Twitter preps for payment system
Twitter is planning to introduce payment tools across the social media app, and CEO Elon Musk says the system would initially use fiat currencies and eventually add cryptocurrency functionality.
Twitter’s director of product management, Esther Crawford, is leading the development on payments after Musk floated the payment systems idea for Twitter in a pitch to investors back in May, saying it could generate upwards of $1.3 billion by 2028.
Musk acquired Twitter in late October for $44 billion following a chaotic legal battle that dragged out for months. The new boss has been pushing Twitter to find new streams of revenue as it faces a drop in advertising income.
Story by FOX Business reporter Bradford Betz
Stocks waffle as S&P looks to monthly gain
S P 500.
U.S. stocks struggled for direction on Tuesday as investors digested a basket of earnings from bellwethers including Exxon Mobil, GM and McDonald’s.
Over the last five days, the Dow remains slightly up around 0.02%, the S&P is now down around 0.22%, and the tech-heavy Nasdaq is now roughly just 0.02% higher during the same time.
In commodities, West Texas Intermediate crude futures slipped 0.65% to $77.39 a barrel, as gold popped 0.15% to $1,925.80 an ounce.
Advanced Micro Devices (AMD) will report earnings this afternoon
Advanced Micro Devices will report their fiscal fourth quarter and full year 2022 financial results at 5 p.m. ET.
The tech company’s earnings report comes ahead of Alphabet, Amazon and Apple reporting on Thursday.
The company’s third quarter earnings showed 5.6 billion in revenue to notch a 29% increase from the year prior.
In 2023, the stock has rallied to recover some of the losses made in 2022, rising approximately 12% after losing roughly 40% the last year. Over the last five days, shares are about 3% beneath the redline.
Boeing’s last 747 jumbo jet
Boeing is delivering its final 747 jumbo jet on Tuesday after a ceremony at the company’s factory in Washington state.
The jet has served as a cargo plane, a commercial aircraft capable of carrying nearly 500 passengers, transport for NASA’s space shuttles and the Air Force One presidential aircraft since it first took flight in 1969. It revolutionized travel by connecting international cities that never had direct routes, while also helping to democratize passenger flight.
The last U.S. airline to use the 747 for passenger flights was Delta, which stopped using the jets in 2017. Other international carriers, including the German airline Lufthansa, continue to fly the plane.
Atlas Air ordered four 747-8 freighters in early 2022, and the final one leaves the factory on Tuesday.
Story by FOX Business reporter Landon Mion