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Elon Musk sent a proposal to Twitter saying that he is willing to go forward with his acquisition of the company at the original price of $44 billion, according to a letter from Musk's lawyer filed Tuesday with the Securities and Exchange Commission. The news, first reported by Bloomberg, sent Twitter's shares up as much as 22% Tuesday after an hours-long halt in trading. Musk could not immediately be reached for comment. The deal will move forward if the Delaware court currently hearing Twitter's lawsuit against Musk puts an immediate stop to the case, Musk said in his proposal to Twitter on Monday. Twitter said in a statement: "We received the letter from the Musk parties which they have filed with the SEC. The intention of the Company is to close the transaction at $54.20 per share." The proposal could end a monthslong saga between the two sides that included a lawsuit scheduled to be argued at trial in a Delaware court month. "This is a clear sign that Mu...

Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., January 31, 2018. Brendan McDermid | Reuters A measure of fear in stocks just hit the highest level in three months amid mounting fears over rising rates, a possible currency calamity and a recession. The Cboe Volatility Index, known as the VIX, jumped nearly 3 points to 32.70 on Monday, hitting its highest level since mid-June when the stock market last hit its bear bottom. The VIX, which tracks the 30-day implied volatility of the S&P 500, hasn't closed above 30 since June 16. The index looks at prices of options on the S&P 500 to track the level of fear on Wall Street. Zoom In Icon Arrows pointing outwards The jump latest jump in the VIX also comes in the midst of currency market turmoil and the dollar continuing to climb to a 20-year-high . Investors started dumping risk assets as the Federal Reserve vowed to tame inflation with aggressive rate hikes, risking an economic slowdown. The Do...

Daniel Pinto, JPMorgan's chief executive of corporate and investment bank. Simon Dawson | Bloomberg | Getty Images The deal-making slowdown that has weighed on Wall Street this year shows no signs of letting up. Investment banking revenue at JPMorgan Chase is headed for a 45% to 50% decline in the third quarter from a year earlier, president and chief operating officer Daniel Pinto said Tuesday during a conference. related investing news Bank of America warns that investors are ignoring dangers of 'synchronized' policy tightening Jeff Cox 22 hours ago The bank posted $3.3 billion in third-quarter investment banking revenue last year, amid what was then a bull market for IPOs, stock issuance and other deals. Now Wall Street is grappling with steep declines in capital markets activity as IPOs slow to a crawl and mergers declined after stocks had their worst first half since 1970. A bull market for bankers has turned to bust this year, and firms are expected to cut compens...

People enter the Goldman Sachs headquarters building in New York, U.S., on Monday, June 14, 2021. Michael Nagle | Bloomberg | Getty Images Goldman Sachs is planning on cutting several hundred jobs this month, making it the first major Wall Street firm to take steps to rein in expenses amid a collapse in deals volume. The bank is reinstating a tradition of annual employee culls, which have historically targeted between 1% and 5% of lower performers, in positions across the firm, according to a person with direct knowledge of the situation. At the lower end of that range, which is the size of the expected cull , that means several hundred job cuts at the New York-based firm, which had 47,000 employees at midyear. Goldman declined to comment on the record about its plans. The timing of the cuts was reported earlier by the New York Times. In July, CNBC was first to report that the bank was looking at a return to the annual tradition of year-end job cuts. Steep declines in investment bank...

Stocks plummeted Friday after Federal Reserve Chair Jerome Powell said in his Jackson Hole speech the central bank won’t back off in its fight against rapid inflation. The Dow Jones Industrial Average dropped 1,008.38 points, or 3.03%, to 32,283.40, with losses accelerating into the close. The S&P 500 fell 3.37% to 4,057.66, and the Nasdaq Composite slid 3.94% to 12,141.71. The major averages declined for a second week. The Dow slid 4.2%. The S&P 500 and Nasdaq Composite lost roughly 4% and 4.4%, respectively. Powell reiterated a tough stance against inflation, spurring investors to weigh the implications of higher interest rates for longer. “Restoring price stability will likely require maintaining a restrictive policy stance for some time. The historical record cautions strongly against prematurely loosening policy,” Powell said. “We do believe the Fed,” said Zach Hill, head of portfolio management at Horizon Investments. “We believe what they say that rates are going to ...

Stocks plummeted Friday after Federal Reserve Chair Jerome Powell said in his Jackson Hole speech the central bank won’t back off in its fight against rapid inflation. The Dow Jones Industrial Average dropped 1,008.38 points, or 3.03%, to 32,283.40, with losses accelerating into the close. The S&P 500 fell 3.37% to 4,057.66, and the Nasdaq Composite slid 3.94% to 12,141.71. The major averages declined for a second week. The Dow slid 4.2%. The S&P 500 and Nasdaq Composite lost roughly 4% and 4.4%, respectively. Powell reiterated a tough stance against inflation, spurring investors to weigh the implications of higher interest rates for longer. “Restoring price stability will likely require maintaining a restrictive policy stance for some time. The historical record cautions strongly against prematurely loosening policy,” Powell said. “We do believe the Fed,” said Zach Hill, head of portfolio management at Horizon Investments. “We believe what they say that rates are going to ...

The Dow Jones Industrial Average fell sharply Monday, in its worst day since June, as the summer rally fizzled out and fears of aggressive interest rate hikes returned to Wall Street. The Dow fell 642.6 points, or 1.91%. The S&P 500 and Nasdaq Composite dropped 2.13% and 2.55%, respectively. It was the worst day of trading since June 16 for the Dow and the S&P 500. Those losses come on the back of a losing week, that snapped a four-week winning streak for the S&P 500. Still, the broader market index remains 13% above its June lows. Investors are anticipating what could be a volatile week of trading ahead of Federal Reserve Chairman Jerome Powell’s latest comments on inflation at the central bank’ s annual Jackson Hole economic symposium. “When you see the market right now dropping down like this, this is the market saying the Fed has to be more aggressive to slow the economy down further” if they want to bring inflation back down, said Robert Cantwell, portfolio manager ...