Good morning. A big holiday weekend is on tap with Good Friday and Passover today, then Easter on Sunday. If you've got a full, family-packed schedule, enjoy the celebrations. If not, Old Enough! is on Netflix. —Neal Freyman, Matty Merritt
| | | |  | Nasdaq | 13,351.08 | | | | | S&P | 4,392.59 | | | | | Dow | 34,451.23 | | |  | 10-Year | 2.830% | | | | | Bitcoin | $39,981.36 | | | | | Twitter | $45.08 | | | | *Stock data as of market close, cryptocurrency data as of 7:00pm ET. Here's what these numbers mean. | - Markets: All three major indexes posted a losing week as investors weighed solid Q1 earnings against threats like inflation and the war in Ukraine…with the threats getting more attention. But there's nothing like a three-day weekend for a reset: The US stock market is closed today for Good Friday.
| | | | SNL/NBCUniversal via Giphy When announcing that Elon Musk had declined an offer to join Twitter's board, CEO Parag Agrawal warned employees of "distractions ahead." Maybe this was what he was talking about: Musk, who already owns a 9.2% stake in Twitter, revealed that he made an offer to buy the rest of the company. His bid: $43 billion. Here are your biggest questions, answered. First of all, why? At the TED2022 conference Musk just so happened to be speaking at yesterday, he said that acquiring Twitter wasn't about the money—it's about making the platform an "inclusive arena for free speech." The company "has extraordinary potential. I will unlock it," he wrote in an SEC filing. On the other hand, some analysts speculated that the bid gives Musk an offramp to unload an investment that he may not want anymore. As Musk himself said, "If it is not accepted, I would need to reconsider my position as a shareholder." How would he pay for it? With a net worth of $274 billion, Musk, the world's richest person, said he has "sufficient assets" to make the purchase. But his wealth is tied up in stock elsewhere so to actually complete the deal, he'd have to sell more of his Tesla shares or take out a loan against them to access the cash. Will Twitter accept? The company said it would review the offer and make a decision that's in the best interest of "all Twitter stockholders." Worth noting: - Musk offered $54.20 per share to buy out Twitter. While it represents a 54% premium over Twitter's share price the day before Musk began buying a stake in the company, it had been trading above that price for most of last year. So, to the board, it may not represent the "high price" Elon boasted about.
- Twitter shareholders were already peeved with former CEO Jack Dorsey splitting time with another company. With Elon, they'd get an owner who's also committed to sending people to Mars, revolutionizing the auto industry, and wiring humans to computers. They might not want another distracted leader, especially one who's already made enemies at the company.
What happens next? Experts say this negotiation will likely end as abruptly as the Sopranos finale. Musk himself said he's "not playing the back-and-forth game. I have moved straight to the end." Of course, with Elon you never know if he's got a post-credits scene cued up. When asked at the TED conference if there was a Plan B, he said, "There is." | | TOGETHER WITH ATHLETIC GREENS | | Nobody has the perfect diet—there are just too many gaps to fill, no matter how well you eat. But here's a nutritional revelation for you: AG1 by Athletic Greens packs 9 products into one delicious scoop that you can mix and sip in just 60 seconds. Foundational nutrition? You just found it. AG1 is full of vitamin C, zinc citrate, ashwagandha, and 71 other vitamins, minerals, probiotics, and whole-food-sourced ingredients: all the good stuff you need for a healthy routine that covers gut health, immune health, energy, and more. Hundreds of thousands of people already use AG1 daily to take ownership of their health. Put your health back in your hands with AG1 today and get a free year's supply of Vitamin D with your purchase. | | Ryan McFadden/MediaNews Group/Reading Eagle via Getty Images  The Garden State will become greener. New Jersey will begin allowing adults to buy recreational cannabis starting next Thursday, April 21 (so close), Democratic Governor Phil Murphy said. That's nearly a year and a half after the state voted overwhelmingly to let everyone have THC gummies. New Jersey is the 18th state, plus DC, to legalize recreational use.
 Andy Jassy addressed high employee injury rates. In his first shareholder letter as CEO of Amazon, Jassy wrote that he spent time in fulfillment centers looking at why Amazon warehouse workers were getting hurt, but didn't find a simple answer. Jassy also said he speaks to Jeff Bezos every week and that the company thinks employees are "better off" not joining a union in an interview with CNBC.
 The essay goes to court. Johnny Depp and Amber Heard's libel trial began this week in a DC suburb. Depp sued Heard, his ex-wife, for $50 million claiming defamation for a Washington Post Op-Ed she wrote in 2018 supporting the Violence Against Women Act. While Heard didn't name Depp in the piece, he claims it repeats abuse allegations she's made in the past about him. The trial is expected to last about six weeks and feature testimonies from celebrities like James Franco and Elon Musk.
| | Burak Akay/Anadolu Agency via Getty Images Remember the Russian warship that Ukrainian border guards at Snake Island reportedly told to f— off early in the war? Well, it's now on its way to hang with Sebastian at the bottom of the sea. The Moskva, the flagship of the Russian fleet in the Black Sea, has sunk after it sustained damage, according to Russian state media. But how did it get there? Each side tells a different story: - The Russians said a fire on the ship caused ammunition to explode, and it eventually sank "in the condition of stormy seas."
- The Ukrainians claimed the ship was hit by two of their anti-ship missiles.
- The US said it couldn't definitively assess whether the damage was caused by missiles. Other Western experts said that Ukraine's missile claims were "credible."
Whatever led to the demise of the Moskva, it's a major setback for Russia, both materially in the war effort and also as a matter of pride. Think of it like the US losing an aircraft carrier, CNN wrote. Big picture: The war in Ukraine turned 50 days old yesterday. As Russia regroups for an expected attack on the southern and eastern regions of the country, Ukrainian officials are pleading with European countries to stop buying oil from Russia.—NF | | Francis Scialabba Stat: On March 29, wind turbines produced more power than coal or nuclear plants in the US for the first time on record, according to the Energy Information Administration (EIA). That put wind in the No. 2 spot behind only natural gas, though it's not expected to top nuclear or coal for an entire month until 2024 earliest. Quote: "What are the Kingdom's views on journalistic freedom of speech?" That's how Elon Musk responded to Saudi Prince Alwaleed bin Talal's statement that he was opposed to Musk's takeover bid. The prince, one of Twitter's largest shareholders, is a royal in a country that's ranked one of the worst in the world for press freedom. Read: America's highest earners and their taxes revealed. (ProPublica) Ask: Yesterday we asked readers whether they expect a recession, and y'all must be fun at a party. 81% said a recession was incoming, while 19% said it wasn't. | | Getting a 5/5 on the Brew's weekly news quiz has been compared to beating Google Maps's estimated time of arrival. It's that satisfying. Ace the quiz. | | - A Pfizer-BioNTech booster shot boosts immunity against Covid in ages 5–11, the companies said yesterday.
- Peloton dropped the price of its hardware and is hiking the price of its content subscription service as part of its revival efforts.
- Florida Gov. Ron DeSantis signed a bill that bans abortions after 15 weeks of pregnancy.
- Four more Starbucks locations voted to unionize this week, bringing the total to 20. A union has lost at only one US location.
| | Things to explore: 1) The famous figures who represent today's currencies around the world and 2) the world. Things to make: Try making this homemade ginger ale when you're craving your favorite plane beverage. Is there a better thirst quencher on the planet? (H/t Sidekick). Hear a different kind of story. A story covering the biggest rivalries in business that will help you understand a little bit more about the world around you. With over 50 seasons to choose from, you can listen to Business Wars wherever you get your podcasts.* Let's be real. Commercial real estate stands up well against instability and inflation, but it can seem out of reach for the average investor. Enter Cadre, an online investing platform that delivers access to institutional-quality, private commercial real estate. Learn more here.* *This is sponsored advertising content. | | Three 10 letter words are encoded in the following 10 lines. The first line has the first letter of each word, the second line has the second letter of each word, and so on. But the letters are jumbled together on each line. Can you find all three words? - AME
- OPX
- CPT
- IIR
- ETV
- AEC
- MTI
- EAI
- TON
- NTE
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