The stock market plummets after Twitter’s acquisition

News of the day, Wednesday, April 27

Wall Street indexes fell dramatically yesterday with Nasdaq closing at the lowest level since 2020. Such a steep decline might be connected with investors’ anxiety because of global growth limitations and hawkish Federal Reserve announcements. Tesla slumped 12% after worries that Musk is likely to sell a part of his stake to help finance the deal with Twitter, making the largest contribution to the sharp indexes decline.

The retail company Robinhood Markets Inc., after a period of hyper-growth during Covid-19, is going through a pullback. The company made redundant about 9% of its full-time employees. The news made the company’s shares decrease by 5%. The company’s CEO Vlad Tenev made an announcement: "This rapid headcount growth has led to some duplicate roles and job functions, and more layers and complexity than are optimal," said Tenev. "After carefully considering all these factors, we determined that making these reductions to Robinhood’s staff is the right decision to improve efficiency, increase our velocity, and ensure that we are responsive to the changing needs of our customers."

The price of Brent crude is $105.40, WTI — $102.20, GBP/USD — 1.2548, EUR/USD — 1.0599, and gold costs $1894.00 per ounce.