Elon Musk's X being Sued

Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Alan Rosa, former Twitter security chief, has sued X, alleging wrongful termination after opposing cost-cutting measures post-Musk's takeover. Rosa's lawsuit claims these measures threatened compliance with regulatory obligations, including the FTC consent decree and the European Commission's Digital Services Act. He asserts that he was dismissed following his objections and accuses X of conducting a "sham investigation" to deny his severance. Rosa's legal action seeks compensatory and punitive damages, citing violations of multiple employee-related laws.

2. Global airlines are poised for record revenues this year, with projections by the International Air Transport Association (IATA) indicating a $23.3 billion profit, surpassing initial 2023 expectations. This rebound, partly driven by China's market reopening, comes despite dwindling air-cargo rate profits, expected to drop to $111 billion by 2024 from a 2021 peak of $210 billion. However, this figure will still exceed the $101 billion recorded in 2019, suggesting a robust recovery from the pandemic, albeit tempered by rising interest rates impacting profit growth.

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4. Headlines

   1. President Biden will forgive an additional $4.8B in student loan debt.

   2. Mcdonald's is opening its first CosMc’s this week.

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