SQUAWK BOX, FRIDAY 28TH OCTOBER, 2022

Elon Musk completes his $44bn takeover of Twitter and immediately fires CEO Parag Agrawal and CFO Ned Segal and confirms the acquisition by tweeting ‘the bird is freed’. Big Tech suffers an almost $800bn loss to its market cap as investors flee the sector on the back of underwhelming earnings, weak forecasts and spiralling costs. Amazon and Apple earnings are also due to today. The e-commerce giant offers a weak outlook ahead of the Christmas season while Apple misses on iPhone sales. In forex news, the euro nears parity against the dollar as the ECB raises rates by a further 75bps. President Christine Lagarde says the central bank’s job to calm inflation is still incomplete.