Musk Takes 9 Percent Stake in Twitter amid Speculation Buy Will Lead to ‘Active Stake,’ Stocks Soar

Elon Musk

Tesla CEO Elon Musk, who has questioned Twitter’s commitment to free speech, has taken a 9% stake in the social media platform, making him its largest shareholder.

Musk bought 73.5 million shares worth $2.9 billion, based on the closing price Friday, the Associated Press reported Monday.

However, what Musk intends to do as a result of the purchase remains unclear.

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Pelosi Evasive on Extending Individual Stock Trading Ban to Spouses of Lawmakers

House Speaker Nancy Pelosi

Democrats are weighing whether to extend an individual stock trading ban to spouses of lawmakers.

The Ban Conflicted Trading Act “prohibits a Member of Congress or certain congressional officers or employees from (1) purchasing or selling specified investments, (2) entering into a transaction that creates a net short position in a security, or (3) serving as an officer or member of any board of any for-profit entity.”

The legislation in its current form would not apply to the spouses of lawmakers. House Speaker Nancy Pelosi’s husband Paul has made headlines over the years with his millions of dollars in stock purchases, particularly with technology companies.

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Crypto Market Sees $130 Billion Sell-off over Last 24 Hours

The cryptocurrency market lost nearly $130 billion in value over the last 24 hours as major digital coins continue their extended sell-off, multiple sources reported.

Bitcoin dropped 4.81% to $33,693.63 over the last 24 hours while Ethereum slid 9.41% to $2,206.22, according to Coinbase. Both assets fell to their lowest level since July 2021, and each has lost roughly 50% of its highest value.

Cryptocurrencies have trended similarly to stocks, which have seen a sell-off since the start of 2022. Investors have dumped their assets, especially technology stocks, in preparation for tighter monetary policies from the Federal Reserve, including interest rate hikes and halting of the central bank’s asset purchasing stimulus program.

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Dow Plummets More Than 500 Points at Monday Open, Following Three Straight Weeks of Losses

U.S. stocks shed more than 500 points as the markets opened Monday morning as emerging risks continue to become the September story for Wall Street.

The Dow Jones Industrial average fell 570 points – its biggest single day drop since mid-July. The S&P 500 lost 1.4%, while the tech-oriented Nasdaq Composite dropped 1.6%.

The sell-off comes as a the result of a number of investor concerns. On Tuesday, the Federal Reserve will begin a two-day meeting, which investors are worried will result in a decision that will pull stimulus funds as inflation continues to surge.

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Elizabeth Warren Urges More Regulation to Prevent ‘Dramatic Swings’ in Stocks Like GameStop

Senator Elizabeth Warren called for an SEC investigation into Reddit posts and other entities, according to a letter she sent to the Acting Chair of the SEC.

After Redditors discovered large hedge funds had shorted massive quantities of GameStop ($GME), retail investors bought $GME in a frenzy, sending it surging  600%, and causing hedge funds to lose approximately $5 billion dollars. Popular investment platforms such as Robinhood responded by halting the ability of investors to freely purchase more shares, making their only option to sell.

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