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Musk says he'll resign as Twitter CEO after finding a successor, a federal regulator fines Wells Far

Musk says he'll resign as Twitter CEO after finding a successor, a federal regulator fines Wells Fargo $1.7 billion, and more [What makes a subscription to The Week so valuable now? Click here.]( [The Week Logo]( [Subscribe to The Week magazine]( [Subscribe to The Week magazine]( Daily business briefing 1. [Musk says he will resign as Twitter CEO once he finds a replacement]( Elon Musk said Tuesday he will step down as Twitter CEO as soon as he finds a successor, "someone foolish enough to take the job." The announcement came two days after he conducted a poll on the social media site asking his 122 million Twitter followers to vote on whether he should resign. Fifty-seven percent responded "yes." Musk completed his $44 billion purchase of Twitter in October, promising to make it a haven for absolute free speech. Since then, he has faced a backlash over unpopular content moderation policies, including brief suspensions of several high-profile journalists. In announcing his plan to find a new CEO, he tweeted that after he resigns he "will just run the software & servers teams." [[The New York Times]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=Musk+says+he+will+resign+as+Twitter+CEO+once+he+finds+a+replacement&body=Read the story here: utm_campaign=business_briefing_newsletter_20221221&utm_source=business_briefing_newsletter) 2. [Regulator fines Wells Fargo $1.7 billion]( The Consumer Financial Protection Bureau on Tuesday fined Wells Fargo a record $1.7 billion for "widespread mismanagement" that hurt the holders of more than 16 million consumer accounts over several years. The regulator said the bank misapplied loan payments, illegally repossessed vehicles, foreclosed on homes when it shouldn't have, and charged unexpected overdraft fees, among other "illegal activity." The CFPB also ordered Wells Fargo provide more than $2 billion in compensation to affected customers. "Wells Fargo's rinse-repeat cycle of violating the law has harmed millions of American families," CFPB director Rohit Chopra said in a statement. [[CNN]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=Regulator+fines+Wells+Fargo+$1.7+billion&body=Read the story here: utm_campaign=business_briefing_newsletter_20221221&utm_source=business_briefing_newsletter) 3. [Sam Bankman-Fried signs forms ahead of extradition to U.S. on fraud charges]( Disgraced FTX founder Sam Bankman-Fried on Tuesday signed legal papers setting the stage for his extradition from the Bahamas to the United States to face fraud charges related to the implosion of his cryptocurrency exchange, Bahamian jails chief Doan Clear told Reuters. A court will hold a hearing on the case Wednesday. Bankman-Fried, 30, has admitted to management failures at FTX, but denied any criminal acts. He was arrested last week in the Bahamas, where FTX is based, after a New York grand jury indicted him on allegations of stealing customer funds to cover losses at his crypto hedge fund, Alameda Research. [[Reuters]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=Sam+Bankman-Fried+signs+forms+ahead+of+extradition+to+U.S.+on+fraud+charges&body=Read the story here: utm_campaign=business_briefing_newsletter_20221221&utm_source=business_briefing_newsletter) 4. [Stock futures gain after Wall Street breaks 4-day losing streak]( U.S. stock futures rose early Wednesday, putting Wall Street on track to extend its gains after snapping a four-day losing streak on Tuesday. Futures tied to the Dow Jones Industrial Average and the S&P 500 were up 0.7 percent and 0.5 percent, respectively, at 6:30 a.m. ET. Nasdaq futures were up 0.4 percent. Nike shares jumped 12 percent after the athletic shoe and apparel maker reported quarterly earnings and revenue that beat expectations. FedEx shares were up 4.7 percent after the package delivery company exceeded consensus per-share earnings estimates. The Dow and the S&P 500 gained 0.3 percent and 0.1 percent, respectively, on Tuesday after the Bank of Japan raised its cap on Japanese government bond yields. The tech-heavy Nasdaq was flat. [[CNBC]( [Barron's]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=Stock+futures+gain+after+Wall+Street+breaks+4-day+losing+streak&body=Read the story here: utm_campaign=business_briefing_newsletter_20221221&utm_source=business_briefing_newsletter) 5. [USPS switching to electric mail trucks]( The U.S. Postal Service will [buy 66,000 electric mail-delivery vehicles by 2028]( Biden administration officials and Postmaster General Louis DeJoy announced Tuesday. Under the plan, all new USPS vehicles will be electric starting in 2026. USPS currently operates the federal government's largest — and oldest — fleet of vehicles. Most mail trucks are 30 years old, lack air conditioning and airbags, and get a gas-guzzling 8.2 miles per gallon. DeJoy, a GOP donor appointed during the Trump administration, faced criticism from the Biden administration after unveiling a plan in 2021 to replace the Postal Service's 217,000 aging vehicles with 90 percent gas-powered trucks. President Biden has pushed to transition the federal government to all-electric vehicles by 2035 to reduce climate emissions. [[E&E News]( [Fox Business]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=USPS+switching+to+electric+mail+trucks&body=Read the story here: utm_campaign=business_briefing_newsletter_20221221&utm_source=business_briefing_newsletter) [Read more business stories at theweek.com]( MOST POPULAR [Related image]( [Survivor found after Thai warship sinks, but dozens remain missing]( Justin Klawans [Related image]( [What's included in Congress' $1.7 trillion spending bill]( Devika Rao [Related image]( [Uvalde school fails safety inspection just 7 months after mass shooting]( Justin Klawans [Related image]( [Jeremy Clarkson's 'deplorable' article about Meghan Markle sparks over 17,500 complaints]( Brendan Morrow [Related image]( [White House offers snarky T-shirt as official response to Fox News story on HIV/AIDS council]( Peter Weber [Speed reads banner] [Article image]( [Biden will announce Patriot missiles for Ukraine during Oval Office meeting with Zelensky, officials say]( December 21, 2022 [Article image]( [USPS is switching to electric mail trucks, in reversal for Trump-era postmaster general]( December 21, 2022 [Article image]( [IRS didn't start auditing Trump's presidential-era taxes until day House Democrats asked for records in 2019]( December 21, 2022 [Article image]( [House committee votes to release Trump's tax returns]( December 20, 2022 [Read more of today's best articles at theweek.com]( [What makes a subscription to The Week so valuable now? Click here.]( [Unsubscribe from this list]( | [Privacy Policy]( © Future US LLC. Registered address: 10th floor, 1100 13th Street NW, Washington, DC 20005. [The Week Logo]( [Follow The Week at Facebook.com]( [Follow The Week at Twitter.com]( [The Week magazine cover]( Subscribe to The Week [Subscribe]( [Subscribe]( [Subscribe]( [Subscriber login]( [Give a gift]( [Classroom subscriptions]( [Newsletters]( [RSS]( [Ad info]( [Privacy policy]( [Terms & conditions]( [The Week UK]( [Customer service]( [Contact Us]( [Accessibility](

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