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Good Morning!
Today we’re talking EXXON massive deal, Elon Musk Sued, Jobs report
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Let’s get into it!
EXXON NEARS MASSIVE DEAL
Source: Bloomberg, WSJ
Exxon Mobil is reportedly discussing the possibility of purchasing Pioneer Natural Resources Co. If the deal goes through, it will be Exxon’s largest acquisition since its 1999 merger with Mobil Corp. It would be the largest global acquisition of the year. The deal is valued at around $60 billion and might finalize in the next few days. Assuming there are no unexpected issues, as reported first by the Wall Street Journal on Thursday. This deal would make Exxon the leading US shale oil producer.
SEC SUES ELON MUSK OVER TWITTER/X
Source: CNBC
On Thursday, the U.S. Securities and Exchange Commission (SEC) sued Elon Musk, seeking to force the billionaire to provide testimony regarding his acquisition of Twitter the previous year. The SEC's lawyers claimed in a document made public in California's Northern District that Musk did not attend a testimony scheduled for Sept. 15, even though he had been subpoenaed in May 2023. The overarching concern of the SEC's investigation is to determine if there were any instances of securities fraud when Twitter shares were purchased the prior year, particularly during the time Musk was actively investing in the company. Musk finalized his takeover of Twitter, now renamed X, in October, in a transaction valued at approximately $44 billion.
GRIT TAKE: The SEC has had an obsession with Elon Musk since Musk’s appearance on the Joe Rogan Podcast in 2018. During the podcast, Musk smoked marijuana which ultimately became a viral meme. A few months later, Musk tweeted that he was taking Tesla private at $420. Musk argues that it was a joke in reference to the viral meme. However, the SEC has sued Musk over and over again since this incident. In fact, Musk has repeatedly said that he does not respect the SEC.
Payrolls increased by 336,000 in September which was much more than expected. According to a compilation of predictions from economists by Bloomberg, it was anticipated that around 170,000 jobs were going to be added. In August, there were only 187,000 jobs jobs. The unemployment rate was 3.8%, slightly higher than the 3.7% consensus estimate.
SEPTEMBER JOBS REPORT
Source: WSJ
Payrolls increased by 336,000 in September which was much more than expected. According to a compilation of predictions from economists by Bloomberg, it was anticipated that around 170,000 jobs were going to be added. In August, there were only 187,000 jobs jobs. The unemployment rate was 3.8%, slightly higher than the 3.7% consensus estimate.
Headlines You Need To Know:
Exxon in talks to buy shale driller Pioneer Natural
The 5% bond market means pain is heading everyone’s way
Why no one is going into accounting
The NBA can shift the balance of power in new media deal
Tesla cuts prices of cars in USA
GM makes sixth-counteroffer to UAW
Army plans major cuts to Special Operation Forces
Trump endorses Jim Jordan for Speaker of The House
Just for fun…
The largest lithium deposit in the world?
Source: Yahoo Finance
Scientists have said that they have discovered the largest lithium deposit in the world which could be capable of meeting global battery demand for decades. They found this Volcano on the border of Nevada and Oregon which contains up to 120 million tonnes of lithium. This is absolutely massive and has the potential to disrupt the entire price and supply dynamics of the lithium market. The ancient super volcano exploded around 16 million years ago, forming the rare metal inside its volcanic rock. Lithium ion batteries are incredibly important when it comes to modern technology like smartphones and electric vehicles. This has essentially caused a “lithium rush” similar to the oil rush back in the early 20th century.
Chart Of The Day
Long-term Treasuries Fall
Long-term treasuries fall more than 45% from peak
Source: Bloomberg
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