{"id":550480,"date":"2022-10-30T04:00:43","date_gmt":"2022-10-30T04:00:43","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/30\/musk-takes-over-at-twitter-us-earnings-face-usd-10-bn-hole-in-3q-thanks-to-stronger-greenback\/"},"modified":"2022-10-30T04:00:43","modified_gmt":"2022-10-30T04:00:43","slug":"musk-takes-over-at-twitter-us-earnings-face-usd-10-bn-hole-in-3q-thanks-to-stronger-greenback","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/30\/musk-takes-over-at-twitter-us-earnings-face-usd-10-bn-hole-in-3q-thanks-to-stronger-greenback\/","title":{"rendered":"Musk takes over at Twitter + US earnings face USD 10 bn hole in 3Q thanks to stronger greenback"},"content":{"rendered":"<p><a id=\"tldr-story-08\" class=\"content-anchor\"><\/a> <strong>Musk is now officially chief twit: <\/strong>Elon Musk has closed his USD 44 bn acquisition of Twitter after a six-month saga that almost hashed out in court in a high-profile trial. Following the acquisition, Musk ousted Twitter\u2019s CEO and CFO, and sources told <a href=\"https:\/\/www.reuters.com\/markets\/deals\/elon-musk-completes-44-bln-acquisition-twitter-2022-10-28\/\">Reuters<\/a> that he plans to become interim CEO. Musk had for months cast doubt over his intentions to buy the company, claiming it had failed to adequately disclose the number of spam bots and fake accounts on the platform, leading Twitter to sue the b\u2019naire. (<a href=\"https:\/\/www.cnbc.com\/2022\/10\/27\/elon-musk-now-in-charge-of-twitter-ceo-and-cfo-have-left-sources-say.html\">CNBC<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-10-28\/musk-is-said-to-take-twitter-ceo-role-reverse-life-bans\">Bloomberg<\/a> | <a href=\"https:\/\/www.ft.com\/content\/b429b624-bf82-4ccd-bf69-b75055403952\">Financial Times<\/a> | <a href=\"https:\/\/apnews.com\/article\/elon-musk-twitter-inc-technology-business-san-francisco-ee1e283ff873813524ff21b0a7751b47\">Associated Press<\/a> | <a href=\"https:\/\/www.washingtonpost.com\/technology\/2022\/10\/27\/twitter-elon-musk\/\">Washington Post<\/a>)<\/p>\n<p><strong>The surging USD is weighing on US corporate earnings:<\/strong> The red-hot greenback is expected to erase more than USD 10 bn from US 3Q earnings, the <a href=\"https:\/\/www.ft.com\/content\/cd4534e7-19f9-46f2-8b5b-0bf80c3b21a1\">Financial Times<\/a> reports. Tightening financial conditions have sent the USD surging to 20-year highs this year, hurting US companies\u2019 overseas sales. Each 8-10% rise in the USD index knocks one percentage point from S&P 500 earnings per share, according to Jonathan Golub, Credit Suisse\u2019s head of US equity strategy.<\/p>\n<div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\n<tr class=\"gray-table\">\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/positive.png?w=14&#038;ssl=1\" alt=\"Up\" ><\/td>\n<td><strong>EGX30 <\/strong><\/td>\n<td>11,072<\/td>\n<td>+4.9% (YTD: -7.3%)<\/td>\n<\/tr>\n<tr>\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/positive.png?w=14&#038;ssl=1\" alt=\"Up\" ><\/td>\n<td><strong>USD (CBE)<\/strong><\/td>\n<td>Buy 22.86<\/td>\n<td>Sell 23.00<\/td>\n<\/tr>\n<tr class=\"gray-table\">\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/positive.png?w=14&#038;ssl=1\" alt=\"Up\" ><\/td>\n<td><strong>USD at CIB<\/strong><\/td>\n<td>Buy 22.90<\/td>\n<td>Sell 23.00<\/td>\n<\/tr>\n<tr>\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/positive.png?w=14&#038;ssl=1\" alt=\"Up\" ><\/td>\n<td><strong>Interest rates CBE<\/strong><\/td>\n<td>13.25% deposit<\/td>\n<td>14.25% lending<\/td>\n<\/tr>\n<tr class=\"gray-table\">\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/negative.png?w=14&#038;ssl=1\" alt=\"Down\" ><\/td>\n<td><strong>Tadawul<\/strong><\/td>\n<td>11,710<\/td>\n<td>-0.8% (YTD: +3.8%)<\/td>\n<\/tr>\n<tr>\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/negative.png?w=14&#038;ssl=1\" alt=\"Down\" ><\/td>\n<td><strong>ADX<\/strong><\/td>\n<td>10,287<\/td>\n<td>-0.1% (YTD: +30.8%)<\/td>\n<\/tr>\n<tr class=\"gray-table\">\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/negative.png?w=14&#038;ssl=1\" alt=\"Down\" ><\/td>\n<td><strong>DFM<\/strong><\/td>\n<td>3,349<\/td>\n<td>-0.5% (YTD: +4.8%)<\/td>\n<\/tr>\n<tr>\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/positive.png?w=14&#038;ssl=1\" alt=\"Up\" ><\/td>\n<td><strong>S&P 500<\/strong><\/td>\n<td>3,901<\/td>\n<td>+2.5% (YTD: -18.1%)<\/td>\n<\/tr>\n<tr class=\"gray-table\">\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/negative.png?w=14&#038;ssl=1\" alt=\"Down\" ><\/td>\n<td><strong>FTSE 100<\/strong><\/td>\n<td>7,048<\/td>\n<td>-0.4% (YTD: -4.6%)<\/td>\n<\/tr>\n<tr>\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/positive.png?w=14&#038;ssl=1\" alt=\"Up\" ><\/td>\n<td><strong>Euro Stoxx 50<\/strong><\/td>\n<td>3,613<\/td>\n<td>+0.2% (YTD: -16.0%)<\/td>\n<\/tr>\n<tr class=\"gray-table\">\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/negative.png?w=14&#038;ssl=1\" alt=\"Down\" ><\/td>\n<td><strong>Brent crude<\/strong><\/td>\n<td>USD 95.77<\/td>\n<td>-1.2%<\/td>\n<\/tr>\n<tr>\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/negative.png?w=14&#038;ssl=1\" alt=\"Down\" ><\/td>\n<td><strong>Natural gas <\/strong>(Nymex)<\/td>\n<td>USD 5.68<\/td>\n<td>-3.3%<\/td>\n<\/tr>\n<tr class=\"gray-table\">\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/negative.png?w=14&#038;ssl=1\" alt=\"Down\" ><\/td>\n<td><strong>Gold<\/strong><\/td>\n<td>USD 1,644.80<\/td>\n<td>-1.3%<\/td>\n<\/tr>\n<tr>\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/positive.png?w=14&#038;ssl=1\" alt=\"Up\" ><\/td>\n<td><strong>BTC<\/strong><\/td>\n<td>USD 20,851<\/td>\n<td>+1.2% (YTD: -54.8%)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>THE CLOSING BELL-<\/strong><\/p>\n<p><strong>The EGX30 rose 4.9% at Thursday\u2019s close<\/strong> on turnover of EGP 2.3 bn (55.1% above the 90-day average). Local investors were net sellers. The index is down 7.3% YTD.<\/p>\n<p><strong>In the green: <\/strong>Egypt Kuwait Holding-EGP (+9.7%), QNB Al Ahly (+9.3%) and CIB (+9.2%).<\/p>\n<p><strong>In the red: <\/strong>Housing and Development Bank (-2.2%), Madinet Nasr Housing and Development (-1.5%) and Heliopolis Housing and Development (-1.3%).<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Musk is now officially chief twit: Elon Musk has closed his USD 44 bn acquisition of Twitter after a six-month saga that almost hashed out in court in a high-profile trial. Following the acquisition, Musk ousted Twitter\u2019s CEO and CFO, and sources told Reuters that he plans to become interim CEO. Musk had for months [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[204,9115,380,302,637,1060,72,119,7128,122,894,1010],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-550480","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-banking","tag-credit-suisse","tag-currencies","tag-earnings","tag-elon-musk","tag-emirates-nbd","tag-enterpriseam","tag-financial-markets","tag-ma-watch","tag-planet-finance","tag-social-media","tag-twitter","wpautop","entry"],"acf":{"mongo_id":"a24e0122-fc30-49bf-8663-41298d621ddc","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[550462],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Musk takes over at Twitter + US earnings face USD 10 bn hole in 3Q thanks to stronger greenback - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/30\/musk-takes-over-at-twitter-us-earnings-face-usd-10-bn-hole-in-3q-thanks-to-stronger-greenback\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Musk takes over at Twitter + US earnings face USD 10 bn hole in 3Q thanks to stronger greenback\" \/>\n<meta property=\"og:description\" content=\"Musk is now officially chief twit: Elon Musk has closed his USD 44 bn acquisition of Twitter after a six-month saga that almost hashed out in court in a high-profile trial. 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Following the acquisition, Musk ousted Twitter\u2019s CEO and CFO, and sources told Reuters that he plans to become interim CEO. 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The buyout ordeal sunk Twitter\u2019s stock price, harming investors while strengthening Musk's negotiating\u2026","rel":"","context":"In &quot;PLANET FINANCE&quot;","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":548219,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/31\/bull-rally-or-bear-rally\/","url_meta":{"origin":550480,"position":1},"title":"Bull rally or bear rally?","author":"enterpriseam admin","date":"31 July 2022","format":false,"excerpt":"After chaotic 1H 2022, tech earnings drive US stocks\u2019 best performance in years: US stocks saw their best month since 2020 in July with S&P 500 gaining 9.1% and the Nasdaq jumping 12.3% as financial markets rebounded on better-than-expected tech earnings and ominous economic data that investors hope will force\u2026","rel":"","context":"In &quot;PLANET FINANCE&quot;","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":580491,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/02\/cr7-is-officially-heading-to-saudi-elon-musk-sets-a-new-record-for-lost-wealth\/","url_meta":{"origin":550480,"position":2},"title":"CR7 is officially heading to Saudi + Elon Musk sets a new record for lost wealth","author":"enterpriseam admin","date":"2 January 2023","format":false,"excerpt":"You\u2019ll be soon hearing Siuuu blasting in Saudi Arabia: Portuguese football star Cristiano Ronaldo signed a contract with Saudi Arabia\u2019s AlNassr FC until 2025, the Riyadh-based club announced in a statement. Ronaldo is joining the Saudi club after leaving Manchester United in November on the back of a controversial interview\u2026","rel":"","context":"In &quot;FOR YOUR COMMUTE&quot;","block_context":{"text":"FOR YOUR COMMUTE","link":"https:\/\/enterpriseam.com\/egypt\/category\/for-your-commute\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/579.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":550895,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/11\/the-ps5-is-the-latest-victim-of-the-supply-chain-crisis-elon-musk-wants-to-un-ban-trump-from-twitter\/","url_meta":{"origin":550480,"position":3},"title":"The PS5 is the latest victim of the supply chain crisis + Elon Musk wants to un-ban Trump from Twitter","author":"enterpriseam admin","date":"11 May 2022","format":false,"excerpt":"The latest victim of the supply chain disruptions: The PS5. Sony\u2019s sales of its highly popular PlayStation5 console nosedived 22.3% in FY 2021-2022, falling to 11.5 mn units (and coming short of an expected 14.8 mn), the company said in its FY 2021-2022 financial statement (pdf). The weak performance led\u2026","rel":"","context":"In &quot;FOR YOUR COMMUTE&quot;","block_context":{"text":"FOR YOUR COMMUTE","link":"https:\/\/enterpriseam.com\/egypt\/category\/for-your-commute\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/455.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":554634,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/01\/elon-doesnt-think-his-donations-can-end-world-hunger\/","url_meta":{"origin":550480,"position":4},"title":"Elon doesn\u2019t think his donations can end world hunger","author":"enterpriseam admin","date":"1 November 2021","format":false,"excerpt":"Is it reasonable for bn\u2019aires to actually end world hunger? As a bn\u2019aire of course Elon Musk would say no. However, he did say onTwitter he is willing to sell Tesla stock worth as much as USD 6 bn \u201cright now\u201d if the World Food Program (WFP) can prove how\u2026","rel":"","context":"In &quot;FOR YOUR COMMUTE&quot;","block_context":{"text":"FOR YOUR COMMUTE","link":"https:\/\/enterpriseam.com\/egypt\/category\/for-your-commute\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/11\/30.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":579583,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/08\/twitter-has-seen-some-rough-days-but-musks-takeover-boosted-user-figures-make-your-doggo-live-longer\/","url_meta":{"origin":550480,"position":5},"title":"Twitter has seen some rough days, but Musk\u2019s takeover boosted user figures + Make your doggo live longer","author":"enterpriseam admin","date":"8 November 2022","format":false,"excerpt":"Has Musk actually been good news for Twitter? 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