Finance Insider is Business Insider’s summary of the top stories of the past 24 hours.
Elon Musk shocked Wall Street on Tuesday night. Here’s what you need to know:
- Tesla has bid for SolarCity, a solar company chaired by Musk.
- Tesla shares crashed.
- SolarCity’s CEO ordered employees not to talk about Tesla on social media.
- Musk has said SolarCity will help Tesla become a “$1 trillion company.”
- Wall Street analysts are calling the deal “a bailout for SolarCity.”
- Shortseller Jim Chanos has called the deal “shameful.”
In other news, the flagship hedge fund at Visium Asset Management, the firm at the heart of an insider-trading case, is down double digits for the year to June 17.
In Brexit news:
- A Brexit could be worse than Black Wednesday, according to Credit Suisse.
- But it will be nowhere near as bad as Lehman Brothers, according to Goldman Sachs.
- The Brexit hoopla has diverted our attention from the real problem, according to Albert Edwards of Societe Generale.
- Leave or Remain, Europe has a bunch of problems.
On Wall Street, banking is still the career of choice for a plurality of MBA students, but the percentage of those choosing it is down sharply from its peak. Goldman Sachs is about to lay off nearly 100 employees.
And this is the best research we’ve seen on the state of the US consumer, and it makes for a grim reading.
Here’s the best of the rest in Wall Street headlines:
Sorry, LinkedIn: The 11 biggest tech mergers in history almost all had terrible endings — The new era of the tech supermerger is upon us.
This is the face of the future — One of the main demographic shifts in the world is toward an ageing population.
This is pretty simple: You want a raise? Get a new job — If you want a raise, then change careers.
This new startup wants to bring one of the hottest types of investing to millennials — There are a lot of robo-advisers out there vying for attention from millennial investors.
Costco just made a huge change — and furious customers are threatening to cancel memberships — Costco’s credit-card swap has customers calling the transition a “debacle” and threatening to cancel their memberships.
Snapchat has taken a lead in one of the most disruptive areas of tech — Imagine driving directions showing up over the road in front of you, or assembly instructions floating above the IKEA furniture you are putting together.
I went to a Trump rally, and it was nothing like what I expected — The man behind GSElevator went to a rally in Houston.