 Image: Jakub Porzycki/NurPhoto/Getty Images Twitter has filed a lawsuit against Elon Musk in the Delaware Court of Chancery to enforce the $44B takeover agreement. The suit comes days after the Tesla and SpaceX CEO moved to terminate the deal to buy the social media company for $54.20 a share, accusing Twitter of not complying with its contractual obligations. Twitter said it had bent over backwards to provide Musk with the information he had requested and accused Musk of acting in bad faith. More: - Twitter accused Musk of acting against the deal ever since the market started declining.
- Twitter said Musk mounted a public spectacle during his pursuit of the Twitter deal, trashed the company, disrupted its operations, and destroyed stockholder value.
- Twitter noted that Musk’s request to terminate the deal follows a long list of material contractual breaches by the Tesla CEO that has cast a pall over Twitter and its business.
- The company is seeking a four-day trial in September.
- Musk presumably responded to news of the lawsuit with a tweet stating, “oh the irony lol.”
- Twitter shares closed at $34.06, up 4.3% for the day.
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 London's Heathrow Airport | Image: Henry Nicholls/Reuters London’s Heathrow Airport on Tuesday asked airlines to stop selling tickets for summer departures. The airport has capped the number of passengers flying out of the hub to 100,000 daily to limit queues, baggage delays, and cancellations. Heathrow, Britain’s busiest airport, has been struggling to keep up with demand following the surge in travel after the pandemic. More: - The capacity cap is in effect from July 12 to Sept. 11.
- Last month the British government offered amnesty to airlines that didn’t use their airport slots in a bid to reduce congestion.
- Heathrow Airport CEO John Holland-Kaye said some airlines had taken significant action to reduce capacity, but others have not, and he believes the forced cap is to ensure passengers have a safe and reliable journey.
- London’s Heathrow isn’t the only airport enforcing a cap; several airports across Europe have implemented similar limits.
- Schiphol airport in the Netherlands has reduced its daily passenger numbers by about 16% compared to 2019 levels.
- Frankfurt, Germany, has cut flights at peak times from 104 per hour to 94.
- Heathrow has been criticized for not taking action sooner, resulting in long queues, extended wait times, baggage issues, and cancellations.
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 A message from ARGYLE Nearly half (49%) of 1099 workers reported being rejected for financial products they could afford. Why? More people are self-employed today than they have been in 20 years, with the trend expected to continue. What’s more, independent workers are pulling income from multiple, often diverse, gigs, largely due to rapid technological advancements and lightning bolt global events. Yet, our legacy financial infrastructures cater to traditional W2 workers with single, full-time jobs. The industry inadvertently marginalizes self-employed, 1099 workers, who struggle to access financial products like credit cards and loans. In our latest whitepaper, we break down what the lending space needs to know, the groundwork for what FIs are missing – and all the ways leveraging alternative data can lead the way to a more inclusive financial system. Download the whitepaper
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 Three Arrows Capital co-founders Kyle Davies (left) and Zhu Su (right). The founders of failed crypto hedge fund Three Arrows Capital appear to be on the run. According to court documents, lawyers representing 3AC’s creditors said the physical whereabouts of co-founders Zhu Su and Kyle Davies are currently unknown. Earlier this month, 3AC filed for Chapter 15 bankruptcy protection in New York. The firm managed about $10B in assets as of March. More: - Before the bankruptcy filing, a court in the British Virgin Islands ordered 3AC to liquidate its assets to pay back creditors.
- Global advisory firm Teneo was hired to help manage the liquidation.
- The lawyers representing 3AC creditors also allege that Zhu Su and Kyle Davies are not cooperating with the liquidation process.
- They have asked the court to subpoena both founders and others who may have information on 3AC’s assets.
- 3AC was founded in 2012 by the two men, both former traders for Credit Suisse.
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 Image: Peloton Connected fitness company Peloton said it would stop manufacturing its exercise equipment in-house as it tries to simplify its operations and reduce costs. The company said it would outsource the manufacturing of its bikes and treadmills to its partner Rexon Industrial Corp, a Taiwan-based manufacturer. More: - Peloton also announced it would suspend operations at its Tonic Fitness Technology plant for the rest of the year and cut 570 jobs.
- Peloton acquired Tonic Fitness in 2019.
- Peloton spent hundreds of millions of dollars in the last two years to build up its in-house U.S. production capacity following the pandemic-driven demand for its products.
- The company had hoped to avoid the long wait times often associated with ocean shipping.
- Peloton sales have fallen more than 40% in the last year as customers return to gyms and pre-COVID-19 routines.
- Peloton CEO Barry McCarthy joined the company in February and has been working on cutting costs and increasing capital.
- Former Amazon executive Liz Coddington joined the company earlier this month as its new CFO.
- Peloton shares are down over 70% YTD. It closed at $9.25, up ~4% for the day.
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 A message from PIESTRO Final Month To Invest In The Company Automating America’s Favorite Food Pizzerias want to reach more people, and you can invest in the solution before July 28th. High-profile pizza brands like 800 Degrees Pizza and Carbone Restaurant Group have already pre-ordered $580 million in Piestro robots to scale the globe. The reason? They’re smaller than a minivan and can set up camp in high-traffic areas like malls, college campuses, stadiums, and airports. Plus, they: - Cook 10X faster
- Eliminate 50% of labor costs
- Create 3X higher profit margins
Not to mention, pizza-lovers get the same crowd-pleasing, heart-warming pie in 3 minutes instead of 30. Invest in Piestro before the July 28th cutoff. Invest Now
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Boeing reported its aircraft deliveries for the year's first half, reaching the highest monthly level since March 2019. The manufacturer delivered 51 aircraft in June, bringing its H1 total to 216 jets, up 38% YoY. Boeing's monthly 737 MAX production reached its monthly target of 31 airplanes; it delivered 43 737 MAX in June. More: - Boeing delivered six wide-body commercial aircraft but no 787 Dreamliners, making it the 12th consecutive month Boeing hasn't produced the aircraft.
- Boeing won 50 new aircraft orders in June, including 49 MAX.
- The company had 35 plane cancellations, mainly due to airline restructuring.
- Norwegian Air canceled 29 jets.
- For H1, Boeing booked 286 gross orders and took 100 cancellations, leaving a net total of 186 orders.
- Boeing shares closed at $147.15 on Tuesday, up ~7.5% for the day.
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 Image: Canoo Walmart has signed an agreement with EV startup Canoo to buy at least 4,500 electric delivery vans and as many as 10,000. Walmart has been relying on thousands of its stores to deliver online purchases quickly as it competes with Amazon, known for its speed. The vans are expected to go into service in 2023. More: - Walmart’s agreement with Canoo marks its third major deal for electric vans.
- Earlier this year, Walmart signed a deal with General Motors subsidiary BrightDrop for 5,000 electric vans.
- It also purchased 1,100 Ford E-Transit electric vans, with some already in operation.
- Walmart plans to use the electric vans for its InHome service and other local deliveries.
- InHome allows Walmart employees wearing cameras to enter a customer’s home to deliver groceries and other items or pick up returns.
- Canoo shares rose over 50% following the news; it closed at $3.63 a share.
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Quick Hits - Elon Musk gave a shout-out to Boxabl, calling it a “cool product.” Invest in Boxabl today with over 15,000+ investors!*
- Effective July 1, the three major credit reporting bureaus will no longer report medical debt that has gone into collection after they have been paid. The change would remove about $88B in medical debt from the credit reports of 43 million Americans.
- PepsiCo released its Q2 2022 earnings on Tuesday, reporting a 5.2% net revenue growth for the quarter and 7% growth YTD. The company raised its revenue outlook for the year and said it plans to keep reducing its product sizes to cut costs.
- Shares of EV maker BYD fell 12% on Tuesday after a stake close to the size of Warren Buffett’s Berkshire Hathaway’s showed up in the Hong Kong stock exchange clearing system. The stake triggered speculation that Berkshire was selling its position in the company.
- NATO and the EU have called for better tracking of weapons supplied to Ukraine in response to fears that criminal groups are smuggling the weapons out of Ukraine and selling them on Europe’s black market.
- Emmy nominations were announced on Tuesday, with HBO drama Succession earning the most nominations with 25. AppleTV’s Ted Lasso earned 20 nominations, and Hulu’s Only Murders in the Building earned 17 nominations. The awards show is scheduled for Sept 12 on NBC.
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 |  | Vanessa Omeokachie is a Researcher at Inside. Her interests include finance, tech, and startups. In her free time, she enjoys reading, hiking, attending music festivals, and traveling. Connect with her on Twitter @VanessaOmeo or through email at vanessa@inside.com |  | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford. | |
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