#51 Elon Musk buys Twitter stake
Become largest shareholder and board member
Welcome to another edition of Business News for Kids 🙇♂️. A slightly limited edition due to holiday week.
Busy business this week 💼
Tesla and SpaceX CEO Elon Musk bought 9.2% of social media giant Twitter, making him the company’s largest shareholder. He was also appointed to the board and promised to bring about important changes, like getting Twitter to add a much asked Edit button. 😅
Twitter stock rose 27%, highest single day gain since its IPO. 📈
Players of mutiplayer online game Fortnite helped raise $144 million to support Ukraine 👏👏👏. Fronite’s creator Epic Games and Microsoft had pledged to donate all their earnings over two weeks in support of Ukraine.
If you’ve seen Back to the Future you must remember the DeLorean car. Well its making a comeback in an EV avataar. Watch out for the reveal on August 21. If only this car can go back in time we’d hope to stop this nonsensical war. 😞
If we are able to make a better future by going back into the past, where would you like to travel with a world that would be opening up normally about now😅? If you didn’t think of France, you probably should. Did you know France 🇫🇷 is the most visited country in the World!? About 90 million people visited it in 2019 with Tourism contributing to 8% to France’s GDP. Which is the next most visited country? Read on here.
Wait, what is..
Shareholder: A person or company that owns shares of a company.
Shares: A way to own part of a company. Geek out here.
GDP: Total monetary value of all goods and services produced in a region. Geek out here and ask a big person ‘wait, whats monetary value’ 🙂?
Inspiring business people to know 🙏
Repeat alert - we’d repeat it a thousand times for the courage shown by him in these tough times! Meet Volodymyr Zelenskyy, the President of Ukraine 🇺🇦 and our inspiring business person of the week.
Volodymyr Oleksandrovych Zelenskyy, is the 6th, and serving, President of Ukraine. A graduate of Kyiv National Economic University, Mr. Zelensky went on to become a comedian and actor starring in several movies and TV shows. In 2003 he founded a production studio, Kvartal 95, that went on to create several hit shows like Servant of the People - a fictional show starring Zelensky as a high school history teacher who becomes the president of Ukraine. The popularity of the show that aired from 2015 to 2019 led to Zelensky becoming the real President of Ukraine 🤷. And we’re glad he has been an inspiring one at that 🙇.
About BNFK
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BNFK distills the latest, most interesting, Business News 📰 .. to an emoji filled, ultra informative, and fun Newsletter for Kids. Delivered every Sunday. Previous editions here. Forwarding this? Ask them to hit 👇 & subscribe for FREE.
Stocks, stonks and.. ⚡️
Amazon’s India competitor Flipkart that was acquired by Walmart for $16 billion has revised its IPO plans and is now aiming to raise funds at a valuation of $60-70 bn, instead of the earlier $30 -$40 bn rumour last year and the $50 bn target supposedly this year. We’re wondering if it’ll be India’s first $100 bn startup. 🚀
Mental models.. whaaaat! 🤯
My dad insisted we put this section in here, even though I protested saying its going to be a while before kids need to apply mental models. Mental models are nothing but ways of thinking, you can use as a framework, to take decisions or solve problems. Who knows, they might just be useful!
Mutually Assured Destruction - If you're wondering why the world hasn't done more to stop Russia's invasion of Ukraine then this mental model is likely to help.
As the name says when two opponents (say countries) become so strong that engaging in war is likely to ensure mutually assured destruction that they don't end up engaging in a war.
Give the nuclear weapons power of Russia and that of NATO, involvement by NATO could have created a mutually assured destruction scenario. In business too, opponents that can beat each other are unlikely to engage in practices that could damage both companies.Read more about Mutually Assured destruction including its history on Farnam Street’s blog here.
Tech, products, toys ++ 🤖
Phone accessories maker Anker thats so far been popular for charging and cable products, made its big move to build a 3D printer. You can book the printer and support the project on kickstarter.👇
Pro Tip: The magic of learning is in curiosity. Don’t shy away from clicking those hyperlinked texts to read and learn more. We mostly hyperlink to text we have read ourselves to make sure it is safe, but please be aware that comments and ads shown on these pages are beyond our control. We recommend using a kids friendly browser to view the links. Please read all Disclaimers.
Take care. See you next week. Pray for Ukraine and for Russian citizens. 🙏