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Suddenly, Twitter_s biggest stakeholder is Tesla_s Elon Musk

Tesla CEO Elon Musk owns a 9% stake in Twitter and is now the social media platform_s largest shareholder.

The ultimate aim of Musk_s 73.5 million share purchase worth $3 billion is not clear, yet in late March Musk, who has 80 million Twitter followers, questioned free speech on Twitter and whether the platform is undermining democracy. The regulatory filing Monday doesn_t make clear when Musk bought the stock, but says the filing was triggered by an event on March 14.

Musk has also raised the possibility on Twitter of starting a rival social media network.

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Stock tied to Trump social firm drops on report of turmoil

NEW YORK (AP) - Shares in a company planning to buy former President Donald Trump_s new social media business plunged Monday on a news report that two key executives have departed.

The report by Reuters follows a filing by Digital World Acquisition Corp. that it will miss a key deadline to file its annual financial statements. The news has added to worries about Trump_s Twitter rival, called Truth Social, after a February launch of the app was marred by outages and long wait lists to gain access.

The shares have fallen by more than a third since then.

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Stocks close higher, Twitter soars on news of Musk stake

NEW YORK (AP) - Stocks closed higher on Wall Street Monday with help from big technology and communications stocks. The S&P 500 rose 0.8%, the Dow Jones Industrial Average rose 0.3% and the Nasdaq rose 1.9%.

Twitter soared 27% following a big investment in the company from Tesla_s Elon Musk. The gains in technology companies helped offset weakness in other parts of the market. Details are emerging of what appears to be deliberate killings of civilians by Russia during its invasion of Ukraine, raising the possibility of more sanctions.

U.S. crude oil prices rose 4%. The yield on the 10-year Treasury rose to 2.41%.

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Africa looks to renewables to curb warming, boost economies

MOMBASA, Kenya (AP) - Renewable energy_s potential across the African continent remains largely untapped, according to a new report by the United Nation_s Intergovernmental Panel on Climate Change.

Africa accounts for just 3% of the current global renewable capacity and only 2% of worldwide green energy investments, despite the continent_s significant strides towards clean energy sources in recent years. Yet there_s hope that more funding for renewables will not only help curb the worst effects of global warming, but boost countries_ economies.

Africa is already the world_s lowest emitting continent, as millions lack access to electricity and clean cooking fuels.

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Airlines reduce cancellations, but US flight problems linger

NEW YORK (AP) - Air travelers in the U.S. are getting a break after a bad weekend that left thousands of flyers stranded.

Airlines scrubbed about 650 U.S. flights by midafternoon Monday. That_s according to tracking service FlightAware. That_s a big improvement from the weekend, when airlines canceled more than 3,500 flights, or about one in every 13 flights. Flights were canceled because of thunderstorms in Florida, technology problems at the busiest domestic airline and labor problems at another carrier.

Some airlines are still struggling, however, especially Florida-based Spirit Airlines. The discount carrier canceled about 30% of Monday_s schedule by midafternoon.

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JPMorgan_s Dimon warns of myriad issues for economy, bank

NEW YORK (AP) - Jamie Dimon laid out a laundry list of big risks looming for the global and U.S.

economy in his annual letter to JPMorgan Chase shareholders on Monday. Never too shy to share his thoughts on anything, the CEO and chairman of JPMorgan often uses his shareholder letter to not only discuss ongoing challenges for the bank but also political or social issues that he feels need to be addressed.
The letter is a contrast to last year_s version, when vaccines were rolling out nationwide and it appeared like the U.S. economy was accelerating out of the pandemic-caused economic turmoil.

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Small businesses in need of a loan find banks are stingy

NEW YORK (AP) - Many small businesses are finding it tough to get a bank loan, making it difficult to move beyond the pandemic and afford the higher costs of goods and labor.

A recently released survey from the Federal Reserve shows that 85% of small businesses experienced financial difficulties in 2021, up nearly 20 percentage points from 2019. Meanwhile, inflation is the highest in decades, with raw materials and finished goods soaring in price and workers demanding higher wages.
Even in normal times, it can be tough for small businesses to get loans from traditional banks. During the pandemic, banks have been stingier, outside of COVID-related programs. Online loans are easier to get but often come with higher rates.

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Russia war could further escalate auto prices and shortages

DETROIT (AP) - Russia_s devastating war on Ukraine is bringing a whole set of new problems to the global auto industry, just as it was starting to recover from the pandemic and computer chip shortages.

In the short term, the invasion has choked the supply of electrical wiring made in Ukraine, forcing German automakers to temporarily close factories while they wait for the critical part. Long term, Russian supplies of precious metals, aluminum and pig iron, a primary ingredient in steel, iban account could be cut off, either by Moscow or sanctions from other countries.

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The S&P 500 gained 36.78 points, or 0.8%, to 4,582.64.

The Dow Jones Industrial Average added 103.61 points, or 0.3%, to 34,921.88. The Nasdaq jumped 271.05 points, or 1.9%, to 14,532.55. The Russell 2000 index of smaller companies rose 4.33 points, or 0.2%, to 2,095.44.