Here’s what we have for you today:
• Striking oil in the hole
• FTC plucking feathers
• Elon dishes Meta/Instagram
Warren Buffett drunk on oil
The grab: Berkshire Hathaway currently owns 208.04 million shares of Occidental, worth approximately $12 billion in March 2023.
Oiling up: Occidental, now among Berkshire’s top 10 holdings.
Clutch move: In August 2022, Berkshire received regulatory approval to purchase up to 50% of the company, spurring speculation it may eventually buy all of Houston-based Occidental.
FTC looks into Twitter
Now: The FTC has been watching Twitter ever since it agreed to a 2011 consent order alleging serious data security lapses. But the agency’s concerns spiked with the disorder that followed Elon’s October 27, 2022 takeover of the company.
Previously: Twitter had already paid a $150 million penalty in May 2022, about five months before Elon’s takeover, for violating the 2011 consent order.
Memo: FTC said, “Protecting consumers’ privacy is exactly what the FTC is supposed to do. It should come as no surprise that career staff at the commission are conducting a rigorous investigation into Twitter’s compliance with a consent order that came into effect long before Mr. Musk purchased the company.”
How Elon feels about Meta/Instagram
His recommendation: Elon states “If what they want are pretty pics & heart emoji’s, I recommend Instagram. It’s great for that, please go there. Instagram reminds me of Cloud Cuckoo Land. Everything seems super nice on the surface, but it’s actually hell.”
The direction: Elon said it’s “inevitable” Meta would go Twitter’s way and charge for verified statuses. Thus, he was implying Meta was following Twitter’s direction.
His view: Elon had said “Instagram makes people depressed & Twitter makes people angry…”
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