🌍 Musk is buying Twitter

Plus: India has a Russia shipping problem. Was this newsletter forwarded to you? [Sign up here]( [Quartz]( April 26, 2022 [View in browser]( Sponsored By Good morning, Quartz readers! Here’s what you need to know Elon Musk is buying Twitter. The deal—[endorsed by founder Jack Dorsey](—is worth [around $44 billion](, or $54.20 a share, and the billionaire plans to take the company private. Lockdown fears spooked markets. Chinese stocks had their [worst selloff]( in more than two years while [oil benchmarks dropped]( as covid restrictions in Shanghai stretched on, and Beijing residents prepared for similar measures. The ruble continued its rise. The [Russian currency climbed]( to more than 73 rubles against the dollar, recovering to pre-war levels, thanks to tax payments companies are expected to make this week. Ford is making more EVs. The automaker said it will increase annual production of its F-150 electric truck [to 150,000 vehicles](. Meanwhile, GM will make [an electric Corvette](. Coca-Cola’s earnings rebounded. The company [posted higher sales]( last quarter even as the cost of ingredients such as corn syrup rose. Donald Trump must pay $10,000 in daily fines. A judge in New York found the former US president [in contempt]( over a failure to comply with a subpoena. Sponsor content by University of Wisconsin Extended Campus Optimize the connection between people, planet, and prosperity. Learn sustainability skills and principles that have the power to transform our workplaces and communities with a degree or certificate from the University of Wisconsin. [Courses are 100% online and begin May 31.]( Handpicked Quartz: The Musk edition 🚪 [Parag Agrawal’s career as Twitter CEO could be over before it really began…]( 💊 […because the poison pill obviously didn’t work!]( 🧐 [So here’s why Twitter reconsidered Elon Musk’s buyout deal…]( 💰 […and what he should focus on if he really wants to fix Twitter.]( 🐦 [Hot take: Deleting Twitter is the new moving to Canada…]( 💬 […and ICYMI: What Twitter founder Jack Dorsey initially said about Musk’s bid]( ✦ Love stories like these? Support our mission by [becoming a member](—use code MAKEBIZBETTER to take 50% off. What to watch for Hong Kong’s Foreign Correspondents Club has hosted the Human Rights Press Awards for a quarter century. Over the weekend, the club’s board [voted to cancel]( the event—just 10 days in advance. Independent news outlet Stand News, [raided by police]( under the 2020 national security law, was rumored to be among this year’s winners. This month, one of the judges of the event, [journalist Allan Au](, was arrested on sedition charges. In an email to members, club president Keith Richburg said journalists faced many “red lines” in the city, and the club made a difficult decision as it did “not wish unintentionally to violate the law.” Eight journalists, including [Quartz’s Mary Hui](, resigned from the club’s press freedom committee on Sunday, with many citing the inability to continue serving the mission of upholding press freedom given the board’s decision. (Quartz’s Asia editor was also previously a board member.) As of Monday afternoon, the club’s website [no longer says it]( “defend[s] press freedom in Hong Kong and across the Asia region.” India has a Russia shipping problem The war in Ukraine is messing up shipping logistics for India. Indian exports to Russia are [costing businesses a fortune](, thanks to a surge in crude oil prices and an existing shortage in shipping vessels. To make matters worse, ships carrying some 3,000 Indian containers bound for Russia are [reportedly stuck]( in Europe and west Asia. Shipping companies are starting to charge exporters for returning undelivered containers, forcing some exporters to find alternative routes on land, seek new buyers in other countries, or just re-import the items. [A map showing shipping routes from Russia to India. A land route goes northwest through Bandar-Abas, Baku, and Moscow from Mumbai, and the sea route goes all the way around Saudi Arabia and into the Mediterranean, then through the English Channel.] With passages like the Black Sea blocked, India has had to redraw its routes, like using the Chinese port of Qingdao and Turkey to reach Russia and its neighbors, as well as Iran’s Chabahar port. All this has significantly increased the cost pressures for exporters, with no clear end in sight. Actually, everything has an everything shipping problem Meanwhile, despite [attempts to jumpstart its economy](, Shanghai’s lockdowns are wreaking havoc on the global supply chain. It’s [not a good sign for US ports](, which are just now emerging from the mess caused by last year’s congestion and delays. Even, say, the soon-to-be owner of Twitter, isn’t [immune from the woes]( of a foundering supply chain. Sponsor content by University of Wisconsin Extended Campus Optimize the connection between people, planet, and prosperity. Learn sustainability skills and principles that have the power to transform our workplaces and communities with a degree or certificate from the University of Wisconsin. [Courses are 100% online and begin May 31.]( Surprising discoveries The oldest person in the world died at age 119. Kane Tanaka of Japan was born in January 1903, [the same year]( the Wright Brothers flew the first airplane. A forgotten cask of whisky sold for a record $1.3 million. A US buyer [purchased a $6,400 cask]( from the Macallan Distillery more than 30 years ago, then apparently left it there. Speaking of forgotten booze: A bunch of cognac has gone missing. Bacardi sued American Airlines over $65,000 worth of the spirit, which [allegedly disappeared]( on a cargo flight from Paris to Los Angeles. Most Americans don’t want the land before time. Just 10% of US adults said they would support [reviving the tyrannosaurus rex]( from extinction. Snack food offerings will only take edible bugs so far. To really worm its way into mainstream acceptance, the insect industry needs to get itself on restaurant menus. Find out more in the latest [episode of the Quartz Obsession podcast](. 🦗 Listen on: [Apple Podcasts]( | [Spotify]( | [Google]( | [Stitcher]( SPREAD THE WORD Over 500k readers and counting. You already know why half a million people read the Daily Brief, so why not spread the word? [Share the Daily Brief today]( and get rewarded. 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