Amazon’s slide in value and Elon Musk’s Twitter takeover have led to a dramatic few hours in Wall Street’s Big Tech sector.
The billionaire appeared to confirm media reports of his takeover, tweeting shortly before 5am UK time on Friday: “the bird is freed”. He is thought to have ousted the social media platform’s three top executives, including chief executive Parag Agrawal.
Shares in Amazon plunged 10% after the tech giant said profits were set to dip amid increased labour and delivery expenses.
Energy giant Chevron beat analyst estimates to post its second highest-ever quarterly profits amid a surge in demand for oil and gas. Exxon and Chevron made combined profits of about $30 billion in the three months to September -- or the equivalent of about $1 billion every three days.
