trail. jeff bezos takes a $23 billion personal hit. the bigger story here, what amazon sales outlook says about the u.s. economy. welcome to our viewers in the united states and around the world. i m christine romans. we begin with a titanic sea change in the world of social media. billionaire elon musk completing his $44 billion takeover of twitter. two sources tell cnn musk launched his takeover by firing the ceo and two others. he spent months trying to get out of it. for musk, it really sunk in for him this week that he would now be owning twitter. we heard that the deal has closed, it s happening. he spent time at twitter s headquarters this week meeting with employees. he sent a letter to posted a letter to advertisers yesterday trying to give them a sense of what his plans are. he posted this big i guess mission statement. at one point musk said he wanted to move towards a free speech maximalist approach. that seems to have given advertisers the jitters. will
the fed will be aggressive. 75 basis points. that strong dollar wasn t at play in amazon. nobody s crying for jeff bezos losing $23 billion on paper. they re probably in your 401k. what do you make of this rotation we re seeing in the big tech names that have led the market during the pandemic and are now showing signs of weakness? what does that say more broadly about the economy, john? workers and businesses are re-allocating how they re spending their time and how they re spending their money. for a long period of time we, in fact, couldn t go out and spend money on services because we re all shut down. we have lockdowns. now folks are coming back, re-engaging with some of the services sector. they re reimagining how they re going to live their lives and that in turn is translating to a shift in spending. what we ve experienced over the