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On May 9th, Japans Ministry of Economy, Trade and Industry (METI) announced on social media that Japan may send government officials to Russia as early as the end of May to maintain communication channels and provide support to its companies still operating in Russia. METI stated that it is necessary to protect the assets of Japanese companies remaining in Russia, and to support these efforts, the Japanese government has been maintaining government-level communication with Russia and has made relevant requests.May 9th - As the war with Iran disrupts oil transport in the Persian Gulf, global oil inventories are being depleted at a record rate, eroding the buffers originally intended to withstand supply shocks. The rapid shrinking of inventories means the risk of more extreme price spikes and supply shortages is looming. With the Strait of Hormuz nearing closure for two months, governments and industries have fewer options to cope with a supply loss of over 1 billion barrels. The sharp depletion of inventories also means that even after the conflict ends, the market will remain vulnerable to future supply disruptions for a longer period. Morgan Stanley estimates that global oil inventories fell by an average of about 4.8 million barrels per day between March 1st and April 25th, far exceeding previous peaks in quarterly inventory declines compiled by the International Energy Agency. Crude oil accounted for nearly 60% of the decline, with the remainder being refined products. Crucially, the oil system also needs to set a minimum inventory level. Natasha Kaneva, global head of commodities research at JPMorgan Chase, stated that this means that the untouchable safety stock will be reached before inventories truly bottom out.On May 9th, the China Association of Automobile Manufacturers (CAAM) clarified that rumors circulating online claiming "new energy vehicle companies were summoned for talks and placed under investigation for battery locking issues" are false. A CAAM representative stated that the claims circulating online regarding "eight new energy vehicle companies being summoned for talks due to battery locking issues" and "three companies being placed under investigation" lack official source and are seriously inconsistent with the facts. All industry regulatory updates and enforcement measures should be based on official information from the relevant authorities. Furthermore, CAAM hopes that new energy vehicle companies will optimize their battery management systems, maintain transparency, protect consumers right to know and choose, establish efficient after-sales communication channels, actively handle complaints and disputes related to battery locking, and safeguard their brand reputation through honest business practices.On May 9, Ukrainian President Volodymyr Zelenskyy announced via social media that he had spoken with European Council President Costa, exchanging views on Ukraines cooperation with Europe and its integration into European integration. Zelenskyy stated that he and Costa focused on joint efforts to further Ukraines integration into Europe, clarifying Ukraines commitment to becoming a full member of the EU and that preparations are underway for initiating negotiations and subsequent decisions.On May 9th, the chairman of the Iranian Parliaments Energy Committee stated that production continues uninterrupted at multiple oil fields across the country. He asserted that the actions of adversaries targeting Iranian oil tankers are entirely illegal, and that pressure on Iranian oil exports has been ineffective. There are currently no official reports of an oil spill near Kharg Island. Earlier reports indicated that satellite images suggested a large-scale oil spill near Kharg Island, a key Iranian oil export hub, with pollution covering tens of square kilometers of sea surface.

Musk's Twitter Antics Raise Worries About Distraction and Tesla Stock Sales

Charlie Brooks

Apr 15, 2022 10:02

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Tesla watchers are concerned about Musk attempting to clinch the transaction, maybe by selling even more of his Tesla stock, and then controlling yet another firm.


"Elon is preoccupied. He has a lot going on. He is active in a variety of projects, "Gene Munster, managing partner of Loup Ventures, a venture capital company that holds Tesla stock, said. "This will have a one to three month negative impact on Tesla's stock."


Tesla, the world's most valuable carmaker, has lost more than 9% of its value since Musk announced his more than 9% holding in Twitter on Monday. Tesla's shares dipped 3.7 percent on Thursday.


While Musk has discussed possible improvements he would want to see on Twitter, Tesla confronts its own obstacles, experts noted, including the need to ramp up production at new assembly factories in Berlin and Texas. Meanwhile, Tesla's Shanghai facility - the company's biggest - has been shut down because of China's COVID-19 crackdown.


"Musk is Tesla, and investors do not want Tesla to lose its leading position," Roth Capital Partners analyst Craig Irwin said.


And investors' suspicions are based on Musk's own remarks previous to this venture. He previously said that he worked seven days a week – "crazy hours" – dividing his time between Tesla and SpaceX last year. He is also the founder of Neuralink, a brain-chip firm, and the Boring Company, a tunneling enterprise.


Another source of concern is Musk's ability to fund a hypothetical Twitter acquisition, which would entail stock sales and hefty borrowing, experts said.


According to Wells Fargo (NYSE:WFC) analyst Colin Langan, Musk would need $39 billion to complete the acquisition, and the selling of further Tesla shares might further impact the price.


Tesla executives may pledge their business stock as collateral for loans, but the maximum loan amount is limited to 25% of the entire value of the pledged shares.


This implies he could borrow $42.5 billion by pledging all of his $170 billion-worth shares. However, according to a Tesla filing last year, Musk has previously committed nearly half of his Tesla shares as security to satisfy some personal liabilities.


Musk said on Thursday that he had the assets necessary to acquire Twitter, but did not elaborate.


The world's wealthiest person's fortune consists mostly of Tesla and SpaceX shares. Late last year, he sold almost $16 billion worth of Tesla stock, $11 billion of which he said will be paid in taxes.


"He is possibly exposing himself to a massive lawsuit down the line," said Howard Fischer, a partner at the law firm Moses & Singer and a former senior trial counsel at the Securities and Exchange Commission in the United States.


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