• Luna is down 99% Thursday, falling to under $ 0.02 per coin.
• The cryptocurrency is linked to stablecoin TerraUSD, which lost its US dollar peg this week.
• Luna and Terra’s slide come as cryptocurrency markets plummet in a broad sell-off.

Luna is worth less than two cents, losing 99% of its value amid a broad decline in the cryptocurrency market.

The coin is linked to TerraUSD, an algorithmic stablecoin that’s in the spotlight this week after losing its peg to the US dollar. Luna is a kind of temperature check for sister coin TerraUSD, meant to absorb market turbulence and shockwaves amid

volatility

.

The latest rout in the cryptocurrency market comes as the market plummets alongside other risk assets. The total market capitalization of all cryptocurrencies fell to a new 2022 low Thursday. Bitcoin was trading as low as $ 25,000 Thursday morning, but had retraced some losses to climb back toward $ 30,000 around 11:30 am ET.

Terra is a stablecoin that uses an algorithm to maintain its dollar peg, compared to a coin like Tether that are backed up by holdings of fiat currencies and other assets. The code erases portions of Luna coin to keep Terra at or above one dollar.

But Terra isn’t backed by liquid assets. Instead, the token is supported by about $ 3.5 billion in reserves of bitcoin. Terra’s turmoil has pushed investors to dump Luna on fears that a critical part of the whole crypto ecosystem is coming undone. Luna has gone from support at $ 85 to its current low of around $ 0.01.

<p>The post Luna Crypto Falls 99% After Terra Loses Its US Dollar Peg first appeared on harchi90.</p>

Mercedes is warning over 292,000 customers with select ML, GL, and R-Class vehicles between the 2006 and 2012 model years to stop driving them.

VAN LEEUWEN ICE CREAM RECALLS 2K PINTS DUE TO UNDECLARED TREE NUTS

The German automaker said in a recall notice posted on the National Highway Traffic Safety Administration’s website that moisture can accumulate and cause corrosion in the cars’ brake booster housing units, potentially resulting in a vacuum leak and reduced brake performance.

In rare cases of very severe corrosion, hard breaking could potentially cause mechanical damage to the brake booster, resulting in brake failure and increasing the risk of a crash. A foot-activated parking brake would still work.

Mercedes notes that drivers with impacted vehicles may notice a change in the feel of their brake pedal or a hissing or airflow noise when applying the brake pedal before the issue occurs. To date, there have been no crashes, injuries or deaths related to the issue.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

To remedy the situation, Mercedes-Benz dealers will remove a rubber sleeve, inspect the brake booster and replace it as necessary. Owner notification letters will be mailed starting May 27.

Vehicles that show advanced corrosion will have an additional test performed to ensure the functionality of the brake booster. The vehicles that pass the additional test may be driven for up to two years but must return for an additional repair. Vehicles that do not pass the test will require a brake booster replacement.

All repairs will be performed free of charge. In the event a repair is necessary and cannot be carried out immediately, an authorized Mercedes-Benz dealer will help coordinate towing and an alternate form of transportation for the owner.

<p>The post Mercedes recalling over 292K vehicles to fix brake issue first appeared on harchi90.</p>

Elon Musk is reportedly looking to secure more equity for the acquisition of Twitter in order to proceed without billions of dollars worth of loans back by Tesla shares. It comes as Tesla’s share price has fallen to significantly.

Last month, Twitter’s board officially accepted Elon Musk’s acquisition offer. It still needs to go to a shareholder’s vote and some details are still being figured out but in the meantime, Musk has proven that he has the funding ready for the transaction.

However, it looks like he might be changing things up a bit.

Ahead of the offer being accepted, Musk showed that he managed to secure $ 25.5 billion of fully committed debt and margin loan financing, most of which is backed by his stake in Tesla, and he is going to provide an additional $ 21.0 billion in equity himself, with money from previous sales of Tesla shares.

Over the last few weeks, he revealed several partners proving over $ 8 billion in equity, including Tesla board member and Oracle founder Larry Ellison providing $ 1 billion. With the new funding, Musk reduced the number of loans backed by his Tesla shares to $ 6.25 billion.

Now, Musk is apparently looking to raise enough capital through other investors to avoid Tesla-backed loans completely (Bloomberg):

Elon Musk is in talks to raise enough equity and preferred financing for his proposed buyout of Twitter Inc. to eliminate the need for any margin loan linked to his Tesla Inc. shares, according to people with knowledge of the matter.

The billionaire’s advisers, led by Morgan Stanley, have begun soliciting interest from potential investors for as much as $ 6 billion in preferred equity financing, the people said, asking not to be named discussing a private transaction.

The moves come after Tesla’s stock crashed to levels not seen since last summer:

Tesla’s stock is going down amidst a broader market correction, and it is bad timing for Musk’s acquisition of Twitter.

FTC: We use income earning auto affiliate links. Blackberries.

Subscribe to Electrek on YouTube for exclusive videos and subscribe to the podcast.

<p>The post Elon Musk is looking to finance Twitter acquisition without loans backed by Tesla shares as price falls first appeared on harchi90.</p>

He added that “Chairman Powell presided as Fed chair during some of the most challenging moments in modern American history.”

.

<p>The post Jerome Powell confirmed for second term as Federal Reserve Chairman first appeared on harchi90.</p>

• Celebrities began hawking crypto in earnest last fall as bitcoin was hitting record highs.
• But if you invested then, you’d be seeing losses over 50% right now.
• Cryptocurrencies plummeted for the second day Thursday after the collapse of a major stablecoin.

If you’ve turned on your TV anytime in the past six months or so, chances are you’ve seen a celebrity hawking crypto.

And if you’re among those swayed by their endorsements, you’d be out hundreds, if not thousands of dollars right now.

Celebrities have been steadily hopping on the crypto craze for years, but it wasn’t until last fall that they began starring in high-profile ad campaigns promoting cryptocurrency exchange platforms. In September, Tom Brady and Gisele Bündchen appeared in a $ 20 million campaign for crypto exchange FTX where they called people in their contacts – everyone from a surgeon to a dog-walker – to convince them to start investing on the platform.

Then, famously, Matt Damon joined the party with a much-maligned ad for Crypto.com where he compared investing in cryptocurrencies to being brave enough to travel to outer space.

By the time the Super Bowl rolled around, crypto ads dominated the commercial breaks. Larry David and LeBron James were starring in ads of their own – David’s FTX ad was based on the premise that if you didn’t start investing in crypto, you’d be dismissing something as genius as the invention of the wheel.

So, how much money would you have lost if you listened to the likes of Brady or Damon?

Well, if you invested in bitcoin on October 28 when Damon’s ad debuted, over 52% of your investment would have been wiped out by now. Which means, as The Intercept’s Jon Schwarz pointed out on Twitter, that if you’d bought $ 1,000 worth of bitcoin at the time, you’d have about $ 526 right now.

Those who invested following the Super Bowl, an event with 208 million viewers, are seeing less of a startling crash right now – about 30% – but a wipeout nonetheless.

Thursday marked the second day of cryptocurrency turmoil, with bitcoin nosediving to its lowest since December 2020 and other major coins – like ether, solana, and cardano – sinking by as much as 30%. The sell-off comes after TerraUSD, a major stablecoin that’s supposed to maintain the same value as the US dollar, plunged to less than $ 0.30, rattling investor confidence amid a time of broader turmoil in the stock market.

Bitcoin, which hit a record high of $ 69,000 in November, fell below $ 26,000 Thursday morning, while ether, the second-largest cryptocurrency by

market cap

plummeted below $ 1,900, according to CoinMarketCap.

<p>The post Crypto-Crash Losses High If You Listened to Matt Damon first appeared on harchi90.</p>

Twitter has ousted two top executives – with both of them tweeting they were fired on Thursday – as the social media giant edges closer to being acquired by Tesla CEO Elon Musk.

Kayvon Beykpour, the company’s general manager, and Bruce Falck, Twitter’s head of revenue, announced on Thursday that they were let go by CEO Parag Agrawal.

Jay Sullivan, the head of consumer product, will take over Beykpour’s position.

Beykpour tweeted on Thursday that “this wasn’t my decision” and that Agrawal “asked me to leave after letting me know that he wants to take the team in a different direction.”

Falck also tweeted that he was “fired” by Agrawal. That tweet was later deleted.

Agrawal circulated a memo to Twitter employees on Thursday announcing the departures.

In the memo, which was first reported by the New York Times, Agrawal also announced that the company would freeze new hires and that discretionary spending would be pulled back.

There are currently no plans to lay off staffers, according to the memo.

Agrawal noted in the memo that the changes were made due to Twitter’s failure to hit audience and revenue growth goals.

Twitter has been thrown into turmoil since the company’s board of directors announced last month that it had accepted Musk’s $ 44 billion buyout offer.

Musk has said he intends to buy out shareholders and take the company private. He also plans to institute changes to its content moderation policy.

Twitter has taken steps in recent weeks to boost sagging morale at the company as employees are dreading Musk assuming the helm.

Last week, Sullivan convened a meeting of staffers and urged them to stay motivated despite the specter of significant changes on the horizon.

“Why show up and build stuff for an app that’s about to be in the hands of a new owner… who has said he plans to make serious changes?” Bloomberg reported, summing up staffers’ gripes.

“Why keep earning stock options at a company that’s about to go private?”

Musk has vowed to revamp the company’s content moderation policies that have resulted in bans of controversial figures, many of them on the political right. Twitter is fearful that employees could resign en masse ahead of Musk’s takeover, according to a regulatory filing that was submitted this week.

“Sullivan told employees that they have a responsibility to each other, and to a product used by hundreds of millions of people, which hosts the world’s most urgent and important public conversations,” Bloomberg reported.

“They’re all in this together,” he added, according to the people, who asked not to be named sharing internal discussions.

.

<p>The post Two Twitter execs ousted as Elon Musk takeover looms first appeared on harchi90.</p>