Musk will join Twitter board
Twitter Inc. said that they will offer a seat on its board to Elon Musk, after he bought around 9% of the stocks and became its largest shareholder. On the news about buying Twitter shares, stocks went up for around 30%.* Elon already tweeted that he is looking forward to working with them and making significant improvements. He is known as a big critic of the platform, that is why CEO of Twitter, Agrawal, said that Elon is what they need at the board, as they are hoping that he will be able to revive the platform, which was struggling to attract users, as well as to pose interest from retail investors.
Movement of Twitter stock in the last five years. (Source: Trading Economics) *
Volkswagen will scrap models and focus on premium market
German car giant announced that they will axe many combustion engine models by the end of the decade. They will sell fewer cars overall to put more focus on producing more profitable premium vehicles. Arno Antlitz, Volkswagen’s CFO, said that the key target is not growth, but that they are more focused on quality and on margins, rather than on volume and market share. He also added that Volkswagen would reduce its range of petrol and diesel cars by 60% in Europe over the next eight years. Petrol and diesel cars represent around 100 models across several brands.
Boeing factory problems
Boeing’s production of the new Air Force One jet faced disruption early this year due to problems at the factory. The problem was in the weight itself because it exceeded the limit and posted concerns about damaging the plane. Pentagon and Boeing are now negotiating about the delivery schedule, however disruptions in production could hurt the company and it is not the first-time bad news came out regarding Air Force One jet. Last year reports came, that there were two empty bottles of tequila found in aircrafts on the production site, as well as Donald Trump criticising their high prices.
Canada will invest in two GM plants
Canada will send financial support to General Motors multibillion investment in two plants in Ontario. The amount of support will be around 415 million US dollars. The investment will be equally split between the federal government and Ontario’s provincial government. CAMI plant will be the first full-scale EV production facility. The other plant, Oshawa, would be added in the following months and it will create a total of 2600 new job positions. Also, their rival Honda announced that they are planning to invest around 1,10 billion dollars in their plants in Ontario.
Adidas online Ozworld experience
Clothing giant Adidas is celebrating their latest Ozworld Collection, which will also offer the first personality-based AI generated avatar creation platform. The platform is being launched in collaboration with the game avatar platform, Ready Player Me. This experience will allow users to create their unique digital avatars. This news is important, because the experience will take place in the metaverse, with people owning Adidas NFT being granted early access. The first instalment of the Avatars will launch on the 28th of April.
What to watch this week:
- On Thursday we can check unemployment claims in USA
- On Friday important news about unemployment in Canada will be released
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