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| New to the newsletter? Subscribe to The Daily Money to get the best consumer and financial news from USA TODAY delivered to your inbox every weekday morning. And give our news-inspired Spotify playlist a listen. It features every song quoted here. |
| Happy Friday, Daily Money readers. Jayme Deerwester back with you. |
Elon Musk: Twitter deal now 'on hold' |
| Elon Musk says his $44 billion deal to buy Twitter is "temporarily on hold." |
| In a tweet posted Friday, the billionaire Tesla and SpaceX founder cited spam or fake accounts on the social media platform, pointing to a Reuters report from earlier this month on Twitter estimating less than 5% of its accounts are fake. |
| "Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users," wrote Musk. |
| Shares of Twitter plunged 10% in morning trading Friday. |
| In a subsequent tweet, the billionaire said he remained "committed to acquisition." |
| Musk's tweet comes a day after the social media company fired two of its top managers. Twitter said the company is pausing most hiring, except for critical roles, and is "pulling back on non-labor costs to ensure we are being responsible and efficient." |
📰 More stories you shouldn't miss 📰 |
| BABY FORMULA SHORTAGE: Parents hoard product amid price gouging. |
| SAFE SUBSTITUTES: Where to turn if you are running out of baby formula. |
| GAS PRICES UP: U.S. average now up to $4.42 a gallon, a new all-time record. |
| 'DO NOT DRIVE': Mercedes-Benz recalls nearly 300,000 SUVs for brake problem. |
| SOUTHWEST UPGRADES: Airline improves in-flight Wi-Fi, adds overhead bin space. |
What's causing the crypto crash? |
| Cryptocurrencies are making the stock market look stable these days. |
| In the past week, the Dow Jones Industrial Average shed over 3% of its value, over 1,000 points. The tech-heavy Nasdaq Composite lost more than 7% of its value and is trading at its lowest level since July 2020. The S&P 500 lost nearly 5%. |
| Meanwhile, Bitcoin shed 19% of its value over this week. The cryptocurrency hovered around $28,722 as of 4:48 p.m. EST on Thursday, the lowest level it has been since October 2020. Ethereum is down almost 27% this week. |
| "What's bad for stocks is bad for Bitcoin right now and that includes inflation," Michael Safai, managing partner at Dexterity Capital. |
| A lot of the blame for the crypto selloff is being directed at stablecoins, or cryptocurrencies that are pegged to another commodity, often the U.S. dollar. However, there are other factors at play, including mounting fears of a recession. |
🎧 Mood music 🎧 |
| Today's lyric from Katy Perry could describe Musk's Twitter deal or investors' current appetite for crypto – or lack thereof. |
| "'Cause you're hot, then you're cold. You're yes, then you're no. You're in, then you're out. You're up, then you're down. You're wrong when it's right. It's black and it's white. We fight, we break up. We kiss, we make up." |
| LISTEN WHILE YOU WORK: You can hear just about every song quoted in the newsletter on the Daily Money Mood Music playlist on Spotify. |
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