Trump Snubs Elon Musk's Invite, Bog Iger Back As Boss, Biden Not Favored For Rerun And More: 5 Key Stories You May Have Missed From This Weekend

Zinger Key Points
  • After Elon Musk welcomed Donald Trump back to Twitter, the former president reportedly said he preferred staying on Truth Social.
  • Disney brought in Bob Iger to helm the company, in an unexpected turn of events.
Trump Snubs Elon Musk's Invite, Bog Iger Back As Boss, Biden Not Favored For Rerun And More: 5 Key Stories You May Have Missed From This Weekend

Even as the market meanders to a seasonally slow period, there was no dearth of news flow over the weekend. The spotlight was on Twitter’s reinstatements of several banned personalities and discussions regarding the near-term market outlook, while the news on the FTX controversy tapered off.

Here's a recap of a few major headlines that hit the wire over the weekend:

1. Trump’s Thanks And No Thanks: Donald Trump implied that he wasn’t keen to return to Twitter after the platform’s new owner Elon Musk ran a poll, seeking users’ opinions on whether the former president should be allowed access to the platform following nearly a two-year hiatus. After a majority of the people voted in favor of Trump’s return, he reportedly said in an interview that he rather prefers staying on Truth Social. He also went on to sing the virtues of the platform that is owned by his Trump Media and Technology Group.

2. Iger Returns To Disney: Walt Disney Company DIS dropped a bombshell late on Sunday when it announced that Bob Iger would return as CEO for a two-year tenure, with the mandate of setting the strategic direction for renewed growth and to work with the board to identify a successor. Incumbent Bob Chapek, who was handpicked by Iger himself to lead the company, quit making way for the return of the veteran.

Chapek's tenure was marked by a deterioration in fundamental performance, dragged by the closure of parks amid the COVID-19 pandemic and increased competition. This, in turn, is reflected in the stock performance.

See Also: Worried About Inflation? This Indicator Suggests Pricing Pressure May Be On Its Way Down

3. Biden Too Old to Lead: As President Joe Biden turned 80 on Sunday, a Reuters poll found that about 46% of the Democrats opined that he may not be up to the challenge of running in 2024. An overwhelming majority of the people surveyed found that the cutoff age for serving as a president should be 75 years or younger.

4. Dollar Rallies Unhindered The U.S. dollar has risen precipitously and there is no sign of the rally relenting, as Fed officials continue to talk up the dollar with their hawkish commentaries. To rub salt into the wound, the Chinese COVID-19 situation fails to subside, with occasional outbreaks, putting pressure on manufacturing in the country. Earlier in the Asian session, the dollar index breached a key resistance of around 107.24.

5. New FTX CEO Calls For Patience: Beleaguered cryptocurrency exchange FTX is on the mend. New CEO John Ray III, who took over from founder Sam Bankman Fried, said in a statement that the exchange is planning to sell or restructure its global empire. He also urged stakeholders to remain patient with the company as it goes about setting its house in order.

What Else: For all those football enthusiasts, Benzinga plans to bring you updates on the FIFA World Cup 2022 in Qatar, and here’s a preliminary guide on where to watch the event, betting and picks and predictions.

Musk’s move toward a subscription business model at Twitter and his content moderation efforts or a lack thereof could be positioning the platform at loggerheads with tech giants Apple Inc. AAPL and Alphabet Inc. GOOGL GOOG, Bloomberg’s Gurman says.

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Posted In: Bob ChapekBob IgerElon MuskFTXJoe BidenSam Bankman FriedTRUTH SocialtwitterCryptocurrencyNewsSocial MediaForexManagementTop StoriesMarketsTechMediaGeneral