It seemed that the whole world watched all the twists and turns of Elon Musk taking Twitter private. The $44 billion deal for the social media firm was completed in late October after months of indecision, lawsuits and Musk threatening to pull out of the deal completely. Once in control, Musk fired top executives, reduced the Twitter workforce by about half and said that bankruptcy is a possibility.
The past year was a busy one for acquisitions and leveraged buyouts. In addition to Twitter and Continental Resources, Tenneco , a designer, manufacturer and marketer of automotive parts, is the highest ranked newcomer to join the list; it was formerly a publicly traded company but was acquired by Apollo Global Management and taken private in mid November 2022.
Agribusiness giant Cargill keeps the top spot for the second year in a row. Revenues hit a record high $165 billion for the fiscal year through May 2022, up 23% from the prior year, driven by higher prices for farm products and increased demand. In the company’s 2022 annual report, chairman and CEO David MacLennan cited a year of “extreme events” including the ongoing pandemic, trade disruptions, severe weather and the Russian invasion of Ukraine.
Altogether eight many companies made a comeback to the list after previously dropping off. Hospitality and entertainment juggernaut Delaware North returns to the list at No. 193 after dropping off in 2021. The Buffalo, New York-based company operates concessions at sports venues, airports, national and state parks, resorts, hotels, and casinos across four continents. Revenues aren’t back to their pre-COVID level but improved after pandemic-related closures were lifted.
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