TWTR 48.66(+0.05%) TSLA 832.15(-5.60%)

• By accepting the buyout offer from billionaire Elon Musk, Twitter will become a private company by the end of this year. Musk will borrow $12.5bn and pledge $62.5bn TSLA shares to complete his acquisition deal. His wealth is tied to TSLA stock and financing could become challenging if TSLA fluctuates or tumbles below $700. 

• White House declined to comment but said President has long been concerned about the power of social media platforms. Democratic senators call for tougher tech regulation while many Republicans express delight after the deal. Trump said he will not return to Twitter.

Q1 22 GDP -1.4% Est. 1% Q4 21 GDP 6.9%

• The drop marked the weakest quarter since spring 2020, when the Covid-19 pandemic and related shutdowns drove the U.S. economy into recession.

• One main factor that weighed on GDP came from trade, which subtracted 3.2% from overall GDP. US goods trade deficit raced to a record high in Mar at more than $125bn. Less tariff?

• Cases in Shanghai fell for a fourth consecutive day to 13,562, while the number of new cases in Beijing remained below 50.

• Shanghai will ease lockdowns in areas with no community spread. Elsewhere, Changchun will gradually start to lift all Covid control measures starting Thu.

FB 202.92(+15.98%)

• Meta reported 1.96bn active daily users for its flagship platform, a return to growth after the first-ever decline in last quarter. However, Meta’s Average Revenue per user declined in every region worldwide. 

• Meta’s main business of digital advertising has been hurt by Apple’s privacy policy and TikTok’s intensive competition.

• Google and Snap also reported headwinds in digital advertising business, due to high inflation and Russian-Ukrainian War. Meta’s digital advertising business accounts for over 96% of its total revenue, making the company vulnerable to business cycle. 

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