Elon Musk plans to make Twitter a privately-held social media platform unfettered by restrictions on some types of speech. What that would actually mean however isn’t entirely clear. Though Musk seems to think drug jokes are fine, it could include loosening rules against hate speech and false information—not to mention reinstating certain banned accounts. One stipulation in the proposed $44 billion deal prohibits Musk from public comments that “disparage the company.” If the deal does go through, the richest person in the world is likely to face a different set of obstacles than he has at Tesla. As Liam Denning writes in Bloomberg Opinion, free speech “is considerably squishier than, say, selling half a million Model 3s.”

European Union countries are moving to counter the energy crisis triggered by Russia’s war on Ukraine. Moscow said it would cut off gas to Poland and Bulgaria over ruble payments while Germany said it’s prepared to back a gradual ban on Russian oil. While Vladimir Putin has been forced by earlier defeats to shift his assault to Ukraine’s south and east, Kyiv is still unsafe, with Russian missiles killing more civilians this week.

U.S. consumers are spending, businesses are investing and unemployment is exceedingly low. And yet the economy contracted in the first quarter. That dip, it turns out, may simply reflect a surge in imports tied to solid consumer demand. In China, things have gone from bad to worse as Xi Jinping pursues his Covid-zero strategy and lockdowns spread. The economy is reeling, cases are soaring and public anger is mounting.

The collapse of Archegos Capital Management sent shock waves across the global financial world in 2021. This week, founder Bill Hwang and his deputy were indicted by a federal grand jury in New York for market manipulation and fraud. The more that’s learned about last year’s margin call meltdown, Matt Levine writes in Bloomberg Opinion, the stranger the story gets.

Bill Hwang  Source: Bloomberg

Weather prediction in the U.S. has long been the domain of the federal government. But as storms increase in frequency and ferocity, a new crop of private prediction platforms are supplementing U.S. data with their own—and claiming eyebrow-raising precision. Meanwhile, a new study finds flood risks are rising for coastal cities, and California’s historic drought could mean summer blackouts. 

Time to buy a new home? Probably not if your guide is bond manager Mark Kiesel. He sold his California house in 2006, predicting the bubble would pop (and it sure did). Now he’s ready to sell again. Competition remains fierce in the U.S. housing market, and is now being tested by mortgage rates at their highest level since 2010. If you must buy, however, billionaire Robert Toll’s New York penthouse is available for $22 million.

In Robert Toll’s Manhattan aerie, most rooms have views that span more than 180 degrees of the New York skyline. Courtesy of SERHANT. / by Krisztina Crane of Evan Joseph Studios.

• The Fed is expected to raise interest rates 50 basis points.
• Hong Kong to allow non-resident arrivals as Covid rules ease.
• OPEC+ convenes virtually while energy companies report earnings.
• Reserve Bank of Australia releases updated economic forecasts.
• The Kentucky Derby runs in Louisville.

How Covid-19 Transformed the U.S. Economy

The coronavirus has been confirmed to have killed almost a million Americans. But over two years of monumental tragedy, the pandemic has also served to transform the U.S. economy. Many workers sent home in the first lockdowns may never return to a five-day week. Those fed up with their jobs quit in droves, and long-suffering laborers finally saw significant wage bumps (though still not in step with inflation). The rich got richer faster while the spread of automation accelerated. When the virus finally recedes, or at least ceases to be such a mortal threat, many of these changes will likely remain. 

The line for a Covid-19 test at the U.S. Capitol in January. The American economy is likely to have been permanently altered by the pandemic. Photographer: Drew Angerer/Getty Images

Bloomberg Invest—Focus on Africa: What are actionable ways in which Africa can plan its future? And what will it take for investors to deploy their capital in the continent? Join key corporate leaders and policymakers from IFC, Standard Chartered and TPG on May 17 as we explore key issues around Africa investing with an eye toward a post-pandemic world. Learn more here.