Weekly roundup of news from April 29th to May 5th

Friday, April 29: Elon Musk sells $8.5 billion worth of Tesla stock

Tesla Inc. CEO Elon Musk has sold $8.5 billion in shares in the US electric vehicle (EV) giant, three days after he struck a deal to acquire Twitter for $44 billion had.

Securities and Exchange Commission (SEC) filings showed Musk sold 3.7 million Tesla shares ($3.3 billion) on Tuesday, another 735,000 ($654 million) the next day, and another 5, 2 million ($4.5 billion) shares on Friday. bringing the median price to around $883 per share.

Monday May 2: StreamCoin raises $11.7 million from ICO

StreamCoin announced that it raised approximately $11.7 million from its Initial Coin Offering (ICO), which allowed STRM to meet its soft cap target of $11.25 million.

A spokesman for StreamCoin stated that the company is expected to uncover over a hundred cryptocurrency exchanges where STRM is set to be listed on the same day, with Bybit being one of the exchanges.

Tuesday, May. 3: Lyft shares fall on lackluster Q2 guidance

Shares of Lyft Inc. were sharply down 27% to $22.50 in extended trading on Tuesday, eliminating $2.8 billion from the market value of the dispatcher after the company reported lackluster guidance for the second quarter and had warned that it needed to further increase incentives for drivers.

Lyft expects second-quarter revenue to be between $950 million and $1 billion, and is warning investors that it will need to spend more on its riders as rider supply recovers from the lows of the COVID-19 pandemic takes time than expected.

Wednesday, May. 4: US natural gas extends profits on supply concerns

Natural gas prices in the US market extended gains on Wednesday, with futures edging above $8 amid mounting fears over supply ahead of the summer season, which presents an opportunity for high demand.

US natural gas prices rose 5.29% to $3.35 after rising more than 9% to over $8 per million British Thermal Units (MMBtu) on Tuesday, marking their highest level since September 2008, when Russia’s attack on Ukraine dealt a serious blow to energy markets worldwide.

Thursday, May. 5: Dollar falls as Fed rejects larger rate hike bets

The US dollar weakened against key rivals on Thursday, posting its sharpest fall in over a month after the Federal Reserve hiked interest rates by 50 basis points for the first time since 2000, but warned of a possible 75 basis point rate hike in discouraged the future.

The dollar index slipped from a nearly two-decade high, falling 0.9% to $102.45 after the Fed’s decision that pushed the Aussie to its biggest daily gain on Wednesday, while sterling fell 1% to 1.26 $ rose ahead of Bank of England (BoE) meeting expected to hike 25 basis points.

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Callan Tansill

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