Diamonds and Dogs
10/4/21
Elmira Savings Bank (ESBK) getting bought out by Community Bank. Elmira's stock is up 67% after agreeing to be acquired for $82.8 million or $23.10 in cash per share. The transaction has been unanimously approved by the boards of directors of both companies. Upon completion of the transaction, the combined bank is expected to have over $15.4 billion in assets.
FAANG stocks take a hit again as Facebook (FB) gets a blackeye. Facebook is down 4% as all the FAANG stocks are lower following an interview with a former employee who alleges Facebook prioritized inflammatory content and hate speech for profit. Facebook's own research has revealed that the Instagram app is harmful to the mental health and self-esteem of teenagers, particularly girls but the company has done nothing to address the problem.
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