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☆ On tap this week: Jobs report plus 10 key earnings. Here's what we want to see
▼ + stars: | 2023-07-29 | by ( Zev Fima | ) www.cnbc.com time to read: +18 min

All three major averages advanced for the week, powered by strong mega-cap earnings and favorable inflation data. Looking to next week, earnings season enters its second half with the last of our mega-caps — Apple (AAPL) and Amazon (AMZN) — set to report on Thursday. We'll get a better read on the employment picture on Wednesday with the ADP report and then, more importantly, on Friday's nonfarm payrolls report for July. Thursday after the close brings us to the main events of the week: Earnings from Apple and Amazon. For those looking to review first quarter performance ahead of these releases, be sure to keep our first-quarter earnings report card handy.

Persons: We'll, that's, Stanley Black, Decker, Emerson, Bausch, Leggett, Platt, SIRI, Ares, COLM, PERI, Kraft Heinz, Phillips, Ferrari N.V, Johnson, Robinson, COOK, BUD, Kellogg, Papa, Pitney Bowes, Parker, Trimble, Ziff Davis, Nonfarm, Jim Cramer's, Jim Cramer, Jim, Apple Tim Cook, Kevin Dietsch Organizations: Nasdaq, Dow, Federal Reserve, Federal, ISM Manufacturing, Services PMI, Investors, Caterpillar, Devices, Starbucks, Natural Resources, AMD, Management, Emerson Electric and, Humana, Bausch Health, Apple, Microsoft, Resource Partners, AerCap Holdings, CNA Financial Corp, CNA, Apellis Pharmaceuticals, Bank, SJW, Hutchison China MediTech, Camtek Ltd, Silvercrest Asset Management, Loews Corp, Oxford Lane Capital Corp, Banco Santander, Silicom Ltd, SuperCom Ltd, Arista Networks, Avis Budget Group, Diamondback Energy, Lattice Semiconductor Corp, Republic Services, Yum China Holdings, Western Digital Corp, Power Systems, Tenet Healthcare Corp, Vornado Realty, BioMarin Pharmaceutical, PetMed, SBA Communications Corporation, Brixmor, Snack Foods Corp, Cushman & Wakefield, Sanmina Corporation, TFI, PMI, Cruise Line Holdings Ltd, Uber Technologies, Pfizer, Enterprise Products Partners, Merck, JetBlue Airways Corporation, Allegro MicroSystems, Altria, SunPower Corp, SiriusXM Holdings, Molson Coors Beverage, Marriott International, Toyota Motor Corp, BP, SYSCO Corp, Marathon Petroleum Corp, Ares Management, Equitrans Midstream Corporation, Game Technology, Illinois Tool, IDEXX Laboratories, Rockwell Automation, Packaging International Corp, Gartner, Zebra Technologies Corp, IQVIA Holdings, Oshkosh Corporation, Leidos Holdings, Eaton Corp, yte Corp, Lear Corp, Starbucks Corp, Devon Energy Corp, SolarEdge Technologies, Lumen Technologies, Virgin Galactic Holdings, Caesars Entertainment, VF Corp, Sciences Corp, Paycom, Vertex Pharmaceuticals, Suncor Energy, Holdings, Chesapeake Energy Corp, Boston Properties, American International Group, AIG, Allstate Corp, Aspen Technology, Electronic Arts, EA, Flowserve Corporation, Denny's, Corp, Prudential Financial, Store, Ternium S.A, Vimeo, Emerson, Lomb, CVS Health, Generac Holdings, Cameco Corp, Perion Network Ltd, Builders, Carlyle Group, Scorpio, Teva Pharmaceutical Industries, Ltd, Rithm Capital Corp, AeroSystems Holdings, Vertiv Holdings Co, Johnson Controls, CDW Corp, DuPont, Brands Holdings, Scotts Miracle, Gro, SMG, Brands, Allegheny Technologies, AmerisourceBergen Corporation, ABC, Real Estate Corporation, Adient plc, Editas, Garmin Ltd, WWE, Bunge Ltd, Criteo S.A, PayPal, QUALCOMM, Occidental Petroleum Corp, Apache Corp, Albemarle Corp, MGM Resorts International, MGM, Marathon Oil Corp, Joby Aviation, Industrial, CF Industries Holdings, Goodyear Tire &, Realty ome Corp, Metlife, Pacific Biosciences of, Rush Street Interactive, Zillow, JFrog Ltd, Herbalife Nutrition Ltd, Simon Property Group, McKesson Corp, Storage, Cerus Corporation, GXO Logistics, MAX Holdings, Health, Anheuser, Busch InBev, Warner Bros ., Cheniere Energy, ConocoPhillips, Hasbro, CIGNA Corp, Lantheus Holdings, Regeneron Pharmaceuticals, Fiverr International, Air Products & Chemicals, TopBuild Corp, EPAM Systems, Lightspeed Commerce, Aurinia Pharmaceuticals, Cummins, CMI, Slair Corporation, Starwood Property Trust, Vulcan, Alnylam Pharmaceuticals, New Energy Corp, Cedar Fair Entertainment, Intellia Therapeutics, Lending, Privia Health, Dickinson, Chimera Investment, CIM, Hyatt Hotels Corp, Lion Electric, LEV, Deluxe Corp, Murphy Oil Corp, PBF Energy, Papa John's, Targa Resources Corp, Wix.com Ltd, Apollo Global Management, LLC, Butterfly, Sempra Energy, Aptiv PLC, Brookfield Infrastructure Partners, Canada Goose Holdings, Hannifin Corporation, WESCO International, WCC, Arrow Electronics, Constellation Energy Group, Midstream Partners, Coinbase, Petroleo Brasileiro SA Petrobras, Gilead Sciences, Opendoor Technologies, Booking Holdings, Atlassian Corporation, International, Redfin Corporation, Motorola Solutions, Monster Beverage Corporation, Consolidated Edison, Rocket Companies, Apple Hospitality, Cirrus, Resources, Universal Display Corporation, Chesapeake Utilities Corp, Social, Defense, Security Solutions, Post Holdings, Tandem Diabetes Care, Nikola Corporation, Magna International, Dominion Energy, ACM Research, Frontier Communications, Brookfield Renewable Partners, inTEST Corporation, American Pipeline, TELUS International, XPO Logistics, Fluor Corp, Gray Television, Cboe, LyondellBasell Industries, Twist Bioscience, Global, Jim Cramer's Charitable, CNBC, Allen & Company Sun Valley, Getty Locations: U.S, China, India, Oxford, Chile, Illinois, Columbia, Pacific, Pacific Biosciences of California, Southern, PBI, Gilead, Sun Valley , Idaho

☆ Police crashed Elon Musk's attempt to take down Twitter's sign with a crane
▼ + stars: | 2023-07-24 | by ( Sindhu Sundar | Kali Hays | ) www.businessinsider.com time to read: +3 min

As the new logo debuted on the site, efforts were underway to erase a Twitter sign in San Francisco. Elon Musk spirited the "X" logos onto Twitter's site seemingly overnight, but it may take a while longer to change the sign outside his company's headquarters. The San Francisco police department halted the work on Monday afternoon and spoke to workers tasked with removing the sign, according to the San Francisco Standard. A crane was used to remove some of the letters from the Twitter sign on the company's San Francisco office building. San Francisco Police stand next to the crane used to dismantle some of the letters in Twitter's SF office sign.

Persons: Elon, Elon Musk, Justin Sullivan, SFPD, We'll, Shorenstein, Getty, Kali Hays, Sundar Organizations: Twitter, Police, San, San Francisco Standard, X Holdings, San Francisco Police Locations: San Francisco, khays, ssundar

☆ Elon Musk says he plans to boot the Twitter brand and 'bid adieu' to 'all the birds'
▼ + stars: | 2023-07-23 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +2 min

Elon Musk said he's planning to change Twitter's logo and get rid of its bird character. Musk pinned a tweet with a graphic of a new "X" logo, meaning he may already have a replacement. Elon Musk indicated he's planning to scrap Twitter's logo – and has even started asking users for ideas for his new X app. "And soon we shall bid adieu to the twitter brand and, gradually, all the birds," Musk also tweeted. After Musk asked for suggestions, he continued to post prospective logos on his page, including retweeting the X.com logo Musk used for his online banking venture that was founded in 1999.

Persons: Elon Musk, Musk, adieu, He's, Tencent's Organizations: Morning, Twitter, Fidelity, Bloomberg, X Corp

☆ A 20-year fund manager shares 8 mega-trend stocks he's betting will take market share — and the 5 he's shorting
▼ + stars: | 2023-06-23 | by ( Laila Maidan | ) www.businessinsider.com time to read: +8 min

Gary Black says the stock market will continue to trend higher with volatility this year. What the remainder of 2023 has in store for the stock market is anyone's guess at this point. But Gary Black, a 20-year fund manager, and the portfolio manager and managing partner at The Future Fund, has a more positive outlook. The next mega trend is big data and cyber security. mega trend losersOn the side of stocks being shorted, these are the companies that Black expects will lose market share due to these mega trends.

Persons: Gary Black, Phillip Wool, it's, Black, He's, cybertruck, Tesla, Elon Musk, Eli Lilly, Lilly, LULU, Armour Organizations: Federal, Federal Reserve, EV, Tesla, Company, Palo Alto Networks, Nvidia, Toyota, CNBC, Bloomberg, UA, MAX Holdings Locations: China's, overproducing

☆ Twitter's latest vendor to go unpaid is Oracle, despite Elon Musk's friend Larry Ellison investing $1 billion in the takeover
▼ + stars: | 2023-06-21 | by ( Kali Hays | ) www.businessinsider.com time to read: +4 min

Oracle cofounder Larry Ellison is a fellow billionaire and longtime friend of Musk. Even Elon Musk's close friend and financial backer Larry Ellison isn't safe from the Twitter owner's refusal to pay various bills and expenses. Oracle, the company Ellison cofounded and where he remains chairman and CTO, is the latest Twitter vendor to go months without being paid for services rendered, according to two people familiar with the company. Stiffing Oracle is more of a surprise given Musk's close personal and financial relationship with Ellison. Ellison was subpoenaed as part of Twitter's lawsuit to force Musk into acquiring the company for the agreed upon price.

Persons: Elon Musk, Larry Ellison, Musk, Elon Musk's, Larry Ellison isn't, Ellison, He's, Linda Yaccarino, Kali Hays Organizations: Twitter, Oracle, Google, X Holdings, Tesla, New York Times Locations: Europe, Asia, khays

☆ Fidelity marks down value of Twitter stake again
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: 1 min

May 30 (Reuters) - A Fidelity fund has marked down the value of its stake in Twitter for the third time since Elon Musk's $44 billion takeover of the social media platform in October, a monthly disclosure by the investment firm showed on Sunday. Fidelity Blue Chip Growth Fund's stake in Twitter, which now exists under Musk's X Holdings Corp, was valued at nearly $6.55 million as of April 28, compared with $7.8 million as of Jan. 31 and almost $8.63 million at November-end. Earlier this month, Musk named former NBCUniversal advertising chief Linda Yaccarino as Twitter's new CEO as the company struggles to reverse a slump in advertising revenue and navigate an overhaul that included mass layoffs. Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Persons: Musk, Linda Yaccarino, Jaiveer Singh, Devika Organizations: Twitter, Elon Musk's, Fidelity, X Holdings Corp, Thomson Locations: Bengaluru

☆ A hedge fund manager shares the 7 GPT-4 prompts he used to filter top stocks and the 6 key takeaways he learned from his AI experiments
▼ + stars: | 2023-05-11 | by ( Laila Maidan | ) www.businessinsider.com time to read: +12 min

He found a series of prompts that allows GPT-4 to respond with good stock market insight. The crossroad where technology meets the stock market isn't new territory for Patel. It responded with seven key variables that did indeed impact 2022's broad stock market performance. It picked three of the same stocks Patel already held: Microsoft, Visa, and Apple. Otherwise, the majority of them would have been able to navigate 2022's stock market better.

In a report published on Tuesday, Hindenburg accused IEP of overvaluing its holdings and relying on a "Ponzi-like" structure to pay dividends. The subsequent plunge in IEP shares wiped $2.9 billion off Icahn's net worth, leaving him with an estimated $14.7 billion, according to Forbes. NAV is a key gauge of a fund's performance, measuring the market value of securities held by the fund. Driving the frothiness in IEP's stock, Hindenburg argued, is its dividend yield of 15.8%, the highest of any U.S. large cap company by far. Hindenburg also offered examples it said showed IEP itself was valuing its holdings way above their market value.

☆ Short investor Hindenburg erases fifth of Icahn empire’s value
▼ + stars: | 2023-05-02 | by ( ) edition.cnn.com time to read: +4 min

In a report published on Tuesday, Hindenburg accused IEP of overvaluing its holdings and relying on a “Ponzi-like” structure to pay dividends. The subsequent plunge in IEP shares wiped $2.9 billion off Icahn’s net worth, leaving him with an estimated $14.7 billion, according to Forbes. NAV is a key gauge of a fund’s performance, measuring the market value of securities held by the fund. Driving the frothiness in IEP’s stock, Hindenburg argued, is its dividend yield of 15.8%, the highest of any US large cap company by far. Hindenburg also offered examples it said showed IEP itself was valuing its holdings way above their market value.

☆ Elon Musk further teased his ambition to turn Twitter into an 'everything app' with a cryptic tweet a week after the company merged into X Corp
▼ + stars: | 2023-04-11 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Elon Musk simply tweeted "X" a week after Twitter Inc merged into his X Corp Holdings. Musk has said X will be an "everything app," and has applied for financial licenses for Twitter. "Buying Twitter is an accelerant to creating X, the everything app," the billionaire tweeted three weeks before his acquisition went through last October. The Twitter chief developed an affinity for the letter back in the 1990s, founding the company "X.com" which later became PayPal. That seems to include a payment service, as Twitter applied for regulatory licenses after his takeover, per the Financial Times.

Companies Re/Max Holdings Inc FollowMarch 29 (Reuters) - A federal judge in Chicago on Wednesday ruled that home sellers accusing the National Association of Realtors and a group of real estate brokerages of conspiring to inflate commission rates can move forward as a class action. In a statement, The National Association of Realtors said it was "disappointed" in the decision and defended industry listing practices. The lawsuit challenges a requirement that sellers make "blanket unilateral offers of compensation" to buyers' brokers when a home goes on sale via a multiple listing service. That system puts pressure on sellers to offer high commissions to attract buyers' brokers, the sellers claimed. The case is Moehrl et al v. The National Association of Realtors et al, U.S. District Court for the Northern District of Illinois, No.

☆ After a wild, losing week for stocks, investors brace for more market-moving data
▼ + stars: | 2023-03-11 | by ( Zev Fima | ) www.cnbc.com time to read: +16 min

But PPI readings can predict the direction of future consumer price readings. High interest rates hurt because they increase monthly costs, but it's the lack of supply that contributes to elevated list prices. If we can get inflation down while seeing other economic indicators hold up, the likelihood of a soft landing increases. ET: Industrial Production & Capacity Utilization Looking back It was a tough week for stocks, with the Dow falling 4.4% in its worst showing since June. Under the hood, all sectors finished lower for the week, led down by financials and followed by materials and real estate.

☆ Former Boston Celtics star Paul Pierce settles with SEC over crypto violations
▼ + stars: | 2023-02-17 | by ( Rohan Goswami | ) www.cnbc.com time to read: +3 min

The action against Pierce involves his public statements about EthereumMax, or EMAX, the same crypto security product that the SEC charged influencer Kim Kardashian with unlawfully touting. Pierce is also barred from promoting any crypto asset securities for three years, the SEC said. Pierce's social media support for EthereumMax also involved allegedly misleading the public about his EMAX holdings, according to the SEC. Pierce allegedly shared misleading screenshots of his EMAX holdings and profits, the SEC said, without disclosing that his personal holdings were actually far lower. A federal class action lawsuit naming Pierce, Kardashian, Floyd Mayweather Jr., and other EthereumMax boosters was dismissed in December.

☆ GoodRx Shared Personal Health Data With Advertisers, FTC Alleges in Settlement
▼ + stars: | 2023-02-01 | by ( Erin Mulvaney | ) www.wsj.com time to read: 1 min

Prescription-drug discount provider GoodRx Holdings Inc. agreed to resolve Federal Trade Commission allegations that it unlawfully disclosed consumers’ personal health information to advertisers, in what the agency said was a first-of-its-kind enforcement action. The company will be prohibited from disclosing consumer health information to third parties for advertising purposes and will pay a $1.5 million civil penalty, according to a proposed settlement filed Wednesday in a California federal court.

☆ GoodRx pays $1.5 million to settle health privacy allegations
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, Feb 1 (Reuters) - U.S. healthcare firm GoodRx Holdings (GDRX.O) has agreed to pay $1.5 million to settle allegations that it failed to notify customers that it shared personal health information with Alphabet's (GOOGL.O) Google, Meta's (META.O) Facebook and others, the Federal Trade Commission said on Wednesday. Under the terms of the settlement, GoodRx will be barred from sharing user health data with other companies to use for advertising. "Digital health companies and mobile apps should not cash in on consumer’s extremely sensitive and personally identifiable health information," said Samuel Levine, director of the FTC's Bureau of Consumer Protection, in a statement. The settlement is the first under the FTC's Health Breach Notification Rule, the agency said. GoodRx promised users it would never share health information with advertisers but gave information to Google, Facebook, Criteo and others, the agency said in their complaint.

☆ Fidelity has marked down its Twitter shares by 60% since Musk's takeover
▼ + stars: | 2023-01-30 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Fidelity, one of the co-investors that backed Elon Musk's Twitter takeover, has written down its stake in the social media platform by 60% since the deal closed in late October. Fidelity's Contrafund, with $91 billion assets under management, valued its Twitter shares at $21.2 million as of Dec. 30, according to a new disclosure posted on its website Sunday. The Boston-based asset manager holds Twitter shares in a few of its mutual funds under the name "X Holdings I Inc," and Fidelity evaluates its holdings on a monthly basis. Fidelity Blue Chip Growth Fund owned $7.8 million of Twitter shares at the end of 2022. Musk has sold billions of dollars worth of Tesla shares to finance the Twitter takeover, and pulled in talent from Tesla, SpaceX and the Boring Co. , including executives, engineers and lawyers, to assist him at Twitter.

☆ How Elon Musk Could Use Money From Tesla to Prop up Twitter
▼ + stars: | 2022-12-05 | by ( Vicki Bryan | ) www.businessinsider.com time to read: +13 min

Whatever you might think of Twitter, it's hard to watch Elon Musk clumsily flay it alive to "save it." But siphoning cash from Tesla, Musk's only profitable company, just as serious competition is toppling its dominance, should concern Tesla's investors. And given his obsession with Twitter, they may well ask: How far will Elon go to save Twitter at Tesla's expense? How Musk could use Tesla to try and save TwitterMusk cobbled together his Twitter funding primarily by selling off a major chunk of his stock in Tesla and taking out huge loans. Saving Twitter won't kill Tesla anytime soon, and Twitter might not survive unless it does, but Musk is draining Tesla's capacity to weather what could be its toughest challenges ahead.

☆ Elon Musk gambled big on Twitter. Tesla is going to pay the price.
▼ + stars: | 2022-12-05 | by ( Vicki Bryan | ) www.businessinsider.com time to read: +13 min

Whatever you might think of Twitter, it's hard to watch Elon Musk clumsily flay it alive to "save it." Having observed Musk in action for years there is one troubling option I suspect he may pursue: raid Tesla. But siphoning cash from Tesla, Musk's only profitable company, just as serious competition is toppling its dominance, should concern Tesla's investors. And given his obsession with Twitter, they may well ask: How far will Elon go to save Twitter at Tesla's expense? Tesla's stock is down more than 50% this year — evaporating nearly $700 billion in market-cap value since its peak in late 2021.

☆ Former FTX CEO Sam Bankman-Fried says he didn't 'try to commit fraud'
▼ + stars: | 2022-11-30 | by ( Elizabeth Napolitano | ) www.nbcnews.com time to read: +5 min

A growing number of regulators are investigating Bankman-Fried and his former company, and the fallout from the collapse of FTX is only expanding. The broader industry consequences also continue to play out, with the crypto firm BlockFi filing for bankruptcy last week. Days after the CoinDesk report, FTX rival Binance announced it would sell its FTX holdings, setting off a bank-run-style rush of withdrawals. What matters here are the stakeholders in FTX," Bankman-Fried said. Bankman-Fried and his associates greenlighted lavish expenditures, including $300 million for real estate purchases in the Bahamas for FTX and Alameda employees, according to filings from current FTX attorneys.

☆ Russian firms cut forex loans, exposure in Oct -central bank
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: 1 min

MOSCOW, Nov 21 (Reuters) - Russian companies reduced their foreign currency loans by $7.4 billion last month and have also cut forex holdings on the accounts by $11.1 billion, the central bank said on Monday. Since the start of this year, forex holdings by Russian companies are down by $28 billion, the central bank added. Reporting by Elena Fabrichnaya Editing by Mark HeinrichOur Standards: The Thomson Reuters Trust Principles.

☆ Opinion: No one is coming to save the crypto industry
▼ + stars: | 2022-11-12 | by ( Emily Parker | ) edition.cnn.com time to read: +6 min

Sam Bankman-Fried, the 30-year-old CEO of crypto exchange FTX, helped bail out distressed crypto companies like BlockFi and Voyager. In an industry with a reputation that has been marred by scammers, hackers and sheer greed, Bankman-Fried seemed like a relatively nice guy. The whole point of crypto is that it is supposed to be decentralized and transparent. Changpeng Zhao, CEO of the world’s biggest crypto exchange Binance, publicly announced that the exchange would liquidate its FTX holdings. Join us on Twitter and FacebookFor the crypto industry, the lesson here is to stop looking for saviors.

☆ Turkey central bank firms grip on lira as election approaches
▼ + stars: | 2022-11-11 | by ( Nevzat Devranoglu | ) www.reuters.com time to read: +5 min

[1/2] A logo of Turkey's Central Bank is pictured at the entrance of its headquarters in Ankara, Turkey October 15, 2021. Unlike past schemes to support the lira, the central bank no longer needs to constantly tap its own reserves, according to 10 bankers and economists and one Turkish official. The central bank declined to comment for this article, but senior officials and President Tayyip Erdogan have regularly praised the new regulations. Bankers' calculations show the central bank has obtained about $100 billion this year under the new policy. Yet the central bank told bank executives this week it will continue with its regulations and policies, despite their criticism, according to sources at the meetings.

☆ Crypto is in chaos as FTX files for bankruptcy
▼ + stars: | 2022-11-10 | by ( Allison Morrow | ) edition.cnn.com time to read: +7 min

By Friday morning, FTX said Bankman-Fried had resigned as CEO and that the firm was filing for bankruptcy. Failures are not uncommon in the murky, largely unregulated world of crypto, but FTX is not your average crypto startup. Namely, that the bulk of its assets are held in FTT, a digital token minted by Alameda’s sister firm, FTX. On Sunday, the CEO of Binance, FTX’s much larger rival, said his company was liquidating $580 million worth of FTX holdings. After a chaotic week, FTX filed for bankruptcy.

☆ Turkish central bank warns lenders against FX transactions during 'off hours,' other issues -letter
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +1 min

ANKARA, Oct 31 (Reuters) - Turkey's central bank sent a letter to local lenders on Monday, warning them against conducting forex transactions with foreign banks during "off hours" and offering deposits with very high interest rates to avoid bond holding requirements. The central bank has introduced rules in recent months to reduce the gap between the policy rate and lending rates and encourage loans to sectors including exports and production. Such issues are "not supportive of establishing financial stability," the central bank said, adding that lenders should make the maximum effort to abide by regulations. The central bank had already warned banks last week about conducting forex sale-purchase transactions overnight, saying it will take "necessary measures" if the issue continues. In the past, if central bank requests on various issues have not been followed, it has taken measures such as requiring banks to hold government bonds.

☆ Jack Dorsey just saved Elon Musk about $1 billion by rolling over his shares of Twitter into a stake in the new private company
▼ + stars: | 2022-10-31 | by ( Kali Hays | ) www.businessinsider.com time to read: +2 min

Dorsey rolled over his Twitter shares on Oct. 27, the same day Musk's acquisition was finalized. The value of Dorsey's roughly 18 million shares is a little over $1 billion, according to the filing. Although it was rumored Dorsey would invest in Musk's takeover of Twitter, he had yet to confirm any plans to do so or rollover his shares. According to the filing, Dorsey agreed to the rollover back in April, when Musk signed the merger agreement with Twitter. Dorsey formally rolled his shares on Thursday, the same day Musk officially became the owner of Twitter.

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