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International News and Market Update: Southwest Airlines cancels 1800 flights.

International News and Market Update: Southwest Airlines cancels 1800 flights

Southwest Airlines cancels 1,800 flights, blames weather and staffing

Southwest Airlines cancelled more than 1,800 flights this weekend, throwing thousands of customers’ travel plans into disarray. The airline blamed a combination of bad weather, air traffic control and staffing shortages for the breakdown. The airline said the initial problems were due to bad weather and an “air traffic management programme” imposed by the FAA. Other airlines cancelled relatively few flights. Southwest did not comment on the discrepancy.

Elon Musk’s SpaceX hits $100 billion valuation after second stock sale

The valuation of Elon Musk’s SpaceX has surpassed $100 billion after a stock sale announced this week by existing investors, CNBC has learned. SpaceX reached an agreement with new and existing investors to sell up to $755 million worth of shares from insiders at $560 per share, according to several people familiar with the matter. That brought the company’s valuation to $100.3 billion. The company has not raised any new capital at this time, the sources said, with the tender offer representing a secondary sale of existing shares. The new share price is a 33% increase from SpaceX’s last valuation of $74 billion at $419.99 per share in February, when the company raised nearly $1.2 billion.

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