Elon Musk announced on Thursday that he was stepping down as CEO of Twitter and moving to a product and technical role.

Shares of Walt Disney Co fell over 8% after it reported a surprising drop in streaming subscribers, resulting in worries that the company may have sacrificed growth to stem losses. The decline erased around $16 billion from the company’s market value, marking the sharpest fall in the stock since CEO Bob Iger’s return in November. The losses in streaming subscribers were driven by an exodus from the South Asia-focused Disney+ Hotstar offering after it lost streaming rights to the Indian Premier League cricket matches. The company planned to raise the price of the ad-free Disney+ service again that year and remove certain low-viewership content from its services to cut costs. Despite the subscriber losses, KeyBanc Capital Markets analyst Brandon Nispel believed that Disney’s goal was to drive more subscribers toward Disney+’s ad-supported tier, which the company believed could improve monetization.

Biden-House Speaker Meeting About Debt Ceiling Had Been Postponed

The meeting between President Joe Biden and the top four leaders in Congress was postponed until the following week, allowing staff members to make more progress. The previous meeting had been described as “tense and serious” and did not result in a deal. Staff members for congressional leadership and the White House had been meeting daily since then. Recent meetings had yielded few public signs of a breakthrough to avoid a default that Treasury Secretary Janet Yellen had warned could come as early as June 1. Some had seen the postponement as a small, positive development, but tensions remained high. The delay had allowed staff members to make progress, and principal negotiators to make bigger moves the following week. The standoff continued, with Republicans insisting on spending cuts before extending the debt limit and Democrats calling for the threat of default to be taken off the table.

Elon Musk Announced New Twitter CEO 

Elon Musk announced that he was stepping down as CEO of Twitter and moving to a product and technical role. He also revealed that an unnamed woman would take over as CEO in about six weeks. This move was welcomed by Tesla investors who had been concerned about Musk being too distracted by running Twitter. Musk acquired Twitter for $44 billion the previous year and immediately fired its top executives and laid off hundreds of employees. Under his leadership, Twitter’s advertising business suffered as several companies halted their paid promotional campaigns due to an increase in offensive speech and hateful rhetoric. Musk tried to make up for the shortfall with a new subscription service, Twitter Blue, which offered features such as the ability to compose longer tweets. He also courted political controversy by allowing previously banned users back on the platform and making statements about the media being racist against white and Asian people.