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per share. Amid an overall market decline, Twitter’s share price and the price of Tesla shares dropped after that. By July 8, Musk told Twitter he was terminating the deal. He accused Twitter of failing to give him all the information he needed to go ahead with the acquisition, and of understating the number of bots, spam and fake accounts on its platform. Get the Morning Rundown Get a head start on the morning’s top stories. SIGN UP THIS SITE IS PROTECTED BY RECAPTCHA PRIVACY POLICY | TERMS OF SERVICE Recommended CONSUMER Coca-Cola’s newest flavor ‘Dreamworld’ supposedly tastes like dreams CONSUMER U.S. Postal Service asks for temporary postage hike for holiday season Twitter has sued to ensure the Musk deal goes through for the promised price, which would represent a windfall for many of its shareholders. On Tuesday, after Musk’s latest stock sales were revealed, Tesla fans and promoters asked the celebrity CEO if he was done selling shares in the electric vehicle business, and if he might buy shares back in the future. Asked if he was done selling Tesla shares, Musk replied: “Yes. In the (hopefully unlikely) event that Twitter forces this deal to close and some equity partners don’t come through, it is important to avoid an emergency sale of Tesla stock.” Musk did not specify which equity partners he feared would abandon plans to finance a Twitter take-private transaction with him. In early May, Musk had lined up equity financing from 19 different partners including Saudi Arabia’s Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, Qatari Holding, venture firms Sequoia, DFJ growth fund, Vy Capital, and the cryptocurrency exchange Binance. He also said he would buy some of his shares back if he doesn’t have to go through with the Twitter acquisition. If the Twitter deal doesn’t go through, he will consider creating his own social platform, X.com, he added. Tesla shares were trading nearly flat after hours on the news. Shares in Tesla closed at $850, down just over 2% for the day on Tuesday, before Musk’s insider sales worth nearly $7 billion were made public through SEC filings. Lora Kolodny, CNBC

Aug. 10, 2022, 4:32 AM +07 By Amelia Lucas, CNBC Shares of Sweetgreen plunged more than 20% in extended trading Tuesday after the salad chain lowered its 2022 forecast. The restaurant company also said it laid off 5% of its support center workforce and will downsize to a smaller office building to lower its operating expenses. As of Tuesday’s close, Sweetgreen’s stock has fallen 37% since its initial public offering in November. Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv: Loss per share: 36 cents, in line with estimates Revenue: $124.9 million vs. $130.2 million expected Sweetgreen sales softened around Memorial Day, leading the company to revise its forecast lower, CFO Mitch Reback said in a statement. On the company’s conference call, executives chalked the slowdown up to a number of factors, ranging from “unprecedented levels of summer travel,” a slow return to the office and another wave of new Covid-19 cases. Get the Morning Rundown Get a head start on the morning’s top stories. SIGN UP THIS SITE IS PROTECTED BY RECAPTCHA PRIVACY POLICY | TERMS OF SERVICE In the quarter ended June 26, Sweetgreen’s net sales rose 45% to $124.9 million. Its same-store sales climbed 16%, boosted by 6% menu price hikes. Recommended CONSUMER Coca-Cola’s newest flavor ‘Dreamworld’ supposedly tastes like dreams CONSUMER U.S. Postal Service asks for temporary postage hike for holiday season For 2022, Sweetgreen now expects annual revenue of $480 million to $500 million, down from its prior forecast of $515 million to $535 million. The chain also revised its outlook for same-store sales, predicting growth of 13% to 19%, down from the previous projection of 20% to 26%. Moreover, Sweetgreen also changed its outlook for adjusted losses before interest, taxes, depreciation and amortization to a range of $45 million to $35 million, wider than its previous range of $40 million to $33 million. But the chain shared the steps it’s taking to achieve profitability, including layoffs and reducing its real estate footprint by moving to a smaller office. Severance packages and related benefits are expected to cost the company between $500,000 to $800,000, while the office move will cost $8.4 million to $9.9 million. The charges are expected to impact its third-quarter results. Sweetgreen reported a second-quarter net loss of $40 million, or 36 cents per share, wider than a net loss of $26 million, or $1.55 per share, a year earlier. The company blamed an increase in stock-based compensation for its increasing losses. Amelia Lucas, CNBC

Aug. 9, 2022, 2:40 AM +07 By Rob Wile Volkswagen Group of America is recalling about 1,200 of its 2016 model-year vehicles over concerns about a defective airbag part that could cause the airbag housing to explode. According to a recall notice dated July 27, a defective airbag inflator could send sharp metal fragments striking people inside the vehicle, resulting in serious injury or death. In addition, an airbag that does not deploy properly also increases the risk of injury in a crash, the recall says. Dealers have been instructed to replace the airbag free of charge, according to the recall. Affected models include the 2016 Audi TT Roadster, TT Coupe, S3 Sedan, R8 Coupe, A3 Sedan, A3 Sportback e-tron, A3 Cabriolet, Golf SportWagen, Golf R, Golf GTI and Golf Mk7 and the battery-electric e-Golf hatchback. Recommended CONSUMER Coca-Cola’s newest flavor ‘Dreamworld’ supposedly tastes like dreams CONSUMER U.S. Postal Service asks for temporary postage hike for holiday season The recall for exploding airbags follows an unrelated recall in May affecting some Hyundai vehicles equipped with a defective exploding seat belt part. Both the airbag inflator and the seat belt pretensioner had been classified as containing similar hazardous materials. The latest airbag campaign is not related to the long-running Takata airbag recall that has affected nearly 3 million vehicles. For more information, visit nhtsa.gov/recalls and search your vehicle’s VIN number to see whether it is affected. Get the Morning Rundown Get a head start on the morning’s top stories. SIGN UP THIS SITE IS PROTECTED BY RECAPTCHA PRIVACY POLICY | TERMS OF SERVICE Rob Wile Rob Wile is a breaking business news reporter for NBC News Digital.

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