Netflix’s disappointing earnings report caused its stock price to tumble about 23% —and one person who appeared to celebrate the news is Tesla CEO Elon Musk, the world’s richest man with a net worth of over $260 billion.
Responding to Netflix over subscriber loss, Musk tweeted late Tuesday night, “The woke mind virus is making Netflix unwatchable.”
What is Woke Mind Virus!
When a user responded to Musk that  “Not just Netflix. Movies in general, videogames, tv, it’s all infested with current year trend woke garbage for fear offending a green haired freak next to the ban button. Nothing original anymore at all, except for media coming out of places like Japan or Korea,ironically.”  Musk agreed, replying “True,” adding, “Can they please just make sci-fi/fantasy at least *mostly* about sci-fi/fantasy.”
By highlighting “the woke mind virus,” Musk appears to be taking issue with Netflix’s attempts to offer more diverse content on its platform.
It is the first time that Netflix's subscribers have fallen since the streaming service became available throughout most of the world outside China six years ago. 

Explained: Woke Mind Virus; why is Musk blaming it for Netflix's downfall

What is Woke Mind Virus! and why is Musk blaming it for Netflix's downfall

Netflix&rsquo;s disappointing earnings report caused its stock price to tumble about 23%&nbsp;&mdash;and one person who appeared to celebrate the news is Tesla CEO Elon Musk.
Responding to&nbsp;Netflix&nbsp;over subscriber&nbsp;loss, Musk&nbsp;tweeted, &ldquo;The woke mind virus is making Netflix unwatchable.&rdquo;
What is Woke Mind Virus!
When a user responded to Musk that&nbsp;&nbsp;&ldquo;Not just Netflix. Movies in general, videogames, tv, it&rsquo;s all infested with current year trend woke garbage for fear offending a green haired freak next to the ban button. Nothing original anymore at all, except for media coming out of places like Japan or Korea,ironically.&rdquo;&nbsp; Musk agreed, replying &ldquo;True,&rdquo;&nbsp;adding, &ldquo;Can they please just make sci-fi/fantasy at least *mostly* about sci-fi/fantasy.&rdquo;
By highlighting &ldquo;the woke mind virus,&rdquo; Musk appears to be taking issue with Netflix&rsquo;s attempts to offer more diverse content on its platform.

It is the first time that Netflix's subscribers have fallen since the streaming service became available throughout most of the world outside China six years ago

Netflix&nbsp;lost on average 2000 subscribers a day over the last 100 days and it will get worse. Why you ask? Elon&nbsp;Musk has an explanation - Woke Mind Virus&nbsp;
Responding to&nbsp;Netflix&nbsp;over subscriber&nbsp;loss, Musk&nbsp;tweeted&nbsp;late Tuesday night, &ldquo;The woke mind virus is making Netflix unwatchable.&rdquo;
Also read/watch|&nbsp;<a title="Are you sharing a Netflix password? Not for long" href="https://www.editorji.com/business-news/are-you-sharing-a-netflix-password-not-for-long-1650438941399">Are you sharing a Netflix password? Not for long</a>
What is Woke Mind Virus!
It is a term that made it's debut from the eccentric billionaire in December 2021 when he accused stand up comedy to have a woke mind where they were not open to taking an opposing side and favoured the left entirely.&nbsp;
He also said this Woke Mind Virus is the single biggest threat to civilization. Alluding to left aligned stand up comedy he said 'wokeness&nbsp;is exclusionary, racist and divisive'&nbsp;
Also read/watch|&nbsp;<a title="Netflix loses viewers for the first time in 10 years" href="https://www.editorji.com/business-news/netflix-loses-viewers-for-the-first-time-in-10-years-1650425032837">Netflix loses viewers for the first time in 10 years</a>
Woke and Netflix&nbsp; When a user responded to Musk that&nbsp;&nbsp;&ldquo;Not just Netflix. Movies in general, videogames, tv, it&rsquo;s all infested with current year trend woke garbage for fear offending a green haired freak next to the ban button. Nothing original anymore at all, except for media coming out of places like Japan or Korea,ironically.&rdquo;&nbsp; Musk agreed, replying &ldquo;True,&rdquo;&nbsp;adding, &ldquo;Can they please just make sci-fi/fantasy at least *mostly* about sci-fi/fantasy.&rdquo;
By highlighting &ldquo;the woke mind virus,&rdquo; Musk appears to be taking issue with Netflix&rsquo;s attempts to offer more diverse content on its platform.

India has taken a bold step to amidst a global food crisis to ban all wheat exports with immediate effect. India which is the second largest producer of wheat was flooded with requests from countries for wheat and has tonnes to spare so why was this ban imperative ? Editorji Explains: 

The government said the move was made in order to “manage the overall food security of the country"
Atta prices in India saw the biggest surge in 11 years in Apri on increased demand
Though buffer stock remains adequate in India, the heatwave has reduced crop production estimates 
Excessive heat typically shrivels grains almost ready for harvest
Price rise for wheat adds pressure to MSP pricing for the govt as well
MSP for this season was fixed at Rs 2,015 per 100 kg while current wheat price in India, at around Rs 2,400 per 100 kg
Countries in wheat trade agreements with Ukraine are now turning to India to ensure supplies adding to domestic pressure 


EJ Explains| Why India has banned wheat exports 

Among the four metros, the average wheat flour retail price was the highest in Mumbai at Rs 49 per kg, followed by Chennai at Rs 34, Kolkata Rs 29, and Delhi Rs 27.

India has taken a bold step to amidst a global food crisis to ban all wheat exports with immediate effect. India which is the second largest producer of wheat was flooded with requests from countries for wheat and has tonnes to spare so why was this ban imperative ? Editorji&nbsp;Explains:&nbsp;
<ul>
<li>The government said the move was made in order to &ldquo;manage the overall food security of the country"</li>
<li>Atta prices in India saw the biggest&nbsp;surge in 11 years in Apri on increased demand</li>
<li>Though buffer stock remains adequate in India, the heatwave&nbsp;has reduced crop production estimates&nbsp;</li>
<li>Excessive heat typically shrivels grains almost ready for harvest</li>
<li>Price rise for wheat adds pressure to MSP pricing for the govt as well</li>
<li>MSP&nbsp;for this season was fixed at Rs 2,015 per 100 kg while&nbsp;current wheat price in India, at around Rs 2,400 per 100 kg</li>
<li>Countries in wheat trade agreements with Ukraine are now turning to India to ensure supplies adding to domestic pressure&nbsp;</li>
<li>Consumer price inflation in India has soared to a 8 year high&nbsp;</li>
<li>India already battling imported inflationary pressures due to high prices of crude</li>
</ul>

India has banned wheat exports with immediate effect as part of measures to control rising domestic prices, according to official notification.
"The export policy of wheat … is prohibited with immediate effect…," the DGFT said in a notification dated May 13.
It also clarified that wheat exports will be allowed on the basis of permission granted by the Government of India to other countries to meet their food security needs and based on the request of their governments.
India is the second largest producer of wheat globally and pressures on prices have surged with the top producer Ukraine being hit by war. Ukraine produces about a fifth of the world's high grade wheat and 7% of all wheat. 
Many countries had already approached India for wheat imports, including Turkey, Egypt, Israel, Oman, Nigeria and South Africa.
But domestically the price rise pressure on basic stables such as atta, bread and even biscuits is showing up. Wheat flour or Atta, the most commonly used food item in Indian kitchens, has seen rates reach a decade high. All India's monthly average retail price of wheat flour stood at Rs 32.38 per kg in April, the highest since January 2010.

India bans export of wheat with immediate effect, DGFT notifies export ban 

Many countries had already approached India for wheat imports, including Turkey, Egypt, Israel, Oman, Nigeria and South Africa.

India bans export of wheat as prices soar domestically

India has prohibited wheat exports with immediate effect, the government said in a notification&nbsp;

India has banned wheat exports with immediate effect as part of measures to control rising domestic prices, according to official notification.
"The export policy of wheat &hellip; is prohibited with immediate effect&hellip;," the DGFT said&nbsp;in a notification dated May 13.
It also clarified that wheat exports will be allowed on the basis of permission granted by the Government of India to other countries to meet their food security needs and based on the request of their governments.
India is the second largest producer of wheat globally and pressures on prices have surged with the top producer Ukraine being hit by war.&nbsp;Ukraine produces about a fifth of the world's high grade wheat and 7% of all wheat.&nbsp;
Many countries had already approached India for wheat imports, including Turkey, Egypt, Israel, Oman, Nigeria and South Africa.
But domestically the price rise pressure on basic stables such as atta, bread and even biscuits is showing up.&nbsp;Wheat flour or Atta, the most commonly used food item in Indian kitchens, has seen rates reach a decade high. All India's monthly average retail price of wheat flour stood at Rs 32.38 per kg in April, the highest since January 2010.

Elon Musk announced on Friday that the Twitter deal has been put on a temporary hold.
"Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users", Musk tweeted citing a Reuters report.
Twitter shares slumped 11 percent pre-market after Musk’s tweet, while Tesla’s gained as much as 4.9 percent. 
Shares of Tesla and Twitter have tumbled this week as investors deal with potential legal issues surrounding Tesla CEO Elon Musk and his $44 billion bid to buy the social media platform.

Elon Musk: Twitter deal on hold

Elon Musk announced on Friday that the Twitter deal has been put on a temporary hold.

Twitter shares slumped 11 percent pre-market after Musk&rsquo;s tweet, while Tesla&rsquo;s gained as much as 4.9 percent.&nbsp;

Elon&nbsp;Musk announced on Friday that the Twitter deal has been put on a temporary hold.
"Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users", Musk tweeted citing a Reuters&nbsp;report.
Also read/watch|&nbsp;<a title="Terra's Terror: Crypto reality strikes; outrage as LUNA coin disappears" href="https://www.editorji.com/business-news/terra-s-terror-crypto-reality-strikes-outrage-as-luna-coin-disappears-1652421871975">Terra's Terror: Crypto reality strikes; outrage as LUNA coin disappears</a>
Twitter shares slumped 11 percent pre-market after Musk&rsquo;s tweet, while Tesla&rsquo;s gained as much as 4.9 percent.&nbsp;
Shares of Tesla and Twitter have tumbled this week as investors deal with potential legal issues surrounding Tesla CEO Elon Musk and his $44 billion bid to buy the social media platform.

Barely recovered from a two-year bout of Covid, emerging markets, and now capital flight. Inflation in Turkey has surged to a two-decade high of 69.97% in April. 
Skyrocketing prices have placed significant pressure on households and ramped up criticism of President Recep Tayyip Erdogan, whose unconventional economic policies are often blamed for the economic turmoil.
In April, the bank kept its benchmark interest rate steady for the fourth consecutive month, bowing to pressure despite high inflation.
Russia’s invasion of Ukraine, which led to a surge in gas, oil and grain prices, has compounded the situation in import-reliant Turkey. The biggest price increases in Turkey last month were in the transportation sector, at 106%, followed by food and non-alcoholic beverage prices at 89%, according to the data.
The Turkish Statistical Institute said consumer prices rose by 69.97 per cent in April compared with the previous year, the biggest year-over-year increase since 2002. The annual inflation rate was up from 61.14 per cent in March. 

Turkey: economic pain continues as inflation accelerates to 70%

Shocking Inflation: This country has a 70% inflation rate

Turkey's cost of living crisis is growing after official data showed that inflation in the country rose to nearly 70%

Turkey is facing the highest prices in over 20 years as inflation soared to an unimaginable 70% in April and yet there is little in the arsenal to fight runaway inflation.&nbsp;Despite soaring prices President Recep Tayyip Erdogan, who is a self proclaimed enemy of rate hikes, has insisted that the central bank keeps rates unchanged. This easy money policy while the global market changed course has led to a crisis in the currency, which lost as much as half its value against the dollar in a matter of weeks in December. Despite some stability the value of the Lira is down 12% vs the dollar in the year so far.&nbsp;
Also read/watch|&nbsp;<a title="Shocking Inflation: This country raised prices of basic staples by 300%&nbsp;" href="https://www.editorji.com/business-news/economy/shocking-inflation-this-country-raised-prices-of-basic-staples-by-300-1652423177372">Shocking Inflation: This country raised prices of basic staples by 300%&nbsp;</a> The biggest price increases in April were in the transport sector, standing at 105.9%, while the prices of food and non-alcoholic drinks jumped 89.1%.
Turkey&rsquo;s financial crisis has been further compounded by Russia&rsquo;s invasion of&nbsp;Ukraine, which has driven up prices, particularly for wheat. The loss of Ukrainian supplies has left it scrambling to find alternatives. For the first time, Turkey has placed orders for 50,000 tonnes of wheat imports from India and reports indicate&nbsp;has started to buy wheat through private electronic-mandi&nbsp;as the price of 'atta' touches a record high even in India.&nbsp;

Iran abruptly raised prices as much as 300% for a variety of staples such as cooking oil, chicken, eggs and milk on Thursday.
Scores of alarmed Iranians waited in long lines to snatch up bundles of food and emptied supermarket shelves across the country in the hours before the price hike took effect.
With the price of flour already up tenfold, the latest move was likely to cause more hardship for many Iranians.
On Thursday, Iran's currency dropped to a low of 300,000 rial to the dollar.
Food prices across the Middle East have surged due to global supply chain snarls and Russia's invasion of Ukraine, which both export many essentials.
Iran imports half of its cooking oil from Ukraine, where fighting has kept many farmers from the fields.
Although Iran produces roughly half of its own wheat, the war has added to inflationary pressures.

Shocking Inflation: This country raised prices of basic staples by 300% 

Scores of alarmed Iranians waited in long lines to snatch up bundles of food

Iran abruptly raised prices as much as 300% for a variety of staples such as cooking oil, chicken, eggs and milk on Thursday.
Scores of alarmed Iranians waited in long lines to snatch up bundles of food and emptied supermarket shelves across the country in the hours before the price hike took effect.
With the price of flour already up tenfold, the latest move was likely to cause more hardship for many Iranians.
Also read/watch|&nbsp;<a title="Terra's Terror: Crypto reality strikes; outrage as LUNA coin disappears" href="https://www.editorji.com/business-news/terra-s-terror-crypto-reality-strikes-outrage-as-luna-coin-disappears-1652421871975">Terra's Terror: Crypto reality strikes; outrage as LUNA coin disappears</a>
On Thursday, Iran's currency dropped to a low of 300,000 rial to the dollar.
Food prices across the Middle East have surged due to global supply chain snarls and Russia's invasion of Ukraine, which both export many essentials.
Iran imports half of its cooking oil from Ukraine, where fighting has kept many farmers from the fields.
Although Iran produces roughly half of its own wheat, the war has added to inflationary pressures.

After falling to a near-zero level, Terra crypto coins LUNA and UST have just vanished from the crypto exchange platform CoinDCX.
There was an outrage on Twitter on Friday morning as several users of the platform complained about their investments in Terra being vanished.
While some users complained that they were not informed about the delisting of Terra, others were just calling it a scam as they were not able to see their Terra LUNA and UST coins.
At the same time, another crypto exchange WazirX tweeted out saying that the platform would delist the LUNA coins and the users would be able to withdraw their investments.
Binance warned Thursday that it would delist the LUNA/Tether trading pair if LUNA’s price fell below 0.005 Tether, or about half a penny.
While the blockchain behind the collapsed Terra USD stablecoin and the affiliated LUNA token stopped processing new transactions for the second time in less than a day.
Terraform Labs said in a tweet from their verified account that validators, the entities responsible for verifying transactions on the blockchain, took the step to “come up with a plan to reconstitute” the Terra network.
Arbitrage opportunity on Terra coins led to the death spiral of these cryptocurrencies. When UST fell below 30 cents this week, traders made 3x profits as they exchanged them and withdrew in LUNA.
Click here to know what happened with Terra LUNA and UST coins and why they turned to zero.

Crypto reality strikes; outrage as Terra LUNA coin disappears

Crypto coins Terra UST and LUNA just disappeared from the CoinDCX exchange. Others announce to delist.

Terra creates terror: Crypto collapse raises the question of scam

Terra USD stablecoin and the affiliated LUNA token stopped processing new transactions for the second time in less than a day.

After falling to a near-zero level, Terra crypto&nbsp;coins LUNA and UST have just vanished from the crypto&nbsp;exchange platform CoinDCX.
There was an outrage on Twitter on Friday morning as several users of the platform complained about their investments in Terra being vanished.
While some users complained that they were not informed&nbsp;about the delisting&nbsp;of Terra, others were just&nbsp;calling it a scam as they were not able to see their Terra LUNA and UST&nbsp;coins.
At the same time, another crypto&nbsp;exchange&nbsp;WazirX&nbsp;tweeted out&nbsp;saying that the platform would delist&nbsp;the LUNA coins and the users would be able to withdraw their investments.
Binance warned Thursday that it would delist the LUNA/Tether trading pair if LUNA&rsquo;s price fell below 0.005 Tether, or about half a penny.
While the blockchain behind the collapsed Terra USD stablecoin and the affiliated LUNA token stopped processing new transactions for the second time in less than a day.
Terraform Labs&nbsp;said in a tweet from their verified account that validators, the entities responsible for verifying transactions on the blockchain, took the step to &ldquo;come up with a plan to reconstitute&rdquo; the Terra network.
Arbitrage opportunity&nbsp;on Terra coins led to the death spiral of these&nbsp;cryptocurrencies. When UST&nbsp;fell below 30 cents this week, traders made 3x profits as they exchanged them and withdrew in LUNA.
<a href="https://www.editorji.com/business-news/cryptocurrency/terra-usd-and-luna-the-whole-fiasco-explained-1652346670378" target="_blank">Click here</a> to know what happened&nbsp;with Terra LUNA and UST&nbsp;coins and why they turned to zero.

Video of a violent car crash at the Greater Columbus Convention Center last week shows the Tesla smashing into the side of the building after jumping traffic light. The video shows three different angles of the crash, including from inside the convention center. The car, identified in a Columbus police accident report as a 2020 Tesla Model S can be seen hitting a planter before slamming through a glass entranceway into the building.The driver, Frantz Jules told police his brakes went out while on a state highway. No one was injured in the crash and the 63-year-old Jules was taken to a hospital.Three witnesses at the scene reportedly told police they saw the car appear to speed up in order to make it through a yellow traffic light and did not slow down before hitting the building.

WATCH: A Tesla crashes into a convention centre 

The video shows three different angles of the crash, including from inside the convention center. The car, identified in a Columbus police accident report as a 2020 Tesla Model S can be seen hitting a planter before slamming through a glass entranceway into the building.

Tesla crashes at high speed into a convention centre

Surveillance video from the Greater Columbus Convention Center captured the moment when a Tesla crashed into the building

Video of a violent car crash at the Greater Columbus Convention Center last week shows the Tesla smashing into the side of the building after jumping a traffic light.&nbsp; The video shows three different angles of the crash, including from inside the convention center. The car, identified in a Columbus police accident report as a 2020 Tesla Model S can be seen hitting a planter before slamming through a glass entranceway into the building.
Also read/watch| <a title="Twitter CEO Parag Agrawal fires top executives, find out what happened" href="https://www.editorji.com/business-news/twitter-ceo-parag-agrawal-fires-top-executives-find-out-what-happened-1652409117909">Twitter CEO Parag Agrawal fires top executives, find out what happened</a> The driver, Frantz Jules told police his brakes went out while on a state highway. No one was injured in the crash and the 63-year-old Jules was taken to a hospital. Three witnesses at the scene reportedly told police they saw the car appear to speed up in order to make it through a yellow traffic light and did not slow down before hitting the building.

Twitter CEO Parag Agrawal sent out an internal memo to employees as he let go of top executives and announced massive cost cutting and a total hiring freeze as the market reality shifts for tech: Read what Parag Agrawal wrote to Twitter Employees-:
Team,
Building Twitter and serving our customers around the world is important yesterday, today, and tomorrow. Our purpose is existential. During this time of change, it’s critical that we continue to strengthen our work through increased accountability and execution to make Twitter everything it can be. The priorities and decisions we make now will not only bolster how we navigate through this time, but also for the longer-term success of Twitter which I care about deeply. Some changes are happening to us and some we will drive. A number of these changes are difficult but they are right for Twitter and its future.Current environment
At the beginning of the pandemic in 2020, the decision was made to invest aggressively to deliver big growth in audience and revenue, and as a company we did not hit intermediate milestones that enable confidence in these goals. More recently, the global macroeconomic environment has become less favorable, the war in Ukraine has impacted our results, and may continue to do so. Many other companies have been experiencing a similar effect. And, of course, we are in the middle of an acquisition and we don’t yet know the timing of the close. In order to responsibly manage the organization as we sharpen our roadmaps and our work, we need to continue to be intentional about our teams, hiring and costs.
Hiring
Effective this week, we are pausing most hiring and backfills, except for business critical roles as determined by Staff members in partnership with their HRBPs. We will also be reviewing all extended offers to determine criticality and those that should be pulled back. We are not planning company-wide layoffs, but leaders will continue making changes to their organizations to improve efficiencies as needed. As always, performance management will continue to be a priority at this time at all levels to ensure we have the strongest teams possible.
Budgeting
We also need to pull back on non-labor costs to ensure we are being responsible and efficient. We are reducing contractor and consulting spend, travel and events, marketing, our real estate footprint, on premise and public-cloud related infrastructure spend, and other operational costs. Please continue to treat Twitter’s resources as you would your own, and manage tightly to your budgets, prioritizing what matters most.
As promised, I will continue to communicate often and directly with all of you as we continue to move forward. Next week, will be holding a virtual offsite with our Global Leadership Team (GLT) to drive further cohesion and focus, and strengthen our collective plans to best support all of you. We will report out the outputs of that meeting to you.
While we are in a ton of change right now, historically, Twitter often is. What stays true is our purpose, Twitter’s importance and the criticality of our work, and how we come together. Thank you for your leadership, your focus and your support for one another.
Parag

Twitter CEO Parag Agrawal's memo REVEALED: Cost cutting, layoffs, hiring freeze

"More recently, the global macroeconomic environment has become less favorable"

Twitter CEO&nbsp;Parag&nbsp;Agrawal&nbsp;sent out an internal memo to employees as he let go of top executives and announced massive cost cutting along with d a total hiring freeze at the social media platform amidst Elon Musk's takeover. The justification he gives is a new&nbsp;market; read what Parag&nbsp;Agrawal&nbsp;wrote to Twitter employees-:
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/twitter-ceo-parag-agrawal-fires-top-executives-find-out-what-happened-1652409117909" target="_blank">Twitter CEO Parag Agrawal fires top executives, find out what happened</a>
Team,
Building Twitter and serving our customers around the world is important yesterday, today, and tomorrow. Our purpose is existential. During this time of change, it&rsquo;s critical that we continue to strengthen our work through increased accountability and execution to make Twitter everything it can be. The priorities and decisions we make now will not only bolster how we navigate through this time, but also for the longer-term success of Twitter which I care about deeply. Some changes are happening to us and some we will drive. A number of these changes are difficult but they are right for Twitter and its future. Current environment
At the beginning of the pandemic in 2020, the decision was made to invest aggressively to deliver big growth in audience and revenue, and as a company we did not hit intermediate milestones that enable confidence in these goals. More recently, the global macroeconomic environment has become less favorable, the war in Ukraine has impacted our results, and may continue to do so. Many other companies have been experiencing a similar effect. And, of course, we are in the middle of an acquisition and we don&rsquo;t yet know the timing of the close. In order to responsibly manage the organization as we sharpen our roadmaps and our work, we need to continue to be intentional about our teams, hiring and costs.
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/cryptocurrency/terra-usd-and-luna-the-whole-fiasco-explained-1652346670378" target="_blank">Terra USD and LUNA: The whole fiasco explained</a>
Hiring
Effective this week, we are pausing most hiring and backfills, except for business critical roles as determined by Staff members in partnership with their HRBPs. We will also be reviewing all extended offers to determine criticality and those that should be pulled back. We are not planning company-wide layoffs, but leaders will continue making changes to their organizations to improve efficiencies as needed. As always, performance management will continue to be a priority at this time at all levels to ensure we have the strongest teams possible.
Budgeting
We also need to pull back on non-labor costs to ensure we are being responsible and efficient. We are reducing contractor and consulting spend, travel and events, marketing, our real estate footprint, on premise and public-cloud related infrastructure spend, and other operational costs. Please continue to treat Twitter&rsquo;s resources as you would your own, and manage tightly to your budgets, prioritizing what matters most.
Also read/watch |<a href="https://www.editorji.com/business-news/markets/crypto-markets-scripting-a-scary-story-coins-down-99-billionaires-lose-90-wealth-1652337306286" target="_blank">&nbsp;Crypto markets scripting a scary story; coins down 99%, billionaires lose 90% wealth</a>
As promised, I will continue to communicate often and directly with all of you as we continue to move forward. Next week, will be holding a virtual offsite with our Global Leadership Team (GLT) to drive further cohesion and focus, and strengthen our collective plans to best support all of you. We will report out the outputs of that meeting to you.
While we are in a ton of change right now, historically, Twitter often is. What stays true is our purpose, Twitter&rsquo;s importance and the criticality of our work, and how we come together. Thank you for your leadership, your focus and your support for one another.
Parag
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/markets/inflation-shockers-cpi-at-the-highest-level-since-2014-clocks-in-at-7-79-1652357336421" target="_blank">Inflation Shocks! CPI at the highest level since 2014, clocks in at 7.79%</a>

Twitter is making headlines but this time it is not Elon Musk but CEO Parag Agrawal that is in the news. Headlines hit that there was a shakeup in the top leadership of the social media platform but the story unveiled when the consumer product leader as well as the head of revenue took to Twitter to tell their story. Consumer product leader Kayvon Beykpour, who was on a paternity leave announced on Twitter that CEO Parag Agrawal “asked me to leave after letting me know that he wants to take the team in a different direction.” After Kayvon's disclosure, Bruce Falck who was general manager of revenue and head of product for Twitter's business side, also took to the social media platform to cofirm that he too was fired by CEO Parag Agrawal. An internal memo sent by Twitter boss Parag Agrawal confirmed the departure without expanding on the rationale. 

Twitter CEO Parag Agrawal fires top executives, find out what happened

Top executive tweeted ‘Parag asked me to leave after letting me know that he wants to take the team in a different direction

Bruce Falck, the general manager of revenue and head of product for its business side, confirmed in a tweet that he was also fired by Agrawal.

Twitter is making headlines but this time it is not Elon&nbsp;Musk but CEO&nbsp;Parag Agrawal&nbsp;that is in the news. Headlines hit that there was a shakeup&nbsp;in the top leadership of the social media platform but the story unveiled when the consumer product leader as well as the head of revenue took to Twitter to tell their story.&nbsp;
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/markets/inflation-shockers-cpi-at-the-highest-level-since-2014-clocks-in-at-7-79-1652357336421" target="_blank">Inflation Shocks! CPI at the highest level since 2014, clocks in at 7.79%</a> Consumer product leader&nbsp;Kayvon Beykpour, who was on a paternity leave&nbsp;announced on Twitter&nbsp;that&nbsp;CEO Parag Agrawal&nbsp;&ldquo;asked me to leave after letting me know that he wants to take the team in a different direction.&rdquo;&nbsp; After&nbsp;Kayvon's&nbsp;disclosure,&nbsp;Bruce Falck&nbsp;who was&nbsp;general manager of revenue and head of product for Twitter's business side, also took to the social media platform to cofirm&nbsp;that he too was fired by CEO&nbsp;Parag&nbsp;Agrawal.&nbsp;
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/who-is-campbell-wilson-the-new-ceo-of-air-india-1652353689765" target="_blank">Who is Campbell Wilson, the new CEO of Air India?</a> An internal memo sent by Twitter boss Parag&nbsp;Agrawal&nbsp;confirmed the departure without expanding on the rationale.&nbsp;

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The United States Supreme Court revived a lawsuit filed by farmers and fishermen in Gujarat that revokes the immunity of International Finance Corp or IFC . The villagers had filed a lawsuit seeking to hold the World Bank arm responsible for abetting environmental damage by helping the Tata Group with 450 million dollars to build a power plant. The IFC loans included provisions that certain environmental standards are met- but the villagers argued that the plant destroyed their ecology and marine life.

The United States Supreme Court revived a lawsuit filed by farmers and fishermen in Gujarat that revokes the immunity of International Finance Corp or IFC . The villagers had filed a lawsuit seeking to hold the World Bank arm responsible for abetting environmental damage by helping the Tata Group with 450 million dollars to build a power plant. The IFC loans included provisions that certain environmental standards are met- but the villagers argued that the plant destroyed their ecology and marine life.

India or Indonesia? Elon Musk is scouting out sites to make more Teslas for global roads. 
After months of a tiff with the Indian govt surrounding the cut in import duty for EVs, the chances of Musk making India the hub for Tesla production in Asia look bleak, at least for now.
Indonesia, which has the world’s biggest nickel reserves and is keen to develop a nickel-based EV industry at home, has been trying to secure a deal with Tesla for years on battery investment and potentially for Musk's SpaceX aerospace company.Why Indonesia?In recent months, Indonesia has grabbed the attention of several battery and car manufacturers through its variety of incentives. The country, which has the world's most extensive nickel reserves, wants to build a complete supply chain for extracting battery chemicals from the metal rather than simply exporting it.With a friendly policy bolstering the country’s EV goals, manufacturers have started committing billions of dollars. LG Energy Solution, along with other companies, is investing about $9 billion to set up a supply chain, from mining to manufacturing, in the country. Together with Hyundai Motor Co., the firm is developing a battery plant, too, as per a Bloomberg report.

Not India, Elon Musk may choose Indonesia as Tesla's production hub

Tesla manufacturing: India's loss, Indonesia's gain?

Indonesia's government said in a statement that President Joko Widodo met Tesla Inc Chief Executive Elon Musk in Texas.

India or Indonesia? Elon Musk is scouting out sites to make more Teslas for global roads.&nbsp;
Dissatisfied with India's high import duties and lack of an ecosystem to support EV sales,&nbsp;Musk is exploring other locations in Asia for a Tesla factory. And Indonesia could mark the spot. Also read/ watch|&nbsp;<a title="LIC IPO listing tomorrow: What does the grey market say" href="https://www.editorji.com/business-news/lic-ipo-listing-tomorrow-what-does-the-grey-market-say-1652672129856">LIC IPO listing tomorrow: What does the grey market say</a> Bloomberg&nbsp;reports that Elon&nbsp;Musk&nbsp;met with Indonesian President Joko Widodo at the rocket manufacturer&rsquo;s site in Boca Chica, Texas, over the weekend, during which Widodo extended an invite for the CEO.&nbsp; Musk as per a statement released by the President's office is looking at visit&nbsp;&ldquo;Hopefully in November" Also read/watch|<a title=" Adani to acquire Ambuja Cement and ACC from Holcim" href="https://www.editorji.com/business-news/markets/adani-to-acquire-ambuja-cement-and-acc-from-holcim-1652636823053"> Adani to acquire Ambuja Cement and ACC from Holcim</a> Indonesia, which has the world&rsquo;s biggest nickel reserves and is keen to develop a nickel-based EV industry at home, has been trying to secure a deal with Tesla for years on battery investment and potentially for Musk's SpaceX aerospace company.

LIC IPL Listing: LIC IPO, which opened for subscription earlier this month, is all set to list on the Indian exchanges on Tuesday, i.e May 17, 2022.

LIC IPO listing tomorrow: What does the grey market say

All eye on LIC IPO listing 

LIC&nbsp;is India's largest&nbsp;IPO&nbsp;till date as the government sold 3.5% stake for Rs 21,000 crore.

LIC IPO, which opened for subscription earlier this month, is all set to list on the Indian exchanges on Tuesday, i.e May 17, 2022.
The country's largest IPO&nbsp;by size -- Rs 21,000 crore-- got subscribed almost three times the offer, but investors may be a tad disappointed with the Initial public offering (IPO)&nbsp;listing.
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/markets/adani-to-acquire-ambuja-cement-and-acc-from-holcim-1652636823053" target="_blank">Adani to acquire Ambuja Cement and ACC from Holcim</a>
The government has fixed the issue price of <a href="https://www.editorji.com/business-news/lic-ipo-how-policyholders-can-apply-for-discount-1651640842198" target="_blank">Life Insurance Corporation (LIC)</a> shares at Rs 949 apiece, the upper end of the IPO price band. LIC policyholders and retail investors have got the shares at a price of Rs 889 and Rs 904 a piece, respectively. The grey market premium (GMP) on the Life Insurance Corporation shares fell from as high as Rs 90 a share to zero and now finally to the negative zone. The GMP on <a href="https://www.editorji.com/business-news/markets/lic-ipo-the-path-to-profitability-explored-with-flexi-capital-1651739487113" target="_blank">LIC&nbsp;IPO</a>&nbsp;price was negative Rs 20, as per some reports.
The <a href="https://www.editorji.com/business-news/markets/reliance-jio-reliance-retail-ipo-coming-reports-1651201183978" target="_blank">Initial Public Offering (IPO)</a> of Life Insurance Corporation (LIC) closed on May 9 and shares were allocated to bidders on May 12. The insurance giant has weathered turbulence en route to Dalal&nbsp;Street already.&nbsp;LIC had last month reduced its IPO size to 3.5 per cent from 5 per cent decided earlier due to the prevailing choppy market conditions. Even after the reduced size of over Rs 20,557 crore, LIC IPO is the biggest initial public offering ever in the country. &nbsp; The share sale initially planned to hit the markets in March. But the uncertainty in stock markets due to Russia-Ukraine war pushed the issue to current fiscal which begun in April.
Also read/watch | <a href="https://www.editorji.com/business-news/economy/ej-explains-why-india-has-banned-wheat-exports-1652506422550" target="_blank">Why India has banned wheat exports</a>

India's richest man Gautam Adani is cementing his position now as cement czar as he pips put rivals Jindal and Birla to acquire Holcim's India assets and be the new boss for cement majors ACC and Ambuja.

Gautam Adani to acquire Ambuja Cement and ACC from Holcim

Holcim, through its subsidiaries, holds 63.19 per cent in Ambuja Cements and 54.53 per cent in ACC (of which 50.05 per cent is held through Ambuja Cements).

Adani to acquire Ambuja Cement and ACC from Holcim

With this, Adani now becomes India&rsquo;s second largest cement manufacturer with a capacity of about 70 Metric Tonnes Per Annum (MTPA)

India's richest man Gautam&nbsp;Adani is cementing his position now as cement czar as he pips put rivals Jindal&nbsp;and Birla&nbsp;to acquire Holcim's&nbsp;India assets and be the new boss for cement majors ACC and Ambuja. At $10.5 bn this the largest ever acquisition by Adani, and India&rsquo;s largest ever M&amp;A transaction in the infrastructure and materials space, The deal&nbsp;values includes&nbsp;Holcim stake and open offer consideration for Ambuja Cements and ACC
With this, <a href="https://www.editorji.com/business-news/markets/gautam-adani-is-now-asia-s-richest-man-surpasses-the-wealth-of-mukesh-ambani-mark-zuckerberg-1644289000296" target="_blank">Gautam&nbsp;Adani</a> now becomes India&rsquo;s second largest cement manufacturer with a capacity of about 70 Metric Tonnes Per Annum (MTPA) right behind Birla&nbsp;owned UltaTech&nbsp;which is India's largest cement company.&nbsp;
Holcim, through its subsidiaries, holds 63.19 per cent in Ambuja Cements and 54.53 per cent in ACC (of which 50.05 per cent is held through Ambuja Cements).
Holcim in a statement said, "The corresponding offer share prices of Rs 385 for Ambuja Cement and Rs 2,300 for ACC translate into cash proceeds of CHF 6.4 billion (Swiss Franc) for Holcim." Adani has in the last couple of years diversified beyond its core business of operating ports, power plants and coal mines into airports, data centres and clean energy.
The group had last year set up two cement subsidiaries - Adani Cementation Ltd which was planning to set up two cement units at Dahej in Gujarat and Raigarh in Maharashtra; and Adani Cement Ltd.
Also Watch/Read:<a href="https://www.editorji.com/business-news/lic-ipo-listing-tomorrow-what-does-the-grey-market-say-1652672129856" target="_blank">&nbsp;LIC IPO listing tomorrow: What does the grey market say</a>&nbsp;
The world's largest cement maker Holcim last month announced its exit from the country after struggling here for a long. The company through two listed entities <a href="https://www.editorji.com/business-news/ambuja-cements-acc-up-for-sale-1649909380297" target="_blank">ACC</a> and Ambuja has 66 million tonnes per annum capacity (MTPA).
Holcim was in talks with several business houses including Aditya Birla Group, which owns the leading cement players UltraTech and steel-to-energy conglomerate JSW Group.
The group, which had entered the market 17 years ago, holds a 63.19 per cent stake in Ambuja and a 4.48 per cent in ACC while Ambuja owns a 50.05 per cent stake in ACC.
ACC has 17 cement manufacturing units, 9 captive power plants and 6,643 employees along with a distribution network of 56,000 dealers &amp; retailers and a countrywide.
<a href="https://www.editorji.com/business-news/ambuja-cements-acc-up-for-sale-1649909380297" target="_blank">Ambuja Cements</a> has a cement capacity of 31 million tonnes with 6 integrated cement manufacturing plants and 8 cement grinding units across the country.

Joe versus Jeff. Biden versus Bezos. Twitter turned into a battleground for two titans from politics and industry, as the founder of Amazon clashed with the US President.
It started with Joe Biden's tweet on May 14. The American President tweeted, "You want to bring down inflation? Let’s make sure the wealthiest corporations pay their fair share."
This statement greatly irked Bezos, who didn't waste much time in retorting, "The newly created Disinformation Board should review this tweet, or maybe they need to form a new Non Sequitur Board instead. Raising corporate taxes is fine to discuss. Taming inflation is critical to discuss. Mushing them together is just misdirection."
Amazon reportedly paid $3.7 billion in US taxes in 2021, while earning a global revenue of $469 billion.
Clashing with the President is nothing new for Bezos, who had quite a few run-ins with Biden's predecessor Donald Trump. Bezos owns the news outlet The Washington Post, and Trump tried to discredit their stories by claiming that Bezos has a vendetta against him.

Amazon founder vs Joe Biden: Jeff Bezos slams US President for linking inflation, wealth tax

Jeff Bezos versus Joe Biden: Amazon's founder objected to the US President's statement linking inflation control to higher taxes on wealthy corporations.

Joe versus Jeff. Biden versus Bezos. Twitter turned into a battleground for two titans from politics and industry, as the founder of Amazon clashed with the US President.
It started with Joe Biden's tweet on May 14. The American President tweeted, "You want to bring down inflation? Let&rsquo;s make sure the wealthiest corporations pay their fair share."
This statement greatly irked Bezos, who didn't waste much time in retorting, "The newly created Disinformation Board should review this tweet, or maybe they need to form a new Non Sequitur Board instead. Raising corporate taxes is fine to discuss. Taming inflation is critical to discuss. Mushing them together is just misdirection."
Amazon reportedly paid $3.7 billion in US taxes in 2021, while earning a global revenue of $469 billion.
Clashing with the President is nothing new for Bezos, who had quite a few run-ins with Biden's predecessor Donald Trump. Bezos owns the news outlet The Washington Post, and Trump tried to discredit their stories by claiming that Bezos has a vendetta against him.

Crippling sanctions imposed on Russia by the US and other western nations are already showing an impact on the global economy, with rising energy & commodity prices and supply chains hit. 
While the West has signalled a clear decoupling from Moscow, should India brace for impact? Finance Minister Nirmala Sitharaman's visit to the United States this week allayed some fears.
The trip comes close on the heels of the US-India 2+2 dialogue held earlier this month, and is well-timed to steer the bilateral trade relationship between the two nations, in a favourable direction.
Nirmala Sitharaman's agenda is packed. A meeting with the IMF Managing Director; followed by bilateral meetings with Indonesia, South Korea, Sri Lanka; a meeting with World Bank president David Malpass; meetings with US CEOs from the semiconductor, energy and other priority sectors; an address at the Atlantic Council; and, an interaction with the faculty and students of Stanford University.
Things seem to be going well. International Monetary Fund Managing Director Kristalina Georgieva has lauded India for its well-targeted policy mix to keep the economy resilient. She also praised India’s commitment to support economic growth through capital expenditure.
Although there was some discomfort over India buying discounted oil from Russia to meet its energy needs, the US has not set a "red line".
After the US and China, India is the world's third-largest consumer of oil, over 80% of which is imported.  In 2021, India bought about 12 million barrels of Urals oil from Russia, around 2% of its total imports.
However, since February, India's oil imports from the US have gone up significantly, which is good news for India-US ties. According to officials, India's oil imports from the US are expected to rise by 11% amid criticism over Russia. 
The partnership between the world’s two largest democracies and free-market societies has shown impressive gains. The United States is India's largest trading partner with bilateral trade between the two nations at $113.6bn in 2019-20. India's exports to the US stood at $51.62 bn in 2020-21, while India's imports from the US were about $28.9 bn in 2020-21.
China’s assertiveness is another major reason why both India and the United States seem to be aligned in their economic and trade strategies. Despite divergences on Russia, the US and India understand that ceding the Indo-Pacific region to China may have irreversible consequences.
Therefore, the first step in cementing those ties was to restart the Trade Policy Forum or TPF after a gap of 4 years. US trade representative Katherine Tai met Commerce Minister Piyush Goyal in Delhi last November, to discuss “the full range” of issues affecting their trade relationship.
The Biden administration is also shaping up the Indo-Pacific Economic Framework or IPEF, to economically re-engage with the region, with India taking the lead.
The IPEF will set the US agenda, with a focus on 4 pillars: fair and resilient trade; infrastructure, clean energy, and decarbonization; supply chain resiliency; and tax and anti-corruption. Finance Minister Nirmala Sitharaman has called it ‘a fantastic thought’ which will further bolster India-US ties.
“It is a very innovative way of engaging with countries in that region--Vietnam, Philippines, Malaysia, Thailand. PM Modi is looking at it and we will take a considered view. It will bring new traction to the relationship", said the Finance Minister.
Washington understands that India is an important trading partner, so expanding the mandate of the Quad may be another way to shape the regional economic order to counter China’s influence.
Australia, India, Japan, and the United States, represent four of the largest and strongest economies that should be involved in setting the rules of the game, via a trade working group.
Experts have also argued that a bilateral free trade agreement could be the next frontier in the US-India relationship. Simply because it is not sustainable for the world's two largest economies to not have a trade architecture in place between them, and be outside of the Trans-Pacific Partnership. 
Washington & New Delhi are now looking to take bold strides, to show that democracies can deliver.  $500bn in bilateral trade between the two countries, seems like an achievable target. This will position the US-India partnership as a force to reckon with, and provide impetus for global growth.

Decoded | Nirmala Sitharaman's visit in Washington: Bid to boost India-US trade ties?

Trade ties on agenda, Nirmala Sitharaman's US visit builds on the crucial 2+2 dialogue held earlier this month between the world's two biggest democracies, despite divergence on Russia.


Finance Minister Nirmala Sitharaman's&nbsp;US visit builds on the crucial 2+2 dialogue held earlier this month between the world's two biggest democracies, amid the ongoing Russia-Ukraine crisis.

Crippling sanctions imposed on Russia by the US and other western nations are already showing an impact on the global economy, with rising energy &amp; commodity prices and supply chains hit.&nbsp;
While the West has signalled a clear decoupling from Moscow, should India brace for impact? Finance Minister Nirmala Sitharaman's visit to the United States this week allayed some fears.
The trip comes close on the heels of the US-India 2+2 dialogue held earlier this month, and is well-timed to steer the bilateral trade relationship between the two nations, in a favourable direction.
Nirmala Sitharaman's agenda is packed.&nbsp;A meeting with the IMF Managing Director;&nbsp;followed by bilateral meetings with Indonesia, South Korea, Sri Lanka;&nbsp;a meeting with World Bank president David Malpass;&nbsp;meetings with US CEOs from the semiconductor, energy and other priority sectors;&nbsp;an address at the Atlantic Council;&nbsp;and, an interaction with the faculty and students of Stanford University.
Things seem to be going well. International Monetary Fund Managing Director Kristalina Georgieva has lauded India for its well-targeted policy mix to keep the economy resilient. She also praised India&rsquo;s commitment to support economic growth through capital expenditure.
Although there was some discomfort over India buying discounted oil from Russia to meet its energy needs, the US has not set a "red line".
After the US and China, India is the world's third-largest consumer of oil, over 80% of which is imported.&nbsp; In 2021, India bought about 12 million barrels of Urals oil from Russia, around 2% of its total imports.
However, since February, India's oil imports from the US have gone up significantly, which is good news for India-US ties.&nbsp;According to officials, India's oil imports from the US are expected to rise by 11% amid criticism over Russia.&nbsp;
The partnership between the world&rsquo;s two largest democracies and free-market societies has shown impressive gains.&nbsp;The United States is India's largest trading partner with bilateral trade between the two nations at $113.6bn in 2019-20.&nbsp;India's exports to the US stood at $51.62 bn in 2020-21, while&nbsp;India's imports from the US were about $28.9 bn in 2020-21.
China&rsquo;s assertiveness is another major reason why both India and the United States seem to be aligned in their economic and trade strategies. Despite divergences on Russia, the US and India understand that ceding the Indo-Pacific region to China may have irreversible consequences.
Therefore, the first step in cementing those ties was to restart the Trade Policy Forum or TPF after a gap of 4 years. US trade representative Katherine Tai met Commerce Minister Piyush Goyal in Delhi last November, to discuss &ldquo;the full range&rdquo; of issues affecting their trade relationship.
The Biden administration is also shaping up the Indo-Pacific Economic Framework or IPEF, to economically re-engage with the region, with India taking the lead.
The IPEF will set the US agenda, with a focus on 4 pillars: fair and resilient trade; infrastructure, clean energy, and decarbonization; supply chain resiliency; and tax and anti-corruption.&nbsp;Finance Minister Nirmala Sitharaman has called it &lsquo;a fantastic thought&rsquo; which will further bolster India-US ties.
&ldquo;It is a very innovative way of engaging with countries in that region--Vietnam, Philippines, Malaysia, Thailand. PM Modi is looking at it and we will take a considered view. It will bring new traction to the relationship", said the Finance Minister.
Washington understands that India is an important trading partner, so expanding the mandate of the Quad may be another way to shape the regional economic order to counter China&rsquo;s influence.
Australia, India, Japan, and the United States, represent four of the largest and strongest economies that should be involved in setting the rules of the game, via a trade working group.
Experts have also argued that a bilateral free trade agreement could be the next frontier in the US-India relationship. Simply because it is not sustainable for the world's two largest economies to not have a trade architecture in place between them, and be outside of the Trans-Pacific Partnership.&nbsp;
Washington &amp; New Delhi are now looking to take bold strides, to show that democracies can deliver.&nbsp;&nbsp;$500bn in bilateral trade between the two countries, seems like an achievable target.&nbsp;This will position the US-India partnership as a force to reckon with, and provide impetus for global growth.

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