Elon Musk was in court yesterday testifying in a class action lawsuit that alleges he misled investors with a tweet. Musk began his testimony by saying, “I had trouble sleeping last night and unfortunately I am not at my best.” Yeah, probably because you sleep on the floor at the Tesla factory. But it is comforting to know that even billionaires hate Mondays.

The lowdown

• 🤖 Microsoft announces multiyear, multibillion-dollar investment in ChatGPT creator OpenAI.

• 🪫 Elon Musk tells jurors he was sure he had financial support from Saudi investors before tweeting ‘funding secured’.

• 🇨🇭 Qatar Investment Authority increases stake in Credit Suisse to just under 7%, becoming second largest investor.

Featured Stories

London Stock Exchange fights for top spot

London’s status as a leading financial center has been eroded by Brexit and more recently by the mini budget. Remember the iceberg lettuce?

An important part of keeping this status is maintaining the attractiveness of the London Stock Exchange. The UK financial watchdog has been working on reforms to fundraising rules ($), which should make the exchange more hospitable to would-be listings. UK PM Rishi Sunak has also been working hard to shore up London’s status, by lobbying semiconductor company Arm to list on the LSE rather than the Nasdaq.

The LSE had been the most valued stock exchange in Europe since records began in 2003. It lost this spot to Euronext Paris for 10 days in 2022 – roughly the shelf life of an iceberg lettuce, which is how we measure things these days – before regaining it as the pound surged ($).

The content we're consuming today

• Odd Lots podcast: What the heck is happening with the price of eggs?

• FT: RSM International boss open to conversation on accounting merger ($).

• Book: The Successor: The High-Stakes Life of Lachlan Murdoch by Paddy Manning ($).

Off-balance sheet items

• Star Wars fans can agree that Disney has largely butchered the franchise when it comes to new movies. The direct-to-consumer content streaming on Disney+ is a different story. Season 3 of The Mandalorian is out March 1 and the trailer is out now.

The bottom line