ever paid for a sports team.
- Tesla is recalling about 48,000 Model 3 Performance vehicles in the U.S. because they may not display the speedometer while in “Track Mode.” The recall covers cars from 2018 through 2022.
- Denmark has become the first country to halt its COVID-19 vaccination program. The government said it is stopping the program because it has gotten the virus under control.
- Agents from Germany’s financial regulator BaFin and the federal police searched Deutsche Bank’s Frankfurt headquarters on Friday over suspicious activity related to money laundering.
- To deliver real-time analytics on massive datasets, developers must balance latency, throughput, concurrency, and data freshness. Watch Molecula's Webinar.*
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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. | |
Controlling Complexity: a video featuring Simone Biles. Presented by Axonius. Watch now. | |
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