Investors worry Elon Musk may have to sell Tesla shares to fund Twitter deal, as global stocks slide and US dollar rises to pandemic high
Lloyds Banking Group has raised concerns over the “uncertain” outlook for the UK economy amid soaring inflation, warning that the cost of living crisis could result in higher defaults on its loans, reports our banking correspondent Kalyeena Makortoff.
It came as the bank reported a 14% drop in first quarter pre-tax profit to £1.6bn from £1.9bn a year earlier, although that was better than the £1.4bn that analysts had expected.
The Nasdaq led the equity market wipe-out overnight, with its near 4% retreat led by Tesla, which fell by 12.2%. You could look at it two ways.
Either Elon Musk sold his latest stock awards to generate the $21bn in cash for his part of the Twitter buyout, or the street is starting to wonder how he could possibly effectively run Tesla, Starlink, Space-X and Twitter simultaneously. I do as well.
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