Today's financial news

FRIDAY 14th JUNE

<- Back to news

Bonus for Musk and Taylor Swift Boost in British Economy

Play audio

Taylor Swift Boosts British Economy

Taylor Swift's three sold-out concerts in Edinburgh have not only attracted a record number of spectators but also triggered measurable earthquakes up to nearly six kilometres from the concert venue and boosted the city of Edinburgh’s economy with $98 million according to its local council. According to Barclays, Taylor Swift's Eras Tour is expected to add a total of £1 billion ($1.27 billion) to the British economy nationwide. Swift attracts fans from all over the world to such an extent that the phenomenon has been dubbed "Swiftonomics," describing the American pop singer's ability to influence the economies of the cities and countries she visits. This occurs as she draws large numbers of fans who spend money on travel, accommodation, and other expenses associated with her concerts.

Huge Bonus for Elon Musk

It was a good day for Elon Musk yesterday, as Tesla's investors voted at the general meeting in favour of his comprehensive plan to move the electric car manufacturer's headquarters to Texas, triggering a $56 billion bonus for Musk. This is a way for investors to show their confidence in Musk as a leader despite Tesla's declining sales and significant stock losses. However, the vote does not mean that Musk will immediately receive his new compensation package. A judge had intervened in Musk's bonus plan back in 2018, and it is expected that Tesla will appeal. The news caused Tesla's stock to rise by 3 percent in Thursday's trading.

Apple is world's most valuable company again

Apple can once again call itself the world's largest company after three days of stock gains, which have pushed Microsoft down to second place. Apple's market value reached $3.285 trillion on Thursday, surpassing Microsoft's $3.282 trillion. This increase is partly due to Apple's announcement of a collaboration with OpenAI, known for ChatGPT. This news has given Apple’s stock a significant boost, not seen since August 2020. Thursday marked the first time since January that Apple closed with a higher market value than Microsoft.

Sources: CNBC, Euroinvestor. 

Nina Dahl