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US markets green; Twitter CEO stands down; Tesla shares rose 5% on Musk cost cutting.

  • The Nasdaq rose 1.9% to finish Monday’s session at 15,783 points.
  • Twitter founder and CEO Jack Dorsey is standing down as CEO.
  • Tesla rose 5% after CEO Elon Musk urged employees to focus on cost cutting.

The US markets started the week higher as investors shrugged off initial fears that the new Omicron variant of COVID-19 will heavily impact global economic recovery.

The Dow Jones rose 0.68% to finish the trading day up 237 points to close at 35,136 points.

The tech heavy NASDAQ rose 1.9% to finish the trading day up 291 points to close at 15,783 points with Tesla and Google gaining 5.09% and 2.32% respectively.

One bitcoin is worth US$58,200 going into the Asian trading day.

The Australian dollar is firm against the major currencies and is buying 71.4 US cents.

Twitter shares surged more than 11% after CEO Jack Dorsey announced he is standing down as the company’s CEO after founding the company back in 2006. Shares in the social media giant closed Monday’s session 2.74% lower though after Twitter announced Dorsey’s replacement will be the company’s current chief technology officer Parag Agrawal.

Tesla shares popped 5% on Monday after CEO Elon Musk urged employees to focus on ‘minimising the cost of deliveries’ instead of rushing products out to increase deliveries for the quarter. Musk said he doesn’t want Tesla to spend heavily on ‘expedite fees, overtime and temporary contractors just so that cars arrive in Q4’.

And Nissan has debuted concepts for its planned US$17.6bn electrified future, unveiling designs for its Max-Out, Hang-Out, Surf-Out and Chill-Out electric vehicles, with launch aimed for 2030.

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