The past weekend turned out to be election-heavy, with Turkey and Thailand going to the polls on Sunday. The debt crisis impasse also triggered a lot of chatter on broadcast and social media channels.
1. Biden Turns The Heat On Republicans: President Joe Biden's Patience appears to be wearing thin as the Republicans refuse to budge and hold onto their demand for huge spending cuts as a precondition for raising the debt ceiling. He harped on the negative ramification of the spending cuts GOP members are clamoring for. "A first-ever default on our national debt is not an option," he said.
2. Musk Slammed For Turkey Twitter Censorship: Twitter users called out the social media platform’s decision to censor some content in Turkey just ahead of the parliamentary elections in the country. When substack author Matthew Yglesias said the action called for "Twitter Files reporting," Musk responded by asking whether it was ok to have Twitter throttled in its entirety or limit access to some tweets. Others chimed in as well. "Free speech isn't free," said analyst and fund manager Ross Gerber.
Another asked whether Musk would do the same if the U.S. government places a similar request. There were others who suggested Musk succumbed to curry favor for his electric vehicle business Tesla from the regime in Turkey.
3. Erdogan Fails To Secure Majority: Turkish President Recep Tayyip Erdogan, though leading in the parliamentary polls, failed to get an outright majority to claim victory. The nation is now headed to a runoff election on May 28. Polls previously predicted that Erdogan may be on his way out as the opposition coalition led by Kemal Kilicdaroglu was fancied to secure an absolute majority.
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4. Bitcoin Bulls’ Bold Prediction: Bitcoin BTC/USD, the world's biggest cryptocurrency by market capitalization, has been locked in a range. Analyst Tone Vays said the probability of the apex crypto going straight to $34,000 is way higher than a random crash to the downside, all the way down to $22,000.
The analyst said he would remain bullish on Bitcoin even if it were to undergo further corrections.
5. Meta Readying For Summer Launch Of Twitter Rival: Meta Platforms, Inc. META is planning to launch a decentralized text-based social network this summer, said social media commentator Matt Navarra. The decentralized social network codenamed P92 will likely allow creators and public figures to share text-based updates.
What Else: United State Department of Agriculture's report released recently show that farmers are abandoning wheat harvest in droves due to dry weather. Wheat farmers are expected to harvest just 67% of the planted acres, the lowest since 1917.
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