At number three, oil company Exxon has reported a quarterly profit of £20bn, over triple what it made last year. The oil giant expects to make over $50bn profit this year - that’s more than Amazon and Meta combined. Oil companies have raked in profits in recent months due to increased production and bumper gas prices.
At number two, Elon Musk is now officially CEO of Twitter and could slash Twitter's workforce by half. Reports suggest Musk could let go over 4000 employees. Musk is also planning to end Twitter’s work from home forever policy and introduce a charge of $8 a month for a blue tick on the app.
And at number one, The Bank of England has raised interest rates from 2.25% to 3%, the biggest hike since 1989. It’s also been forecasted that the UK’s economic downturn could last until the first half of 2024. Inflation is also expected to hit 11% this winter, before falling next year.
And that’s all for today, follow Shares to keep updated and we’ll see you next week!
That's all for today! Download the Shares app and keep up-to-date on all the news by following our socials 👇
As with all investing, your capital is at risk.
Shares is a trading name of Shares App Ltd. Shares App Ltd is an appointed representative of RiskSave Technologies Ltd, which is authorised and regulated by the Financial Conduct Authority.