Communications services shares climbed as traders rotated back into higher risk sectors.
Elon Musk is committing more of his wealth to finance his $44 billion deal for Twitter and is seeking additional financial backers amid a sharp decline in Tesla stock in recent weeks.
Mr. Musk's funding plan now includes $33.5 billion in equity, up from $27.25 billion, according to a Wednesday regulatory filing. The billionaire Tesla chief executive no longer plans to rely on a margin loan backed by shares of his electric-vehicle company, which are down by about a third since Twitter accepted his bid in late April.
Separately, Twitter agreed to new oversight and a $150 million penalty to settle a federal privacy suit, the first major deal between a large tech company and the Biden administration Federal Trade Commission, which has pledged to more aggressively police data abuses.
A fund backed by private-equity firm Blackstone has purchased the rights to Justin Timberlake's song catalog in the venture's largest music-rights acquisition so far, fund executives said.
Write to Amy Pessetto at amy.pessetto@dowjones.com
(END) Dow Jones Newswires
05-26-22 1751ET
