Donald Trump has said Twitter is “now in sane hands” following a $44bn (£38bn) takeover by Elon Musk.
The former US president said he was “very happy” that the social media company will “no longer be run by Radical Left Lunatics and Maniacs that truly hate our country”.
Mr Trump added that Twitter now needed to “work hard to rid itself of all the bots and fake accounts that have hurt it so badly”.
Elon Musk has already fired boss Parag Agrawal and a string of other senior executives including chief financial officer Ned Segal after seizing control of Twitter last night.
Staff are now braced for further job cuts while there is mounting speculation over further possible changes, including a move to scrap permanent bans.
That means people previously booted off the platform may be allowed to return, though it’s not clear whether that will include the former US president.
Read the latest updates below.
02:02 PM
Fired Twitter finance boss: Last six months were ‘challenging and unpredictable’
Ned Segal, who was unceremoniously sacked as Twitter finance chief by Elon Musk, has posted a long threat on the platform.
He thanks his colleagues and says the last five years have been the “most fulfilling of my career”.
There’s no direct reference to Twitter’s new owner, but he hints at some of the turmoil over recent months…
01:38 PM
Musk: Let the good times roll
Elon Musk appears to be revelling in his newfound role as owner and chief executive of Twitter.
He’s posted a tweet reading simply “let the good times roll” after taking control of the social media company and sacking a string of its senior executives.
The tweet displayed the label “spoiler alert”.
12:58 PM
Sunak opts out of COP27 due to ‘depressing’ economic tasks
Rishi Sunak has demoted two climate ministers and decided not to attend the annual UN climate change summit next month, raising questions about his commitment to fight global warming.
The Prime Minister, whose predecessor Liz Truss had planned to go COP27 in Egypt, said he won’t attend in order to focus “on depressing domestic challenges we have with the economy”.
He and Chancellor Jeremy Hunt are set to unveil an economic plan on November 17, which could entail tax rises and spending cuts totaling as much as £50bn.
King Charles III, who was advised not to attend the summit by Truss’s government, will also opt out despite having given a speech at COP26 last year.
The advice to the monarch, an outspoken advocate for tackling climate change, has not changed, the PM’s spokesman said.
12:41 PM
Rishi Sunak: Tough decisions needed to fix economy
Rishi Sunak has warned that difficult decisions will have to be taken to get government borrowing and debt on a sustainable path, adding that he was confident of fixing the economy.
He told reporters:
We face lots of challenges as a country, but I am confident that we can fix the economy.
The Chancellor has already said of course difficult decisions are going to have to be made and I’m going to sit down and work through those with him… we need to do these things so that we can get our borrowing and debt back on a sustainable path.
12:19 PM
From Donald Trump to Alex Jones, the banned Twitter users who could return under Musk
Following Elon Musk’s takeover of Twitter overnight, many are expecting a series of changes at the social media website.
Perhaps one of the most notable is expected to be the company’s stance on free speech, with claims that the billionaire is planning to get rid of lifetime bans on users.
This could pave the way for a series of controversial figures to return to the website, after years of a clamp down on curbing hate speech and stopping posts inciting violence.
Here are some of the best-known people who could stage a return to Twitter if Musk chooses to reverse bans on their accounts.
Read Hannah Boland’s full story here
12:04 PM
US futures sink as Amazon and Apple fuel recession fears
Wall Street looks set to open lower this afternoon as gloomy forecasts from Amazon and Apple fuelled fears of a recession.
Futures tracking the tech-heavy Nasdaq slumped 1.2pc. The S&P 500 tumbled 0.8pc and the Dow Jones was down 0.3pc.
11:43 AM
Everyone Musk has fired at Twitter
Having sealed a $44bn (£38bn) deal to buy Twitter, Elon Musk has already set about putting his stamp on the company.
The Tesla billionaire has made no secret of his desire for root and branch change at the social media company, and began late on Thursday by sacking Parag Agrawal, its chief executive, and three other senior staff.
Struggling to keep track? Here are the key players at and around Twitter, and their fate now Musk is at the helm.
Read Matthew Field’s story here
11:23 AM
Reaction: Twitter deal is one of the most overpriced deals in history
Dan Ives, an analyst at Wedbush, has this damning assessment of Elon Musk’s Twitter takeover:
After this Twilight Zone since April when Musk kicked off the soap opera with his original stake in Twitter that ultimately led to his $44bn bid for the company, the day has finally come with Musk officially closing the Twitter deal last night.
As we have discussed, the easy part for Musk was buying Twitter, the difficult part and Everest-like uphill battle looking ahead will be fixing this troubled asset.
The $44bn price tag for Twitter will go down as one of the most overpaid tech acquisitions in the history of M&A deals on the Street in our opinion. With fair value that we would peg at roughly $25bn, Musk buying Twitter remains a major head-scratcher that ultimately he could not get out of once the Delaware Courts got involved.
Musk took over Twitter last night and now major questions will remain around changes to the platform, monetization efforts, the level of headcount cuts on the horizon, and the long term strategy around the “X” App and building a potential WeChat model down the road.
10:52 AM
Rishi Sunak eyes up to £50bn of spending cuts and tax rises
Rishi Sunak could roll out tax rises and spending cuts totalling up to £50bn as he looks to build up a financial buffer while plugging a hole in Britain’s budget.
The Prime Minister and Chancellor Jeremy Hunt want extra headroom above the £35bn fiscal hole so that the package has credibility with the markets, Bloomberg reports.
Mr Sunak is trying to restore calm to markets after Liz Truss sparked turmoil during her brief tenure in Number 10.
He and Mr Hunt have delayed their fiscal statement from next week until November 17 to give them time to make the “right decision” to manage the economy.
10:36 AM
Aldi raises pay above Lidl as cost-of-living war continues
Aldi is increasing wages for its UK employees, overtaking rival Lidl to become the top paying supermarket in Britain as grocers battle to retain staff amid the cost-of-living crisis.
The German discounter will raise starting pay for staff to £11 an hour nationally and £12.45 within the M25 from January. Employees with a longer tenure can earn £11.90 across the UK and £12.75 in greater London.
The minimum rate is 15pc higher than a year ago, as Aldi has already raised its pay twice this year.
Aldi and Lidl have both grown market share in recent months as shoppers increasingly switch to discounters amid the cost-of-living crisis. Aldi overtook Morrisons as the UK’s fourth largest supermarket last month.
It’s not just the budget chains raising wages. All major grocers have increased wages at least once this year. Tesco this month said it was boosting pay for the second time.
10:22 AM
German economy unexpectedly grows as France and Spain slow
Germany has boosted hopes that the eurozone can swerve a recession by reporting another quarter of economic growth, though momentum slowed dramatically in France and Spain.
Surging energy prices, record inflation and rising interest rates are weighing on output across the continent in the third quarter as a post-lockdown splurge on leisure and tourism fades.
But Germany managed to grow by 0.3pc between July and September. Economists had expected a contraction of 0.2pc.
France’s economy eked out growth of 0.2pc, with inflation hitting a record high of 7.2pc. Spanish GDP also grew 0.2pc.
10:06 AM
Diesel jumps back above 190p a litre
Diesel pump prices have gone back above 190p a litre amid a renewed surge in fuel prices.
Diesel, which powers haulage, deliveries and other working road transport, hit 190.12p a litre yesterday, having fallen to 180p a month ago.
The 10p-a-litre rise adds £8 to the cost of filling a Transit-size fuel tank, according to the AA.
Meanwhile, petrol is back up above 165p a litre after hitting 166.17p yesterday.
The AA said tracking the cost of wholesale fuels shows that pump prices should level off shortly. But it warned that while supermarkets will hold back some of the price rises initially, the higher costs will also find their way on to superstore forecourts.
Luke Bosdet, AA fuel price spokesman, said:
This is not only bad news but bad timing. The clocks going back this weekend will soon move the evening rush-hour into darkness.
More use of lights, wipers and heaters in the winter months makes vehicle engines work harder and use more fuel.
Meanwhile, many haulage and delivery firms add surcharges to invoices to insulate themselves from higher diesel prices. That then passes on those higher costs to customers and therefore consumers quickly, fuelling inflation further.
09:54 AM
Pound trims third week of gains
Closer to home, sterling slipped against the dollar this morning, trimming its third week of gains.
The pound fell as much as 0.5pc to $1.1510 after touching a six-week high yesterday.
The currency is on track to post its biggest monthly rise in more than two years, with investors preparing for more interest rate rises by the Bank of England.
Markets are also betting that Rishi Sunak’s Government will bring some much-needed stability after a month of political and economic turmoil.
09:42 AM
EU chief: Twitter will follow our rules
Right on cue, a top EU official has weighed in with the threat of regulation.
Thierry Breton, the bloc’s internal market chief, retweeted Elon Musk’s comment that “the bird is freed”, saying: “In Europe, the bird will fly by our rules.”
He used the hashtag DSA – a reference to one of two new packages of legislation aimed at tightening oversight of social media.
09:36 AM
Bellingcat founder: Musk takeover increases chances of social media regulation
The founder of online investigative website Bellingcat has suggested that Elon Musk’s takeover of Twitter will increase the chances of social media regulation.
Eliot Higgins said a “lack of self-regulation” on Twitter made it more likely Governments would step in with tighter rules.
09:25 AM
Credit Suisse shares climb after record drop
Shares in Credit Suisse have gained in early trading in Zurich after a record one-day drop.
The Swiss bank slumped 19pc yesterday following the presentation of its new strategic plan, which includes a $4bn Saudi-backed fundraising and a revamp of its investment banking business.
Shares rose 2.8pc this morning, but they’re still down 55pc so far this year.
09:11 AM
What Elon Musk plans to do to Twitter – and whether it will work
Self-proclaimed “free speech absolutist” Elon Musk has taken control of Twitter in a $44bm (£38bn) deal, sacking senior staff in a sign he intends a decisive change of direction for the company.
Mr Musk sacked chief executive Parag Agrawal, chief financial officer Ned Segal and legal affairs and policy chief Vijaya Gadde and tweeted “the bird is freed”.
The billionaire says that his goal is to transform Twitter into a force for good in public life, resisting censorship and pushing back against the rolling culture wars that risk fracturing the internet into tribes of far left and far right commentators.
But he also recognises that some of his plans sound dangerously radical to advertisers, saying this week that he will not allow it to descend into a “free-for-all hellscape”.
But are his plans feasible? We take a look at the proposed changes. Read the full story here.
08:59 AM
British Gas brings back Rough gas storage site
The owner of British Gas has reopened Britain’s biggest gas storage site after a five-year halt in an effort to boost supplies ahead of winter.
Centrica has made first injections in the Rough facility after engineering upgrades, it said this morning. The site is returning gradually, operating at around 20pc of its previous capacity this winter.
But even the partial opening makes it the UK’s largest gas storage site once again, adding 50pc to the country’s gas reserves.
The move comes as the UK braces for a tough winter after Russia squeezed gas supplies to Europe, raising the risk of shortages and blackouts.
Chris O’Shea, chief executive of Centrica, said: “Rough is not a silver bullet for energy security, but it is a key part of a range of steps which can be taken to help the UK this winter.”
08:48 AM
Amazon sheds $200bn in record-breaking tech rout
It seems tech is the big story at the moment. Before Musk’s Twitter deal was confirmed, it was a torrid night of trading for Amazon. Matthew Field reports:
Amazon shares collapsed by 18pc on Thursday night, wiping $202bn (£175bn) off its valuation in one of the biggest one-day sell-offs of all time.
The tech giant warned of weaker consumer spending in the run up to Christmas.
The plunge in its valuation left Amazon valued at around $930bn, the lowest level since the onset of the Covid crisis in March 2020.
Amazon was worth more than $1.13 trillion at the close of the market, before its stock price plunged on downbeat expectations for the normally buoyant festive period.
The tech giant missed Wall Street expectations as it revealed revenues of $127.1bn for the three months ending in September. It said it expected its revenues over the three months around Christmas to be between $140bn and $148bn, well below analyst estimates.
The fall in the company’s value is more than the entire value of FTSE oil giant Shell, which is worth £169bn. It means Amazon is out of the elite club of businesses worth more than a trillion dollars.
It follows a brutal week for big tech companies as the industry reels from the cost of living crisis and rising interest rates. Shares in Google owner Alphabet, Apple, Amazon, Facebook owner Meta and Microsoft have dropped by around $850bn since Monday.
08:36 AM
FTSE risers and fallers
The FTSE 100 has fallen sharply in early trading, dragged down by commodity stocks on worries over widening Covid restrictions in China.
The blue-chip index slumped 1pc, with investors also nervous about reports about an expansion of the windfall tax on energy firms.
Miners including Glencore, Rio Tino and Anglo American were the biggest drag on the index, while BP also lost ground.
NatWest was the biggest laggard, tumbling 6.8pc after its profits missed expectations.
The domestically-focused FTSE 250 dropped 1.2pc, with Asos leading losses.
08:03 AM
British Airways owner nears pre-pandemic capacity
The owner of British Airways has said its passenger numbers will return almost to pre-pandemic levels at the start of next year as travel demand holds up despite the cost-of-living crisis.
IAG said capacity in the first quarter of 2023 is expected to be around 95pc of 2019 levels, up from 87pc in the current quarter.
The group predicts full-year operating profits of €1.1bn (£1bn). Revenues overtook pre-pandemic levels in the latest quarter despite recent disruption at Heathrow.
However, the company said jet fuel prices almost doubled this year compared to last.
Luis Gallego, chief executive of IAG, said:
All our airlines were significantly profitable and we are continuing to see strong passenger demand while capacity and load factors recover.
Leisure demand is particularly healthy and leisure revenue has recovered to pre-pandemic levels. Business travel continues to recover steadily.
While demand remains strong, we are conscious of the uncertainties in the economic outlook and the ongoing pressures on households.
07:35 AM
NatWest profits fall short as economic outlook darkens
NatWest’s profits fell short in the third quarter and the bank took a bigger-than-expected charge for bad loans as it warned of further gloom to come.
The UK’s biggest corporate lender posted pre-tax profits of just over £1bn, but this was below analyst forecasts.
Provisions for bad loans stood at £247m, highlighting a return to caution about borrowers’ prospects.
Alison Rose, chief executive of NatWest, said: “Although we are not yet seeing signs of heightened financial distress, we are very conscious of the growing concerns of our customers and we are closely monitoring any changes to their finances or behaviours.”
The bank’s net interest margin improved to 2.99pc – higher than expected thanks to rising interest rates.
NatWest raised its profit forecasts for next year but warned it no longer expects costs to be broadly stable “given increased inflationary pressures” and said impairments will increase.
07:19 AM
Twitter co-founder thanks sacked bosses
Twitter co-founder Biz Stone has thanked the three sacked executives, describing them as “massive talents” and “beautiful humans”.
So far there’s been no word from Jack Dorsey, though.
Mr Dorsey is the more prominent Twitter founder, but has shifted his focus to cryptocurrencies after stepping down as chief executive last year.
07:13 AM
Elon Musk sacks top Twitter execs after takeover
Elon Musk has wasted no time in stamping his authority on Twitter by ousting some of the company’s top executives.
The Tesla billionaire has sacked chief executive Parag Agrawal, chief financial officer Ned Segal and legal affairs and policy chief Vijaya Gadde.
Mr Agrawal and Mr Segal are said to have been in Twitter’s San Francisco headquarters when the deal closed and were escorted out.
Read more: Elon Musk sacks top executives as he completes $44bn Twitter takeover
06:54 AM
Good morning
Elon Musk became Twitter’s new owner last night and fired top executives he had accused of misleading him.
Mr Musk sacked chief executive Parag Agrawal, chief financial officer Ned Segal and legal affairs and policy chief Vijaya Gadde, according to multiple reports.
Mr Agrawal and Mr Segal were in Twitter’s San Francisco headquarters when the deal closed and were escorted out.
Meanwhile, Amazon shares collapsed by 18pc on Thursday night, wiping $202bn (£175bn) off its valuation in one of the biggest one-day sell-offs of all time.
5 things to start your day
1) House prices to drop 20pc as early as next year, bank warns – Lloyds also expects UK economy to shrink 1pc in 2023
2) Amazon sheds $200bn in record-breaking tech rout – Fears of bleak Christmas send stock plunging 18pc amid cost of living crisis
3) Bank of England clashes with Sunak over plan to overrule regulators – Threadneedle Street is concerned a ‘call-in’ rule would undermine its independence
4) Sky’s US owner slashes broadcaster’s value by $8.6bn – Third-quarter sales plunge 15pc as weak pound hits UK broadcaster
5) Why Mark Zuckerberg’s Metaverse vanity project threatens to destroy Facebook – Billionaire’s push into virtual worlds is costing his embattled social media empire dearly
What happened overnight
Amazon and Apple reported quarterly results, with Amazon shares plunging 18pc after it gave weak guidance for the upcoming festive season. Apple managed to produce record revenues, but shares still fell 3pc.
Tokyo stocks opened lower on Friday following falls in US tech shares. The benchmark Nikkei 225 index was down 0.92pc in early trade, while the broader Topix index dropped 0.54pc.
Hong Kong stocks barely moved at the start of trade Friday. The Shanghai Composite Index fell 0.53pc, while the Shenzhen Composite Index on China’s second exchange dipped 0.75pc.
Source: https://finance.yahoo.com/news/trump-eyes-return-twitter-elon-055951792.html