Plus, Taylor Swift's 'Midnights' album sold 1.58 million copies in its first week.
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Elon Musk has dissolved Twitter's board of directors, leaving him as the sole director of the social media company. According to an SEC filing on Monday, Twitter's nine board members were no longer directors once the deal was completed. More: - Musk serving as the sole director was part of the terms of the takeover agreement.
- Musk said his serving as sole director was temporary when responding to a user's tweet.
- On Sunday, Musk began putting together a "war room" of trusted associates to help him assess and better understand the inner workings of Twitter's business.
- Some of these individuals include members of Musk's network from tech and VC.
Elon Musk dissolves Twitter's board 
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U.S. authorities are probing self-driving trucking startup TuSimple Holdings over its involvement with a Chinese startup. According to sources, the FBI, the SEC, and the Committee on Foreign Investment in the U.S. (Cfius) are investigating TuSimple’s relationship with Hydron Inc. More: - Hydron was founded in 2021 by TuSimple’s co-founder Mo Chen.
- The company develops autonomous hydrogen-powered trucks.
- U.S. authorities are examining if TuSimple and its executives, primarily the CEO Xiaodi Hou, breached fiduciary duties and securities laws by failing to adequately disclose its relationship with Hydron.
- The FBI and SEC are also investigating whether TuSimple shared its intellectual property developed in the U.S. with Hydron and if that action defrauded TuSimple investors.
- On Monday, TuSimple announced it fired its CEO after an internal investigation showed Hou had improper dealings and a possible technology transfer with Hydron.
- TuSimple’s COO, Ersin Yumer, will serve as interim CEO and president until a successor is found.
U.S. authorities probing TuSimple
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According to data from European Commission's statistics arm Eurostat, inflation in the Eurozone rose to a record 10.7% in October. This marks the 12th consecutive month of record-setting consumer prices in the block, much higher than the European Central Bank’s 2% target. More: - Consumer prices rose 9.9% in September.
- Energy prices rose 41.9% in October, up from 40.7% reported in September.
- According to Eurostat, 11 out of 19 countries in the Euro bloc had double-digit inflation rate increases.
- Estonia, Latvia, and Lithuania had inflation levels of over 20%.
- Last week the central bank raised its benchmark interest rate by 0.75% to 1.5%.
Inflation in the Eurozone rose to 10.7% in October
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OPEO raised its forecasts for global oil demand for 2023 and noted that $12.1T in investments would be needed to meet this demand. The organization published the information on Monday in its 2022 World Oil Outlook report. More: - The report countered other estimates that say global oil demand will plateau by 2030 due to the rise of renewable energy and EVs.
- In its 2022 World Oil Outlook report, OPEC claims global oil demand will plateau after 2035.
- According to OPEC, global oil demand will reach 103 million barrels per day in 2023, up 2.7 million barrels a day from 2022.
- OPEC has previously stressed that Economic, Social, and Governance (ESG) issues have impacted investments in the oil and gas sector.
OPEC raises forecasts for global oil demand in 2023
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Elon Musk has reportedly tasked Twitter engineers with updating the payment plan and features for Twitter Blue, the platform’s paid subscription service. Twitter Blue was launched in 2021 and offered users extra features like ad-free articles for $2.99 per month. In July, Twitter increased the price of Twitter Blue for new subscribers to $4.99 per month. More: - The Verge reported that sources said Musk gave Twitter employees until Nov. 7 to increase the Twitter Blue subscription price to as much as $19.99.
- Twitter verified users (individuals with blue check marks next to their names) could potentially have 90 days to subscribe to the unconfirmed payment option or risk losing their verified status on the platform, according to The Verge's sources.
- On Sunday, while responding to a user’s question, Musk said Twitter’s verification process is being revamped.
- The Tesla CEO brought in some engineers from the EV company to Twitter as advisors.
- On Monday, The Washington Post reported that Musk was planning significant layoffs at the social media company.
Elon Musks to rise Twitter Blue's price
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Penguin Random House has been blocked from acquiring rival publishing house Simon & Schuster for $2.18B. U.S. District Judge Florence Pan agreed with the Justice Department's arguments that the merger would unlawfully impact competition and writers would be harmed if the deal was allowed to proceed. More: - Penguin Random House is the world's largest consumer book publisher.
- Simon & Schuster ranks among the world's top five largest publishing houses.
- The DOJ argued that a merger between the two companies would create an entity that would control about half of the consumer book publishing market.
- A redacted public version of the judge's full ruling will be available to the public in the coming days.
Federal judge blocks Penguin Random House and Simon & Schuster $2.18B merger
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- According to CoinGecko, crypto trading platform Crypto.com's normalized exchange volume has dropped by 91%, from $4B to $380M daily.
- Ford is offering its underperforming employees the option of a severance package rather than enrolling them into an enhancement program.
- Taylor Swift's "Midnights" album has broken the singer's sales record for copies sold in its first week. According to Luminate Data, formerly Nielsen Music, Swift's 'Midnights' album has sold 1.58 million copies across all formats.
- Instagram users reported outages and various problems with the application on Monday. According to Downdetector. Instagram had more than 7,000 reports of outages by 10:15 a.m. ET.
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 |  | Vanessa Omeokachie is a writer for Inside.com; she writes the daily Inside Business newsletter. Her interests include finance, technology, and entrepreneurship. In her free time, she enjoys reading, hiking, attending concerts and music festivals, traveling, and exploring. Connect with her on Twitter @VanessaOmeo or on LinkedIn. |   | | Editor | Brian Warmoth oversees research and editorial strategy at Inside.com. He previously held editorial and director roles at American City Business Journals' Inno websites and Industry Dive. | |
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