Musk’s Twitter takeover tops 5 biggest business stories of 2022

SIMONE DEL ROSARIO:

WELL IT CERTAINLY HASN’T BEEN BORING. 2022 HAS BEEN A ROLLER COASTER FOR BUSINESS AND ECONOMICS, AND MOST OF US ARE ENTERING THE NEW YEAR WITH A LOT LESS FORTUNE. HERE ARE THE BIGGEST STORIES THAT DOMINATED THIS YEAR’S HEADLINES IN THIS WEEK’S FIVE FOR FRIDAY.

AS IF CRYPTO WASN’T ALREADY HAVING THE LONGEST WINTER EVER, THE END OF THE YEAR BROUGHT THE SCANDAL OF THE YEAR. WE’RE JUST SCRATCHING THE SURFACE NOW ON HOW FTX FOUNDER SAM BANKMAN FRIED ALLEGEDLY MUDDIED THE FINANCES BETWEEN THE CRYPTO EXCHANGE AND HIS HEDGE FUND. BUT BILLIONS IN CUSTOMER AND INVESTOR FUNDS ARE MISSING AND SBF IS FACING EIGHT CRIMINAL CHARGES AND IS UNDER HOUSE ARREST AT MOM AND DAD’S.

INFLATION COULD’VE BEEN THE WORD OF 2022, ALONG WITH THE PHRASE, “SETTING A NEW 4-DECADE HIGH,” WHICH I WAS FORCED TO SAY MONTH AFTER MONTH. PRICES FINALLY PEAKED IN JUNE, UP 9.1 PERCENT FROM THE YEAR PRIOR. CONGRESS TRIED TO DEAL WITH IT BY PASSING A MASSIVE SPENDING BILL DUBBED THE INFLATION REDUCTION ACT THAT DOESN’T IMMEDIATELY REDUCE INFLATION, AND THE FED OPENED ITS TOOLBOX, TIGHTENING MONETARY POLICY WHILE RAISING INTEREST RATES FROM NEAR ZERO TO ABOVE 4 PERCENT. AND STILL, THE INFLATION RATE’S THREE TIMES HIGHER THAN IT SHOULD BE.

DISNEY ENDED UP IN THE MIDDLE OF THE FIRESTORM OVER FLORIDA’S SO-CALLED “DON’T SAY GAY” BILL. FACING PRESSURE FROM EMPLOYEES, CEO BOB CHAPEK SAID THE COMPANY WAS AGAINST THE LEGISLATION AFTER FIRST STAYING MUM. THEN GOVERNOR DESANTIS RETALIATED BY REVOKING DISNEY’S SPECIAL TAX STATUS THAT ALLOWED THE HOUSE OF MOUSE TO OPERATE AS ITS OWN CITY. SEEMS CHAPEK FROM THIS POINT ON WAS ON BORROWED TIME. HE GOT THE BOOT IN NOVEMBER AFTER HUGE LOSSES IN STREAMING AND FORMER CEO BOB IGER SWUNG IN TO SAVE THE DAY.

PRICES WERE ALREADY ON THE “WAY TOO HIGH” END OF THE METER WHEN RUSSIA INVADED UKRAINE IN FEBRUARY, SENDING ENERGY AND COMMODITIES PRICES SOARING. OIL TOUCHED WELL OVER $120 A BARREL OVER THE UNCERTAINTY, WITH RUSSIA ACCOUNTING FOR AROUND 10% OF GLOBAL SUPPLY. THE E-U GOT IT EVEN WORSE BECAUSE OF ITS RELIANCE ON RUSSIA FOR NATURAL GAS AND COAL. AND WHEAT PRICES ALSO SPIKED SINCE UKRAINE ACCOUNTS FOR ABOUT 10% OF THE WORLD MARKET. IT TOOK MONTHS FOR THE U-N TO BROKER A DEAL WITH RUSSIA TO GET EXPORTS FLOWING AGAIN.

THE WHOLE ELON MUSK TWITTER SAGA IS A BIT MUCH. HE MADE AN OFFER TO BUY TWITTER, THE BOARD ACCEPTED, HE TRIED TO BACK OUT, GOT SUED, AND THEN DECIDED TO GO THROUGH WITH THE $44 BILLION DOLLAR DEAL. MUSK TOOK IT PRIVATE, BECAME CEO,RELEASED THE TWITTER FILES, AND AMID UPROAR OVER HIS “FREE SPEECH ABSOLUTIST” APPROACH HE DID A TWITTER POLL ASKING WHETHER HE SHOULD STEP DOWN. HE WAS VOTED OFF THE ISLAND AND AGREED TO DO SO ONCE HE FINDS HIS SUCCESSOR. OH AND ALL OF THIS CAUSED TESLA STOCK TO PLUMMET.

WHEW, WE COULD HAVE DONE 5 WACKY THINGS ELON MUSK HAS DONE ALONE. HOPEFULLY I’LL BE SAYING HIS NAME A LITTLE LESS NEXT YEAR. HAPPY NEW YEAR EVERYONE. THAT’S FIVE FOR FRIDAY. I’M SIMONE DEL ROSARIO. IT’S JUST BUSINESS.