The other shoe dropped for Elon on Tuesday, with Twitter suing the Tesla CEO in Chancery Court in Delaware to force him to “complete is $44 billion acquisition” of the social media company. That court will now “determine whether [Musk] remains on the hook for the purchase or whether Twitter violated its obligation to provide Mr. Musk with the data he requested, entitling him to walk away” - NYTimes and WSJ and Bloomberg and MarketWatch and Law360 and TechCrunch
A weaker global economic outlook—driven in no small part by a lockdown-plagued China—helped push oil prices below $100/barrel. The downward trend is also hitting gas stations (albeit more slowly), with prices falling “14 cents over the last week and 35 cents over the last month” - NYTimes and WSJ
Also falling: the euro, which is, for the first time in two decades, “almost worth the same as one U.S. dollar” - NYTimes and Bloomberg
Dollar aside, things aren’t that much better stateside. The IMF signaled as much by cutting its month-old growth projections for the U.S. economy for this year and next, projecting GDP expansion of just 2.3%, down from the 2.9% it projected just last month - Bloomberg
Still-red-hot inflation is a prime mover of the downward revision and the overall sense of economic instability - NYTimes and Bloomberg and WSJ
Peloton announced this week that it will “stop making bikes and treadmills at its factories and outsource all of its manufacturing to an overseas company”—Rexon Industrial—in an effort to cut costs. Recently appointed CEO Barry McCarthy said he “wanted to save Peloton $800 million annually as part of a turnaround effort” - NYTimes and WSJ and Marketplace
The Journal reports that Netflix is working to “amend programming deals with major entertainment studios” in an effort to “allow the streaming giant to put content on an advertising-supported version of the service” - WSJ
Former Treasury department official Michael Barr appears “poised to win confirmation as the government’s most influential banking regulator” by filling the role of Fed vice chair for banking supervision - WSJ
Medium CEO Evan Williams is stepping down effective July 20. Williams, a Twitter co-founder, launched Medium in 2014 in an effort to “reinvent publishing on the internet” - NYTimes
Apple has cut ties with longtime design lead Jony Ive (currently working with the company under a consulting agreement). The move ends a 30-year “run during which the designer helped define every rounded corner of an iPhone and guided development of its only new product category in recent years, the Apple Watch” - NYTimes
CityLab on the unstoppable ascendence of amusement parks in America - Bloomberg
Stay safe,
MDR
