Toyota CEO steps down, Musk seeks to raise $3 billion for Twitter debt, Morgan Stanley fines bankers
Notable business headlines include Toyota CEO Akio Toyoda stepping down, Elon Musk seeking $3 billion for Twitter debt, and Morgan Stanley employees fining bankers $1 million.
Video transcript
JULIE HYMAN: Here are some other headlines we're watching right now. Toyota CEO and President Akio Toyoda will step down from his post on April 1st. Toyota will become the new chairman of the board after serving as the CEO for 13 years. He'll be replaced by the current chief branding officer Koji Sato. Sato has been heading the Toyota Lexus division and the Gazoo Racing Company since 2020.
Elon Musk reportedly held talks with investors about raising up to $3 billion to repay some of the debt he accrued from his Twitter purchase. Musk's team reportedly said that if the company is successful with the equity raise, it could be used to pay down an unsecured portion of the debt that carries the highest interest rate within the $13 billion Twitter loan package. All of this, by the way, according to the Wall Street Journal. Paying off that debt would be a huge help to Twitter financially as the company struggles to keep advertisers on the platform.
And some Morgan Stanley employees are facing big penalties. The bank is fining workers who conducted business on messaging services like WhatsApp. They're being fined over $1 million, which will be taken from previous bonuses or future paychecks. This is just the latest fallout after an industry-wide probe that resulted in record penalties for the banks for monitoring lapses. Since then, the bank decided to give employees training on scenarios when they should shift conversations from personal devices to official platforms.
