In a move fraught with cliffhangers and uncertainty, Elon Musk, who previously put forward a deal to purchase Twitter Inc. for $44 billion, is now tweeting what many see as hints that he will break the deal (and incur a break fee of $1 billion). Musk has tweeted that Twitter had many more fake or spam accounts than the <5% it indicated in its SEC filings, prompting shares of the social media company to fall roughly 3%. In other Musk-related news, Tesla has been booted out of the S&P 500 ESG Index on the basis of a lack of “low-carbon strategy” and “poor business conduct”.

Food Exports Banned In India

As the Russia-Ukraine war drags on, surging food prices have prompted countries to begin banning the export of food. India is the latest to do so, banning the export of wheat in order to protect its food security. Other countries that have limited food exports include Indonesia, which has banned the export of palm oil; and Argentina, which has banned the export of soybean oil and meal. The war has prompted a global food supply shortage as both Russia and Ukraine are major suppliers of wheat, oilseed, and fertilizers.

Crypto Rout Continues

A week into the crash of supposed stablecoin UST and the associated crypto Luna, the broad-reaching rout in cryptocurrencies has still not ended. Another stablecoin, USDT, has seen investors cash out $7 billion within 48 hours, temporarily slipping below its US$1 peg on Thursday to US$0.95 before recovering. Unlike the algorithmically-stabilised UST, USTD is backed by fiat assets – although only a small percentage of USDT is backed by cash, roughly $4.2 billion. The rest of the $76 billion of USDT in circulation is backed by a mix of unidentified Treasury bills and commercial paper.

Tesla Booted Out of S&P 500 ESG Index

The account for depositing and withdrawing of sub-accounts. The sub-accounts users can transfer money from the Investor Account to the PAMM Trading Account, but this account cannot be used for trading.

The account for sub-accounts to make deposits and withdrawals. Sub-account users can transfer money from their Investor Account to the PAMM Trading Account, but cannot use the Investor Account for trading.