- Spin: Former pandemic darling Peloton will stop making its own bikes and treads and start outsourcing all manufacturing. Peloton spent hundreds of millions to build up its hardware production capacity, but is now focusing on subscription revenue.
- NVM: Elon Musk is trying to back out of buying Twitter for $44B (a 38% premium to Twitter’s value when he sealed the deal). Musk blames bots but Twitter’s suing him to close the deal, saying he blew off meetings.
- Gulp: From gas and rent to dental care and airfare, US consumer prices spiked 9.1% last month from a year earlier. It was the fastest inflation pace since 1981, and the Fed might get even more aggro with its rate hikes.
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