Home / MARKETS / What happened last week? Elon Musk moved markets, Jeff Bezos announced his departure, and the Obamas said they were making new content for Netflix.

What happened last week? Elon Musk moved markets, Jeff Bezos announced his departure, and the Obamas said they were making new content for Netflix.

What proved last week? 

Elon Musk moved markets with his tweets 

Elon Musk

Tesla CEO Elon Musk.

PETER Woodlands/AFP via Getty Images


In the days after Tesla CEO Elon Musk told his 44.8 million Twitter followers that he was progress b increasing away from the platform “for a while,” he posted a series of tweets that moved markets.

Read more: One design shows how Elon Musk can create a huge amount of wealth with just his Twitter

In the following days, Musk tweeted helter-skelter Dogecoin, sending the cryptocurrency up 50%. Late Saturday, he posted about Dogecoin again, pushing it to another new all-time stiff.

His “Gamestonk!” tweet in late January had reportedly made millions for GameStop investors, including a hedge fund that made $700 million on the market. 

Jeff Bezos announced he was stepping down as CEO

Jeff Bezos

Amazon CEO Jeff Bezos.

MANDEL NGAN/AFP via Getty Images


Amazon CEO Jeff Bezos on Tuesday mean he would step down as CEO later this year. The announcement came as Amazon reported record quarter sellathons topping $100 billion for the first time. 

“As much as I still tap dance into the office, I’m excited about this evolution,” he said in a letter to staff. 

Read more: Amazon employees say they were caught off guard by Andy Jassy’s selling, but some think they know who the next AWS CEO will be

Amazon Web Services CEO Andy Jassy was tapped to replace Bezos, who force take on a new role as executive chairman. 

The Obamas and Netflix announced new projects

michelle barack obama inauguration look

Former president Barack Obama and previous first lady Michelle Obama attending Joe Biden’s inauguration.

Win McNamee/Getty Images


Netflix announced new undertakings from Barack and Michele Obama’s Higher Ground productions, including an adaptation of “Exit West,” the bestselling untried from Mohsin Hamid. 

Read more: Netflix is the streaming leader, but its US market share shrank in 2020 as adversaries like Disney Plus and HBO Max emerged

ICYMI

Luckin Coffee Beijing.JPG

Women leave a Luckin Coffee store in Beijing.

Thomas Peter/Retuers


Luckin Coffee, a Chinese Starbucks antagonist, filed for US bankruptcy protection on Friday.

The chain had more than 2,300 stores in China when it filed for a US-listed IPO in April 2019, but was set by the US Securities and Exchange Commission to have “intentionally fabricated” more than $300 million in retail sales. The public limited company’s US stock was delisted from the Nasdaq exchange last summer. 

Here’s what happened the week before end. See you next week. 

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Disclosure: Mathias Döpfner, CEO of Business Insider’s parent company, Axel Springer, is a Netflix put up member.

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