The Week in Numbers: funding secured, honest

STORY:

From Elon Musk’s surprise move to secure funding for his Twitter bid, to a shock slump in subscribers at Netflix, this is the Week in Numbers.

$46.5 billion is how much finance Elon Musk says he has secured to fund his bid for Twitter. That surprised some investors, who weren’t sure he was serious about the plan. Back in 2018, Musk got in trouble for tweeting that he had “funding secured” to take Tesla private, when he really hadn’t.

$18.8 billion was the revenue at Tesla in the first quarter, racing past analyst estimates. Price hikes helped it outpace rising costs. The performance entitles Musk to another $23 billion in compensation, which won’t hurt his Twitter plans.

200,000 was the shock loss of subscribers for Netflix over the latest quarter, when it had forecast a gain of 2.5 million. Shares in the video-streaming giant slumped as much as 35% following the news. Netflix blamed people sharing logins, among other factors.

Macquarie bank senior media tech analyst Tim Nollen:

“So I think basically times have caught up to Netflix, and essentially it is more or less fully penetrated in the U.S. and Canada, arguably in other parts of the world.”

About $400 million is how much the Netflix shock cost one hedge fund titan. That was the loss for Pershing Square Holdings boss Bill Ackman when he sold his entire stake in the firm. Ackman said he could no longer predict the future for Netflix.

And 44% was the early surge for shares in CNOOC when they debuted in Shanghai on Thursday. Traders said China’s biggest offshore oil firm looked tempting in a time of soaring crude prices.

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